Gaborone, Botswana — 05 April 2012 – The economy of Botswana contracted 5.8% quarter-on-quarter in the last three months of last year, compared to 5.5% in the previous quarter, due to a sharp reduction in mining output in the world’s biggest diamond producer.
Citing the Central Statistics Office here, Reuters reports that on a year-on-year basis, gross domestic product in Botswana expanded by 1.4% in the fourth quarter “’ an abrupt slowdown from a year-on-year 7.1% in the previous quarter.
Annual growth in Botswana “’ one of Africa’s most prosperous nations and the bearer of the continent’s highest credit rating “’ slowed to 5.1% last year from 7.0% in 2010, the statistics agency added.
The construction, water and electricity sectors posted healthy growth in the final three months of last year, along with a big increase in government spending, the report continued, but output from mining “’ which accounts for around a third of the economy “’ slumped 24.8%. The statistics agency gave no reasons for the decline.
Source: Reuters Africa. For more information click here.