Monday, December 6, 2021

Mining remains major contributor to GDP growth

The latest annual accounts statistics shows that the Mining sector remains a major contributor to the country’s Gross Domestic Product (GDP). The Statistics Botswana’s 2014 GDP data shows that the sector’s contribution went up to 22.9 percent in 2014 compared to 21.9 percent recorded in 2013.

A breakdown of the data shows that sector’s contribution was improved by the inclusion of other mines in the accounts entailing the recently closed Boseto mine as well as Lucara diamond mine and Missana copper mine. At the same time, in the third quarter of 2014, there was a strong performance at Jwaneng mine, where higher grade carats were produced.

Meanwhile the same statistical release shows that the country’s Gross Domestic Product (GDP) at current prices increased to P141, 942.3 million in 2014 compared to a revised level of P125, 809.7 million in 2013, recording an increase of 12.8 percent, figures provided by the government statistics agency shows.

The annual statistical review shows that country’s Real GDP increased by 4.4 percent in 2014 compared to a revised growth rate of 9.3 percent in 2013. The increase in real GDP has been attributed to Transport & Communications, Trade, Hotels & Restaurants and Mining sectors which recorded an increase in value added of 7.4, 7.1 and 4.5 percent respectively.

On the expenditure side, the country’s Real gross domestic expenditure increased by 6.8 percent in 2014 compared to a increase of 1.6 percent in 2013. Real exports increased by 0.6 percent in 2014, compared to an increase of 16.0 percent in 2013, while real imports in 2014 declined by 5.8 percent as opposed to an increase of 6.5 percent in 2013.

The government statistics agency, Statistics Botswana is expected to soon start a rebasing exercising of both the GDP and Consumer Price Index. The agency said last year first to be rebased will be the Consumer Price Index which was slated for March 2015 while the GDP will follow at a yet to be announced date. ??The last rebasing was done in 2011 when the agency changed the base year to 2006 from 1994.??Statistics Botswana executives explained then that the data changes were made to reflect trends in output and consumption in fast developing industries like mobile phones and the Internet. ?Botswana has over the past few years recorded tremendous growth in the Information and Communication sector. ??Botswana’s national accounts are compiled according to the 1993 System of National Accounts (1993 SNA) by National Accounts and Prices Statistics.

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