The country’s economy was worth N$61.6 billion during the third quarter of 2024.
This was said by the Namibia Statistics Agency (NSA) in the third quarter statistics update for the year, which reflects an increase of N$5.3 billion from N$56.3 billion recorded in the same period of 2023.
According to a release by NSA statistician general Alex Shimuafeni, in real terms, the domestic economy grew by 2.8% during the third quarter of 2024, compared to 3.1% growth registered in the parallel quarter of 2023.
He says the growth was primarily driven by the tertiary industries, which saw a 4.9% increase in real value added during the third quarter of 2024.
“This is an improvement when compared to 1.9% growth recorded in the same period of 2023. Key performing sectors during the review period were health (16%), transport and storage (7.9%) and financial service activities (7.1%),” Shimuafeni says.
Secondary industries experienced slower growth of 1.5% in real value added, compared to a 4.4% increase in the third quarter of 2023.
This was mainly due to the manufacturing and construction sectors, which grew by 2.6% and 1.6%, compared to declines of 9.4% and 7.3% noted in 2023, respectively, the NSA notes. Primary industries recorded a decline of 4.4% in real value added, contrasting with 13.8% growth recorded in the same quarter of 2023.
This downturn was driven by the mining and quarrying, and agriculture and forestry sectors, which posted declines of 6.7% and 6.3%, respectively.
“The poor performance is owed to reduced livestock marketed, emanating from lower stock and drought impact, along with a decrease in diamond production,” says Shimuafeni.
On the demand side, private final consumption expenditure in real terms grew by 0.5%, a slower pace when compared to the 1.0% increase recorded in the same period of 2023.
However, government final consumption expenditure rose by 5.7%, surpassing the 0.7% decline witnessed in 2023. This is mainly due to higher public sector compensation. – email: matthew@namibian.com.na
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