April 25, 2024
Economy

Namibia records N$8.1bn Q3 trade deficit

December 16, 2021
Namibia records N$8.1bn Q3 trade deficit

Namibia has recorded a trade deficit of N$8.1 billion in the third quarter after exporting goods and services worth N$13.4 billion while import of goods and services stood at N$21.5 billion, the country’s statistical agency has said.

In real terms, according to the Namibia Statistics Agency (NSA) Economic Statistics, exports of goods and services increased by 3.4%, while import of goods and services increased by 6.1%.

“Overall, the ‘import of goods and services’ increased more than the ‘export of goods and services’. Thus, the country continues to experience a negative external balance of goods and services. The deficit is largely driven by the increase in imports of intermediate and final goods, and the decline in exports of intermediate goods,” NSA CEO and Statistician General, Alex Shimuafeni said.

Expenditure on real GDP according to the NSA increased by 2.4% in the quarter under review, mainly driven by the private final consumption.

“In nominal terms the private final consumption expenditure stood at N$34.9 billion during the period under review, up from N$31.3 billion recorded in the corresponding quarter of 2020. While the government's final consumption expenditure stood at N$11.3 billion down from N$12.1 billion in the third quarter of 2020. In real terms private consumption increased by 18% in the quarter under review while government consumption grew by 2.3%,” he said.

Investment according to NSA declined by 43.3% in the third quarter of 2021.

“Investment stood at N$6 billion in the quarter under review, down from N$7.7 billion in the corresponding quarter of 2020,” he said.

 

 

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Last modified on Friday, 17 December 2021 14:11
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