The Namibian economy contracted 2.6 percent year-on-year in the second quarter of 2019, following an upwardly revised 2.9 percent decline in the prior period. Main negative contributions came from mining & quarrying (-20.2% vs -1.0% in Q1) namely diamonds (-34.3%), uranium (-6.4%) and other mining (-5.3%); and agriculture (-28.1% vs -31.4%) as the severe drought which affected crops and livestock production. Output also fell in construction (-5.5% vs -27.8%); wholesale & retail trade (-2.0% vs -7.0%), hotels & restaurants (-2.8% vs -8.7%), transport & communication (-0.9% vs -0.5%); public administration (-2.7% vs -1.2%); education (-0.9% vs 1.3%); health (-2.6% vs 2.4%) and other private services (-0.6% vs -1.1%). In contrast, growth was recorded in manufacturing (18.8% vs 3.6%), boosted by beverages (20.1%), basic metals (54.1%), and diamond processing (22.4%); financial services (1.9% vs 1.4%); utilities (2.7%, the same as in Q1) and fishing (0.7% vs 3.3%). GDP Annual Growth Rate in Namibia averaged 4.04 percent from 1990 until 2019, reaching an all time high of 21 percent in the third quarter of 2004 and a record low of -6.10 percent in the first quarter of 2009.
GDP Annual Growth Rate in Namibia is expected to be -2.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Namibia to stand at 0.30 in 12 months time. In the long-term, the Namibia GDP Annual Growth Rate is projected to trend around 1.20 percent in 2020, according to our econometric models.