Namibia’s economy is projected to expand by 2.6% in 2026, following growth of 1.7% in 2025, according to the Bank of Namibia’s March 2026 Economic Outlook update.
Growth is expected to strengthen further to 2.9% in 2027, supported by activity across key sectors of the economy.
Bank of Namibia Director of Strategic Communications and International Relations Kazembire Zemburuka said expansion will be driven by construction, electricity and water, wholesale and retail trade, financial services, and public administration and defence.
Uranium mining is also expected to remain a key contributor within the primary industries.
“Despite downward revisions compared to the December 2025 Economic Outlook update, growth in 2026 and 2027 remains moderate, primarily supported by anticipated expansion in the secondary and tertiary industries,” Zemburuka said.
The central bank warned that the outlook remains exposed to both domestic and external risks.
“The domestic economic outlook remains subject to several downside risks from both external and domestic developments,” Zemburuka said.
Regionally, outbreaks of Foot-and-Mouth Disease in Botswana and South Africa could affect livestock production and export earnings, while global geopolitical tensions and evolving United States policies may drive volatility in commodity prices, exchange rates and fuel costs.
On the global front, growth prospects have improved slightly, with world GDP expected to expand by 3.3% in 2026.
Advanced economies are projected to grow by 1.8% in 2026 before easing to 1.7% in 2027, while Sub-Saharan Africa is forecast to expand by 4.6% over the same period.
