Bostwana’s FM declares sluggish economic growth of 4.2% in 2019

The economy of Botswana is likely to slowly inflate to 4.2 percent in 2019 from 4.5 in 2018 Finance Minister Kenneth Matambo said on February 4.

Botswana, which is known as the world’s richest diamond field, is projected to slow down with a tad expansion of 4.2 percent in this year, as said by Kenneth Matambo in his 2019 budget speech to parliament.

“The slower economic growth means less revenues will be realized and this calls expenditure control for the country to remain on path fiscal sustainability,” Matambo said. He further added that the 2019 budget deficit is estimated at 3.5 percent of gross domestic product (GDP), the same as previous year’s estimated shortfall.

He further elaborated that the total expenditure and net lending for the 2019-20 financial year were estimated at 67.54 billion pula ($6.50 billion), whilst total revenue and grants were estimated at 60.20 billion pula. Mineral revenue was still the highest contributor to revenue, representing 35.62 percent, he added.