Botswana’s Gross Domestic Product (GDP) grew by 4.1 percent quarter -on- quarter in second quarter of 2013 Statistics Botswana has revealed.
On a year-on-year basis, GDP was up 7.9 percent in the second quarter compared with a 3.3 percent expansion for Q1, SB revealed.
According to Statistics Botswana the substantial economic growth is attributed to mining which went up by 15.6 percent, followed by Financial & Business services, General Government and Personal & social services at 7.7, 6.8, and 6.2 percent respectively, all other sectors also recorded a positive growth of more than 2.0 percent over the period.
An increase in real value added of the mining sector was due to a 19.2 percent increase in the diamond production. In the second quarter of 2013 the Debswana Diamond Company recovered better grades at its Orapa and Jwaneng mines.
The mining sector contribution to GDP increased to 26.9 percent compared to 19.4 percent registered in the first quarter of 2013.The value added of Water & Electricity and Manufacturing sectors recorded positive growths of 2.3 and 4.9 respectively after recording negative growths in the fourth quarter of 2012 and the first quarter of 2013.
Statistics Botswana revealed that local electricity generation recorded a substantial increase during the quarter under review. According to the International Merchandise Trade Statistics monthly digest of July 2013, meat & meat products exports went up by 160 percent in the second quarter of2013.
SB attributed the other manufacturing sub sector growth to the increase in number of diamond polishing and cutting companies. Total final consumption expenditure recorded an increase of 8.8 percent in the second quarter of 2013, compared to an increase of 2.4 percent in the same quarter of the previous year.
However, household final consumption increased by 6.9 percent in the quarter under review.
The import of goods and services increased by 79.0 percent in the second quarter of 2013, compared to 25.5 percent decrease registered in the same quarter of 2012.
Real exports of goods and services went up by 65.7 percent in the second quarter of 2013compared to a decrease of 19.5 percent recorded in the same quarter of 2012.