GDP contracts by 2.6 per cent in second quarter of 2019

19 Sep 2019 15:30pm
WINDHOEK, 19 SEP (NAMPA) - Namibia’s Gross Domestic Product (GDP) remained subdued in the second quarter of 2019, recording a contraction of 2.6 per cent, compared to the growth of 0.6 per cent recorded in the corresponding period of 2018.
This was revealed by the Namibia Statistics Agency (NSA)’s Statistician General, Alex Shimuafeni, during a media conference on Thursday, explaining that real GDP for the second quarter in 2019 stood at N.dollars 25.5 billion compared to N.dollars 26.2 billion in 2018.
He noted that the sum of real value for sectors shrunk by N.dollars 670 million, of which the deterioration is observed across major sectors with more than half of them posting declines in real value added.
The major sectors include mining and quarrying, which posted a declining growth of 20.2 per cent compared to the 34. 5 per cent growth in 2018.
Furthermore, agriculture and forestry’s growth declined to 28.1 per cent from 2.7 per cent in 2018.
The wholesale and retail sector posted negative growth of -2.0 per cent compared to a decline of 7.3 per cent, while hotels and restaurants posted negative growth of -2.6 per cent.
Shimuafeni further noted that moderate declines were recorded in public administration and defence; transport and communications; education and health that registered 2.7, 0.9, and 2.6 per cent, respectively.
On a positive note, he said other sectors posted positive performances during the quarter under review. Manufacturing, electricity and water recorded improved performance, posting growths of 2.7 per cent.
Improved performance was also observed in the financial intermediation and fisheries sector, which posted growth of 0.6 per cent.
During the quarter under review, imports rose faster, recording N.dollars 19.7 million due largely to an increase in importation of fuel, while exports decelerated to N.dollars 13.3 million, due to a reduction in export of diamonds.
(NAMPA)
LD/HP/AS