Zambia's economy grows 5 percent in Q3

Source: Xinhua| 2018-12-27 19:46:37|Editor: Li Xia
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LUSAKA, Dec. 27 (Xinhua) -- Zambia's economy grew about 5 percent year-on-year during the third quarter this year, compared with the 4.5 percent year-on-year growth rate recorded during the same period in 2017, its statistics agency said on Thursday.

The 0.5 percentage points increase is mainly due to the financial and insurance activities industry which recorded the highest growth of 36.6 percent, according to the Central Statistical Office.

Goodson Sinyenga, acting director of the statistics agency told reporters during a press briefing that other industries that contributed to the growth include the information and communication industry, and the arts, entertainment and recreation industry.

The agriculture, forestry and fishing industry continued to record negative growths, the office said.

He however expressed concern that the manufacturing industry was not contributing to the growth of the country's economy and called for more efforts to industrialize the economy.

Meanwhile the economy grew by 3.9 percent in the first three quarters of 2018 compared to 3.6 percent recorded in the same quarters of 2017.