The Southern African country contained annual inflation to single digits at 9.9% in December from 16.4% in December 2021. But reducing inflation to 6%-8% in the medium term remains the target, Musokotwane said.
Central government external debt rose to $13.36 billion at end-September 2022 from $13.04 billion at end-December 2021, he added.
One factor that may hamper 2023 economic expansion is the availability of electricity. Drought has lowered water levels behind Karimba Dam to the point where generation is difficult, and power output much lower than demand.
This has caused Zambia to ration electricity, even to key industrial sectors such as mining.