Botswana forecasts slower economic growth for 2019

Botswana’s economy is expected to expand at a slower pace in 2019 compared with last year, Finance Minister Kenneth Matambo said on Monday.

The Southern African Nation economic growth is expected to slow to 4.2 percent this year from 4.5 percent last year.

In his 2019 budget to parliament; Matambo noted that the slower economic growth means less revenues will be realized and this calls expenditure control for the country to remain on path fiscal sustainability.

He added that the 2019 budget deficit is estimated at 3.5 percent of gross domestic product (GDP), the same as 2018’s estimated shortfall.

Mineral revenue is still the highest contributor to revenue, representing 35.62 percent, the country is planning to diversify and grow its revenue base.

Botswana is taking steps to open up to holidaymakers in a bid to diversify its economy away from diamonds.