Economy rebounded to record a growth of 2.7% in 2021 – NSA
The domestic economy rebounded to record a growth of 2.7% in 2021 relative to the contraction of 8% induced by the COVID-19 pandemic from a downturn in economic activities in 2020, the Namibia Statistics Agency (NSA) stated in the national accounts figures released this week.
The positive performance is attributed to the relaxation of restrictive measures imposed during the height of the pandemic and the revival of economic activities across the world, NSA Statistician-General Alex Shimuafeni said in a statement.
“The performance was notably observed in the primary and tertiary Industries. Increases in economic activities were observed in the ‘Mining and quarrying’ sector that saw a resurgence in demand that led to the resumption of production in the sector,” he said.
Furthermore, Shimuafeni said, the gradual opening of movement of people between countries has led to improved economic activities in ‘Hotels and Restaurants as well as ‘Transport and Storage’ sectors in the Tertiary Industries during the period under review posting positive growths of 8.8% and 2.2% in real value added, respectively.
Despite the Secondary industries posting a contractionary performance of 3.3% in real value added in 2021, this is still an improvement relative to the steeper contraction of 11.7% registered in 2020.
“All the sectors of Secondary Industries recorded negative growth rates in real value-added,” he said.
According to Shimuafeni, the COVID-19 pandemic presented challenges in terms of data collection.
“In as much as the COVID19 pandemic has receded, the NSA would like to take this opportunity to thank our data suppliers who have been partners with us in ensuring that the public remained informed about the economic activities taking place in the economy,” he concluded.