Botswana Economy - 2024

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.)

Unemployment rate

24.72% (2021 est.)
24.93% (2020 est.)
22.61% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 41.2% (2021 est.)

male: 39.5%

female: 43.3%

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

Remittances

0.33% of GDP (2021 est.)
0.24% of GDP (2020 est.)
0.36% of GDP (2019 est.)

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 -

Exchange rates:
11.087 (2021 est.)
11.456 (2020 est.)
10.756 (2019 est.)
10.2 (2018 est.)
10.347 (2017 est.)