Guest Contributor | Nov 14, 2022 | 0
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%.