Domestic economy slides into a deeper recession in Q1 of 2021- NSA
The year-on-year Real Gross Domestic Product (RGDP) growth contracted by 6.5% in the first quarter of 2021 compared to 2.5% in Q1 2020, the NSA said this week.
The RGDP stood at N$31.9 billion compared to N$34.2 billion in Q1 2020, meaning that the RGDP declined by N$2.2 billion, NSA Statistician-General Alex Shimuafeni said.
“The poor performance was observed across the major sectors of the economy. Leading the pack, construction sector dropped by 23.9%, followed by manufacturing sector registering 22.3%, in real value-added,” he added.
However, he said the positive performance was observed in the information and communication sector as demand for data services and internet connectivity continue to steadily grow as the COVID-19 pandemic continues unabated.
According to Shimuafeni, nominal GDP stood at N$45.9 billion dollars as compared to N$45.3 billion in quarter 1 of 2020. This shows that the size of the economy shrunk by N$0.6 billion.
Meanwhile, Shimuafeni said the domestic economy in Q1, slid into a deeper recession when compared to the corresponding quarter of 2020.
