The country’s wholesalers and retailers recorded a combined revenue of N$19.6 billion in the first quarter of 2024, the Namibia Statistics Agency (NSA) has revealed.
The N$19.6 billion marks a notable increase from the N$17.3 billion observed in the same period last year.
According to the NSA’s First Quarter GDP 2024 report, “this is a nominal increase of 13.7% compared to a growth of 14.3% recorded in the same quarter of 2023.”
The consistent growth highlights the sector’s robust performance and resilience in the face of economic challenges.
NSA highlights that the wholesale and retail trade sector’s economic activities continued to show positive growth rates, with the real value added increasing by 8.4% during the first quarter of 2024, an improvement from the 7.2% growth posted in the corresponding quarter of 2023.
“This comes after the sector’s revenue peaked in the last quarter of 2023 at N$20.2 billion, the highest for the year,” the NSA report noted.
This comes as the lowest revenue recorded in 2023 was N$16.9 billion in the third quarter.
Over the past five years, the sector has demonstrated a trend of improved revenue, particularly from 2021 to 2023.
The second quarter of 2021 saw the most significant increase of 23%, following a reduction of 3.5% in the first quarter of the same year.
The revenue figures for the sector over the years show a clear pattern of growth and fluctuation, in 2018, revenues were N$13.63 billion in Q1, N$14.41 billion in Q2, N$12.63 billion in Q3, and N$13.86 billion in Q4.
The year 2019 saw similar patterns with Q1 at N$13.56 billion, Q2 at N$14.71 billion, Q3 at N$12.33 billion, and Q4 at N$14.25 billion.
In 2020, Q1 revenue stood at N$14.33 billion, followed by a drop to N$12.11 billion in Q2, then a slight recovery to N$12.52 billion in Q3, and N$14.36 billion in Q4.
The year 2021 began with N$14.42 billion in Q1, increased to N$15.33 billion in Q2, then dipped to N$12.96 billion in Q3, and rose again to N$16.22 billion in Q4.
The year 2022 showed stronger growth with Q1 at N$15.11 billion, Q2 at N$16.25 billion, Q3 at N$15.28 billion, and Q4 reaching N$18.89 billion.
In 2023, revenues stood at N$17.27 billion in Q1, N$18.70 billion in Q2, a slight drop to N$16.97 billion in Q3, and peaking at N$20.20 billion in Q4.
The first quarter of 2024 has set a strong start with N$19.63 billion.
