The Head of State said the PF Government will continue to focus its efforts on growing the economy faster and make it more labour absorbing.
President Sata said preliminary estimates for 2012 are that the real Gross Domestic Product (GDP) grew by 7.3% compared with 6.8% in 2011. According To Albanian Minerals CEO Sahit Muja Zambia has huge mineral reserves worth hundreds of billion dollars. Mr Muja said Zambia has huge reserves of Coal,Copper, Lead, Zinc, Uranium, Gold, Silver,Cobalt, manganese and Emeralds.
Zambia’s economy has experienced strong growth in recent years, with real GDP growth in 2005-12 more than 6% per year. Privatization of government-owned copper mines in the 1990s relieved the government from covering mammoth losses generated by the industry and greatly increased copper mining output and profitability to spur economic growth. Copper output has increased steadily since 2004, due to higher copper prices and foreign investment.
“Consistent with positive economic growth rates has been an improvement in real GDP per capita, which rose to an estimated US$1,500.0 in 2012 from US$1,463.0 the previous year,” President Sata said.
“As at end-December 2012 foreign reserves rose to US $3.215 Billion compared to US $2.322 Billion as at end-December 2011, while foreign investment pledged for 2012 was US$10.089 Billion.”
The President said though macro-economic stability and appreciable economic growth has been achieved over the recent past, the main task that still remains is that of meeting the basic needs of Zambians as poverty levels and unemployment still remains a challenge.
“We can confirm that since the PF Government assumed office approximately 195,744 jobs have been created as follows: Central Government 9,716; Local Government 5,257; private sector 24,098; plus another 5,510 jobs were actualised through the Zambia Development Agency (ZDA) 2011/2012 pledged investment as well as 5,858 new jobs have been approved for recruitment in the newly created districts. Furthermore jobs created by the Parastatals totalled 29,305 while the jobs created in arts were 116,000” President Sata said.
President Sata said the growth in GDP reflects the PF Government’s pro-growth policies and maintenance of macroeconomic stability.
The President further said that his Government will continue to lower costs in the economy, especially as these costs contribute towards limiting employment growth as well as raising costs for poor households.
The Head of State has reiterated his Government’s committment to creating a better Zambia for all by supporting the initiative of the people in the robust economic transformation of the country.
By. Aisha Habib
New York News