Quarter 3 economic growth soars to 7.2%: Primary Industries lead surge
During the third quarter (Q3) of 2023, the Gross Domestic Product (GDP) surged, recording a robust expansion of 7.2%, surpassing the 5.4% growth observed in the corresponding quarter of the previous year, as revealed by the country’s statistics agency on Thursday.
Alex Shimuafeni, the statistician-general of the Namibia Statistics Agency, highlighted the economy’s commendable trend, boasting ten consecutive quarters of positive growth.
In terms of nominal figures, the economy measured by the GDP at current prices reached N$59.7 billion during the review quarter.
Shimuafeni emphasized that the notable performance in Q3 was chiefly driven by the primary industries, which saw a significant expansion of 38.3%. This growth was notably steered by a remarkable 51.7% surge in the mining and quarrying sector and a 19.9% upswing in the agriculture and forestry sectors.
The statistician-general attributed these positive strides to increased activities in oil and gas exploration, along with heightened momentum in livestock marketing.
Conversely, Shimuafeni highlighted that tertiary industries experienced a growth of 2.2% during the quarter, with notable contributions from sectors such as wholesale and retail, transport, hotels and restaurants, and financial services, all showing substantial expansions in real value added.
However, secondary industries faced challenges, witnessing contractions of 8.7% in manufacturing and 30.6% in construction during Q3.
Examining trade activities during the same period, Shimuafeni noted commendable growth in exports, registering a 7.4% increase, while imports expanded by 11.2%.
As a result, the balance of goods and services indicated a negative net export of N$14.4 billion, Shimuafeni concluded.
