Africa-Press – Namibia. THE domestic economy in real terms posted a growth of 5.0% during the first quarter of 2023, a slower growth when compared to a growth of 7.3% posted in the corresponding quarter of 2022. The economy continued on a positive trajectory for the eighth consecutive quarter.
This is according to statistics shared by the Namibia Statistics Agency (NSA). Alex Shimuafeni, Statistician General at the NSA, explained that the slow performance registered in the first quarter of 2023 emanated from sectors such as Financial services, Manufacturing, and ‘Public administration and defence’, which posted declines in real value added of 4.9%, 2.7%, and 1.5%, respectively. Meanwhile, the ‘Agriculture and forestry’ and Health sectors experienced slower growth rates of 3.6% and 2.6%, respectively.
During the quarter under review, the following sectors showed improved performance: ‘Mining and quarrying’ (34.3%), ‘Wholesale and retail trade’ (5.7%), and ‘Electricity and water’ (16.8%), outperforming growth rates recorded in the first quarter of 2022.
Furthermore, the Transport and storage sector experienced a growth rate of 6.7% in real value added, while the Hotels and restaurants sector recorded an increase of 5.7% in real value added, surpassing the previous corresponding growth rates of 2.3% and 4.6%, respectively.
On the demand side, final consumption expenditure declined by 3.2% after reporting a 14.8% increase in the corresponding quarter of 2022. Government final consumption expenditure registered a marginal growth of 0.4%, compared to a 1.4% increase in the corresponding quarter of 2022.
However, Gross Fixed Capital Formation (investment expenditure) had a significant turnaround, growing by 18.3% after logging a contraction of 10.6% in the corresponding quarter of the previous year.
Source: Informanté
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