26 Mar 2014 19:10pm
WINDHOEK, 26 MAR (NAMPA) - Although every sector contributes to the overall Gross Domestic Product (GDP), the primary sectors contribution has declined by 1,9 percentage points, Statistician-General of the Namibia Statistics Agency (NSA) John Steytler says.
Speaking during a presentation on the re-based preliminary 2013 annual national accounts in the capital on Wednesday, Steytler said the decrease in the primary industry weight is led by the mining sector, which shed 1,2 percentage points compared to the 2004 base year.
Re-basing involves replacing the old base year with a more up-to-date base year, with the base year being the year used for comparison for the level of a particular economic index.
The tertiary and secondary sectors have benefited from the decline in the primary industry, receiving 1,9 and 0,5 percentage points respectively.
Steytler however said within the mining sector there has been a significant shift with respect to the contribution of uranium and diamond mining to total mineral output.
Prior to re-basing, uranium accounted for only 4,7 per cent of mineral output, and its share has now increased to 25,4 per cent.
The share of diamond mining on the other hand, has reduced from 83 per cent to 53,7 per cent.
He also indicated that the Namibian economy generally performed better during the period 2008-2012 when compared to previous estimates, adding that the growth rate for 2012 has been revised upward with 1,7 percent to 6,7 per cent from the previous estimate of 5,0 per cent.
It also shows that for three consecutive years during the period 2010 to 2012, the economy posted solid growth rates of six per cent and above.
He said the average growth rate for the three consecutive years was 5,7 per cent prior to the re-basing and has increased to 6,4 per cent after re-basing.
By the end of 2012, the size of the economy in current Namibian Dollar terms has increased to N.dollars 110 billion compared to N.dollars 107,3 billion prior to the re-basing exercise.