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Inflation remained 3.5% for June

In June, headline inflation remained at 3.5 percent, unchanged from May. According to the latest data from Statistics Botswana, inflation increased for: food and non-alcoholic beverages (from 4.1 to 4.3 percent): health (from 1.3 to 1.9 percent);

communication (from 0.2 to 0.3 percent); recreation and culture (from 2.3 to 2.5 percent); and miscellaneous goods and services (from 2.0 to 2.7 percent – mainly due to the 4.2 percent increase in Taxes, Licences and Fees).
However, this was offset by inflation easing with respect to: alcoholic beverages and tobacco (from 5.2 to 5.1 percent); clothing and footwear (from 3.3 to 2.8 percent); housing, water, electricity, gas and other fuels (from 6.8 to 6.0 percent – due to the slowdown in rental increases); furnishing, household equipment and routine maintenance (from 3.7 to 3.4 percent); and transport (from 1.7 to 1.5 percent). Inflation was unchanged for: education (4.1 percent) and restaurants and hotels (3.7 percent).

The inflation rates for regions between May 2017 and June 2017 indicated that Cities & Towns remained unchanged at 3.4 percent, Urban Villages’ increased to 3.3 percent from 3.1 percent, and Rural Villages’ declined to 3.9 percent from 4.1 percent, says the Statistics Botswana report.

The June national Consumer Price Index moved from 102.7 in May 2017 to 102.9 in June 2017, an increase of 0.2 percent. The Urban Villages’ Index realized a rise of 0.3 percent, advancing from 102.6 to 102.9 during the period under review. The Cities & Towns’ Index rose by 0.2 percent, moving from 102.5 in May 2017 to 102.8 in June 2017, while Rural Villages’ Index remained unchanged at 103.0 between the two months. Group indices were generally stable between May and June 2017, recording changes of less than 1.0 percent.

The Miscellaneous Goods & Services index group advanced from 101.6 to 102.6, registering a rise of 0.9 percent between two periods. The growth was due to an increase in the constituent section index of Taxes, Licenses & Fees, which went up by 4.2 percent. The increase in Taxes, Licenses & Fees section index was attributed to the rise in Driver’s Licenses charge and Annual road Tax fees, which effected in May 2017. The Health index group advanced from 101.2 to 101.8, recording a rise of 0.6 percent between May and June. Contributing to the rise in Health Index was an increase in the constituent section index of Hospital Services, which went up by 1.0 percent.

The Food & Non-Alcoholic Beverages Index group moved from 103.4 to 103.3, recording a drop of 0.1 percent between May and June. The decrease was attributed to the drop in the section indices of; Fruit (0.9 percent) and Bread & Cereals (0.4 percent).  All-Tradable inflation rate was 3.4 percent in June 2017, the same rate as in May 2017. The Domestic Tradable inflation rate went down to 4.2 percent in June from 4.3 percent in May. The Non-Tradable inflation rate declined to 3.6 percent in June from 3.7 percent in May. The Imported Tradable inflation rate remained unchanged at 2.9 percent between May and June.

The All-Tradable index moved from 102.7 in May to 102.8 in June, recording an increase of 0.1 percent. The Non-Tradable index advanced from 102.6 in May to 103.0 in June registering a rise of 0.4 percent.  The Domestic Tradable index went down by 0.2 percent moving from 103.7 to 103.5 between the two periods, while the Imported Tradable index advanced from 102.3 in May to 102.5 in June registering an increase of 0.2 percent. The Trimmed Mean Core Inflation rate registered a drop of 0.2 of a percentage point, declining from 3.1 percent in May to 2.9 percent in June. The Core Inflation rate by exclusion registered a decrease of 0.1 of a percentage point moving from 3.4 percent in May 2017 to 3.3 percent in June 2017.

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China’s GDP expands 3% in 2022 despite various pressures

2nd February 2023
China’s Gross Domestic Product (GDP) expanded by 3% year-on-year to 121.02 trillion yuan ($17.93 trillion) in 2022 despite being mired in various growth pressures, according to data from the National Bureau Statistics.

The annual growth rate beat a median economist forecast of 2.8% as polled by Reuters. The country’s fourth-quarter GDP growth of 2.9% also surpassed expectations for a 1.8% increase.

In 2022, the Chinese economy encountered more difficulties and challenges than was expected amid a complex domestic and international situation. However, NBS said economic growth stabilized after various measures were taken to shore up growth.

Industrial output rose 3.6% in 2022 over the previous year, while retail sales slightly shrank by 0.2% data show that fixed-asset investment increased 5.1% over 2021, with a 9.1% hike in manufacturing investment but a 10% fall in property investment.

China created 12.06 million new jobs in urban regions throughout the year, surpassing its annual target of 11 million, and officials have stressed the importance of continuing an employment-first policy in 2023.

Meanwhile, China tourism market is a step closer to robust recovery. Tourism operators are in high spirits because the market saw a good chance of a robust recovery during the Spring Festival holiday amid relaxed COVID-19 travel policies.

On January 27, the last day of the seven-day break, the Ministry of Culture and Tourism published an encouraging performance report of the tourism market. It said that domestic destinations and attractions received 308 million visits, up 23.1% year-on-year. The number is roughly 88.6% of that in 2019, they year before the pandemic hit.

According to the report, tourism-related revenue generated during the seven-day period was about 375.8 billion yuan ($55.41 billion), a year-on-year rise of 30%. The revenue was about 73% of that in 2019, the Ministry said.

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Jewellery manufacturing plant to create over 100 jobs

30th January 2023

The state of the art jewellery manufacturing plant that has been set up by international diamond and cutting company, KGK Diamonds Botswana will create over 100 jobs, of which 89 percent will be localized.

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Investors inject capital into Tsodilo Resources Company

25th January 2023

Local diamond and metal exploration company Tsodilo Resources Limited has negotiated a non-brokered private placement of 2,200, 914 units of the company at a price per unit of 0.20 US Dollars, which will provide gross proceeds to the company in the amount of C$440, 188. 20.

According to a statement from the group, proceeds from the private placement will be used for the betterment of the Xaudum iron formation project in Botswana and general corporate purposes.

The statement says every unit of the company will consist of a common share in the capital of the company and one Common Share purchase warrant of the company.

Each warrant will enable a holder to make a single purchase for the period of 24 months at an amount of $0.20. As per regularity requirements, the group indicates that the common shares and warrants will be subject to a four month plus a day hold period from date of closure.

Tsodilo is exempt from the formal valuation and minority shareholder approval requirements. This is for the reason that the fair market value of the private placement, insofar as it involves the director, is not more than 25% of the company’s market capitalization.

Tsodilo Resources Limited is an international diamond and metals exploration company engaged in the search for economic diamond and metal deposits at its Bosoto Limited and Gcwihaba Resources projects in Botswana.  The company has a 100% stake in Bosoto which holds the BK16 kimberlite project in the Orapa Kimberlite Field (OKF) in Botswana.

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