Botswana GDP Annual Growth Rate

Last Release

Dec 31, 2022

Actual

5.9

Units In

6.3

Frequency

Quarterly

Next Release

Mar 28, 2025

Time to Release

3 Months 1 Days 8 Hours

Highest	Lowest	Average	Date Range	Source
37.3 Jun 2021	-26.9 Jun 2020	4.6 %	1995-2022	N/A

Botswana is considered as a middle-income country having been one of the fastest growing economies in Africa during the last decade. Diamond extraction is the main factor behind high growth rates as it accounts for more than one-third of GDP; almost all export earnings, and half of the government's revenues. Other key sectors are tourism, financial services, subsistence farming, and cattle raising. The largest sector of Botswana economy is trade, hotels & restaurants accounts (24% of GDP), followed by financial & business services (17%); general government (15%) and mining (12%). Other sectors include: construction (9%), community, social & personal service activities (8%); transport, storage & communication (7%), manufacturing (7%), agriculture, hunting & forestry (1%) and electricity, gas & water supply both around (1%).

Latest Updates

The Botswana GDP shrank by 4.3% year-on-year in Q3 of 2024, much steeper than a downwardly revised 0.4% decline in Q2. It marked the third consecutive quarter of economic contraction, with mining & quarrying activity deteriorating sharply (-27.2% vs -16.6% in Q2). Also, diamond trading slumped (-75.6% vs -10.6%), with the diamond real value added significantly falling (-29.4%). Further, there were declines in output for agriculture, forestry & fishing (-2.1% vs 0.4%), manufacturing (-1.7% vs 1.1%), and transport & storage (-0.8% vs 2.8%). On the other hand, the non-mining GDP grew by 4.4%, driven by stronger output of utilities (28.6% vs 26.1%), wholesale & retail (7.5% vs 4.4%), public administration (5.3% vs 5.3%), education (5.7% vs 5.3%), and accommodation & food services (5.4% vs 4.5%). Quarterly, the GDP declined by 2.9%, the steepest decline since Q2 of 2023 and an upswing from a 1.4% growth in Q2.