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Zambia economy ranking: GDP & GDP per capita, debt

Updated on by Georank

Zambia ranked 116/197 by economy size with a GDP of $28.9B and 170/197 by GDP per capita at $1,318. Zambia has $24.8B in government debt, with a debt-to-GDP ratio of 86%.

In 2025, Zambia made up 0.02% of the world's economy, compared to 0.05% in 1960.

Zambia GDP & GDP growth by year

GDP, current $
Real growth
1x
Year GDP GDP growth
2025 $28,879,806,220 3.76%
2024 $25,303,185,342 3.82%
2023 $27,577,956,471 5.37%
2022 $29,163,782,140 5.21%
2021 $22,096,416,932 6.23%
2020 $18,137,764,931 -2.79%
2019 $23,308,667,781 1.44%
2018 $26,311,507,274 4.03%
2017 $25,873,601,261 3.53%
2016 $20,958,412,538 3.76%
2015 $21,251,216,799 2.92%
2014 $27,141,023,558 4.69%
2013 $28,037,239,463 5.06%
2012 $25,503,060,420 7.6%
2011 $23,459,515,276 5.57%
2010 $20,265,559,484 10.3%
2009 $15,328,342,304 9.22%
2008 $17,910,858,638 7.77%
2007 $14,056,957,976 8.35%
2006 $12,756,858,899 7.9%
2005 $8,331,870,169 7.24%
2004 $6,221,110,219 7.03%
2003 $4,901,869,764 6.94%
2002 $4,193,850,445 4.51%
2001 $4,094,441,301 5.32%
2000 $3,600,632,111 3.9%
1999 $3,404,284,891 4.65%
1998 $3,537,741,942 -0.39%
1997 $4,303,288,480 3.81%
1996 $3,597,220,962 6.22%
1995 $3,806,983,413 2.9%
1994 $3,656,806,166 -8.63%
1993 $3,273,505,344 6.8%
1992 $3,182,810,841 -1.73%
1991 $3,376,806,697 -0.04%
1990 $3,288,381,797 -0.48%
1989 $3,994,673,161 -1.02%
1988 $3,728,878,149 6.28%
1987 $2,265,250,972 2.68%
1986 $1,664,413,508 0.72%
1985 $2,252,454,500 1.62%
1984 $2,719,518,933 -0.34%
1983 $3,321,048,451 -1.97%
1982 $3,871,117,093 -2.81%
1981 $4,008,126,497 6.17%
1980 $3,884,530,854 3.04%
1979 $3,353,445,378 -3.02%
1978 $2,811,032,473 0.55%
1977 $2,515,296,940 -4.56%
1976 $2,742,859,263 6.22%
1975 $2,442,672,141 -2.27%
1974 $2,910,981,262 6.43%
1973 $2,434,255,237 -0.96%
1972 $1,872,416,680 9.21%
1971 $1,653,259,341 -0.09%
1970 $1,788,779,285 4.8%
1969 $1,926,399,230 -0.44%
1968 $1,573,739,371 1.25%
1967 $1,340,639,464 7.92%
1966 $1,238,999,505 -5.57%
1965 $1,061,199,576 16.6%
1964 $822,639,671 12.2%
1963 $704,339,719 3.27%
1962 $679,279,729 -2.49%
1961 $682,359,727 1.36%
1960 $698,739,721 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

GeoRank.org/economy/zambia | CC BY

Zambia GDP per capita by year

GDP per capita
GDP per capita, PPP
1x
Year Current $
GDP per capita GDP per capita, PPP
2025 $1,318 -
2024 $1,187 $4,215
2023 $1,331 $4,077
2022 $1,447 $3,841
2021 $1,127 $3,503
2020 $952 $3,157
2019 $1,259 $3,361
2018 $1,464 $3,442
2017 $1,483 $3,392
2016 $1,239 $3,313
2015 $1,296 $3,337
2014 $1,707 $3,441
2013 $1,821 $3,477
2012 $1,710 $3,324
2011 $1,625 $3,228
2010 $1,451 $3,098
2009 $1,136 $2,872
2008 $1,376 $2,708
2007 $1,119 $2,555
2006 $1,052 $2,378
2005 $711 $2,213
2004 $549 $2,068
2003 $446 $1,942
2002 $394 $1,837
2001 $397 $1,785
2000 $359 $1,709
1999 $350 $1,654
1998 $373 $1,601
1997 $466 $1,631
1996 $400 $1,585
1995 $433 $1,501
1994 $426 $1,464
1993 $391 $1,607
1992 $389 $1,505
1991 $423 $1,534
1990 $422 $1,522
1989 $526 -
1988 $504 -
1987 $315 -
1986 $238.2 -
1985 $332 -
1984 $413 -
1983 $520 -
1982 $627 -
1981 $670 -
1980 $669 -
1979 $595 -
1978 $514 -
1977 $474 -
1976 $533 -
1975 $490 -
1974 $601 -
1973 $518 -
1972 $410 -
1971 $372 -
1970 $414 -
1969 $459 -
1968 $387 -
1967 $341 -
1966 $325 -
1965 $287.4 -
1964 $230 -
1963 $203.2 -
1962 $202.3 -
1961 $209.7 -
1960 $221.6 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

