Business Reporter
THE domestic economy performance continues an upward trend, recording a growth of 5.3% in the first quarter of 2022 when compared to a decline of 4.9% registered in the corresponding quarter of 2021.
The last time the economy recorded positive economic growth for four consecutive quarters was between Q4 of 2017 to Q3 of 2018.
This is according to the 1st quarter GDP Statistics released by the Namibia Statistics Agency (NSA).
Alex Shimuafeni, head statistician at the NSA, stated that in nominal terms, GDP stood at N$46 billion in the quarter under review relative to N$43 billion posted in the same quarter of 2021 decoding into an increase of N$3.0 billion, year on year.
Shimuafeni explained that economic activities are largely driven by the resurgent mining and quarrying sector which registered a robust growth of 23.5 %. Similar observations are noticeable in manufacturing (7.5%), transport and storage (6.3%) and financial services (5.1%).
Sectors such as health, agriculture and forestry, information and communication, and hotels and restaurants posted growths of 8.9%, 5.9%, 4.8%, and 4.4%, accordingly.
On the other hand, the construction activities are still subdued, posting a decline of 7.5% in real value added while the fishing sector registered a modest decline of 2.0% in real value added during the period under review.
Shimuafeni further said that consumer confidence and appetite for final consumption are clear in the improved private final consumption expenditure which posted a growth of 12.2% during the period under review relative to the contraction of 4.9% in Q1 of 2021. The improved appetite is further reflected in household spending on imported final goods which posted a rapid growth of 10.6% in real terms compared to modest growth of 2.4% in the parallel quarter of 2021.
Exports of goods and services jumped by 31.5% in real terms compared to a contraction of 23.7% in the corresponding period of 2021, an indication of improved domestic production.
The head statistician however noted the country continues to experience a deteriorating trade balance, which is largely driven by the increase in imports.
