WINDHOEK, Dec. 14 (Xinhua) -- Namibia experienced an economic expansion in the country's gross domestic product (GDP) during the third quarter (Q3) of 2023, revealing a robust growth of 7.2 percent, surpassing the 5.4 percent recorded in the corresponding quarter of the previous year, the country's statistics agency said Thursday.

"The economy witnessed a commendable trend, characterized by 10 consecutive quarters of positive growths," Namibia Statistics Agency's statistician-general Alex Shimuafeni said in a statement.

According to Shimuafeni, in nominal terms, the size of the Namibian economy, quantified by the GDP at current prices, reached 59.7 billion Namibia dollars (about 4 billion U.S. dollars) during the quarter under review.

"The commendable performance in Q3 was primarily propelled by the primary industries, which experienced a substantial expansion of 38.3 percent," he said.

Notably, this growth was led by a remarkable 51.7 percent increase in the mining and quarrying sector and a 19.9 percent expansion in the agriculture and forestry sectors. Shimuafeni attributed these positive strides to increased oil and gas exploration activities and heightened momentum in livestock marketing.

He said tertiary industries saw a growth of 2.2 percent during the quarter, with key contributions from sectors like wholesale and retail, transport, hotels and restaurants, and financial services, which exhibited substantial expansions in real value added.

Secondary industries faced challenges, encountering contractions of 8.7 percent in manufacturing and 30.6 percent in construction during the period. Enditem

Related

Go to Forum >>0 Comment(s)