Select Page

Domestic economy slides into a deeper recession in Q1 of 2021- NSA

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.


 


About The Author

Intern

The Economist accommodates two interns every year, one per semester. They are given less demanding, softer issues to hone their skills, often with a specific leaning to social issues. Today, many of our interns are respected journalists or career professionals at economic and financial institutions. - Ed.