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Overreliance on diamonds upset Botswana 2012 economic growth

13 november 2012

Botswana said its economic growth is expected to tumble to 3.5 percent this year from 8 percent realised a year ago due to poor diamond output and sales.
Mining, dominantly diamonds, accounted for about 41 percent of the Botswana government’s revenue and 32.3 percent of GDP in 2011.
President Ian Khama was quoted by Reuters as saying that reduced output from the mining sector would pull growth below 4.4 percent projected earlier in the year.
"The diamond market has been significantly affected by the prevailing global economy slowdown. We expect this to adversely affect our economy, as diamonds are still a significant contributor to our GDP," Khama said.
He said growth should pick up to 5 percent next year.
Botswana was the world's biggest diamond producer by value ahead of Russia.
The fact that its economy was heavily dependent on diamonds made it heavily exposed to the oscillation that is currently characterizing the market.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished