Economic growth slows to 3.7%

In 2010, the economy grew by 8.6 percent following a recession induced negative growth of 7.8 percent in 2009.According to the statistics agency, the mining, manufacturing, water and electricity sectors recorded negative growth in 2012 dragging behind the overall economy growth rate as measured by the Gross Domestic Product (GDP) to 3.7 percent.

In his national budget speech in February, Finance Minister Kenneth Matambo forecast a 2012 growth rate of 6.1 percent. "The deceleration in real GDP was mainly due to the mining sector which recorded a decrease in value added of 8.1 percent in the year largely due to a 14.7 percent drop in diamond production to 20 million carats last year. In 2011, diamond production had increased by four percent to 23 million carats," said SB.