Botswana Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

good economic governance and financial management; diamond-driven growth model declining; rapid poverty reductions; high unemployment, particularly among youth; COVID-19 sharply contracted the economy and recovery is slow; public sector wages have posed fiscal challenges

Real GDP (purchasing power parity)

$38.415 billion (2021 est.)

$34.493 billion (2020 est.)

$37.79 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

11.37% (2021 est.)

-8.73% (2020 est.)

3.03% (2019 est.)

Real GDP per capita

$14,800 (2021 est.)

$13,500 (2020 est.)

$15,100 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$18.335 billion (2019 est.)

Inflation rate (consumer prices)

7.24% (2021 est.)

1.89% (2020 est.)

2.77% (2019 est.)

Credit ratings

Moody's rating: A2 (2020)

Standard & Poors rating: BBB+ (2020)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 1.8% (2017 est.)

industry: 27.5% (2017 est.)

services: 70.6% (2017 est.)

GDP - composition, by end use

household consumption: 48.5% (2017 est.)

government consumption: 18.4% (2017 est.)

investment in fixed capital: 29% (2017 est.)

investment in inventories: -1.8% (2017 est.)

exports of goods and services: 39.8% (2017 est.)

imports of goods and services: -33.9% (2017 est.)

Agricultural products

milk, roots/tubers, vegetables, sorghum, beef, game meat, watermelons, cabbages, goat milk, onions

Industries

diamonds, copper, nickel, salt, soda ash, potash, coal, iron ore, silver; beef processing; textiles

Industrial production growth rate

19.38% (2021 est.)

Labor force

1.05 million (2021 est.)

Labor force - by occupation

agriculture: NA

industry: NA

services: NA

Unemployment rate

24.72% (2021 est.)

24.93% (2020 est.)

22.61% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 41.2%

male: 39.5%

female: 43.3% (2021 est.)

Population below poverty line

19.3% (2009 est.)

Gini Index coefficient - distribution of family income

53.3 (2015 est.)

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: $3.828 billion (2020 est.)

expenditures: $6.006 billion (2020 est.)

Budget surplus (+) or deficit (-)

-1% (of GDP) (2017 est.)

Public debt

19.66% of GDP (2020 est.)

16.22% of GDP (2019 est.)

15.23% of GDP (2018 est.)

Taxes and other revenues

22.32% (of GDP) (2020 est.)

Fiscal year

1 April - 31 March

Current account balance

-$122.877 million (2021 est.)

-$1.292 billion (2020 est.)

-$1.155 billion (2019 est.)

Exports

$7.931 billion (2021 est.)

$4.81 billion (2020 est.)

$6.229 billion (2019 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

India 21%, Belgium 19%, United Arab Emirates 19%, South Africa 9%, Israel 7%, Hong Kong 6%, Singapore 5% (2019)

Exports - commodities

diamonds, insulated wiring, copper, beef, gold (2021)

Imports

$9.277 billion (2021 est.) note: data are in current year dollars

$7.413 billion (2020 est.) note: data are in current year dollars

$7.696 billion (2019 est.)

Imports - partners

South Africa 58%, Namibia 9%, Canada 7% (2019)

Imports - commodities

diamonds, refined petroleum, cars, delivery trucks, electricity (2019)

Reserves of foreign exchange and gold

$4.802 billion (31 December 2021 est.)

$4.941 billion (31 December 2020 est.)

$6.17 billion (31 December 2019 est.)

Debt - external

$2.187 billion (31 December 2017 est.)

$2.421 billion (31 December 2016 est.)

Exchange rates

pulas (BWP) per US dollar -

11.087 (2021 est.)

11.456 (2020 est.)

10.756 (2019 est.)

10.2 (2018 est.)

10.347 (2017 est.)

NOTE: The information regarding Botswana on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Botswana 2023 information contained here. All suggestions for corrections of any errors about Botswana 2023 should be addressed to the CIA or the source cited on each page.