13 Dec 2018 17:10pm
WINDHOEK, 13 DEC (NAMPA) Namibia recorded a negative growth for 10 consecutive quarters in real gross domestic product (GDP), due to a high investment in the construction of mines.
This was revealed by the Namibia Statistics Agency (NSA)s Statistician General, Alex Shimuafeni during a media conference on Thursday, explaining that the negative growth was recorded from the second quarter of 2016 until the third quarter of 2018.
Although the economy recorded a contraction, when compared to the negative one per cent performance, the economy is showing signs of recovery, he added.
The domestic economys performance remained suppressed in the third quarter of 2018, recording a contraction -0,8 per cent, the NSA said further.
Shimuafeni said the slight improvement in the economic performance was driven by the mining and quarrying; electricity and water; and transport and communication sectors which recorded growths of 7,8 per cent, 13,5 per cent and 2,5 per cent in real value added.
The performance in the mining sector emanates from an increase in uranium production, whilst the electricity and water sector witnessed a reduction in the volume of imports.
Furthermore, increase in the volumes of passengers and cargo handled attributed to the performance of the transport sector.
Shimuafeni said recoveries were observed in the construction and wholesale as well as retail trade sectors that recorded 6,5 per cent and 5,8 per cent growths respectively.
The agriculture and forestry as well as financial intermediation sectors posted slower growth rates of 0,8 per cent and one per cent respectively.