GeoRank.org/economy/zambia | CC BY

Zambia has a GDP per capita of $1,318, ranking 170/197, a GDP per capita based on purchasing power parity (PPP) of $4,215, ranking 166/197, and a median annual after tax income of $1,538, ranking 175/197.

Zambia GDP rankings by year

GDP
GDP per capita
GDP per capita, PPP
1x
Year Rank
GDP GDP per capita GDP per capita, PPP
2025 112 157 -
2024 116 166 152
2023 111 165 159
2022 107 162 159
2021 113 167 158
2020 116 171 162
2019 112 164 158
2018 105 160 156
2017 106 158 156
2016 110 162 156
2015 108 161 155
2014 103 150 152
2013 103 147 151
2012 104 147 149
2011 105 147 147
2010 104 150 148
2009 109 155 153
2008 107 151 156
2007 105 150 156
2006 105 149 157
2005 116 157 156
2004 121 161 156
2003 130 162 158
2002 129 164 158
2001 124 165 158
2000 127 169 158
1999 130 170 158
1998 129 164 154
1997 118 157 153
1996 124 156 150
1995 120 154 149
1994 114 145 149
1993 113 147 138
1992 117 148 143
1991 115 148 141
1990 115 151 138
1989 98 127 -
1988 98 130 -
1987 109 144 -
1986 110 147 -
1985 99 131 -
1984 93 123 -
1983 90 118 -
1982 86 114 -
1981 85 111 -
1980 87 112 -
1979 84 106 -
1978 80 109 -
1977 85 106 -
1976 78 94 -
1975 77 94 -
1974 71 80 -
1973 71 74 -
1972 71 78 -
1971 69 77 -
1970 66 64 -
1969 60 49 -
1968 62 51 -
1967 62 53 -
1966 62 54 -
1965 62 58 -
1964 69 65 -
1963 72 69 -
1962 69 65 -
1961 66 61 -
1960 64 61 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

GeoRank.org/economy/zambia | CC BY

Compared with 2000, in 2025 Zambia is ranked 112th out of 179 by GDP (up from 127th), 157th by GDP per capita (up from 169th), and 152nd by GDP per capita PPP (up from 158th).

Economic indicators

Zambia Rank
Gross domestic product
$28.9B
2025
116/197
GDP growth
3.76%
2024-2025
82/194
GDP per capita
$1,318
2025
170/197
GDP per capita, PPP
$4,215
2024
166/197
Government debt
$24.8B
2025
93/185
Debt-to-GDP ratio
86%
2025
35/185
Government debt per person
$1,133
2025
140/185
Average annual personal income after taxes
$1,538
2026
175/197
Listed domestic companies
20
2025
89/103
Market capitalization of domestic companies
$14.9B
2025
68/100
Income share by richest 10%
39.1%
2022
10/169
Income share by poorest 10%
1.5%
2022
158/169
Government expenditure, % of GDP
29.7%
2025
99/195
Consumer prices inflation
13.9%
2024-2025
17/195
Central bank interest rate
13.3%
2026
20/106
Unemployment rate
5.67%
2024
91/196
Population
22844606
62/197

