Namibia’s local solar photovoltaic (PV) cell production and module assembly could generate 22,000 jobs and contribute a N$37-billion boost to the country’s GDP by 2050, global consultancy firm McKinsey & Company has forecast. The McKinsey & Company’s study, conducted as part of Namibia’s green manufacturing strategy, highlights the importance of embracing local production to drive...
In 2023, the main drivers of GDP growth were the electricity and water sector, experiencing a notable expansion of 27.9%, a significant increase from 11.9% in 2022, a recent report by Simonis Storms reveals. Additionally, the mining and quarrying sector contributed 18.9%, albeit showing a slowdown from the 24.0% recorded in 2022. The wholesale and...
Martin Endjala The decline of the country’s Gross Domestic Product (GDP) by 4.2 percent in 2023 has been described as a huge margin compared to 5.3 percent in the previous years. This is according to Independent Bank Researcher and Economist, Josef Sheehama, who said that despite the economic recovery in 2022, the socio-economic situation did...
…as N$6.9 billion is paid out to members as benefits The Government Institutions Pension Fund (GIPF) has experienced remarkable growth, witnessing assets climb from N$117.5 billion in 2019 to N$151.8 billion by 31 March 2023, the Fund’s integrated annual report for the 2023 financial year reveals. This represents over 89% of Namibia’s GDP, expresses GIPF...
The Bank of Namibia (BoN) says the country’s economy is expected to slowdown to 3.4% in 2024, citing weakened primary and secondary sectors partly attributed to uncertain weather patterns. Apex bank Governor, Johannes !Gawaxab said going forward, GDP growth is projected to decelerate from a revised 6.4% in 2022 to 3.9% in 2023 and further down...
The Namibia Tourism Satellite Account (TSA) report has shown that the tourism sector contributed N$14,3 billion in 2022 with the total national gross domestic product (GDP) standing at N$206,2 billion. According to the report, which was launched in Windhoek yesterday, tourism’s direct gross value added stood at N$13,2 billion. The director of tourism and gaming...
The 6th Tourism Satellite Account (TSA) Report for 2022 was launched in Windhoek on Thursday. According to the report, tourism activities contributed 6.9% to the country’s Gross Domestic Product in 2022, with the tourism sector estimated at N$14.3 billion in monetary value The TSA report compiled by Namibia’s Ministry of Environment, Forestry, and Tourism in...
Tourism played a significant role in Namibia’s economy in 2022, generating N$14.3 billion accounting for 7% of GDP, a new Tourism Satellite Account (TSA) report says. According to the Ministry of Environment, Forestry and Tourism Director for Tourism and Gaming, Sebulon Chicalu, the revenue was generated due to 527,610 inbound visitors. “The majority of these...
Stefanus Nashama The Namibia Statistics Agency (NSA) has recorded the economic expansion of N$6.8 billion of the Gross Domestic Product (GDP) for the third quarter of 2023. NSA Statistician-General, Alex Shimuafeni, announced this yesterday and said the size of the Namibian economy, as quantified by the GDP at current prices, reached N$59.7 billion during the...
Namibia’s 2023 third quarter gross domestic product (GDP) stood at N$38,7 billion compared to N$36,1 billion over the same period in 2022. This is according to the Namibian Statistics Agency’s GDP report released on Thursday. This is a N$2,6 billion growth from last year during the same period. According to the report, GDP expanded by...