Economy - overview:
Botswana has maintained one of the world's highest growth rates
since independence in 1966. Through fiscal discipline and sound
management, Botswana has transformed itself from one of the poorest
countries in the world to a middle-income country with a per capita
GDP of $9,500 in 2002. Two major investment services rank Botswana
as the best credit risk in Africa. Diamond mining has fueled much of
the expansion and currently accounts for more than one-third of GDP
and for nine-tenths of export earnings. Tourism, subsistence
farming, and cattle raising are other key sectors. On the downside,
the government must deal with high rates of unemployment and
poverty. Unemployment officially is 21%, but unofficial estimates
place it closer to 40%. HIV/AIDS infection rates are the highest in
the world and threaten Botswana's impressive economic gains.
Long-term prospects are overshadowed by the prospects of a leveling
off in diamond mining production.
GDP:
purchasing power parity - $13.48 billion (2002 est.)
GDP - real growth rate:
4.2% (2002 est.)
GDP - per capita:
purchasing power parity - $8,500 (2002 est.)
GDP - composition by sector:
agriculture: 4%
industry: 44% (including 36% mining)
services: 52% (2001 est.)
Population below poverty line:
47%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
8.1% (2002 est.)
Labor force:
264,000 formal sector employees (2000)
Labor force - by occupation:
NA
Unemployment rate:
40% (official rate is 21%) (2001 est.)
Budget:
revenues: $2.3 billion
expenditures: $2.4 billion, including capital expenditures of $NA
(FY 01/02)
Industries:
diamonds, copper, nickel, salt, soda ash, potash; livestock
processing; textiles
Industrial production growth rate:
2.4% (2001 est.)
Electricity - production:
409.8 million kWh (2001)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
1.564 billion kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
1.183 billion kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
16,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
livestock, sorghum, maize, millet, beans, sunflowers, groundnuts
Exports:
$2.4 billion f.o.b. (2002 est.)
Exports - commodities:
diamonds 90%, copper, nickel, soda ash, meat, textiles
Exports - partners:
European Free Trade Association (EFTA) 87%, Southern African
Customs Union (SACU) 7%, Zimbabwe 4% (2000)
Imports:
$1.9 billion f.o.b. (2002 est.)
Imports - commodities:
foodstuffs, machinery, electrical goods, transport equipment,
textiles, fuel and petroleum products, wood and paper products,
metal and metal products
Imports - partners:
Southern African Customs Union (SACU) 74%, EFTA 17%, Zimbabwe 4%
(2000)
Debt - external:
$360 million (2002)
Economic aid - recipient:
$73 million (1995)
Currency:
pula (BWP)
Currency code:
BWP
Exchange rates:
pulas per US dollar - 6.33 (2002), 5.84 (2001), 5.1 (2000), 4.62
(1999), 4.23 (1998)
Fiscal year:
1 April - 31 March