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Economy grew 11.4% in 2021, fastest since 1989

Friday, May 13, 2022 | 2320 Views |

High hopes: Finance minister, Peggy Serame expects the economy to expand by 4.3 percent this year PIC: PHATSIMO KAPENG

The country’s real Gross Domestic Product rose by 11.4% last year, the highest annual growth rate since 1989 and a rebound from a record contraction in 2020, as an economist cautioned that the economy was still working back to its pre-pandemic trend path.

Figures provided by Statistics Botswana recently indicate that diamonds anchored growth last year, as both resurgent demand for the precious stones and relaxed border movements helped the sector’s performance.

“Diamond Traders recorded a massive growth of 78% as opposed to a decline of 36.7% recorded in the previous year,” Statistics Botswana researchers said in an update.

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(L-R). Kagiso Molatlhwa. Olebile Machete and Morena Monganja addressing the media on constitutional amendment PIC: KENNEDY RAMOKONE

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Economy grew 11.4% in 2021, fastest since 1989

The country’s real Gross Domestic Product rose by 11.4% last year, the highest annual growth rate since 1989 and a rebound from a record contraction in 2020, as an economist cautioned that the economy was still working back to its pre-pandemic trend path.