Nam economy improves a percentage point

12 Jun 2014 15:00




The Namibian economy expanded by 1.16% in the first quarter of the

year.

The latest statistics were released by the Namibia Statistics Agency

Statistician General John Steytler this morning.

 According to the latest Gross Domestic Product the economy

improved significantly as compared 3.8% shrink at the same period

last year.

According to the Namibian Statistics Agency the economy was driven

the retail, banking, wholesale, retail, transport and communication

sectors although the mining sector is said to be facing challenges.

“Relative strong performance of the tertiary industry was

mainly reflected in the wholesale and retail trade, transport and

communication subsectors.

The country also experienced a trade deficit in the month of April of

N$2.2 billion. According to NSA the trade deficit was narrowed down

from a previous a high N$4.1 billion a month earlier.

“We have to reduce our dependency on the primary sector. We have

to do more to stimulate the manufacturing sector” Steytler.