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The Namibian GDP gross domestic product stood at N$59.5 billion in the second quarter of 2024, reflecting an expansion of N$4.9 billion. This is an increase from N$54.6 billion recorded in the same quarter of 2023, announced by the Namibia Statistics Agency.
The Namibian GDP gross domestic product stood at N$59.5 billion in the second quarter of 2024, reflecting an expansion of N$4.9 billion. This is an increase from N$54.6 billion recorded in the same quarter of 2023, announced by the Namibia Statistics Agency. The activities in the domestic economy grew to 3.5% during the second quarter of 2024 compared to the 3.6% increase recorded in the second quarter of 2023, stated Namibian Statistician General Alex Shimuafeni
The slow growth of 3.5% registered during the period under review was mainly attributed to secondary industries which recorded slow growth of 1.5% in real value added during the period under review, relative to 7.1% registered in the corresponding quarter of 2023. The performance emanates from sectors of electricity, water, and manufacturing, which registered 4.1% and 0.6% in real value-added, compared to an increase of 35.1% and 3% witnessed in the same quarter of 2023, respectively, said Shimuafeni. Activities in the tertiary industries recorded an improved performance of 6.9% in real value-added, relative to an increase of 1.9% in the corresponding period last year.
The improved performance was mainly observed in the financial sector (30% compared to a decline of 4.6% in the corresponding quarter of 2023) and the health sector (9.6% compared to 1.3% in the corresponding quarter of 2023). On the other hand, primary industries witnessed a decline of 4.9% in real value added compared to a 3.4% increase recorded in the second quarter of 2023.
Shimuafeni said the poor performance in economic activities is attributed to agriculture, forestry, and mining and quarrying sectors, which registered declines of 4.9% and 6.6% in real value added, respectively. The decline in performance is primarily due to a reduction in crop production and a decrease in the production of uranium and diamonds due to a decline in demand.
On the demand side of the account, the private final consumption expenditure accelerated by 11.8% relative to a decline of 7.6% recorded in the parallel quarter as household consumption continues to recover. In addition, government final consumption expenditure increased, posting 3.9% compared to a slow growth of 0.6% in the corresponding quarter of 2023. This performance is attributable to increased compensation of employees in the public sector.
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Exports of goods and services posted a decline of 1.7% during the quarter under review, while imports increased by 10.7%, resulting in the external balance deficit.
