Namibia’s economy growth remains positive
The domestic economy is estimated to have registered a strong growth of 6.4% in 2014 compared to 5.7 % recorded in 2013 said the Namibia Statistics Agency (NSA).
“The main drivers behind this strong growth were the secondary and tertiary industries that recorded growths of 9.4 % and 7.4% compared to 8.6% and 7.2% in 2013, respectively. Although the primary industries recorded a decline of 2.2 % in real value added, this is a recovery from the decline of 3.2 % registered in 2013”, said Acting General Statistician Sikongo Haihambo.
According to the NSA, the growth recorded in the secondary industry can be attributed to the construction and utility sectors that recorded strong growths of 40.5% and 4.9%. The tertiary industries growth was mainly driven by the wholesale and retail trade, transport and communication, and financial inter-mediation sectors that recorded growths of 15.2%, 6.6% and 9.9% compared to 14.4%, 6.4% and 17.9%, respectively, while the primary industries continued to struggle in 2014, recording a decline of 2.2 %, albeit showing an improvement from the preceding year.
“Despite the negative growth rate in the primary industries, the industries performance showed signs of recovery, led by livestock and crop farming sub-sectors that recorded growth rates in real value added of 13% and 5.3% compared to declines of 25.5 % and 9.6% registered in 2013,” said Haihambo.
The NSA also reported a recovery in the agriculture sector which recovered from the drought of 2013 to record a growth of 9.6% in real value added during the period under review, livestock and crop farming sub-sectors recorded growths of 13% and 5.3% in real value added in 2014, respectively.
On the other hand, poor performance in the mining sector was reported to be as a result of uranium and other mining and quarrying which recorded declines in real value added of 9.9% and 39.7%, respectively.
With regards to the Gross National Disposable Income (GNDI) the NSA said that over the years from 2007 to 2014, the GNDI has been higher than the Gross National Income (GNI) because the net inflows in current transfers have been influenced mainly by high SACU receipts. GNI stood at N$122.3 billion recorded in 2013 while GNDI improved to N$157.1 billion in 2014 from N$137.5 billion of the preceding year.