The Namibian GDP expanded by 4.3% year-on-year in the third quarter of 2022, slowing from an upwardly revised 6% growth in the previous quarter. On the production side, manufacturing (12.9%), mining (14.9%), and wholesale and retail trade (17.9%) made the biggest upward contribution, while agriculture and forestry (-14.2%) was the biggest drag amid a reduction in livestock marketed for exports due to restrictive measures imposed by South Africa to curtail the spread of Food and Mouth Disease within their borders. On the expenditure side, consumption increased by 9.4%, way below the 20.9% registered a year earlier, as high prices led consumers to reduce spending in anticipation of further increases. Exports were up 14.1% and imports 13.2%. Also, gross fixed capital formation sank by 12.8%. source: Central Bureau of Statistics, Namibia
GDP Annual Growth Rate in Namibia averaged 3.32 percent from 1990 until 2022, reaching an all time high of 21.00 percent in the third quarter of 2004 and a record low of -11.30 percent in the second 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 February of 2023.
GDP Annual Growth Rate in Namibia is expected to be 5.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Namibia GDP Annual Growth Rate is projected to trend around 3.70 percent in 2023 and 2.80 percent in 2024, according to our econometric models.