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Despite progress in privatization and budgetary reform, Zambia's economic growth remains below the 5% to 7% necessary to reduce poverty significantly. Privatization of government-owned copper mines relieved the government from covering mammoth losses generated by the industry and greatly improved the chances for copper mining to return to profitability and spur economic growth. Copper output increased in 2003 and is expected to increase again in 2004, due to higher copper prices. The maize harvest doubled in 2003, helping boost GDP by 4.0%. Cooperation continues with international bodies on programs to reduce poverty, including a new lending arrangement with the IMF expected in the second quarter, 2004. A tighter monetary policy will help cut inflation, but Zambia still has a serious problem with fiscal discipline.
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Copper mining and processing, construction, foodstuffs, beverages, chemicals, textiles, fertilizer, horticulture.
Industrial production growth rate: 4% (2004 est.)
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purchasing power parity - $8.596 billion (2004 est.)
real growth rate: 4% (2004 est.)
per capita: purchasing power parity - $800 (2004 est.)
composition by sector: agriculture: 15.3%; industry: 27.9%; services: 56.9% (2004 est.)
Investment (gross fixed): 45.2% of GDP (2004 est.)
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revenues: $896.7 million
expenditures: $1.142 billion, including capital expenditures of NA (2004 est.)
Public debt: 133.6% of GDP (2004 est.)
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