Central bank estimates 2017 growth at - 0.6%

February 27, 2018, 5:20pm

The central bank of Namibia has put the growth estimate for financial year 2017 at a measly -0.6% from a positive 2016 growth of 1.1%.

The bank notes that the reduction in growth is ascribed to contractions in the construction, wholesale and retail trade and public sectors as well as slower growth rates for manufacturing, electricity and water.

“Going forward, growth is projected to improve steadily to 1.4% and 2.1% in 2018 and 2019 respectively,” says the bank.

Over the medium term, the bank also projects growth to improve due to the expected moderate contractions in wholesale and retail trade and construction sectors.

“It is expected that growth will be supported mainly by the anticipated improvements in wholesale and retail trade, construction and sustained growth for transport and communication,” says the bank.