Namibia's economy then and now... as country celebrates 28 years of Independence

March 20, 2018, 4:35pm

The local economy has been growing at a considerably good pace with an average rate of 4.48% reaching an all time high of 21% in the third quarter of 2004 ever since the fall of the old apartheid regime.

Data solicited by Capricorn Assert Management shows that overall population growth steadily rose from a mere 1.4 million people to 2.1 million by 2010 with latest figures placing it at 2.6 million.

Levels of the national reserves where considerably low by the time the country got its independence standing at a paltry N$75.58 million and by 2017, the stock had shot up to N$2 394. 06 million, according to statistics provided by Capricorn.

The stock hit an all time high last year by the end of May on account of an inflow of international loans received for budget deficit financing.

From then on, local analysts forecast the reserves to linger within favourable margins buoyed by a stronger rand, continued quarterly settlement of outstanding amounts by Banco Nacional de Angola until January 2018, and an expected improvement of the trade balance as the mining sector strengthens.