The Botswana Stock Exchange (BSE) has shown resilience and growth, even as the domestic economy entered a technical recession in 2024, according to the latest data.

The country's real GDP fell by 0.5% in Q2 2024 and by 4.3% in Q3, driven by a further downturn in the diamond market. The government has also warned that the GDP contraction for 2024 could exceed 1.7% if additional risks come to fruition.

Despite the challenges, the BSE has experienced impressive growth across multiple indicators in 2025, highlighting the resilience of local corporations and their role in supporting the domestic economy.

By the end of the year, the total size of the equity market had increased by P88.7 billion ($28.56 billion), or 14.8%, largely driven by a 15% rise in foreign equity market capitalisation.

At the same time, domestic companies contributed an additional P6.1 billion ($470 million), reflecting a 12.4% growth in market capitalisation, CAJ News reports.

At the close of the year, the top performer on the BSE was foreign company CA Sales, which saw a remarkable 77.8% increase in its share price. Another foreign company, Investec, also made it into the top five gainers, with a 31.3% rise in its share price.

The BSE reports that the improved trading levels of dual-listed companies like CA Sales and Investec are a positive sign of enhanced liquidity and growing vibrancy in the local market.

“To this end, the BSE has done extensive work in this regard to import foreign stocks’ liquidity into the local market and even lure market-makers onto the BSE to promote a consistent flow of liquidity,” it said.

Furthermore, the BSE believes that the notable resilience and growth of the exchange in 2024 highlights the crucial role stock markets play in economic development, particularly by enabling capital allocation and boosting liquidity. This, in turn, drives investment and economic growth.

The exchange also reported that both the government and private sector raised significant capital in 2024 through instruments listed on the BSE.

“Similarly, capital has been returned to shareholders, including government, and bondholders through dividends and interest,” the BSE stated.