Kingdom of Lesotho

Lesotho Economic Outlook

Despite global disruptions caused by Russia’s invasion of Ukraine, the economy remained resilient, growing 2.5% in 2022, driven by growth in services (2.6%) and construction (8.1%), fiscal stimulus, and COVID-19-related spending. This is an improvement on the 1.6% growth in 2021. Inflation rose to 8.3% in 2022 from 6.1% in 2021, owing to higher inflation in South Africa, the country’s main trading partner. In 2022, the fiscal deficit narrowed to 4.3% of GDP from 4.8% in 2021 due to a rebound in Southern African Customs Union revenue. It was financed with government savings in the banking sector and borrowing.

Key Facts

Flag:

Capital:

Maseru

Population 2023:

2.3 million

Date of membership:

2 July 1973

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Bank intervention strategy

Priority area 1 - Strengthening value chains for sustainable and inclusive growth and job creation.
Priority area 2 - Leveraging technology for improved governance and institutional capacity.

The first priority area focuses on creating high value-added jobs and livelihood opportunities in agriculture and agro-industry, tourism and other sectors targeting the youth and women.

World Water Day 2024 in motion

High-Level Dialogue on Feeding Africa: H.M. King Letsiee III's Remarks, King of Lesotho

ADF-14 : Interview with Tom Mbeta, Alternate Governor, Lesotho (ADF beneficiary country)

News and Events

23-Apr-2024

Lesotho CSOs Shape African Development Bank's New Country Strategy

From l to r: Minata Samate Cessouma, Commissioner for Health, Humanitarian Affairs and Social Development, African Union Commission; Samuel Ntsokoane Matekane, Prime Minister and Minister of Defence, National Security and Environment of the Kingdom of Lesotho; Sahle-Work Zewde, President of the Federal Republic of Ethiopia; Akinwumi Adesina, President of the African Development Bank Group

17-Feb-2024