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Economy grows by N$1.1 billion

Economy grows by N$1.1 billion

Business Reporter

THE domestic economy remained in a positive trajectory in the third quarter of 2021, recording a growth of 2.4 % compared to a decline of 12.3 % recorded in the corresponding quarter of 2020.

Statistician-General Alex Shimuafeni said the economy increased by N$1.1 billion over a year.

The positive growth comes in a time where the Namibian economy has seen subdued growth and a sizeable number of job losses on the back of the Covid-19 pandemic.

The statistics were released by the Namibia Statistics Agency (NSA) recently.

UPWARD: Statistician-General Alex Shimuafeni. Photo: File

The expansion of economic activities in the third quarter of 2021 was observed in almost all sectors of the economy. Double-digit growth rates were registered in mining and quarrying (41.9%), and hotels and restaurants (19.5%).

Other sectors that also showed strong growth during the period under review were health (7.3%); agriculture and forestry (5.9%); transport and storage (5.6%); and real estate and professional services (4.2%).

However, decreased economic activities were observed in the secondary and some tertiary industries. The construction sector recorded the deepest contraction, of 43.7%, followed by the financial services sector declining by 10.9 %. The manufacturing sector declined by 2.6 %, and wholesale and retail trade registered a contraction of 0.7%.

Shimuafeni stated that investment stood at N$6.0 billion in the quarter under review, down from N$7.7 billion in the corresponding quarter of 2020.

In real terms, investment declined by 43.3 % in the third quarter of 2021.

For the quarter under review, exports of goods and services stood at N$13.4 billion while imports of goods and services stood at N$21.5 billion, resulting in a trade deficit of N$8.1 billion.

In real terms, exports of goods and services increased by 3.4 % while imports of goods and services increased by 6.1 %.

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