Botswana-Economy

Botswana projects slower economic growth

APA-Gaborone (Botswana)

Botswana’s economic growth is projected to slow down to 4.2 percent in 2019 compared to 4.5 percent recorded in 2018, Finance and Economic Development Minister Kenneth Matambo said on Monday.

Delivering his 2019 budget speech to Parliament, Matambo said “the implication of the projected growth in the domestic economy is that less revenues will be realised, calling for continued expenditure control in order to ensure that the country remains on a path of fiscal sustainability in the medium term.”

According to the minister, the 2019 budget deficit is estimated at 3.5 percent of gross domestic product (GDP), the same as last year's estimated shortfall.

He said total expenditure and net lending for the 2019/20 financial year was estimated at 67.54 billion pula ($6.50 billion), whilst total revenue and grants were estimated at 60.20 billion pula.

Calling for more efforts aimed at diversifying the economy away from diamonds, Matambo said mineral revenue was still the highest contributor to revenue, representing 35.62 percent.


KO/as/APA

React to this article