BAKANG TIRO
Botswana’s annual economic growth slumped to 7.3 percent in the third quarter of 2023, closing at P64 billion compared to the P70 billion registered in second quarter of 2023.
This is as per Statistics Botswana’s Gross Domestic Product’s (GDP) quarterly report.
Statistician General Dr Burton Mguni said the nominal Gross Domestic Product (GDP) for the third quarter of 2023 was P64, 997.1 million (P64 billion) compared to P70, 110.0 million (P70 billion) registered during the previous quarter.
“This represents a quarterly decrease of 7.3 percent in nominal terms between the two periods. During the quarter under review, Public Administration and Defence became the major contributor to GDP by 17.3 percent followed by Mining and Quarrying by 14.4 percent,” underscored Dr Mguni.
In addition, Dr Mguni indicated that Real GDP for the third quarter of 2023 increased by 0.5 percent compared to the 5.0 percent growth registered in the same quarter of the previous year.
Statistics Botswana said the growth was attributed to real value added by Public Administration & Defence, Real Estate and Other Administrative and Support Activities which rose by 6.4, 6.3 and 6.3 percent respectively.
“All other industries recorded positive growths of more than 1.3 percent except Mining, Water and Electricity and Diamond Traders which declined by 9.2, 9.8 and 20.4 percent respective,” added the national statistics agency.
The agency also said Agriculture, Forestry and Fishing industry went up by 2.0 percent in real value during the third quarter of 2023, relative to a decrease of 0.1 percent registered in the same quarter of 2022.
“The slight improvement is mainly due to an increase in real value added of Livestock farming by 2.4 percent. The increase in the total Agriculture industry was attributable to cattle marketed during the quarter under review. Cattle sold to Botswana Meat Commission (BMC) and the municipal abattoirs registered a positive growth of 30.1 percent,” highlighted the GDP report for period under review.
On the other hand, the manufacturing industry experienced a slowed growth of 1.3 percent in the third quarter of 2023 compared to a rise of 7.6 percent registered in the corresponding quarter of 2022.
According to Statistics Botswana, most of the sub-industries experienced a drop in growth when compared to the same period of the previous year.
“Diamond Sorting declined by 8.5 percent compared to a growth of 25.2 percent in the corresponding quarter of 2022 while Alcohol and Beverages grew by 12.2 percent compared to a growth of 40.1percent in the corresponding quarter of 2022,” it said.
Other sub-industries that experienced better growth compared to the previous corresponding quarter of last year include Meat Processing at 10.9percent, Other Foods at 4.9 percent and Print Media at 6.5%.
Meanwhile, water and electricity real value added for the third quarter of 2023 was P579.7 million compared to P642.9 million registered in the same quarter of 2022, recording a decline of 9.8 percent.
In the third quarter of 2023, the statistics agency said electricity recorded a decline of 14.3 percent as opposed to an increase of 64 percent registered in the corresponding quarter of 2022.
“Nonetheless the volume of imported Electricity went up by 33.6 percent during the quarter under review. The water industry recorded a value added of P218.1 million compared to P220.8 million registered in the same quarter of the previous year, registering a decrease of 1.2 percent,” said Statistics Botswana.