BMI View: Private consumption growth came in at an anaemic 1.1% in 2012 (just below BMI''s estimate of1.3%) and while we forecast a slight improvement in 2013 to 2.1%. That said, we expect conditions forhouseholds to remain challenging over the medium term as the impact of public sector wage cuts and highunemployment continue to take their toll. This ties into our wider view in the Food & Drink team thatBotswana is not among the region''s most attractive markets from a fundamental industry perspective forconsumer goods companies looking for strong growth opportunities in industries such as soft drinks andbeer primarily due to the small size of the population relative ...
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