Namibia’s domestic economy slowed to record a growth of 4.2% in 2023, relative to a growth of 5.3% recorded in 2022, according to national accounts figures released by the Namibia Statistics Agency on Tuesday.
The Namibia Statistics Agency (NSA) stated that the size of the domestic economy, as measured by nominal GDP, grew by N$22.3 billion to N$227.8 billion last year.
“For the year 2023, the mining and quarrying sector was the biggest contributor to the economy, accounting for 14.4% of GDP, followed by manufacturing (11.2%) and Wholesale (11%),” said NSA CEO and Statistician General, Alex Shimuafeni.
The Primary and Secondary industries registered growth rates of 9.7% and 2%, respectively, compared to growth rates of 13.7% and 3.4% in the previous year.
According to NSA data, the Tertiary industries posted an increase of 2.7% during the period under review, compared to 2.2% recorded in 2022.
“The improved performance in the industries is observed across major sectors in the Tertiary industries except for Public ‘Administration and defense’, which came under pressure due to the government’s fiscal consolidation policy aimed at reducing expenditure,” Shimuafeni said.
Private household consumption expenditure, which accounts for 73.3% of GDP, posted a growth of 4.7% during the period under review, compared to 9.5% in 2022.
Investment accelerated on the back of increased expenditure in oil and gas exploration, reaching 69.3% in 2023, relative to the 10% registered in 2022.
National accounts estimates for the year 2023 provide a comprehensive view of the economic performance of Namibia during that year and are crucial for understanding the overall health and trajectory of the Namibian economy.
