From 2010 to 2018, GDP rate on average grew by 3.7 percent, reflecting a gradual decline in economic growth over the ten-year period. In 2020, real GDP growth for Botswana was -9.6 %. In 2017, Diamond exports increased to the highest levels since 2013 at about 22 million carats of output, driving Botswana’s economic growth to about 4.5% and increasing foreign exchange reserves to about 45% of GDP. Economic Overview. Botswana maintained the highest average economic growth rate in the world, from 1966 to 1999, averaging approximately 9 % per year through this period. At these rates, Botswana’s economy is said to be operating below potential output, which experts have suggested should be above 6 percent for the economy to create the much-needed jobs. Global Economic Prospects examines trends for the world economy and how they affect developing countries. Annual percentage growth rate of GDP at market prices based on constant local currency. GDP of Botswana increased from 5.51 billion US dollars in 2001 to 15.87 billion US dollars in 2020 growing at an average annual rate of 6.45%. Slow growth in government spending, the largest constituent under others, continues to be the greatest challenge facing businesses, as shown by the Bank of Botswana’s Business Expectation Survey. Until the global recession, Botswana maintained one of the world's highest economic growth rates since independence in 1966. Annual GDP Growth (%) Botswana. Though Botswana real GDP growth fluctuated substantially in recent years, it tended to decrease through 2001 - 2020 period ending at -9.6 % in 2020. The report includes country-specific three-year forecasts for major macroeconomic indicators, including commodity and financial markets. GDP growth, however, has remained solid, bolstered by upswings in the volatile diamond market. Botswana Jump to. Economic freedom in Botswana has dipped slightly in recent years. Real GDP is estimated to have grown 3.5% in 2019 after averaging nearly 4% in 2016–18, driven by the continued recovery in diamond production, following a rebound in global demand and resumption of operations at the Damtshaa mine in January 2018. GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. The GDP growth was constrained by both mining and non-mining sectors. Gross domestic product (GDP) growth rate in Botswana 2025* Botswana: Share in global GDP adjusted for PPP 2025 Distribution of gross domestic product (GDP) across economic sectors Botswana 2019 With a fairly robust and broad-based expansion in nonmining activities. Over the last 35 years Botswana has graduated from a low income country to a middle income country (Government of Botswana 2009). Economic growth, percent change in quarterly real GDP in Botswana, September, 2020: The latest data from Q3 2020 show economic growth of -6 percent, which is an increase from the rate of growth of -24 percent in the previous quarter and a decrease compared to the growth rate of 3.1 percent in the same quarter last year. Government expenditure, unemployment, FDI. Diamond mining fueled much of the economic expansion and currently accounts for one-quarter of GDP, approximately 85% of export earnings, and about one-third of the government's revenues. Income distribution in Botswana is reported to have worsened as demonstrated by the fact that between 1993/94 and 2002/03 real GDP per capita increased from P7 154 to P11 802, while income distribution declined in the same period, according to a Bank of Botswana 2005 report. In 2020, GDP for Botswana was 15.87 billion US dollars.