Zambia recorded stronger revenue collections, rising exports, and improved economic growth during 2025, according to the latest Debt Statistical Bulletin released by the Ministry of Finance and National Planning.
The report shows that revenue and grants reached K53.23 billion in the fourth quarter of 2025, exceeding the target of K45.93 billion by 15.9 percent. This performance was largely driven by higher income tax collections from both the mining and non-mining sectors, supported by increased profitability in the mining industry.
Additional contributions came from non-tax revenues such as user fees, fines, and road toll charges. As a result, government recorded a primary fiscal surplus of K8.36 billion during the period.
Exports of goods and services increased by 21.1 percent, rising from US$3.52 billion to US$4.27 billion in the fourth quarter of 2025 compared to the same period in 2024. Copper export earnings rose by 22.3 percent, from US$2.12 billion to US$2.59 billion, driven by higher export volumes and stronger global copper prices.
Meanwhile, Zambia’s gross international reserves increased by US$372.1 million to US$5.58 billion, representing 4.8 months of import cover. The economy also recorded 3.6 percent growth, up from 2.7 percent in the same period of 2024.
Key sectors supporting this growth included agriculture, forestry and fishing (38.5 percent), arts, entertainment and recreation (25.6 percent), information and communication (21.6 percent), transport and storage (20.3 percent), and water supply (17.8 percent).
Despite these positive indicators, the bulletin notes that Zambia’s total public sector debt stood at US$28.96 billion by the end of the fourth quarter of 2025, comprising US$17.51 billion in external debt and US$11.45 billion in domestic debt.