Government spending, deficit, and debt by year

Spending
Debt
Deficit/surplus
1x
Year % of GDP
Government spending Government debt Government deficit/surplus
2025 29.7% 86% -3.83%
2024 26.5% 125.2% -3.46%
2023 27.4% 129.1% -5.48%
2022 28.2% 99.5% -7.82%
2021 30.5% 111% -8.13%
2020 34% 140% -13.8%
2019 29.8% 103.3% -9.41%
2018 27.7% 81.2% -8.31%
2017 25% 66.6% -7.5%
2016 23.9% 61.2% -5.69%
2015 27.6% 61.9% -8.88%
2014 24.3% 33.9% -5.43%
2013 24% 25.9% -6.4%
2012 21.9% 24.9% -3.16%
2011 19.5% 20.8% -1.78%
2010 18.1% 18.9% -2.43%
2009 17.8% 20.5% -2.06%
2008 19.5% 19.2% -0.67%
2007 19.9% 21.9% -1.04%
2006 19.7% 25% 16.9%
2005 22.5% 75.7% -2.37%
2004 23.3% 129.9% -2.51%
2003 27.3% 159.5% -5.31%
2002 27.6% 180.2% -4.5%
2001 28% 210.2% -5.89%
2000 21.4% 261% 1.16%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (2000–2025, retrieved 2026-07-08).

GeoRank.org/economy/zambia | CC BY

This chart shows Zambia's government spending, budget balance, and debt over time, each expressed as a share of GDP.

Over the past 26 years, Zambia recorded a fiscal deficit in 24 of them, with an average annual deficit equal to 4.14% of GDP. In 2025, government spending reached $8.58B (29.7% of GDP), with a deficit of 3.83%.

The national debt reached $24.8B, ranking 93rd out of 185 countries by total size, with a debt-to-GDP ratio of 86%, ranking 35th.

Inflation rate by year

1x
Year Inflation
2025 13.9%
2024 15%
2023 10.9%
2022 11%
2021 22%
2020 15.7%
2019 9.2%
2018 7.5%
2017 6.6%
2016 17.9%
2015 10.1%
2014 7.8%
2013 7%
2012 6.6%
2011 8.7%
2010 8.5%
2009 13.4%
2008 12.4%
2007 10.7%
2006 9%
2005 18.3%
2004 18%
2003 21.4%
2002 22.2%
2001 21.4%
2000 24.1%
1999 23.9%
1998 22.7%
1997 21.4%
1996 38.6%
1995 31.5%
1994 46.1%
1993 158.4%
1992 146.7%
1991 85.3%
1990 93.9%
1989 113.2%
1988 45.8%
1987 43%
1986 48%
1985 37.4%
1984 20%
1983 19.7%
1982 12.5%
1981 14%
1980 11.7%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1980–2025, retrieved 2026-07-08).

GeoRank.org/economy/zambia | CC BY

Over the past 20 years, Zambia has had an average annual inflation rate of 11.2%. In 2025, inflation was 13.9%. The bar chart above shows consumer price inflation by year.

Balance of trade

Zambia Rank
Current account balance
-$1.12B
2024
121/190
Current account balance, % of GDP
-4.41%
2024
137/190
Goods imports
$10.1B
2024
111/189
Goods exports
$11.4B
2024
95/189
Service imports
$1.99B
2024
125/189
Service exports
$1.38B
2024
123/189
Imports of goods and services, % of GDP
27.6%
2024
143/182
Exports of goods and services, % of GDP
35%
2024
97/193

Zambia top 10 trading partners

Zambia's biggest trading partner accounting for 14.6% of all exports and imports is China, with a trade balance between the two of -$1.51B: Zambia exports $1.17B worth of goods and services to China and imports $2.68B.

Below is the list of the top 10 trade partners of Zambia.

Rank Country Trade value Share of total trade Export to Import from Top export to Top import from
1 China $3.85B 14.6% $1.17B $2.68B Metals Machinery & equipment
2 South Africa $3.65B 13.8% $463M $3.18B Precious metals & jewellery Machinery & equipment
3 Canada $3.48B 13.2% $3.44B $47.4M Metals Machinery & equipment
4 Switzerland $2.28B 8.65% $2.2B $81.8M Metals Raw materials & minerals
5 Singapore $2.12B 8.03% $1.83B $291M Metals Raw materials & minerals
6 DR Congo $2.01B 7.63% $1.59B $418M Raw materials & minerals Raw materials & minerals
7 UAE $1.78B 6.77% $735M $1.05B Metals Raw materials & minerals
8 Tanzania $819M 3.11% $292M $527M Raw materials & minerals Raw materials & minerals
9 India $680M 2.58% $84.8M $595M Precious metals & jewellery Chemicals & pharma
10 Japan $526M 2% $343K $526M Metals Machinery & equipment

