NSI stats indicate slight drop in economy

14 Dec 2017 17:20pm
WINDHOEK, 14 DEC (NAMPA) – The Namibian economy declined by 1,9 per cent in the third quarter of 2017, compared to a decline of 0,4 per cent registered in the corresponding quarter of 2016.
This was recorded in the Namibia Statistics Agency’s (NSA) Namibia Consumer Price Index (NCPI) for November 2017 issued on Thursday.
The NCPI said the poor performance is mainly attributed to construction, wholesale and retail trade, electricity and water, and fishing sectors that recorded reduction in real value added of 36,9 per cent; 4,4 per cent; 5,5 per cent; and 1,3 per cent respectively.
“Weaker performances were also observed in sectors such as public administration and education sectors that registered declines in real value added of 4,0 per cent and 0,4 per cent respectively,” the report noted.
Agriculture, hotels and restaurants, as well as financial intermediation sectors recorded slower growth rates in real value added of 5,3 per cent; 0,1 per cent and 0,8 per cent in the third quarter of 2017, compared to strong growths of 14,0 per cent; 6,4 per cent and 3,9 per cent recorded in the corresponding quarter of 2016.
The third quarter runs from July to September.
The report added that in contrast to poor performance, sectors such as mining and quarrying, and manufacturing posted stronger growths of 11,3 per cent and 0,8 per cent in real value added, respectively.
Based on the November 2017 price movements, the annual inflation rate stood at 5,2 per cent compared to 7,3 per cent recorded in November 2016, registering a decrease of 2,1 percentage points.
“On a monthly basis during 2017, the inflation rate increased to 0,3 per cent from 0,1 per cent registered a monthly earlier.”
More statistics indicated that the increase in the general price levels over the year emanated mainly from housing, water, electricity, gas and other fuels (8.6 per cent), education (7,8 per cent), hotels, cafes and restaurants (6,7 per cent), transport (6,1 per cent) and health (5,7 per cent).
“The highest contributors to the November 2017 inflation were housing, water and electricity and transport, which contributed 45,8 and 15,7 per cent respectively”, the report added.