Wednesday, November 29, 2023

The NDP 11:H1 hits, misses

Mining Sector 

The contribution of the Mining Sector to GDP over the period 2017 to 2019 even though was the highest, declined from 17.4 to 15.2 percent mainly due to the plateauing of diamond production as the major mines matured; as well as the loss of production from the base metal mines that closed during the period. The Sector’s real growth rate fluctuated over the same period, registering -11.1 percent in 2017, then significantly rising to 7.6 percent in 2018 before declining to -3.9 percent in 2019.

Finance and Business Services
The Finance and Business Services was the second highest contributor to GDP after Mining registering a growth of 13.9 percent in 2017, increasing to 14.5 percent in 2019. The Sector registered real growth rate of 14.1 percent in 2017 and 15.9 percent in 2019.

Tourism Sector

The Tourism Sector contribution to GDP has grown to around 4.9 percent during in the first part of NDP11 compared to 3.7 percent during the same period of NDP 10. There has also been increased citizen participation in the Sector. In 2019, out of a total of 2 107 licensed tourism businesses, 1 577 (74.8%) were citizen-owned, 261 (12.4%) were joint ventures, while the rest of the businesses were foreign-owned. Comparatively, this is a significant growth given that in 2010, there were a total of 690 licensed tourism businesses, representing an increase of 205 percent in the total number of tourism licenses issued.

Agriculture & Manufacturing 

The Agriculture Sector’s contribution remained almost level at 2 percent in 2017 and 1.9 percent in 2019. Over the same period, the Sector registered real growth rate of 1.9 percent and dropped to -0.1 percent. The Manufacturing Sector’s contribution to GDP was almost maintained over the same period at around 5 percent, while its real growth rate ranged from 2.2 to 2.8 percent.


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