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Domestic economy expands to N$48.6 billion

Domestic economy expands to N$48.6 billion

The size of the domestic economy expanded to N$48.6 billion in the second quarter of 2022 on the back of the manufacturing, retail, and agriculture sectors, the Namibia Statistics Agency revealed.

The economy grew by N$5.4 billion compared to the N$43.2 billion posted in the corresponding quarter of 2021.

During the period under review, the manufacturing sector was the highest contributor to GDP accounting for 12.1%, followed by wholesale and retail trade (10.2%) and agriculture and forestry (10%).

“Economic activities continued to expand, registering a positive outturn for five consecutive quarters since 2021. GDP rose by 5.6% during the second quarter of 2022, relative to a growth of 5.5% posted during the same quarter of the preceding year,” Statistician-General Alex Shimuafeni said.

The main contributor to the GDP growth of 5.6% during the quarter under review was the mining and quarrying sector contributed 2.6% to the GDP growth followed by financial services with 1.1%.


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