Zambia’s Economic Activity Update – November 2025
The month of November 2025 has been marked as such an important turning point for Zambia’s economic trajectory, reflecting continued steady macroeconomic improvements, renewed investor confidence and ongoing structural reforms aimed at restoring stability and unlocking long-term growth.
- Inflation Moderates Further
Zambia recorded a continued deceleration in inflation, reaching 10.9% in November, down from 11.9% in October.
This marks the seventh consecutive month of easing inflation and highlights the positive impact of consistent fiscal discipline, improved supply dynamics, and tighter monetary measures.
Notably, non-food inflation fell sharply, signalling easing pressure on households and businesses.
- Trade Performance Strengthens
The country posted a K1.1 billion trade surplus, driven by higher export earnings and strong performance in mining and agriculture.
October merchandise trade increased by 6.6%, with domestically produced exports rising to K30.8 billion.
This positive trade position supports exchange-rate stability and enhances Zambia’s external economic resilience.
- Credit Rating Upgrade Boosts Investor Confidence
S&P Global Ratings upgraded Zambia’s sovereign rating to CCC+ and B- by Fitch, allowing the country to formally exit default status.
This crucial milestone deeply reflects progress in debt restructuring, improved fiscal management, and strengthened policy commitment.
The upgrade sends a strong signal to global markets and is expected to unlock new investment opportunities.
- Growth Outlook Remains Favourable
Zambia’s economy continues to show strong momentum. GDP growth forecasts remain above 5%, supported by agriculture, mining, and rising intra-regional trade.
Government and multilateral partners have reaffirmed that reforms in energy, mining, and public finance management remain on track.
- Energy and Structural Challenges Persist
Despite progress, the economy continues to face power supply constraints that affect industrial productivity and service delivery.
The Government remains focused on diversifying the energy mix, accelerating renewable energy investments, and strengthening operational efficiency in the electricity sector.
- Call to Action for the Private Sector and Stakeholders
The current economic environment offers renewed opportunities for private-sector expansion, value-chain development, and technological innovation.
All stakeholders are encouraged to align efforts toward productivity, export growth and sustainable job creation.
In conclusion, Zambia’s economic activities in November 2025 reflect a nation steadily regaining stability and preparing for an even stronger grounds and more inclusive growth.
The reforms are still underway, as they continue to position Zambia as an emerging investment hub in the region, with clear prospects for economic resilience and long-term transformation.
