According to Statistics Botswana, the country’s Gross Domestic Product for the third quarter of 2021 was P47,833.7 million compared to the revised P46,282.1 million recorded in the second quarter of 2021.
This represents a quarterly increase of 3.4 percent between the two periods. Real GDP increased by 8.4 percent during the period under review, as opposed to a contraction of 4.5 percent in the same quarter of 2020. The recovery in the domestic economy was observed across most industries with improvement in the third quarter of 2021 GDP.
According to Statistics Botswana, this reflects continued efforts to re-open businesses and relax COVID-19 regulations as rollout of vaccination continued. “On a quarter to quarter comparison, the domestic economy increased by 3.4 percent during the quarter under review,” the stats agency says
During the quarter under review, Public Administration and Defence became the major contributor to GDP at 18.6 percent, followed by Mining & Quarrying at 12.0 percent. But the Public Administration and Defence sector decreased by 1.1 percent in real value add compared to 7.4 percent increase during the corresponding quarter of 2020. Government units organise and finance provision of goods and services to individual households and the community at large. They are also concerned with distribution and redistribution of income and wealth.
A significant increase in the real value add of Mining & Quarrying by 29.8 percent was mainly influenced by a substantial increase in the Diamond real value add of 31.0 percent. Diamond production in carats went up by 32.2 percent during the quarter under review. Appetite for rough diamonds is gradually gaining traction after relaxation of Covid -19 travel restrictions which impeded on the sight holding calendar.
Statistics Botswana says the Quarterly Gross Domestic Product estimates assist in analysis of short-term movements in the economy, as opposed to the annual GDP that provides an in-depth and comprehensive view of changes in the economy. “Quarterly National Accounts adopt the same concepts, definitions and structure as Annual National Accounts,” it notes.