ZAMBIA’S 7.2% Q2 GROWTH, LOWER DEBT, AND STRONGER RESERVES SIGNAL MACROECONOMIC GAINS
The 2026 Combined Second and Third Quarter National Development Coordinating Committee (NDCC) Meeting concluded, Friday afternoon, following a broad review of Zambia’s macroeconomic and budget performance, implementation of the Eighth National Development Plan and delivery priorities under the Grow Zambia Agenda.
The meeting assessed progress across economic transformation and job creation, human and social development, environmental sustainability, good governance, regional development, EL NIÑO preparedness and strategic interventions aimed at strengthening energy security. Discussions also linked national policy and fiscal management more directly to implementation, with jobs, household incomes, production, investment, food and energy security, social protection and improved public services identified as central to Zambia’s next phase of development.
Minister of Finance and National Planning and NDCC Chairperson Dr. SITUMBEKO MUSOKOTWANE, MP, provided the overarching policy direction, emphasizing the need to convert recent macroeconomic gains into stronger economic activity and improved living standards.
Presenting the macroeconomic performance on behalf of Permanent Secretary responsible for Economic Management and Investment MULELE MULELE, Ministry of Finance and National Planning Director for Economic Management AKAPELWA IMWIKO said Zambia’s economy expanded by 7.2 percent in the second quarter of 2026. The growth was driven particularly by information and communication, agriculture, construction and mining, reflecting stronger activity across both productive and service sectors.
The meeting was also informed that Central Government external debt declined by 5 percent to US$15.36 billion at end-June 2026, from US$16.15 billion at end-December 2025, while inflation stood at 6.1 percent, within the Government’s target range of 6 to 8 percent, while international reserves reached US$6.2 billion at end-June 2026, equivalent to 5.2 months of import cover. The indicators point to continued improvement in Zambia’s macroeconomic position following a period dominated by debt restructuring, elevated inflation, exchange-rate pressures and external shocks.
The policy emphasis is now shifting from stabilization toward accelerated economic expansion. The macroeconomic presentation underscored that stability is not an end in itself, but a platform for higher investment, increased productivity, expanded production, stronger employment creation and sustained improvements in household incomes.
Under the Grow Zambia Agenda, the Government is seeking to translate improved macroeconomic fundamentals into measurable gains in agriculture, mining, energy, tourism, manufacturing and other productive sectors, while strengthening the link between national development planning, budget execution and delivery at community level.
The NDCC remains one of Government’s principal platforms for coordinating implementation of national development priorities and assessing whether policy, fiscal resources and institutional actions are producing tangible economic and social outcomes.