Economy - overview:
Botswana has maintained one of the world's highest growth rates since independence in 1966. Through fiscal discipline and sound management, Botswana has transformed itself from one of the poorest countries in the world to a middle-income country with a per capita GDP of $9,500 in 2002. Two major investment services rank Botswana as the best credit risk in Africa. Diamond mining has fueled much of the expansion and currently accounts for more than one-third of GDP and for nine-tenths of export earnings. Tourism, subsistence farming, and cattle raising are other key sectors. On the downside, the government must deal with high rates of unemployment and poverty. Unemployment officially is 21%, but unofficial estimates place it closer to 40%. HIV/AIDS infection rates are the highest in the world and threaten Botswana's impressive economic gains. Long-term prospects are overshadowed by the prospects of a leveling off in diamond mining production.
GDP:
purchasing power parity - $15.1 billion (2002 est.)
GDP - real growth rate:
6% (2002 est.)
GDP - per capita:
purchasing power parity - $9,500 (2002 est.)
GDP - composition by sector:
agriculture: 4%
industry: 44% (including 36% mining)
services: 52% (2001 est.)
Population below poverty line:
47%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
8.1% (2002 est.)
Labor force:
264,000 formal sector employees (2000)
Labor force - by occupation:
NA
Unemployment rate:
40% (official rate is 21%) (2001 est.)
Budget:
revenues: $2.3 billion
expenditures: $2.4 billion, including capital expenditures of $NA (FY01/02)
Industries:
diamonds, copper, nickel, salt, soda ash, potash; livestock processing; textiles
Industrial production growth rate:
2.4% (2001 est.)
Electricity - production:
409.8 million kWh (2001)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
1.564 billion kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
1.183 billion kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
16,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
livestock, sorghum, maize, millet, beans, sunflowers, groundnuts
Exports:
$2.4 billion f.o.b. (2002 est.)
Exports - commodities:
diamonds 90%, copper, nickel, soda ash, meat, textiles
Exports - partners:
European Free Trade Association (EFTA) 87%, Southern African Customs Union (SACU) 7%, Zimbabwe 4% (2000)
Imports:
$1.9 billion f.o.b. (2002 est.)
Imports - commodities:
foodstuffs, machinery, electrical goods, transport equipment, textiles, fuel and petroleum products, wood and paper products, metal and metal products
Imports - partners:
Southern African Customs Union (SACU) 74%, EFTA 17%, Zimbabwe 4% (2000)
Debt - external:
$360 million (2002)
Economic aid - recipient:
$73 million (1995)
Currency:
pula (BWP)
Currency code:
BWP
Exchange rates:
pulas per US dollar - 6.3278 (2002), 5.8412 (2001), 5.1018 (2000), 4.6244 (1999), 4.2259 (1998)
Fiscal year:
1 April - 31 March
NOTE: The information regarding Botswana on this page is re-published from the 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Botswana Economy 2003 should be addressed to the CIA.
