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.