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Domestic economy performs better in third quarter

Domestic economy performs better in third quarter

Activity in the domestic economy improved during the third quarter of 2021 compared to the corresponding quarter of the previous year, mostly on the back of the mining sector where the production of most key minerals such as diamonds, uranium, gold and zinc scaled up.

This is according to the Bank of Namibia’s latest quarterly report. The Bank noted that similarly, in the agricultural sector, livestock marketing activity for cattle and the small stock increased during the period under review.

Further, in the tertiary industry, real turnover for the wholesale and retail trade sector improved due to low base effects, following the COVID-19 related lockdown measures instituted during the third quarter of 2020.

Likewise, the communication sub-sector continued to sustain the growth in the information and communication sector, on the back of strong demand for internet data.

The tourism sector, although remained weak, regained some ground lost in 2020, due to an increase in tourist arrivals, triggered in part by the augmented global vaccine rollout and reduced travel restrictions. On the contrary, the construction and manufacturing sectors slowed during the third quarter.


 

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

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