The global diamond market continues to experience a persistent weakening of demand for diamonds, adversely impacting on economic growth. Real GDP growth in September 2023 was 3.6% year-on-year, down from 4.8% in June 2023. This is attributable to the slowdown in both mining and non-mining private sector (NMPS) growth during the quarter. Mining sector growth fell significantly to 3.9% y-o-y in Q3 2023 down from 7.3% y-o-y in Q2 2023, while NMPS growth fell to 3.4% y-o-y, down from 4.3% y-o-y in Q2 2023. The expectation is that growth for the year as a whole will fall. The Ministry of Finance forecast grow to be 3.2% in 2023,  a downward revision from the initial forecast of 3.8% for 2023.