Botswana has revised downwards its economic growth projection for 2023 due to a weak diamond market, Finance Minister Peggy Serame said on Wednesday.
The economy is seen growing 3.8% this year, down from an earlier projection of 4%.
Serame said this was "in line with global economic activity which is expected to adversely affect the demand for rough diamonds."
The sale of rough diamonds at Botswana's Debswana Diamond Co
fell
17% in the first six months of the year, amid a weak market underpinned by global macroeconomic uncertainty.
"The non-mining sectors like water and electricity, accommodation and food services are expected to continue driving much of the growth in 2023," Serame said.
"In the medium term, we anticipate the economy to grow, on average around its potential of 4%." (Reporting by Brian Benza; writing by Olivia Kumwenda-Mtambo; Editing by Toby Chopra)
