BANK of Zambia (BoZ) Governor Michael Gondwe has said that the copper out declined by 2.5 per cent to 276, 075.0 tonnes from 283,042.3 in the first quarter.
However, Dr Gondwe said that on a year-to-date basis, copper production was 559,117.3 tonnes representing 16 per cent higher than the 480, 892.6 tonnes produced in the first half of 2013.
Speaking at the media briefing in Lusaka yesterday, Dr Gondwe said available indicators of the economic activity suggest that the government was on track in meeting its growth objective for 2014, estimated at 6.5 per cent using the rebased Gross Domestic Product (GDP).
“Most of the selected real sector development indicators recorded tracked by Monetary Policy Committee recorded higher output during the second quarter of the year, particularly when assessed against developments in the corresponding quarter of 2013,” Dr Gondwe said.
Dr Gondwe also said that the country continued to hold adequate maize stocks on the back of a bumper harvest.
“However, the stock of maize grain held by the Food Reserve Agency (FRA) decreased by 20.3 per cent to 343,581.3 tonnes from 431,130.0 tonnes at the end of march 2014 due to domestic sales,” he said.
He said electricity generation increased by 3.1 per cent to 3,509,053 in the second quarter 2014 from 3,403,077 meg watts (Mwh) during the first quarter.
Dr Gondwe said on a year-to-date basis, total electricity generation amounted to 6,912,130 Mwh in the first half of 2014, higher than the 6, 601, 175 Mwh generated in the first half of 2013.
And Dr Gondwe said that growth in domestic credit and money supply, witnessed early in the year, eased at the end of the second quarter.
He said this reflected the stabilising of conditions in the financial markets. Dr Gondwe said domestic credit fell by 22.1 per cent to K24.8 billion from K31.9 billion in March 2014.
“This largely reflected a drop in credit to Government following the receipt of the Eurobond proceeds.
However, lending to the private enterprises grew by 9.3 per cent. In terms of the provision of credit to the private, households continued to account for the largest share of outstanding credit of about 34.5 per cent in June 2014 compared to 34.8 per cent in March 2014,” he said.
Gondwe ndimwe chabbe vikawala bonse mu Govt !
My paternal Grandma says : ‘baisa ba sakala’ meaning theives ve come in Bemba.
And my maternal Gandma says : ‘bakabwala ba bantu’ meaning the HARDCORE burglar/thief in Tonga
All those bring DIRTY in Zed will b punished !!
We dont need your REPORT
So, how do you expect to know how the country is doing without reports fro BOZ… is it by innuendoes, insults and speculation as it is with ZWD?
With the opening of Kalumbila all will be well.