Namibia’s Economy Expected to Grow by 3.4%

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Namibia’s domestic growth is projected to improve in 2022 and to continue in 2023. This is supported by better growth prospects for the mining industry and most of the tertiary industries, the country’s central bank said in an economic outlook.

the Bank of Namibia (BoN) has said in a statement that Namibia’s economic growth rate is estimated at 0.9 percent for 2021 and is expected to improve to 3.4 percent in 2022 and to 3.7 percent in 2023.

The BoN said that the 2021 growth estimate was revised down from 1.5 percent published in the December 2021 Economic Outlook update, largely reflecting lower performance for sectors like non-metallic minerals products, construction, wholesale and retail trade, and financial services.

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According to the BoN, the projected improvement in 2022 and 2023 will be supported by the mining industry and most of the industries in the tertiary sector.

Meanwhile, the central bank said risks to domestic growth remain dominated by the impact of the COVID-19 pandemic, and also include swings in rainfall patterns as well as high prices for energy products, and supply disruptions around the world.

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