Botswana’s economy expands by 4.1% q/q in Q2 2013

By bne IntelliNews October 7, 2013

Botswana's gross domestic product (GDP) rose by a real 4.1% q/q in the second quarter of 2013, following a 2.1% contraction in the first quarter, the Central Statistics Office said. On an annual basis, the real economic growth in the world’s top diamond producer by value, rose to 7.9% in Q2 from 3.3% in both Q1 2013 and Q2 2012. The estimated GDP at current prices in Q2 was BWP 32.821bn (EUR 2.8bn), up 16.8% compared to Q1.

The substantial improvement in the economy was attributed to the mining sector, which expanded by 15.6% y/y, followed by the financial and business services sector, which grew by 7.7% y/y, the public sector, which rose by 6.6% y/y, and the personal and social services sector, which grew by 6.2% y/y, the statistics office said, adding that all other sectors also recorded a growth of more than 2% y/y. The increase in real value added of the mining sector reflected a 19.2% increase in diamond production, as the leading diamond producer, Debswana Diamond Company, a 50/50 joint venture between the government and global diamond major De Beers, recovered better grades at its Orapa and Jwaneng mines. Botswana’s economy is highly dependent on diamond exports. The mining sector’s contribution to GDP increased to 26.9% in Q2 from 19.4% in Q1.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Zimbabwe commits to annual independent audits of its gold reserves underpinning new ZiG currency

Zimbabwe's government will ensure its gold reserves which underpin its newly-introduced currency, would be independently audited once yearly, The Herald reports. The southern African nation ... more

South Africa launches cryptocurrency study

South Africa’s central bank has initiated studies to explore the feasibility of permitting fiat-backed stable coins to undergo testing within a regulatory sandbox environment over two years. The ... more

ENRG advances surveying at Niger uranium project Agadez within highly prospective Tim Mersoi Basin

ENRG Elements, which focuses on exploring and developing uranium and copper projects, has used radiometrics and a recent trenching program to identify potentially significant uranium mineralisation ... more

Follow Us On

Most Read

  1. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    8 days ago
  2. EU finally boosts defence investment into arms production as Ukraine runs out of ammo
    1 month ago
  3. Fresh evidence suggests that the April 2022 Istanbul peace deal to end the war in Ukraine was stillborn
    8 days ago
  4. Don't mention the "D" word - Ukraine
    5 days ago
  5. Europe unlikely to tackle Russian LNG imports anytime soon
    2 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    26 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    30 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. BRICS announce a blockchain-based payment system to create a common currency
    28 days ago
  5. Saudi Arabia to scale back plans for Neom city
    15 days ago

Reports

Dismiss