Consumer hurt more by recession
Jo-Maré Duddy – The impact of the downtrodden economy on the consumer last year was worse than anticipated with the final official figures showing that wholesale and retail trade grew by -7.5% in 2017.
Preliminary data released by the Namibia Statistics Agency (NSA) earlier this year penned in growth of -7.1%.
Of the latest figures released in the National Accounts yesterday, those of wholesale and retail were adjusted downward the most significantly.
Overall, the country’s gross domestic product (GDP) grew by nearly -0.95% last year, down from the NSA’s preliminary figure of -0.8%.
Overall, the primary sector expanded by 10.6%, slightly lower than the 10.7% thought earlier. The secondary sector maintained its growth figure of -6.7%, while that of the tertiary sector was lowered from -1.1% to -1.4%.
At constant 2010 prices, adjusted for inflation, about N$108.3 billion flowed through the economy last year, nearly N$1.04 billion less than in 2016.
Overall economic growth in 2016 was about 0.6%. In 2014 and 2015, growth was 6.4% and 6.1% respectively.
Preliminary data released by the Namibia Statistics Agency (NSA) earlier this year penned in growth of -7.1%.
Of the latest figures released in the National Accounts yesterday, those of wholesale and retail were adjusted downward the most significantly.
Overall, the country’s gross domestic product (GDP) grew by nearly -0.95% last year, down from the NSA’s preliminary figure of -0.8%.
Overall, the primary sector expanded by 10.6%, slightly lower than the 10.7% thought earlier. The secondary sector maintained its growth figure of -6.7%, while that of the tertiary sector was lowered from -1.1% to -1.4%.
At constant 2010 prices, adjusted for inflation, about N$108.3 billion flowed through the economy last year, nearly N$1.04 billion less than in 2016.
Overall economic growth in 2016 was about 0.6%. In 2014 and 2015, growth was 6.4% and 6.1% respectively.
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