The latest economic figures are sending a powerful signal about Zambia’s economic performance. Gross Domestic Product (GDP) grew by 7.2 percent in the second quarter of 2026, equivalent to about K222 billion, compared with 7.9 percent recorded during the same period in 2025.
More significantly, the 7.2 percent growth is above the Government’s full-year growth target of 6.4 percent for 2026. At the same time, annual inflation declined slightly to 6.1 percent in September from 6.2 percent in August.
Taken together, these figures suggest that the economy is not merely stabilising, but is experiencing measurable expansion despite the political and electoral noise surrounding the country.
Wholesale and retail trade alone accounted for 17.5 percent of GDP in the second quarter, while key sectors including agriculture, mining, construction, transport and information and communication technology continued to support overall economic activity.
However, an important qualification must be made. The 6.1 percent inflation rate does not mean that prices have fallen. It means that prices are still rising, but at a slower rate than before.
The real test, therefore, is whether the reported economic growth will translate into tangible improvements in the lives of ordinary Zambians.
This means more jobs, higher household incomes, stronger small and medium-sized enterprises, affordable access to credit and increased productive investment.
Economic growth ultimately matters when it begins to have a visible impact beyond national statistics and reaches households, workers and businesses across the country.
Despite the political noise, the economic numbers are increasingly pointing towards an economy that is gaining strength.
The next challenge is to ensure that this growth moves from the national accounts into the pockets of households and onto the balance sheets of businesses.
The national conversation must now begin shifting from the economics of stabilisation to the economics of production, productivity, investment and shared prosperity.
By Kelvin Chisanga