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Economy of Botswana

Economy of Botswana
Masa Square Central Business District
CurrencyPula (BWP, P)
1 April – 31 March
Trade organisations
AU, AfCFTA (signed), SADC, SACU, WTO
Country group
Statistics
PopulationIncrease 2,630,296 (2022)[3]
GDP
  • Increase $21.90 billion (nominal, 2024 est.)[4]
GDP rank
GDP growth
3.6% (2024)[5]
GDP per capita
  • Increase $7,859 (nominal, 2024 est.)[4]
  • Increase $20,158 (PPP, 2024 est.)[4]
GDP per capita rank
GDP by sector
4% (2024 est.)[7]
Population below poverty line
45.5 medium (2016) [10][11]
  • Increase 0.708 high (2022)[12]
Labour force
  • Increase 1,107,235 (2019)[13]
  • 55.7% employment rate (2013)[14]
Unemployment23.4% (2023)[15]
Main industries
diamonds, copper, nickel, salt, soda ash, potash, coal, iron ore, silver; beef processing; textiles
External
ExportsIncrease $8.9 billion (2022 est.)[6]
Export goods
diamonds, copper, nickel, soda ash, beef, textiles
Main export partners
ImportsDecrease $8.7 billion (2022 est.)[6]
Import goods
foodstuffs, machinery, electrical goods, transport equipment, textiles, fuel and petroleum products, wood and paper products, metal and metal products
Main import partners
FDI stock
  • Decrease $5.319 billion (31 December 2017 est.)[6]
  • Increase Abroad: $1.973 billion (31 December 2017 est.)[6]
Increase $606.394 million (2022 est.)[6]
Positive decrease $2.187 billion (31 December 2017 est.)[6]
Public finances
Positive decrease 19.62% of GDP (2022 est.)[6][16]
−1% (of GDP) (2017 est.)[6]
Revenues5.305 billion (2017 est.)[6]
Expenses5.478 billion (2017 est.)[6]
Economic aid$96.43 million (2021) [17]

BBB+ (2021)

Decrease $4.279 billion (2022 est.)[6]
All values, unless otherwise stated, are in US dollars.

The economy of Botswana is currently one of the world's fastest growing economies,[19] averaging about 5% per annum over the past decade.[19] Growth in private sector employment averaged about 10% per annum during the first 30 years of the country's independence. After a period of stagnation at the turn of the 21st century, Botswana's economy registered strong levels of growth, with GDP growth exceeding 6–7% targets. Botswana has been praised by the African Development Bank for sustaining one of the world's longest economic booms.[20] Economic growth since the late 1960s has been on par with some of Asia's largest economies.[21] The government has consistently maintained budget surpluses and has extensive foreign-exchange reserves.[22]

Botswana's impressive economic record compared to some of its neighbors has been built on a foundation of diamond mining, prudent fiscal policies, and a cautious foreign policy.[23] Botswana's economy is mostly dependent on diamond mining. Diamond mining contributes to 50% of the government revenue mainly through its 50:50 joint venture with De Beers in the Debswana Diamond Company.[24] It is rated as the least corrupt country in Africa in the Corruption Perceptions Index by international corruption watchdog Transparency International. It has the fourth highest gross national income per capita in purchasing power in Africa and above the world average.[25]

Trade unions represent a minority of workers in the Botswana economy. In general they are loosely organised "in-house" unions, although the Botswana Federation of Trade Unions (BFTU) is consolidating its role as the sole national trade union centre in the country.[26][27]

Although Botswana's economy is considered a model for countries in the region, its overreliance on mining and its high rate of HIV/AIDS infection (one in every three adults is seropositive) and unemployment may threaten its future success.[28][29] Botswana has become the first high-burden country to be certified for achieving an important milestone on the path to eliminating mother-to-child transmission of HIV by the World Health Organization (WHO).[30]

  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ "Population, total – Botswana". data.worldbank.org. World Bank. Retrieved 8 November 2019.
  4. ^ a b c https://www.imf.org/external/datamapper/profile/BWA [bare URL]
  5. ^ "Botswana and the IMF".
  6. ^ a b c d e f g h i j k l m n "Botswana". The World Factbook (2024 ed.). Central Intelligence Agency. Retrieved 15 May 2019. (Archived 2019 edition.)
  7. ^ https://www.imf.org/external/datamapper/PCPIPCH@WEO/OEMDC/BWA [bare URL]
  8. ^ "Botswana Economic Outlook". 29 March 2019.
  9. ^ "Poverty headcount ratio at $5.50 a day (2011 PPP) (% of population) – Botswana". data.worldbank.org. World Bank. Retrieved 4 December 2019.
  10. ^ "HDR23-24 Summary (Specifically IHDI)". UNDP.
  11. ^ Nations, United. Specific country data (Report). United Nations.
  12. ^ "Specific country data".
  13. ^ "Labor force, total – Botswana". data.worldbank.org. World Bank. Retrieved 8 November 2019.
  14. ^ "Employment to population ratio, 15+, total (%) (national estimate) – Botswana". data.worldbank.org. World Bank. Retrieved 8 November 2019.
  15. ^ "World Bank Open Data".
  16. ^ "Deuda pública – Botsuana – Economía".
  17. ^ "Botswana Foreign aid - data, chart".
  18. ^ https://countryeconomy.com/ratings/botswana [bare URL]
  19. ^ a b "Overview".
  20. ^ "Republic of Botswana – Government portal". Archived from the original on 1 January 2018.
  21. ^ Leith, J. Clark (2005). Why Botswana Prospered. McGill-Queen's University Press. pp. ix-2. ISBN 978-0-7735-2820-8. JSTOR j.ctt80xfp.
  22. ^ "BOTSWANA: Systematic Country Diagnostic" (PDF). World Bank Group. Archived (PDF) from the original on 9 October 2022. Retrieved 31 March 2018.
  23. ^ Public Domain This article incorporates text from this source, which is in the public domain: "Background Note: Botswana". U.S. Department of State. May 2002. Archived from the original on 6 June 2002.
  24. ^ Makoni, Patricia Lindelwa (4 May 2017). "Exploring economic structure and drivers of economic growth in Botswana". Journal of Governance and Regulation. 4: 672–678 – via researchgate.
  25. ^ "GNI per capita, PPP (current international $)". data.worldbank.org. World Bank. Retrieved 12 January 2020.
  26. ^ ICTUR; et al., eds. (2005). Trade Unions of the World (6th ed.). London, UK: John Harper Publishing. ISBN 0-9543811-5-7.
  27. ^ "Policy position paper on globalization – 2007" (PDF). Botswana Federation of Trade Unions: 25. Archived from the original (PDF) on 26 September 2007.
  28. ^ "Botswana warns dangers in dash for African minerals".
  29. ^ "HIV | UNICEF Botswana". www.unicef.org. Retrieved 30 April 2024.
  30. ^ "Botswana reaches key milestone in the elimination of mother-to-child transmission of HIV". www.who.int. Retrieved 3 May 2024.

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