The economy of Botswana is currently one of the world’s fastest growing economies, averaging about 5% per annum over the past decade. Botswana has been praised by the African Development Bank for sustaining one of the world’s longest economic booms. The government has consistently maintained budget surpluses and has extensive foreign-exchange reserves.
The following tables and chart will tell the change details in last 5-10 years:
Botswana Distribution of workforce from the last 5 years:
Botswana Coast Distribution of GDP across economic sectors:
Here attached the last 10 years chart of Ivory Coast GDP: (amount in billion USD):
3 Sectors of the Economy – Agriculture, Industry and Services:
Agriculture is an important part in the Botswana’s economy. It employs almost 19.84% of the total workforce and contributed almost 1.95% in GDP.
Major crops grown in Botswana are sorghum, maize, millet and cowpeas. The Botswana agricultural research system responds mainly to an inherently poor natural resource base. Only one institution is involved in plant breeding and technology: the Department of Agricultural Research (DAR) of the Ministry of Agriculture.
Major products in this Sector:
Beef: Botswana is a big exporter of beef, and was the ninth largest beef exporter to the European Union in 2019, though its earnings from beef exports have dropped from $130 million in 2010 to $80 million in 2019. In 2019, production of beef and buffalo meat for Botswana was 34,000 thousand tons. The state-owned Botswana Meat Commission (BMC) is currently the sole entity licensed to export beef, with farmers complaining they are forced to sell to the loss-making organization for low prices and that payment often comes late.
Industries plays an important part in the Botswana’s economy. It accounts for 28.3% of the GDP and employed almost 20.95 % of the workforce.
Major industries in this sector:
Gems and Precious Metals: In 2019 the export value of this industry was $US 4.8 billion which was almost 91.4% of total export in 2019. In 2019, mining accounted for about 38% of Botswana’s real gross domestic product (GDP), and more than 50% of government revenues were derived from mining and mineral-processing activity. Diamond has been the leading component of the mineral sector since large-scale diamond production began in 1972. Most of Botswana’s diamond production is of gem quality, resulting in the country’s position as the world’s leading producer of diamond by value.
Service sector is an important part in the Botswana’s economy. It contributes almost 60.62% in the GDP and employed almost 59.21% of the total Botswana’s workforce.
Major Industries in this Sector:
Finance: The Banking Financial Services and Insurance industry in Botswana has experienced continued growth over the last 3 years, and its contribution to the country’s Gross Domestic Product (GDP) stands at 5.1%. Botswana’s banking industry comprises of 10 commercial banks and 3 statutory banks. The banking sector is dominated by commercial banks that hold 91% of total loans and advances, and 93% of total assets. There are 5 large commercial banks, namely Banc ABC, Barclays Bank, First National Bank of Botswana (FNB), Stanbic Bank and Standard Chartered Bank which account for more than 90% of total banking loans, advances, assets and deposits.
Tourism: Tourism contributed 13.1% of Botswana’s GDP in 2019, increasing from 6.3% in 2000. In 2019, travel and tourism accounted for 8.9% of total employment in Botswana. The country’s principal tourist attractions are its game reserves, wildlife, and wilderness. The Botswana government identified tourism as a sector that could contribute to the diversification of the economy from its reliance on commodities. One of the world’s unique ecosystems, the Okavango Delta, is located in Botswana. The country offers excellent game viewing and birding both in the Delta and in the Chobe National Park—home to one of the largest herds of free-ranging elephants in the world.
Top Companies in Botswana:
|1||Debswana Diamond Company||Diamond|
|2||Botswana Development Corporation||Industrial Development|
|3||Bank of Botswana||Banking|
|4||Botswana Housing Corporation||Real Estate|
|5||Botswana Insurance Holding Limited Group||Finance|
|6||Sefalana Group||Retail Sector|
|9||Kgalagadi Breweries Limited||Beverages|