Economy - overview Agriculture still provides a livelihood for more than 80% of the population but supplies only about 50% of food needs and accounts for only 3% of GDP. Subsistence farming and cattle raising predominate. The sector is plagued by erratic rainfall and poor soils. Diamond mining and tourism also are important to the economy. Substantial mineral deposits were found in the 1970s and the mining sector grew from 25% of GDP in 1980 to 38% in 1998. Unemployment officially is 21% but unofficial estimates place it closer to 40%. The Orapa 2000 project, which will double the capacity of the country's main diamond mine, will be finished in early 2000. This will be the main force behind continued economic expansion.
GDP purchasing power parity - $5.7 billion (1999 est.)
GDP - real growth rate 6.5% (1999 est.)
GDP - per capita purchasing power parity - $3,900 (1999 est.)
GDP - composition by sector agriculture:4%
industry:46% (including 36% mining)
services:50% (1998 est.)
Population below poverty line 47% (1999 est.)
Household income or consumption by percentage share lowest 10%:NA%
highest 10%:NA%
Inflation rate (consumer prices) 7.7% (1999 est.)
Labor force 235,000 formal sector employees (1995)
Labor force - by occupation 100,000 public sector; 135,000 private sector, including 14,300 who are employed in various mines in South Africa; most others engaged in cattle raising and subsistence agriculture (1995 est.)
Unemployment rate 20%-40% (1999 est.)
Budget revenues:$1.6 billion
expenditures:$1.8 billion, including capital expenditures of $560 million (FY96/97)
Industries diamonds, copper, nickel, coal, salt, soda ash, potash; livestock processing
Industrial production growth rate 4.6% (FY92/93)
Electricity - production 1 billion kWh (1998)
Electricity - production by source fossil fuel:100%
hydro:0%
nuclear:0%
other:0% (1998)
Electricity - consumption 1.619 billion kWh (1998)
Electricity - exports 0 kWh (1998)
Electricity - imports 689 million kWh (1998)
Agriculture - products sorghum, corn, millet, pulses, groundnuts (peanuts), beans, cowpeas, sunflower seed; livestock
Exports $2.36 billion (f.o.b., 1999 est.)
Exports - commodities diamonds 72%, vehicles, copper, nickel, meat (1998)
Exports - partners EU 74%, Southern African Customs Union (SACU) 21%, Zimbabwe 3% (1996)
Imports $2.05 billion (f.o.b., 1999 est.)
Imports - commodities foodstuffs, machinery and transport equipment, textiles, petroleum products
Imports - partners Southern African Customs Union (SACU) 78%, Europe 8%, Zimbabwe 6% (1996)
Debt - external $651 million (1998)
Economic aid - recipient $73 million (1995)
Currency 1 pula (P) = 100 thebe
Exchange rates pulas (P) per US$1 - 4.6168 (January 2000), 4.6244 (1999), 4.2259 (1998), 3.6508 (1997), 3.3242 (1996), 2.7722 (1995) |
