Lesotho’s Economy Grows by 3.1% in November 2024, Driven by Consumer Spending and Exports
The Central Bank of Lesotho (CBL) has reported a positive economic growth of 3.1 percent for the country in November 2024, a sign of resilience amid global economic challenges. The announcement, made at a press conference yesterday, highlighted strong consumer spending and robust exports as key drivers behind this growth.
Despite facing external pressures such as a weakened manufacturing sector in Europe and ongoing trade uncertainties, Lesotho’s economy has managed to perform well, reflecting the effectiveness of the country’s economic strategies. According to the CBL’s Monetary Policy Committee (MPC), the nation’s Net International Reserves (NIR) have risen to $840 million, which provides a solid 4.7 months of import cover, contributing to economic stability.
In response to current domestic economic conditions, the MPC also announced a 25 basis point reduction in the Central Bank of Lesotho’s (CBL) policy rate, bringing it down to 7.25 percent per annum. This decision aims to support further economic growth by making borrowing more affordable and encouraging investment.
Overall, the announcement from the CBL signifies a promising outlook for Lesotho’s economy, demonstrating resilience in the face of global economic challenges while maintaining stability in its financial reserves.
