Real GDP slows in Q2 2023, records 5.0% year-on-year growth
20 November 2023
The Botswana economy continued to slow during the second quarter of 2023, partly because of the slowing global market for rough diamonds. Annual GDP growth in June was 5.0%, down from 5.5% registered in Q1 2023. This is attributable to the slowdown in non-mining private sector (NMPS) growth to 4.3% y-o-y, down from 6.0% y-o-y in Q1 2023, significantly impacted by the fall in diamond trading during the period. In contrast, mining sector growth picked up during the quarter. Annual mining sector growth was 7.5% in Q2 2023, up from 5.0% in Q1 2023. Along with weakened global market for diamonds, the fall in annual GDP reflect the effects of higher growth in 2022 falling out of the GDP calculations.