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More economic woes

patriot by patriot
February 8, 2021
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More economic woes
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The heavy decline of the mining sector performance recorded in the third quarter of last year is likely to push the economy further into recession after the Gross Domestic Product (GDP) withered by 6%.

Latest data on GDP released by Statistics Botswana (SB) shows that real GDP decreased by 6% in the quarter under review but showed slight improvement compared to deep 24% fall in the last quarter.

This came in the wake of growing government financial constraints ahead of the 2021/22 budget speech.

A Savingram from Ministry of Local Government and Rural Development cautioned of budget challenges in the financial year 2020/21 which necessitated measures to conserve money.

The third quarter decline in GDP was attributed to among others a decrease in the real value added of mining by 15.2% influenced by Diamond and Soda as real value added.

“Diamond production in carats went down by 15.3 percent while Soda Ash production in tonnes decreased by 53.1 percent. This poor performance of the diamond’s sub industry is attributed to the reduction in the production due to weak demand from global markets,” Statistics Botswana said in the report.

Diamonds are luxury goods and therefore are bound to fluctuate due to the appetite of reliable customers as the world is hit by coronavirus, noted the statistics agency.

With regard to the Soda Ash, SB uncovered that the plant was put under care and maintenance. In the period, trade hotels and restaurants real value added declined by 15.3% compared to an increase of 5.3% registered in the same quarter of the previous year.

The reduction is largely attributed to a decrease of 49.9% in real value added of the Hotels and Restaurants sub-industry.

“The suspension of air travel occasioned by Covid-19 containment measures has impacted on the number of tourists entering the borders of the country and hence affecting the output of Hotels and Restaurants industry. COVID-19 restriction measures resulted in reduced demand for leisure and conferencing activities as conferences are held through virtual platforms,” the agency added.

The services sector was one of the positive contributors to GDP prior to COVID-19.

For example, during the same period in 2019, the trade, hotels and restaurants contributed significant 19.4% to GDP growth in Q3 2019 all combined.  

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  • We must ‘walk the talk’ July 4, 2022
    We can only save ourselves and our planet by confronting climate change BY COLLEN VIXEN KELAPILE Climate change has become the enemy of human progress and a threat to humanity’s survival. We see its devastating consequences daily. No country is […]
  • Makwinja caught in Minergy saga   June 30, 2022
    Her husband –Leonard, is a Board Member at Minergy Coal ‘She is conflicted, hence she is failing to resolve our disputes with the company’ – Farmers ‘It’s an attempt to score cheap political points’ –Makwinja Minergy Coal proposes a […]
  • CA Sales lists on the JSEJune 29, 2022
    african-markets.com The JSE, Africa’s largest stock exchange, has listed CA Sales Holdings Limited on its main board providing South African investors with exposure in the fast-moving consumer goods (FMCG) company with a footprint in several Southern African countries. CA […]
  • BBS launches insurance agencyJune 28, 2022
    BBS Limited is pleased to inform its current and potential customers as well as stakeholders that it has launched an insurance agency called BBS Insurance Agency Limited; whose purpose is to provide insurance agency services and bespoke insurance products […]
  • MANTSWE JOINS TURNSTAR BOARDJune 28, 2022
    Turnstar Holdings Ltd, is pleased to announce the appointment of Mr Solomon Seoketsi Mantswe, to the Board of Directors, with effect from 1st July 2022. He brings over 30 years’ experience in the public service. He was appointed Deputy […]
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