The annual inflation rate remained unchanged in February 2022, maintaining the 13-year all-time high figure of 10.6 percent, the same rate as in January 2022, Statistics Botswana’s Consumer Price Index has reported. The last time Botswana recorded such high inflation levels was during the 2008/9 financial crisis.
The largest upward contributions to the February 2022 inflation rate came from Transport (6.0 percent), Housing, Water, Electricity, Gas & Other Fuels (1.3 percent), Food & Non-Alcoholic Beverages (0.9 percent), and Miscellaneous Goods & Services (0.7 percent).
The inflation rates for regions between January and February 2022 indicated that the Cities & Towns inflation rate rose by 0.1 of a percentage point, from 10.7 percent in January to 10.8 percent in February.
The Rural Villages’ inflation rate stood at 10.6 percent in February 2022, a drop of 0.1 of a percentage point on the January rate of 10.7 percent, while the Urban Villages’ inflation rate remained unchanged at 10.4 percent in February 2022.
The national Consumer Price Index went up by 0.3 percent in February 2022, from 116.0 registered in January 2021 to 116.3. The Urban Villages index advanced from 116.2 in January 2022 to 116.7 in February 2022, recording a growth of 0.4 percent.
The Cities & Towns Index moved from 116.1 to 116.4, an increase of 0.3 percent, whereas the Rural Villages index recorded a growth of 0.2 percent, from 115.4 in January 2022 to 115.6 in February 2022. The group indices were generally moving at a stable pace between January and February 2022, recording changes of less than 1.0 percent.
The Transport group index registered a rise of 0.6 percent, from 126.2 in January 2022 to 127.0 in February 2022. This was mainly due to an increase in the constituent section index of Purchase of Vehicles, which presented a growth of 2.3 percent.
The Food & Non-Alcoholic Beverages group index rose by 0.5 percent, from 114.8 in January 2022 to 115.3 in February 2022. This was attributed to a general increase in the constituent section indices, particularly; Oils & Fats (1.0 percent), Vegetables (0.8 percent), Bread & Cereal (0.7 percent), and Sugar, Jam, Honey, Chocolate & Confectionery (0.5 percent).
The Miscellaneous Goods & Services group index showed an increase of 0.3 percent, from 115.0 in January to 115.4 in February. This was due to the general increase in the constituent section indices, markedly; Financial Services (1.0 percent), Personal Care (0.5 percent), Taxes, Licences & Fees (0.4 percent) and Personal Effects Not Elsewhere Classified (0.4 percent).
The All-Tradeables index rose by 0.4 percent in February 2022, from 118.2 recorded in January 2022 to 118.7 in February 2022. The Imported Tradeables Index moved from 119.1 in January 2022 to 119.7 in February 2022, a rise of 0.5 percent.
The Domestic Tradeables Index realized a growth of 0.2 percent from 115.6 in January to 115.9 in February. The Non-Tradeables Index moved from 113.1 in January to 113.2 in February, recording an increase of 0.1 percent.
The All-Tradeables inflation rate remained constant at 14.3 percent in February 2022. The Domestic Tradeables inflation was 4.9 percent in February 2022, registering a decline of 0.3 of a percentage point from 5.2 percent recorded in January 2022.
The Imported Tradeables inflation went up by 0.1 of a percentage point, from 17.9 percent in January to 18.0 percent in February 2022. The Non-Tradeables inflation rate registered a rise of 0.1 of a percentage point, from 5.6 percent in January to 5.7 percent in February.
Chinaâ€™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 countryâ€™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.
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.
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 companyâ€™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. Â The company has a 100% stake in Bosoto which holds the BK16 kimberlite project in the Orapa Kimberlite Field (OKF) in Botswana.