Second Quarter GDP growth at 3%
The Namibia Statistics Agency reveals ints GDP second quarter report that the GDP for the second quarter of 2014 recorded a growth of 3.0 % compared to an increase of 4.2 % registered in the corresponding quarter of 2013.
The growth was mainly due to improve performance in sectors of construction (32.1%), transport and communication, (7.0%), electricity and water 6.6 %, and mining and quarrying 6.0 %.
The NSA reports that other sectors such as hotels and restaurants, manufacturing, fishing, agriculture, showed weak performance recording declines in real value added of 16.0%, 12 %, 9.7 %, 4.4 % respectively.
Average quarterly inflation rate in the second quarter of 2014 remained unchanged at 6.0 per cent when compared to the corresponding quarter of 2013. This performance is mainly attributed to an increase in subcategory food and non-alcoholic beverages, transport, and alcoholic beverages and tobacco that recorded increases of 8.2%,8% and 6.2%, respectively. Total imports for the first quarter of 2014 increased to N$18.8 billion from N$15.4 billion from 2013.
The NSA attributes the decline due to exports of commodities such as industrial diamond (47.0), lead (100 %), beer (44.1%), copper 42.65% and livestock 37.4 %