Namibia’s GDP grew by 7.2 per cent in the third quarter

WINDHOEK: The Namibian Real Gross Domestic Product (GDP) showed significant growth in the third quarter of 2023, recording a strong gain of 7.2 per cent, according to the Namibia Statistics Agency (NSA).

The expansion represents a substantial increase from the 5.4 per cent recorded during the same period last year. Statistician General and NSA Chief Executive Officer, Alex Shimuafeni, said the economy witnessed a commendable trend, characterised by 10 consecutive quarters of positive growth.

In nominal terms, he said the GDP reached N.dollars 59.7 billion during the third quarter, an increase from the N.dollars 52.9 billion recorded in the corresponding quarter of 2022.

‘The commendable performance in the third quarter of 2023 was primarily propelled by the primary industries, which experienced a substantial expansion of 38.3 per cent.

‘Notably, this growth was spearheaded by the mining and quarrying sector, which demonstrated an impressive 51.7 per cent increase, alongside the agriculture and forestry se
ctor, which exhibited a commendable 19.9 per cent expansion.

‘These positive developments can be attributed to enhanced oil and gas exploration activities, coupled with increased momentum in livestock marketing,’ Shimuafeni said in a statement on Thursday.

He added that the tertiary industries demonstrated a growth of 2.2 per cent during the quarter, with noteworthy contributions from key sectors such as wholesale and retail, transport, hotels and restaurants, and financial services.

These sectors, according to Shimuafeni, exhibited robust expansions in real value added, with growth rates of 6.1 per cent, 8.8 per cent, 6.4 per cent, and 3.7 per cent.

On the contrary, secondary industries encountered challenges during the third quarter of 2023, as both manufacturing and construction experienced contractions of 8.7 per cent and 30.6 per cent, he said.

The NSA observed that the downturn in the manufacturing sector can be attributed to declines in specific subsectors, namely basic non-furious metal (-74.4 pe
r cent), diamond processing (-29.8 per cent), and beverages (-24.9 per cent).
Source: The Namibia Press Agency