Economy of Botswana
Southern African Development Community headquarters in Gaborone
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|
| Currency | Pula (BWP) |
|---|---|
| Statistics | |
| GDP | $13.09 billion (nominal; est. 2016) $39.05 billion (PPP; est. 2017) |
| GDP rank | 118th (nominal) / 117th (PPP) |
|
GDP growth
|
 5.4% (2014) |
|
GDP per capita
|
$17,042(PPP, 2016) |
|
GDP by sector
|
agriculture 1.9%, industry 35.7%, services 62.4% (2013 est.) |
| 8.1% (2009[update] est.) | |
|
Population below poverty line
|
20.0% (2011[update]) |
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Labour force
|
1.31 million (2013 est.) |
| Unemployment | 17.5% (2011[update]) |
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Main industries
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diamonds, copper, nickel, salt, soda ash, potash, processing, textiles |
| 71st (2017) | |
| External | |
| Exports | $5.127 billion f.o.b. (2008[update] est.) |
|
Export goods
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diamonds, copper, nickel, soda ash, meat, textiles |
|
Main export partners
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European Free Trade Association (EFTA) 87%, Southern African Customs Union (SACU) 7%, Zimbabwe 4% (2000[update]) |
| Imports | $3.931 billion f.o.b. (2008[update] est.) |
|
Import goods
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foodstuffs, machinery, electrical goods, transport equipment, textiles, fuel and petroleum products, wood and paper products, metal and metal products |
| Public finances | |
| 5.1% of GDP (2008[update] est.) | |
| Revenues | $4.556 billion (2008[update] est.) |
| Expenses | $4.127 billion (2008[update] est.) |
| Economic aid | $73 million (1995[update]) |
| A (Domestic) A- (Foreign) A+ (T&C Assessment) (Standard & Poor's) |
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Since independence, Botswana has had the highest average economic growth rate in the world, averaging about 9% per year from 1966 to 1999. Growth in private sector employment has averaged about 10% per annum over the first 30 years of independence. At the start of the 21st century, however, the economy of Botswana stagnated until the early 2010s, when it registered for the first time since the economic boom, a GDP growth above the 6-7% target. Botswana is also commended for the location of Africa's longest, and among the world's longest economic booms (which almost surpassed that in Asia's largest economies). The relatively high quality of the country's statistics means that these figures are likely to be quite accurate. The government has consistently maintained budget surpluses and has extensive foreign exchange reserves.
Botswana's impressive economic record has been built on a foundation of diamond mining, prudent fiscal policies, international financial and technical assistance, and a cautious foreign policy. It is rated the least corrupt country in Africa, according to international corruption watchdog, Transparency International. By one estimate, it has the fourth highest gross national income at purchasing power parity in Africa, giving it a standard of living around that of Mexico and Turkey.
Nevertheless, although Botswana is in many ways an exemplar for countries in the region, its dependence on mining and high rate of HIV/AIDS infection (one in every three adults is seropositive), could threaten its success in the future.
Trade unions represent a minority of workers in the Botswana economy. In general they are loosely organized "in-house" unions, although the Botswana Federation of Trade Unions (BFTU) is consolidating its role as the sole national trade union centre in the country.
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Wikipedia