Economy

Economy (712)

New vehicle sales in April 2023 reached 1,004 units, showing a yearly increase of 10.9%, but a monthly decline of 18.1%, a new report has shown.

FlyNamibia says it is increasing frequencies to Oranjemund from three to five flights per week supported by Shell Namibia, Debmarine Namibia, and Westair.

Namibians may be able to breathe a sigh of relief as a new report by Simonis Storm predicts fuel cuts in the coming months, despite earlier forecasts of rising oil prices. 

The Electricity Control Board of Namibia’s Chief Executive Officer Robert Kahimise says the country is safe from load-shedding for the next 12 months, calming fears of a possibility of power cuts as a result of South Africa battling with an energy deficit. 

Minister of Mines and Energy Tom Alwendo has raised concern over corruption in the emerging oil and gas industry, highlighting it would be a boulder in the effective implementation of the petroleum local content policy.

The European Union (EU) has reiterated its commitment to supporting Namibia's drive of renewable energy, saying it will continue to invest in skills development that are pertinent to achieving the objective of sustainable energy.

The annual inflation rate increased by 6.1% last month compared to 5.6% recorded in April last year, the Namibia Statistics Agency (NSA) announced this week. 

The Ministry of Mines and Energy’s Petroleum Commissioner Maggy Shino says Namibia should not fall prey to disintegration due to reckless borrowing and spending as well as weaker monitoring and evaluation policies, owing to the discovery of oil in the country.

Namibia's trade deficit increased to N$2.2 billion in March this year as exports and imports amounted to N$10.2 billion and N$12.4 billion respectively, latest trade statistics reveal.

 

The Namibia Statistics Agency reported a 26.3% increase in exports from the prior month's value, with Statistician-General Alex Shimuafeni stating that exports rose by 15.3% from N$8.9 billion registered in March 2022.

 

However, the country's trade balance remained in a deficit, worsening by N$1.8 billion (month-on-month) and N$1.7 billion (year-on-year) from N$453 million recorded in February 2023 and N$539 million recorded in March 2022.

 

"Namibia’s trade improved when compared to the month of February 2023. However, certain goods contributed more to the monthly deficit with Petroleum oils recording an import bill of N$2.2 billion and a deficit of N$1.7 billion, in second place was ‘Copper ores and concentrates’ with a deficit of N$1.5 billion.

The Ministry of Industrialisation and Trade is targeting to train 1,400 micro, small and medium enterprises (MSMEs) by the end of July, in an ongoing business simulation programme.

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