National accounts show slow economic growth

18 Jul 2013 12:00

The Namibia Statistics Agency (NSA) released the annual national accounts earlier today.

Speaking at the event statistician general Dr John Steytler said that the domestic economy is estimated to have recorded a slower growth of 5.0 percent during 2012 compared to 5.7% registered in 2011. 

Steytler said that the manufacturing sector which is a priority sector under National Development Plan (NDP) 4 is estimated to have recorded constant growth of 1.2%.  Some of the sectors prioritized in the NDP 4 are agriculture, tourism, logistics and manufacturing. 

Steytler urged Namibians to save more; ‘’ we should do more to increase savings, saving more will not do any harm’’ he said. 

Namene Kalili; manager of research and competitor intelligence at FNB applauded the NSA for their contribution to statistics and research.

“The NSA is a worthy independent provider of data and they make our jobs much easier,’’ he said. 

Kalili said that consumers spent 21% more on housing last year and that Namibian need to tap into extraordinary investment opportunities. ‘’ people tend to invest in things they understand such as taxis’’ he said.

He also said that investments in housing have improved over the past year.

The accounts show that export value of goods for 2012 amounted to N$40 736 million compared to N$32 213 million registered in 2011.

The main products exported in 2012 were metal ores including uranium, prepared and preserved fish and diamonds.