Namibian economy contracts for fourth consecutive quarter
Namibia’s economy contracted for the fourth consecutive quarter in the three months through June, dragged down by mining and agriculture.
Gross domestic product shrank by 2.6% from a year earlier, compared with a revised 2.9% decrease in the first quarter, Statistician General Alex Shimuafeni told reporters Thursday in the capital, Windhoek.
More than half of the sectors in the economy declined, Shimuafeni said. The key drivers of the decrease were mining and quarrying, which was down by 20.2%, agriculture, which shrank 28.1% and construction, which contracted by 5.5%.
The southwest African economy has now contracted for eight of the last nine quarters. While the International Monetary Fund said last week GDP will return to growth in 2020 after shrinking for three straight years, the Bank of Namibia forecasts a 1.7% contraction this year. The Monetary Policy Committee cut its benchmark interest rate for the first time in two years last month to help boost expansion and maintain the country’s currency’s peg to the South African rand.
“The significant reduction in economic activities is attributed to continued austerity measures by the government, weak domestic demand for goods and services, reduced disposable income coupled with drought conditions affecting most households,” Shimuafeni said.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Established in 1983, the ASTPM is an industry association and representative body of the welded carbon steel tube and pipe manufacturers of South...
VISIT SHOWROOM
ATI systems comprises five divisions: electrical assemblies, drives and controls, feedback sensors, enclosures, and strip guiding.
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
