Economic growth slows in 2023

The Botswana economy slowed during 2023. Real GDP growth was 2.7% in the twelve months to December 2023, compared to 5.5% recorded in 2022. This reflected a slowdown in both mining and non-mining private sector (NMPS) growth. Real growth in the mining sector experienced a sharp decrease from 7.6% 2022 to 3.1% in 2023, and the NMPS year-on-year growth declined to 1.8% down from 5.6% during the period. While a slowdown in GDP growth in 2023 was expected, the outturn was well below the recent forecast of 3.2% by the Ministry of Finance.