Botswana's economy grows by 5.8 percent in third quarter

Botswana's economy grew by 5.8 percent on a quarterly basis in the third quarter, quickening from a downwardly revised 3.6 percent in the second quarter, data from the Central Statistics Office showed on Friday.

On a year-on-year basis, its gross domestic product expanded by 7.8 percent in the third quarter, after growing at a revised 5.7 percent in the previous quarter.

Output was previously put at 12.4 percent year-on-year in the second quarter, reflecting a 23.7 percent growth in mining output.

Updated data showed production in the mining sector was not as bright as previously estimated.

"The change was due to the updated source data and the most affected industry was mining, where the Department of Mines revised diamond production figures for the second quarter downwards by 21.6 percent," the statistics agency said.

Botswana is the world's biggest producer of diamonds and its economy is closely tied to global demand.

President Ian Khama said last month the economy would likely have grown by only 5.7 percent compared to 7.2 percent in 2010, due to the weaker global economic environment.

But growth would then pick up pace to 7.1 percent in 2012 supported by a recovery in the mining sector.