2.1% growth for 2017
The domestic economy is projected to register a moderate growth rate in 2017 before rising further in 2018, according to the Bank of Namibia which released its revised growth numbers this week.
According to the central bank, Namibia's real Gross Domestic Product growth is projected to recover to 2.1% in 2017, before improving to 3.8% in 2018.
“These growth rates are an improvement compared to the growth of 0.2 percent in 2016. The recovery in 2017 is mainly due to projected improvements in agriculture and mining as well as in the electricity and water sectors,” the central bank said.
“Over the medium term from 2018 onward, GDP growth will be supported by an expansion in uranium mining and slower pace of contraction in construction activity,” the central bank said.
Risks to domestic growth would include a slow recovery in Namibia's trading partners and low uranium prices, according to the Bank of Namibia.
“Fragile global trade and a slow recovery in some of the advanced economies and leading emerging market economies remain a risk to a resource-based country like Namibia,” it said.
“Furthermore, weak global demand for minerals such as uranium, copper and zinc, coupled with a slow recovery of international commodity prices, may slow production at some of the mines in Namibia. Climate-related risks also remain, particularly for agriculture.”
STAFF REPORTER
According to the central bank, Namibia's real Gross Domestic Product growth is projected to recover to 2.1% in 2017, before improving to 3.8% in 2018.
“These growth rates are an improvement compared to the growth of 0.2 percent in 2016. The recovery in 2017 is mainly due to projected improvements in agriculture and mining as well as in the electricity and water sectors,” the central bank said.
“Over the medium term from 2018 onward, GDP growth will be supported by an expansion in uranium mining and slower pace of contraction in construction activity,” the central bank said.
Risks to domestic growth would include a slow recovery in Namibia's trading partners and low uranium prices, according to the Bank of Namibia.
“Fragile global trade and a slow recovery in some of the advanced economies and leading emerging market economies remain a risk to a resource-based country like Namibia,” it said.
“Furthermore, weak global demand for minerals such as uranium, copper and zinc, coupled with a slow recovery of international commodity prices, may slow production at some of the mines in Namibia. Climate-related risks also remain, particularly for agriculture.”
STAFF REPORTER
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