A river that runs through the marsh in Botswana

Botswana Economy

Botswana's economy in numbers:

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.

Average real GDP growth of 3.5% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

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%.

GDP by economic sector
GDP by type of expenditure

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.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The 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.
In Q3, GDP rebounded, expanding by 0.5% year on year after a 3.3% contraction in Q2. The key contributors to growth in the third quarter were public administration, construction, accommodation and food, and wholesale and retail trade. However, mining activity contracted in Q3 due to reduced production in the crucial diamond sector. The economy should have accelerated in Q4. Although inflation increased on average, annual credit growth remained in double digits in October, boding well for household consumption and investment. However, reduced merchandise exports in October suggest that the external sector may have restrained overall momentum. In other news, in mid-January, parts of Botswana began to experience load shedding amid maintenance work at a substation in neighboring Namibia. Prolonged disruption could impede activity ahead.
Projections out to 2033.

39 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 9 expert analysts.

Want to get insight on the economic outlook for Botswana in the coming years? FocusEconomics collects projections out to 2033 on 39 economic indicators for Botswana from a panel of 9 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 .

Botswana Economic Data

2018 2019 2020 2021 2022
Population (million) 2.5 2.5 2.5 2.6 2.6
GDP (USD bn) 17.0 16.7 15.0 18.7 20.3
GDP per capita (USD) 6,948 6,689 5,880 7,243 7,723
GDP (BWP bn) 174 180 171 208 251
Economic Growth (Nominal GDP, ann. var. %) 4.2 3.6 -4.7 21.3 20.9
Economic Growth (GDP, ann. var. %) 4.2 3.0 -8.7 11.9 5.5
Domestic Demand (ann. var. %) 5.2 7.1 -0.3 2.4 2.1
Private Consumption (ann. var. %) 5.4 3.1 2.3 2.5 3.1
Government Consumption (ann. var. %) 2.2 10.3 4.0 4.0 2.5
Fixed Investment (ann. var. %) 8.6 10.2 -9.2 0.3 -0.2
Exports (G&S, ann. var. %) 11.9 -8.8 -18.6 31.7 -5.3
Imports (G&S, ann. var. %) 15.9 11.6 5.0 2.3 -11.7
Unemployment (% of active population, aop) 19.6 20.1 21.0 23.1 23.6
Fiscal Balance (% of GDP) -5.0 -8.5 -10.9 -2.4 0.0
Public Debt (% of GDP) 14.9 16.5 18.7 18.7 18.0
Money (ann. var. of M2 %) 8.3 8.0 5.9 5.0 6.8
Inflation (CPI, ann. var. %, eop) 3.5 2.2 2.2 8.7 12.4
Inflation (CPI, ann. var. %, aop) 3.2 2.8 1.9 6.7 12.2
Bank Rate (%, eop) 5.00 4.75 3.75 3.75 2.65
Exchange Rate (BWP per USD, eop) 10.73 10.58 10.80 11.76 12.75
Exchange Rate (BWP per USD, aop) 10.20 10.76 11.45 11.09 12.38
Current Account Balance (USD bn) 0.1 -1.2 -1.5 -0.3 0.6
Current Account Balance (% of GDP) 0.4 -6.9 -10.3 -1.4 2.9
Merchandise Trade Balance (USD bn) 0.5 -1.1 -2.0 -0.7 0.5
Merchandise Exports (USD bn) 6.6 5.3 4.3 7.4 8.3
Merchandise Imports (USD bn) 6.1 6.3 6.3 8.1 7.7
Merchandise Exports (ann. var. %) 10.5 -20.2 -18.3 72.8 11.6
Merchandise Imports (ann. var. %) 18.5 3.6 -1.0 28.9 -4.2
Foreign Direct Investment (USD bn) 0.3 0.1 0.0 -0.3 0.2
International Reserves (USD bn) 6.7 6.2 4.9 4.8 4.3
International Reserves (months of imports) 13.1 11.7 9.5 7.1 6.6
External Debt (USD bn) 1.8 1.6 1.6 2.0 2.0
External Debt (% of GDP) 10.5 9.4 10.7 10.6 9.7

Free Sample Report

Interested in Botswana economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest