Economy records 1.6% growth in Q2 2021

Namibia’s domestic economy recorded a positive growth of 1.6% during the second quarter of 2021 compared to a decline of 11.6% recorded in the corresponding quarter of 2020, the Namibia Statistics Agency (NSA) announced on Thursday.

In nominal terms, the size of the economy increased by N$ 0.5 billion to N$ 43.3 billion in the quarter under review relative to the N$ 42.8 billion posted in the same quarter of 2020.

Key drivers to the GDP growth, which saw an improved performance across major sectors of economy, with Wholesale & Retail up 17.3%, Hotels & Restaurants recorded biggest growth at 34.3% to the relaxation of COVID-19 regulations coupled with the roll-out of Covid-19 vaccines, Other service activities up 29.3%, Administration & support service recorded a 15.6% growth and Fishing grew by 13.8% in the period under review.

The Agriculture and Forestry sector declined by 1.5% compared to an increase of 32.7% recorded in the corresponding quarter, attributed to the decline in subsectors such as Livestock and Crop farming that declined by 21.7% and 1.6% respectively.

The ‘Fishing and fish processing on board’ sector registered a strong growth of 13.8 % compared to a decline of 16.4 % 2Q20.

“The value added for Agriculture, Forestry and Fishing sector for 2021Q2 stood at N$5.8 billion. Agriculture, Forestry and fishing sector contributed 13.8% of GDP.”

“Export earnings for Agriculture, Forestry and Fishing sector for 2021Q2 increased by N$3.5 billion from N$3.0 billion in 2020Q2.”

Mining and quarrying slumped to a decline of 1.5% in real value added compared to a sluggish decline of 5.1% witnessed in 2Q20 during the period.

Electricity and water sector posted negative growth of 11.3% compared to a substantial growth of 13.9% in 2Q20.

Manufacturing sector declined by 5.0% during the second quarter of 2021 in real value added compared to decline of 27.8% in 2Q20.

The Construction sector also recorded negative growth of 16.9% compared to a decline of 23.0% in 2Q20.




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Last modified on Saturday, 25 September 2021 12:21

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