Select Page

Fiscal consolidation efforts prove futile, domestic economy contracts by 0.2% – Shimuafeni

Fiscal consolidation efforts prove futile, domestic economy contracts by 0.2% – Shimuafeni

Government’s efforts to improve the fiscal space by reducing and capping unnecessary expenditure through fiscal consolidation is exerting further pressure on the domestic economy.

This is according to Alex Shimuafeni, Statistician General of the Namibia Statistics Agency. Shimuafeni, at a media briefing on the Second Quarter GDP figures for 2018, said that this is evident by the poor performance of health and education sectors that recorded negative growth rates of 4.9% and 6.2%. respectively.

Shimuafeni said that the 2016 recession continues to drag on and the economy maintained the same pace of declining growth of 0.2%.

Overall, the agency stressed that the poor performance is largely driven by the manufacturing, wholesale and retail and agricultural sectors which posted declines of 12.5%, 5.8% and 1.1%, respectively.

Shimuafeni said that while the wholesale and retail sector shows signs of recovery compared to the same period in 2017 that registered a decline of 11.4%, the agricultural sector dipped into a contraction (from 20.6% in 2017) due to fewer animals available for slaughter.

“However, the following sectors recorded strong growths in real value added during the period under review; mining and quarrying (22.4%) construction (23.8% and water and electricity (16.7%),” Shimuafeni said.


About The Author

Donald Matthys

Donald Matthys has been part of the media fraternity since 2015. He has been working at the Namibia Economist for the past three years mainly covering business, tourism and agriculture. Donald occasionally refers to himself as a theatre maker and has staged two theatre plays so far. Follow him on twitter at @zuleitmatthys

Windhoek – Flat to let near central business district

One Bedroom flat for SINGLE tenant

Separate bedroom, separate bathroom, combined kitchen and lounge

Secure yard with one inside parking bay

Parking bay under shade netting

Walking distance from the CBD

One block away from Wernhil Shopping Mall

Quiet street – G4S security

Water included, electricity excluded

Monthly rent: N$5289.00 excluding electricity and N$160 for parking

Deposit: N$2500

Available immediately

To view please contact Mrs Don Camm

Tel: 061 221925