The Namibian gross domestic product shrank at a record 10.5% year-on-year in the third quarter of 2020, after a downwardly revised 10.1% plunge in the previous period, due to the COVID-19 crisis. The last severe contraction of 6.1% was recorded in the Q1 of 2009, amid the global financial crisis. The main negative contribution came from hotels & restaurants (-54.9% vs -64.2% in Q2), on reduced demand for leisure and conferencing activities due to the lockdown imposed across the country. Output also fell sharply in mining & quarrying (-30.7% vs -2%), mainly attributed to lower production of diamonds due to the closure of one diamond mine. Activity also declined considerably in administrative and support services (-27.7% vs -29.2%), manufacturing (-24.6% vs -28%), transport and storage (-23.6% vs -30.4%) and fishing (-15.6% vs -11.7%). At the same time, agriculture & forestry contracted (-2.5% vs 57.9%), on reduced harvesting of timber due to restrictive measures. source: Central Bureau of Statistics, Namibia

GDP Annual Growth Rate in Namibia averaged 3.38 percent from 1990 until 2020, reaching an all time high of 21 percent in the third quarter of 2004 and a record low of -10.50 percent in the third quarter of 2020. This page provides the latest reported value for - Namibia GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Namibia GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on March of 2021.

GDP Annual Growth Rate in Namibia is expected to be -3.00 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 2.60 in 12 months time. In the long-term, the Namibia GDP Annual Growth Rate is projected to trend around 2.80 percent in 2022 and 3.20 percent in 2023, according to our econometric models.

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Namibia GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-10.50 -10.10 21.00 -10.50 1990 - 2020 percent Quarterly
2015=100


Calendar GMT Actual Previous Consensus TEForecast
2020-03-31 12:00 PM Q4 1.6% -1.2% -3.4%
2020-06-11 10:30 AM Q1 -0.8% 2.3% -4.2%
2020-09-24 09:30 AM Q2 -11.1% -1.8% -7.5%
2020-12-17 09:30 AM Q3 -10.5% -10.1% -7%
2021-03-31 12:00 PM Q4 -10.5%
2021-06-11 10:30 AM Q1
2021-09-24 09:30 AM Q2
2021-12-14 12:30 PM Q3
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
Namibia Recession Deepens in Q3
The Namibian gross domestic product shrank at a record 10.5% year-on-year in the third quarter of 2020, after a downwardly revised 10.1% plunge in the previous period, due to the COVID-19 crisis. The last severe contraction of 6.1% was recorded in the Q1 of 2009, amid the global financial crisis. The main negative contribution came from hotels & restaurants (-54.9% vs -64.2% in Q2), on reduced demand for leisure and conferencing activities due to the lockdown imposed across the country. Output also fell sharply in mining & quarrying (-30.7% vs -2%), mainly attributed to lower production of diamonds due to the closure of one diamond mine. Activity also declined considerably in administrative and support services (-27.7% vs -29.2%), manufacturing (-24.6% vs -28%), transport and storage (-23.6% vs -30.4%) and fishing (-15.6% vs -11.7%). At the same time, agriculture & forestry contracted (-2.5% vs 57.9%), on reduced harvesting of timber due to restrictive measures.
2020-12-17
Namibia Enters Recession in Q2
The Namibian gross domestic product shrank at a record 11.1% year-on-year in the Q2 of 2020, after an upwardly revised 1.8% decline in the prior period, hit by the Covid-19 pandemic. The last severe contraction of 6.1% was recorded in the Q1 of 2009, amid the global financial crisis. The majority of the economic activities posted declines, in particular hotels & restaurants (-64.2% vs -15.7% in Q1); manufacturing (-30.8% vs -8.5%); transport & storage (-30.4% vs -8.1%); administrative & support services (-29.2% vs -2.9%) and wholesale & retail trade (-22.5% vs -1%). Also, output continued to shrink in mining (-2.6% vs -3.3%), on lower production of uranium due to the lockdown imposed in April. In contrast, strong growth was recorded in agriculture (47.2% vs -15%), due to a bumper harvest in the cereal production amid favourable rainfalls; and information & communication (11% vs 6.2%), as Covid-19 restrictions prompted a rise in remote work and online learning.
2020-09-24
Namibia GDP Shrinks 0.8% YoY in Q1
The Namibian economy contracted 0.8% year-on-year in the Q1 of 2020, after an upwardly revised 2.3% growth in the previous period. The main negative contribution came from agriculture (-13% vs 8.8% in Q4), due to poor performance of the livestock farming subsector, namely a decline in both cattle and small stock marketing. Also, output fell in manufacturing (-8.3% vs -4.9%), especially non-metallic mineral products (-20.6%) and meat processing (-53.5%); mining & quarrying (-3.3%, the same pace as in Q4), namely uranium (-31.8%); transport & storage (-7% vs -26.3%); hotels & restaurants (-4.1% vs 6.3%); administrative & support services (-5% vs -9%); wholesale & retail trade (-0.5% vs -1.9%) and public administration (-2.5% vs 32.1%). In contrast, notable growth was recorded in construction (19.8% vs 13.5%), amid the continued rise in government construction works. The government expects the GDP to shrink by 6.6% in 2020 and by 1.1% next year, hit by the coronavirus pandemic.
2020-06-11
Namibia Economy Posts 1st Expansion since 2018
The Namibian gross domestic product advanced by 1.6% year-on-year in the fourth quarter of 2019, recovering from an upwardly revised 1.2% contraction in the previous period. This was the first economic expansion since the third quarter of 2018, boosted by public administration (32.1% vs 0.5% in Q3); hotels & restaurants (6.3% vs 7.8%); information & communication (8.8% vs 11.2%); financial intermediation (6.3% vs 7.4%) and agriculture (7.6 % vs -6.8%). Meanwhile, output continued to decline for mining & quarrying (-3.3% vs -7.8%); wholesale & retail trade (-1.9% vs -7.4%); manufacturing (-5% vs -0.8%); utilities (-6.5% vs -8.6%); transport & storage (-26.2% vs -2.2%) and administrative & support services (-9% vs -18%). In 2019, the GDP shrank by 1.1% compared to a growth of 0.7% seen in 2018, amid the effects of severe drought.
2020-03-31

Namibia GDP Annual Growth Rate
Namibia is a small and relatively open economy that is rich in mineral resources. Services account for around 60 percent of GDP. Within services the most important are wholesale and retail trade (13 percent), public administration and defense (11 percent); education (9 percent) and real estate (8 percent). Mining and quarrying (mainly diamonds and uranium) account for 12.3 percent of the output, manufacturing for 12.3 percent and agriculture and fishing for 9 percent.