Namibian economy grew by 4,4 per cent last year
27 Mar 2014 13:00pm
WINDHOEK, 27 MAR (NAMPA) The agricultural sector's contribution to the countrys gross domestic product (GDP) declined by 26,9 per cent in 2013 due to the drought experienced throughout the country.
The Namibia Statistics Agencys Statistician-General, Dr John Steytler announced during a presentation on how the Namibian economy performed in 2013 on Wednesday that the agricultural sector led the contraction of the primary industries performance in the country owing to the drought - Namibias worst drought in 30 years.
He noted that both the fishing and mining sectors also contracted by 2,6 per cent and 1,2 per cent, respectively.
Despite the severe drought that hit the country last year, as well as a sluggish global economic environment, the Namibian economy is estimated to have recorded a respectable growth rate of 4,4 per cent in 2013.
The secondary industries' growth was mainly driven by a booming construction sector which is estimated to have expanded by 35 per cent on the back of increased investment in the mineral sector and public infrastructure.
Investment in infrastructure, housing, mining construction are all indicators of an overall healthy economy that is forward-looking, developing and evolving positively, he said.
It should be noted that although there is significant growth and investment, it is still often foreign companies that do the majority of the investing, said Steytler.
Namibia and Namibians need to invest more in ourselves and our nation if we want to continue this growth and maintain economic independence, he said.