Botswana's Macroeconomic Analysis:
Nominal GDP of USD 19.7 billion in 2023.
Nominal GDP of USD 20.3 billion in 2022.
GDP per capita of USD 7,723 compared to the global average of USD 10,589.
GDP per capita of USD 7,376 compared to the global average of USD 10,589.
Average real GDP growth of 3.8% over the last decade.
Average real GDP growth of 3.5% over the last decade.
Sector Analysis
In 2020, services accounted for 70% of overall GDP, manufacturing 6%, other industrial activity 22%, and agriculture 2%. Looking at GDP by expenditure, private consumption accounted for 46% of GDP in 2020, government consumption 36%, fixed investment 33%, and net exports -15%.International trade
In 2020, manufactured products made up 95% of total merchandise exports, mineral fuels 0%, food 2%, ores and metals 2% and agricultural raw materials 0%, with other categories accounting for 1% of the total. In the same period, manufactured products made up 73% of total merchandise imports, mineral fuels 13%, food 13%, ores and metals 1% and agricultural raw materials 1%, with other goods accounting for -1% of the total. Total exports were worth USD 8 billion in 2022, while total imports were USD 8 billion.Main Economic Indicators
Economic growthThe economy recorded average annual growth of 3.6% in the decade to 2022. To read more about GDP growth in Botswana, go to our dedicated page.
Fiscal policy
Botswana's fiscal deficit averaged 1.9% of GDP in the decade to 2022. Find out more on our dedicated page.
Unemployment
The unemployment rate averaged 19.7% in the decade to 2022. For more information on Botswana's unemployment click here.
Inflation
Inflation averaged 4.9% in the decade to 2022. Go to our Botswana inflation page for extra insight.
Monetary Policy
Botswana's monetary policy rate ended 2022 at 2.65%, down from 9.50% a decade earlier. See our Botswana monetary policy page for additional details.
Exchange Rate
From end-2012 to end-2022 the pula weakened by 38.6% vs the U.S. dollar. For more info on the pula, click here.
Economic situation in Botswana
GDP shrank sharply year on year in H1 and the panorama has not brightened since. Domestically, severe drought has disrupted economic activity and dented output in the agricultural sector, in turn intensifying food shortages and stoking inflation. In addition, credit to the private sector grew at a softer pace in Q3 compared to Q2, likely hitting domestic demand. More positively, inflation eased from H1 levels in July–October. On the external front, global diamond demand remained sluggish in Q3: Botswanan diamond shipments fell close to 70%—a sharper decline than in H1—driving Botswanan goods exports to more than halve in the quarter and straining public coffers. Accordingly, the Finance Ministry estimates that the fiscal deficit will widen to 6.7% of GDP in the fiscal year ending 31 March 2025 (FY 2023 deficit: 4.7%).Botswana Economic Forecasts
Projections out to 2034.43 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 7 expert analysts.
Want to get insight on the economic outlook for Botswana in the coming years? FocusEconomics collects projections out to 2034 on 43 economic indicators for Botswana from a panel of 7 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Botswana economy. To download a sample report on the Botswana's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.