Copper Output Declines – BOZ

BANK of Zambia (BoZ) Governor Michael Gondwe says copper output declined by 2.5 per cent to 276, 075.0 tonnes from 283,042.3 in the first quarter of 2014.

Dr Gondwe however said that on a year-to-date basis, copper production stood at 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).

Dr Gondwe also said that the country continued to hold adequate maize stocks on the back of a bumper harvest.

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. Meanwhile, 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.

Source : The Times of Zambia

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