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2022 economic growth forecast revised to 3.2% by central bank

2022 economic growth forecast revised to 3.2% by central bank

The economy is expected to grow by 3.2% in 2022 and by 2.9% in 2023, the Bank of Namibia said in an Economic Outlook for 2022 report released this week.

The estimated growth for 2022 represents a 0.2 percentage point downward revision from the February 2022 release (3.4%), however, it is an improvement from 2.4% registered in 2021, the central bank said.

According to the BoN, Gross Domestic Product (GDP) growth is projected to improve in 2022, mainly supported by a strong performance from the mining industry.

“The projected improved growth in 2022 is mainly on account of anticipated better performance in the mining industry, particularly diamonds and gold,” the bank said adding that the improved diamond production is a result of the new vessel which began operations in March.

Meanwhile, the central bank said most of the sectors under the secondary and tertiary industries are similarly expected to register positive but low growth during 2022 and 2023.

“The exception is the construction sector which is expected to remain in contraction in both 2022 and 2023,” they concluded.


 

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