Namibias GDP expected to improve in 2018
10 Jul 2017 17:50pm
WINDHOEK, 10 JUL (NAMPA) Namibias real Gross Domestic Product (GDP) growth is projected to improve by 0.2 per cent to 2.1 per cent in 2017, before improving to 3.8 per cent in 2018.
The Economic Outlook for July 2017 issued by the Bank of Namibia (BoN) on Monday said the domestic economy is projected to register a moderate growth rate in 2017, before rising further in 2018.
These growth rates are an improvement compared to the growth of 0.2 per cent in 2016, while the recovery in 2017 is mainly due to projected improvements in the agriculture and mining, as well as in the electricity and water sectors, the report said.
Over the medium term from 2018 onward, GDP growth will be supported by an expansion in uranium mining and a slower pace of contraction in construction activity.
The report stated that the risks to domestic growth include slow recovery in Namibias trading partners and low uranium prices.
Meanwhile, fragile global trade and a slow recovery in some of the advanced economies and leading emerging market economies remain a risk to a resource-based country like Namibia.
Furthermore, weak global demand for minerals such as uranium, copper and zinc coupled with a slow recovery of international commodity prices may slow production at some of the mines in Namibia, the report said.