Namibia’s GDP Records Remarkable 7.2% Growth in Third Quarter

WINDHOEK: Namibia’s Real Gross Domestic Product (GDP) experienced a significant upturn in the third quarter of 2023, registering a robust growth of 7.2 percent. This figure marks a notable increase from the 5.4 percent growth recorded during the same period last year, as reported by the Namibia Statistics Agency (NSA). NSA’s Statistician General and Chief Executive Officer, Alex Shimuafeni, acknowledged this as a continuation of the economy’s positive trajectory, with 10 consecutive quarters of growth.

In nominal terms, the GDP reached N.dollars 59.7 billion, up from N.dollars 52.9 billion in the third quarter of 2022. Shimuafeni attributed the strong performance largely to the primary industries, especially mining and quarrying, which surged by 51.7 percent, and agriculture and forestry, with a 19.9 percent increase. These sectors benefited from intensified oil and gas exploration activities and a boost in livestock marketing. The tertiary industries also grew by 2.2 percent, with significant contributions from sectors like wholesale and retail, transport, hotels and restaurants, and financial services. In contrast, secondary industries, including manufacturing and construction, faced downturns, with contractions of 8.7 percent and 30.6 percent, respectively. The NSA noted declines in specific manufacturing subsectors such as basic non-furious metal, diamond processing, and beverages as contributing factors to the downturn.