Namibia’s economy grew by 4.2 percent in 2023

Erasmus Shalihaxwe

The Namibia Statistics Agency (NSA), has announced that the Namibian economy continued to stride in a positive direction, posting a growth of 4.2 percent in 2023 relative to a growth of 5.3 percent recorded in 2022.

The growth rate indicates the pace at which the economy is expanding and serves as a barometer of economic activity.

The NSA’s Statistician-General and Chief Executive Officer, Alex Shimuafeni, announced yesterday that in nominal terms, the size of the economy was estimated at N$227.8 billion during the reporting period relative to N$205.5 billion recorded in 2022.

This shows a moderate expansion of N$22.3 billion.

In 2023, the mining and quarrying sector was the biggest driver in the economy contributing 14.4 percent to Gross Domestic Product (GDP) followed by manufacturing with 11.2 percent and Wholesale at 11 percent.

While the primary and secondary industries registered growths of 9.7 percent and 2 percent, compared to growths of 13.7 percent and 3.4 percent in the parallel period, respectively.

“Tertiary industries posted an increase of 2.7 percent during the period under review compared to 2.2 percent recorded in 2022. The improved performance in the industries is observed across major sectors in the tertiary industries except for public administration and defense’ which came under pressure due to the government fiscal consolidation policy aimed at reducing expenditure.

On the demand, private household consumption expenditure which accounts for 73.3 percent of GDP, posted a growth of 4.7 percent compared to 9.5 percent in 2022,” said Shimuafeni.

He added that gross fixed capital formation accelerated on the back of increased expenditure in oil and gas exploration, posting 69.3 percent in 2023 relative to 10.0 percent registered in 2022.

“The NSA remains committed to providing accurate and timely economic data to support evidence-based decision-making and promote transparency in our economic landscape.

Let me take this opportunity to thank our data suppliers who have been our partners in ensuring that the public remained informed about the economic activities taking place in the economy. Once again, thank you for making a difference in the statistical reporting and production,” said Shimuafeni.