Top 10 exports

Zambia Rank
Metals $8.94B 37/192
Raw materials & minerals $1.95B 98/193
Transport & tourism services $967M 124/191
Processed food, beverages & tobacco $899M 86/192
Machinery & equipment $420M 99/193
Precious metals & jewellery $293M 90/190
Chemicals & pharma $282M 96/193
Raw agricultural goods $215M 104/193
Textiles & consumer goods $117M 117/193
Animal & marine products $96M 106/192

Top 10 imports

Zambia Rank
Raw materials & minerals $4.55B 76/193
Machinery & equipment $4.29B 98/193
Chemicals & pharma $1.66B 98/193
Transport & tourism services $1.21B 119/191
Metals $774M 105/193
Processed food, beverages & tobacco $541M 132/193
Textiles & consumer goods $421M 128/193
Business & finance services $346M 131/189
Animal & marine products $318M 103/193
Raw agricultural goods $294M 132/193

Economic freedom indices

Zambia Rank
Economic freedom 51.9 152/197
Property rights 43.9 107/182
Government integrity 39.3 101/182
Judicial effectiveness 45 92/182
Tax burden 74.3 123/182
Government spending 78.1 73/180
Fiscal health 30.9 146/181
Business freedom 53.4 129/182
Labor freedom 48.8 141/182
Monetary freedom 66.6 146/180
Trade freedom 62.8 140/181
Investment freedom 40 138/181
Financial freedom 40 131/181

Economic freedom by year

1x
Year Index
Economic freedom Judicial effectiveness Tax burden Government spending Fiscal health
2026 51.9 45 74.3 78.1 30.9
2025 50.9 45.3 74.7 75 0
2024 48.4 44.1 74.1 71.7 0.6
2023 47.8 29.9 74.8 69.6 0
2022 48.7 45.2 70.9 73.3 0
2021 50.4 26.2 71.1 78.5 5.3
2020 53.5 31.3 73.2 81.7 18.4
2019 53.6 35.6 72.3 80.1 12.3
2018 54.3 40.6 72.1 80.2 14.4
2017 55.8 39.8 73.1 81.6 21.6
2016 58.8 - 73.3 81.1 -
2015 58.7 - 71.9 78 -
2014 60.4 - 71.8 82.9 -
2013 58.7 - 72.9 80.3 -
2012 58.3 - 73.3 84.9 -
2011 59.7 - 72.4 81.8 -
2010 58 - 72.4 82.6 -
2009 56.6 - 72.9 82.1 -
2008 56.2 - 72.6 80.3 -
2007 56.2 - 70.6 78.5 -
2006 56.8 - 70.7 71 -
2005 55 - 68.7 69.7 -
2004 54.9 - 75.3 69.1 -
2003 55.3 - 75.1 72.8 -
2002 59.6 - 75.8 76.5 -
2001 59.5 - 68.5 74.8 -
2000 62.8 - 72 81.3 -
1999 64.2 - 71.9 77.6 -
1998 62.7 - 72.2 74.2 -
1997 62.1 - 71.6 69.5 -
1996 59.6 - 73.2 74.1 -
1995 55.1 - 72.4 74.8 -

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).

GeoRank.org/economy/zambia | CC BY

Zambia is ranked 135/174 for economic freedom with a score of 51.9, compared to 94/162 and a score of 56.8 in 2006.

Other economic metrics

Zambia Rank
Services, % of GDP
57%
2025
97/191
Industry, % of GDP
35.3%
2025
32/194
Agriculture, forestry, and fishing, % of GDP
4.11%
2025
115/193
GNI, Atlas method
$26.2B
2025
114/194
GNI per capita, PPP
$3,990
2025
166/191
Total reserves including gold
$4.09B
2024
111/177
Net foreign direct investment
-$2.05B
2024
143/189
Net inflows of foreign direct investment
$2.36B
2024
64/193
Net outflows of foreign direct investment
$311M
2024
64/193
Servicing debt to the IMF, % of GNI
17.3%
2024
6/121
Poverty at national poverty lines
60%
2022
8/176
Gross capital formation, % of GDP
23.8%
2024
84/179

Compare Zambia vs other countries

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

GeoRank.org/economy/zambia | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  3. International Monetary Fund (IMF) | Fiscal Monitor (2000–2025, retrieved 2026-07-08)
  4. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. TradeMap (2023–2025, retrieved 2026-07-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  7. LivingCost (2026, retrieved 2026-07-08)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.