Economy grows N$4.9bn in second quarter

The Namibian economy witnessed significant growth in the second half of the year, expanding by N$4.9 billion, the Namibia Statistics Agency (NSA) said following the release of the gross domestic product (GDP) figures.

“The GDP in nominal terms, which measures the size of the economy, was estimated at N$59.5 billion, an expansion of N$4.9 billion, during the second quarter of 2024. In real terms, the domestic economy recorded a growth of 3.5% during the second quarter of 2024. This growth marks a slight slowdown in the economic activities when compared to a growth of 3.6% that was recorded during the second quarter of 2023,” the NSA said.

The slowdown in economic activity was attributed to the secondary industries which recorded a slow growth of 1.5% in real value added during the period under review, relative to an increase of 7.1% in the corresponding quarter of 2023.

“The slow growth was reflected in the sectors of electricity and water, and manufacturing, which posted slower growth rates in real value added of 4.1% and 0.6% respectively,” the NSA said.

“The tertiary industries recorded an improved performance of 6.9% during the period under review, relative to a growth of 1.9% recorded in the second quarter of 2023. The performance was mainly observed in sectors of financial services activities equating to 30%, and health, which recorded an increase of 9.6%,” the agency added.

According to the NSA, the primary industries witnessed a decline of 4.9% in real value added compared to a growth of 3.4% recorded in the second quarter of 2023.

“The decline in performance of the primary industries was reflected in the agriculture and forestry and mining and quarrying sectors, which registered declines in real value added of 4.9% and 6.6% respectively."