Weak performance in some key sectors results in slowed economic activity in first quarter -BoN
The domestic economy slowed during the first quarter of 2020, driven by weak performance as reflected in some key sectors, according to the country’s central bank.
The Bank of Namibia (BoN) in the June 2020 quarterly bulletin released recently, said the decline was observed across a number of key sectors such as mining, agriculture, tourism, transport, manufacturing, and the wholesale and retail trade.
The decline observed in the mining sector was large because of the lower production of zinc and uranium, the central bank said.
“Livestock marketing activity, particularly cattle and small stock marketed, slowed due to drought conditions in the previous year and thereby negatively affected the agricultural sector’s production,” they added.
According to the BoN, similarly, wholesale and retail trade, manufacturing, transport, and storage and tourism activities were subdued, while activity in the communication, construction, and electricity sectors, however, improved, albeit modestly.
Meanwhile, the central bank said that inflation declined during the first quarter of 2020, driven mainly by lower inflation for food, housing and transport.