{"id":47843,"date":"2023-06-25T16:33:42","date_gmt":"2023-06-25T16:33:42","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/gdp-grows-by-5-0-during-the-first-quarter-of-2023"},"modified":"2023-06-25T17:02:46","modified_gmt":"2023-06-25T17:02:46","slug":"gdp-grows-by-5-0-during-the-first-quarter-of-2023","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/gdp-grows-by-5-0-during-the-first-quarter-of-2023","title":{"rendered":"GDP grows by 5.0% during the first quarter of 2023"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>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.<\/p>\n

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 \u2018Public administration and defence\u2019, which posted declines in real value added of 4.9%, 2.7%, and 1.5%, respectively. Meanwhile, the \u2018Agriculture and forestry\u2019 and Health sectors experienced slower growth rates of 3.6% and 2.6%, respectively.<\/p>\n

During the quarter under review, the following sectors showed improved performance: \u2018Mining and quarrying\u2019 (34.3%), \u2018Wholesale and retail trade\u2019 (5.7%), and \u2018Electricity and water\u2019 (16.8%), outperforming growth rates recorded in the first quarter of 2022.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

Source: Informant\u00e9<\/b><\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":84,"featured_media":47842,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-47843","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nGDP grows by 5.0% during the first quarter of 2023 - Namibia<\/title>\n<meta name=\"description\" content=\"THE domestic economy in real terms posted a growth of 5.0% during the first quarter of 2023, a slower growth when compar ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/gdp-grows-by-5-0-during-the-first-quarter-of-2023\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GDP grows by 5.0% during the first quarter of 2023\" \/>\n<meta property=\"og:description\" content=\"THE domestic economy in real terms posted a growth of 5.0% during the first quarter of 2023, a slower growth when compar ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/gdp-grows-by-5-0-during-the-first-quarter-of-2023\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-25T16:33:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-25T17:02:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/06\/sm_1687699940.588826.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/gdp-grows-by-5-0-during-the-first-quarter-of-2023#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/gdp-grows-by-5-0-during-the-first-quarter-of-2023\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"GDP grows by 5.0% during the first quarter of 2023\",\"datePublished\":\"2023-06-25T16:33:42+00:00\",\"dateModified\":\"2023-06-25T17:02:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/gdp-grows-by-5-0-during-the-first-quarter-of-2023\"},\"wordCount\":263,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/gdp-grows-by-5-0-during-the-first-quarter-of-2023#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/06\/sm_1687699940.588826.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/gdp-grows-by-5-0-during-the-first-quarter-of-2023#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/gdp-grows-by-5-0-during-the-first-quarter-of-2023\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/gdp-grows-by-5-0-during-the-first-quarter-of-2023\",\"name\":\"GDP grows by 5.0% during the first quarter of 2023 - 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