Domestic economy experienced notable growth in 2nd quarter 2023
The domestic economy experienced notable growth, although slightly lower when compared to the previous quarter and the corresponding quarter of 2022 according to the Bank of Namibia (BoN) in the September quarterly bulletin.
On a yearly basis, the economy registered a growth rate of 3.7% during the second quarter of 2023, lower than the 8.5% recorded in the corresponding quarter of 2022.
According to the BoN, in the primary industry, contractions in sectors such as agriculture, forestry, and fishing weighed on overall economic activity.
However, the mining and quarrying sector continued to sustain growth in this industry, the bank noted.
“Activity in the secondary industry slowed, mainly owing to a deep contraction in the construction sector. Strong growth in wholesale and retail trade, information and communication, the transport and storage as well as tourism sectors were the main sources of growth in the tertiary industry,” the bulletin reports.
According to the central bank, inflation declined on a quarterly basis during the second quarter of 2023, primarily due to a significant drop in transport inflation, although it remained higher than the previous year.