The Namibia Statistics Agency (NSA) reports that the country’s nominal gross domestic product (GDP) reached N$59.5 billion for the second quarter of 2024, a N$4.9 billion increase from the previous quarter.
In real terms, NSA said the domestic economy recorded a growth of 3.5% during the second quarter of 2024.
However, the growth marks a slight slowdown in economic activities when compared to a growth of 3.6% that was recorded during the second quarter of 2023.
“The slow growth in the economic activities was mainly attributed to the secondary industries which recorded a slow growth of 1.5% in real value added during the period under review, relative to an increase of 7.1% in the corresponding quarter of 2023,” said NSA Statistician General & CEO Alex Shimuafeni.
He noted that the slow growth was reflected in the sectors of electricity and water and manufacturing, that posted slower growth rates in real value added of 4.1% and 0.6%, respectively.
The tertiary industries recorded an improved performance of 6.9% during the period under review, relative to a growth of 1.9% recorded in the second quarter of 2023.
“The performance was mainly observed in sectors of financial services activities (30.0% increase compared to 4.6% decrease registered in the corresponding quarter of 2023), and health (9.6% increase compared to 1.3% registered in the corresponding quarter of 2023),” he said.
On the other hand, the primary industries witnessed a decline of 4.9% in real value added compared to a growth of 3.4% recorded in the second quarter of 2023.
“The decline in performance of the primary industries was reflected in the agriculture and forestry and Mining and quarrying sectors, which registered declines in real value added of 4.9% and 6.6%, respectively,” said Shimuafeni.
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 parallel quarters as household consumption continues to recover.
In addition, government final consumption expenditure increased by 3.9% compared to a growth of 0.6% noted in the corresponding quarter of 2023. This performance is attributable to increased compensation of employees in the public sector.
“The Gross Fixed Capital Formation (Investment) recorded an increase of 12.8% relative to a growth of 79.9% posted in the corresponding quarter of 2023,” he noted.
Meanwhile, exports of goods and services posted a decline of 1.7% during the quarter under review, while imports increased by 10.7%.
