WINDHOEK, March 26 (Xinhua) -- The Namibian economy maintained its positive trajectory, recording a growth rate of 4.2 percent in 2023, compared to 5.3 percent in the previous year, statistics released by the Namibia Statistics Agency (NSA) showed Tuesday.

According to NSA Statistician-General Alex Shimuafeni, the nominal size of the economy reached 227.8 billion Namibian dollars (about 12 billion U.S. dollars) in 2023, reflecting a moderate increase of 22.3 billion Namibia dollars from the previous year.

"Mining and quarrying was the largest sector in the economy, contributing 14.4 percent to GDP (gross domestic product), followed by manufacturing (11.2 percent) and wholesale (11 percent)," he said, adding that primary and secondary industries registered growth of 9.7 percent and 2.0 percent, respectively, compared to growth of 13.7 percent and 3.4 percent in the parallel period.

Shimuafeni said the tertiary industry saw an overall increase of 2.7 percent, with notable improvements in most sectors except for public administration and defense, which faced pressure due to government fiscal consolidation policies.

Meanwhile, Shimuafeni said private household consumption expenditure, representing 73.3 percent of GDP, grew 4.7 percent, showing a decrease from the previous year's growth rate of 9.5 percent.

On the other hand, gross fixed capital formation (investment) surged to 69.3 percent in 2023, mainly due to increased spending on oil and gas exploration, compared to 10.0 percent in 2022, he said. Enditem

Related

Go to Forum >>0 Comment(s)