{"id":7052,"date":"2022-05-16T15:23:45","date_gmt":"2022-05-16T15:23:45","guid":{"rendered":"https:\/\/www.africa-press.net\/botswana\/?p=7052"},"modified":"2022-05-16T15:03:53","modified_gmt":"2022-05-16T15:03:53","slug":"economy-grew-11-4-in-2021-fastest-since-1989","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/botswana\/all-news\/economy-grew-11-4-in-2021-fastest-since-1989","title":{"rendered":"Economy grew 11.4% in 2021, fastest since 1989"},"content":{"rendered":"

Africa-Press – Botswana. <\/strong><\/span>The country\u2019s real Gross Domestic Product rose by 11.4% last year, the highest annual growth rate since 1989 and a rebound from a record contraction in 2020, as an economist cautioned that the economy was still working back to its pre-pandemic trend path.<\/b><\/p>\n

Figures provided by Statistics Botswana recently indicate that diamonds anchored growth last year, as both resurgent demand for the precious stones and relaxed border movements helped the sector\u2019s performance.<\/p>\n

\u201cDiamond Traders recorded a massive growth of 78% as opposed to a decline of 36.7% recorded in the previous year,\u201d Statistics Botswana researchers said in an update.<\/p>\n

\u201cThe positive growth is due to improved demand for diamonds from the global markets and sales appetite during the year 2021.<\/p>\n

\u201cThe increase of 29.9% in the real value-added of the Mining and Quarrying industry was mainly due to the significant growth in the real value-added of diamonds by 31.4%.\u201d<\/p>\n

Debswana, the country\u2019s primary producer of diamonds, enjoyed a 35% jump in production last year to 22.3 million, the highest output level since 2019, as global demand for the precious stones reawakened. State-owned diamond trader, Okavango Diamond Company also sold $963 million (P11.8 billion) worth of rough diamonds in 2021, an all-time high for the 10-year-old company.<\/p>\n

Statistics Botswana numbers indicate that nearly all economic sectors rebounded from the COVID-19 induced slump last year, with the only contractions recorded in agriculture as well as accommodation and food services.<\/p>\n

Besides minerals, other high performing economic sectors for the year include wholesale and retail (14.6%), water and electricity (9.7 percent), administration and support services (8.9 percent) as well as manufacturing with 8.1 percent growth.<\/p>\n

In terms of contributions to the economy by the different economic activities, the public administration and defence sector led the pack with 18.8%, followed by construction, wholesale and retail and finally, mining and quarrying.<\/p>\n

The economy’s expansion by 11.4% exceeds the government\u2019s own projections of 9.7 percent growth for 2021, although late last year, the finance ministry said it expected that the economy could rebound by more than 10% based on the performance of diamonds.<\/p>\n

While the rebound in 2021 is among the highest in Africa, it comes after an 8.7 percent contraction in 2020, the country\u2019s worst economic recession since Independence.<\/p>\n

Prominent economist, Sennye Obuseng told BusinessWeek that while the robust growth recorded in 2021 was a reason for cheer, there were several caveats.<\/p>\n

\u201cWhat should excite is that it is a strong rebound from a deep recession which is important because sometimes loss can entail a certain permanence about it and if you lose something, you want to be able to recover as quickly as possible,\u201d he said.<\/p>\n

\u201cHowever, at the same time, we should be mindful of the reality that most of this rebound represents the return to work of capacity that had been idle.<\/p>\n

\u201cIt does not represent incremental capacity.<\/p>\n

\u201cWhat\u2019s happening is that the economy is working its way back to its trend path but it is not back to where it was in 2019 before COVID-19 arrived.\u201d<\/p>\n

Obuseng said despite the high growth in 2021, the economy was still inferior to where it would have been had the ‘deep shock’ of COVID-19 not happened.<\/p>\n

\u201cOf course, we don\u2019t want to say it\u2019s only COVID-19 that\u2019s a problem because there are many factors.<\/p>\n

\u201cWe should be happy that we are recovering as the 11.4% suggests but we should not be over-excited because it is a claw-back to that trend path and we are still far from that,\u201d he said.<\/p>\n

Government and the International Monetary Fund expect the local economy to expand by 4.3 percent this year, slightly above the four percent base case target for the National Development Plan (NDP) 11. NDP 11 ends on March 31 next year, with the economy having exceeded the target only in 2018 and 2021.<\/p>\n

For More News And Analysis About Botswana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Botswana. The country\u2019s real Gross Domestic Product rose by 11.4% last year, the highest annual growth rate since 1989 and a rebound from a record contraction in 2020, as an economist cautioned that the economy was still working back to its pre-pandemic trend path. Figures provided by Statistics Botswana recently indicate that diamonds […]<\/p>\n","protected":false},"author":84,"featured_media":7051,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,12,16],"tags":[233,237,234],"class_list":["post-7052","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-policy","category-twitter","tag-africa-press","tag-africa-press-botswana","tag-botswana"],"yoast_head":"\nEconomy grew 11.4% in 2021, fastest since 1989 - Botswana<\/title>\n<meta name=\"description\" content=\"The country\u2019s real Gross Domestic Product rose by 11.4% last year, the highest annual growth rate since 1989 and a re ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/botswana\/all-news\/economy-grew-11-4-in-2021-fastest-since-1989\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Economy grew 11.4% in 2021, fastest since 1989\" \/>\n<meta property=\"og:description\" content=\"The country\u2019s real Gross Domestic Product rose by 11.4% last year, the highest annual growth rate since 1989 and a re ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/botswana\/all-news\/economy-grew-11-4-in-2021-fastest-since-1989\" \/>\n<meta property=\"og:site_name\" content=\"Botswana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-16T15:23:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2022\/05\/img-628267c20ac71.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"532\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/economy-grew-11-4-in-2021-fastest-since-1989#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/economy-grew-11-4-in-2021-fastest-since-1989\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Economy grew 11.4% in 2021, fastest since 1989\",\"datePublished\":\"2022-05-16T15:23:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/economy-grew-11-4-in-2021-fastest-since-1989\"},\"wordCount\":629,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/economy-grew-11-4-in-2021-fastest-since-1989#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2022\/05\/img-628267c20ac71.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Botswana\",\"Botswana\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"policy\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/botswana\/all-news\/economy-grew-11-4-in-2021-fastest-since-1989#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/economy-grew-11-4-in-2021-fastest-since-1989\",\"url\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/economy-grew-11-4-in-2021-fastest-since-1989\",\"name\":\"Economy grew 11.4% in 2021, fastest since 1989 - 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