Namibian economy projected to grow 1.9 percent in 2021

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Namibia

Namibia’s economy is projected to grow 1.9 percent this year, a downward revision from 2.1 percent estimated in the main budget, said the country’s Finance Minister Iipumbu Shiimi during a budget review Wednesday.

The revision reflects low base effects and slightly lower production prospects, compounded by the rampant third wave of the COVID-19 pandemic and the subsequent restrictive measures introduced to contain the spread of the virus, Shiimi said.

“From the sectors of industry point of view, growth will be anchored by output from primary industries and tertiary industries on the back of a strong recovery in mining, supported by minor growth in agriculture as well as strong activity in wholesale and retail, transport, and financial services,” he said, warning that secondary industries are projected to contract, largely due to expected declines in electricity and water production as well as the construction sector.

According to Shiimi, while the domestic economy is estimated to return to a positive growth trajectory, that growth is still not strong enough to regain the revenue prospects lost during the recession and pandemic periods. Enditem

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