BIG PICTURE | March 2026

Namibia's economy is projected to grow moderately over the medium term, following estimated growth of 1.7% in 2025, according to the Bank of Namibia (BoN).

It projects the economy will expand by 2.6% in 2026 and 2.9% in 2027, driven mainly by construction, electricity and water, wholesale and retail trade, financial services, and public administration. Uranium mining is expected to remain a key growth driver within the primary sector.

However, both projections represent downward revisions, of 1.2 and 1.4 percentage points respectively, compared to the December 2025 Economic Outlook, reflecting weaker-than-expected performance in the primary industries, particularly a significant contraction in metal ores production and continued weakness in diamond mining.