Economy grows by -10.5% in third quarter

Jo-Maré Duddy – Namibia’s economy contracted by 10.5% in the past quarter, the Namibia Statistics Agency (NSA) reported this morning.
Revised growth in the second quarter was -10.1%, better than the -11.1% released by the NSA earlier this year.
Revised figures also show a smaller contraction in the first quarter. According to the NSA, the economy grew by -1.4% in the first three months of 2020, up from the -1.8% earlier announced.
Huge contractions in the third quarter were reported in the following sectors: Hotels and restaurants (-54.9%); mining and quarrying (-30.7%); manufacturing (-24.6%); transport and storage (-23.6%), as well as fishing (-15.6%).