Lesotho
Lesotho: Real GDP Growth and Per Capita GDP (USD/PPP at current prices) appears in African Economic Outlook 2009.
Lesotho: Stock of Total External Debt (percentage of GDP) and Debt Service (percentage of exports of goods and services) appears in African Economic Outlook 2009.
Lesotho: Current Account (percentage of GDP at current prices) appears in African Economic Outlook 2009.
Lesotho: Public Finances (percentage of GDP at current prices) appears in African Economic Outlook 2009.
LESOTHO’S ECONOMIC GROWTH IN 2008 is estimated to have fallen to 4.2 per cent from 5.1 per cent in 2007. The slowdown is due, in part, to the global financial and economic crisis but high inflation driven by soaring food and oil prices has also played a role. Growth is expected to fall further to 3.8 per cent in 2009 before picking up to 5.3 per cent in 2010.
DE 5.1 POUR CENT EN 2007, la croissance économique du Lesotho est estimée avoir reculé à 4.2 pour cent en 2008. Ce ralentissement est dû, en partie, à la crise financière et économique mondiale, mais une forte inflation, gonflée par des prix de l’alimentation et du pétrole de plus en plus élevés, a aussi joué un rôle. La croissance devrait encore tomber à 3.8 pour cent en 2009 avant de remonter à 5.3 pour cent en 2010.
South Africa: Inbound tourism: International arrivals and receipts appears in OECD Tourism Trends and Policies 2010.
The Kingdom of Lesotho is an enclave within South Africa. Its Constitution, amended in 1993, grants civil and political rights to all individuals but also recognises customary law and, thus, continues to uphold discrimination in some areas. In fact, Lesotho has a dual legal system, incorporating both civil and customary law.
The global crisis badly affected Lesotho’s economy in 2009 and its outlook for 2010 and beyond. Gross domestic product (GDP) growth fell from 4.4% in 2008 to 1.1% in 2009 as the manufacturing and the mining sectors both shrank. The government estimates that employment in the manufacturing sector declined by 4.1% in 2009. Unemployment also increased because of layoffs in the textile industry and the mining sector in South Africa. The number of migrant mine workers in South Africa declined by 10% in the third quarter of 2009.
La crise mondiale a eu de graves incidences sur l’économie du Lesotho en 2009, compromettant les perspectives pour 2010 et audelà. De 4.4 % en 2008, la croissance du produit intérieur brut (PIB) est tombée à 1.1 % en 2009, à la suite du ralentissement des secteurs industriel et minier. L’emploi dans le secteur industriel a diminué de 4.1 % en 2009, selon les estimations du gouvernement, et la hausse du chômage est également due aux licenciements dans les industries textile et extractive en Afrique du Sud. Le nombre de mineurs lesothans partant travailler en Afrique du Sud a baissé de 10 % au troisième trimestre 2009.
There are signs of Lesotho's economic recovery from the effects of the global financial crisis, but the damage caused to this small and open economy may last for a while. Lesotho's high export concentration left it vulnerable to the global economic downturn. This was exacerbated by Lesotho's dependency on South Africa, a country that was also affected by the collapse in commodity prices. Lesotho's economic growth declined by about 4.4% in 2008 to 1.9% in 2009. As the global economy began to recover, however, Lesotho's gross domestic product (GDP) in 2010 grew by an estimated 3.8%. This recovery in economic growth can be attributed to both firming commodity prices and high government capital expenditures. The mining and construction sub-sectors, in particular, experienced some buoyancy. In addition, rising commodity prices led to the improved viability of mining activities, resulting in the reopening of some of the mines that had shut down at the peak of the crisis. Furthermore, the government's focus on infrastructure development is driving activity in the construction sector.