GDP contracts by 8.4%
source: The Botswana Gazette
Written by NCHIDZI SMARTS
Wednesday, 29 September 2010 00:00
The country’s GDP in the second quarter contracted by 8.4 percent on the backdrop of a decrease in mining which fell by 23.5 percent. This contraction reverses the 4.1 percent the country achieved in the first quarter of 2010, official data from the Central Statistics Office indicate.
Although the quarterly numbers were negative, analysts have said this does not at all signal gloom for the country as GDP growth on a year on year basis improved by 6.5 percent. The International Monetary Fund (IMF) has predicted that the country’s economy will grow by 8.4 percent in 2010, which has been supported by local analysts who however differ in terms of the level of growth.
Motswedi Securities’ analyst, Garry Juma said they project the economy to grow by between 4% and 6% in 2010 as the mining sector recovers. “We believe the economy is still vulnerable to downside risks and we anticipate the [continue reading]