Growth forecast raised to 3.5%
NEWS IN SHORT
Namibia's economy is expected to grow by 3.5% this year and is projected to reach around 4.0% in 2025. This was announced by the Bank of Namibia on Monday.
The forecast represents an upward revision from the original estimate of 3.1% published in August.
"The growth estimate for 2024 was raised due to better performance in the areas of metal ores (gold), livestock (marketing), health, the information and communication sector, wholesale and retail trade, as well as product taxes," the bank said.
Compared to 2023, however, the outlook is somewhat weaker, as Namibia's economic output grew by 4.2% last year, spokesperson Kazembire Zemburuka said. "The slowdown in growth this year compared to 2023 is attributed to the weak performance in the primary industry, particularly the expected contractions in the sub-sectors of diamonds and agriculture."
The main risks to Namibia's domestic growth forecasts stem from the negative impacts of drought and weakened global demand for raw materials.
- Brigitte Weidlich
The forecast represents an upward revision from the original estimate of 3.1% published in August.
"The growth estimate for 2024 was raised due to better performance in the areas of metal ores (gold), livestock (marketing), health, the information and communication sector, wholesale and retail trade, as well as product taxes," the bank said.
Compared to 2023, however, the outlook is somewhat weaker, as Namibia's economic output grew by 4.2% last year, spokesperson Kazembire Zemburuka said. "The slowdown in growth this year compared to 2023 is attributed to the weak performance in the primary industry, particularly the expected contractions in the sub-sectors of diamonds and agriculture."
The main risks to Namibia's domestic growth forecasts stem from the negative impacts of drought and weakened global demand for raw materials.
- Brigitte Weidlich
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