Namibia’s GDP up 5.6 percent in Q2

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

Namibia’s economic activities continued to expand, registering a positive growth for five consecutive quarters since 2021, the country’s statistics agency said Wednesday.

According to the Namibia Statistics Agency (NSA), the real gross domestic product grew 5.6 percent during the second quarter of 2022, relative to a growth of 5.5 percent posted during the same quarter of the preceding year.

NSA Statistician-General Alex Shimuafeni in the country’s economic statistics report said the slight improvement in the economy was attributed to improved growth in real value added recorded in mining and quarrying, electricity and water, health, transport and storage, and agriculture and forestry sectors when compared to the corresponding quarter of 2021.

“In nominal terms, the size of the economy as measured by the nominal GDP expanded to 48.6 billion Namibia dollars (about 3.3 billion U.S. dollars) compared to the 43.2 billion Namibia dollars posted in the corresponding quarter of 2021,” he added.

Shimuafeni also said the manufacturing sector was the highest contributor to GDP at 12.1 percent, followed by wholesale and retail trade, and agriculture and forestry. Enditem

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