Namibia’s first-quarter GDP expands to 5.3 percent

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Gross Domestic Product (GDP)
Gross Domestic Product (GDP)
Spining

Namibia’s first-quarter gross domestic product (GDP) grew 5.3 percent year on year, Namibia Statistics Agency Statistician-General and Chief Executive Officer Alex Shimuafeni told reporters in Windhoek, the capital of Namibia, Thursday.

Economic activities were largely driven by the resurgent mining and quarrying sector which registered a robust growth of 23.5 percent, Shimuafeni said.

During the same period, the manufacturing sector grew 7.5 percent, transport and storage by 6.3 percent, and financial services by 5.1 percent. Exports of goods and services jumped by 31.5 percent in real terms, compared to a contraction of 23.7 percent in the corresponding period of 2021.

“The domestic economy continues an upward trend recording a growth of 5.3 percent in the first quarter of 2022 when compared to a decline of 4.9 percent registered in the corresponding quarter of 2021. The last time the economy recorded positive economic growth for four consecutive quarters was between quarter 4 of 2017 to quarter 3 of 2018,” Shimuafeni said.

Construction activities, however, were still subdued, posting a decline of 7.5 percent in real value-added during the period under review. Enditem

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