2Annual Inflation Rate December 2020-December 2021 During the quarter under review, an economic growth of 3.5% was reported based on third quarter GDP estimates, contrary to the negative figures recorded in the corresponding quarter of the previous year. This therefore gave a positive outlook for the fourth quarter 27. Other factors such as interest rate, among others, equally posted a slight decline, with the major upside risks being a resurgence of the COVID-19 pandemic (fourth wave) as well as increase fuel pump prices and electricity tariffs (among other price increases) owing to the inflation outlook 28. Other industry reports, such as the Stanbic Purchasing Manager’s Index recorded an improvement in business conditions with output returning to growth and a sustained expansion in new orders as well as employment. The reported rate of expansion was the fastest noted in years. The positive turnout was attributed to various factors such as stable economic conditions, price reductions and growing consumer confidence. These factors, therefore, reportedly enabled firms to secure new business. The media in the quarter under review were affected by the developments noted above, albeit positively. This is because the success of a media house relies on various factors, much like any other commercial institution. See ZAMSTATS Monthly Bulletin for December, 2021 According to the BOZ Monetary Policy Statement (MPC) issued in November, 2021. See https://www.boz.zm/mpcstatement_nov_2021.pdf 27 28 26