Namibia’s economy grew to N$245.1 billion in 2024, up N$16.2 billion from 2023. The growth rate fell to 3.7% due to a decline in primary industries, particularly agriculture, which saw a 2.7% contraction.
In 2024, Namibia’s economy witnessed growth, reaching N$245.1 billion, marking an increase from N$228.9 billion in 2023. This yield reflects a notable expansion of N$16.2 billion, as reported by the Namibia Statistics Agency (NSA).
The NSA indicated that the domestic economy has sustained a positive growth trajectory since 2021, with a recorded increase of 3.7% in real value added for 2024. This figure, however, is a decrease from the 4.4% growth experienced in 2023.
The slowed economic performance in 2024 is largely due to a decline in the growth rate of primary industries, which contracted by 1.8%. This marks a significant difference compared to the substantial 10% growth experienced in 2023.
A major factor contributing to this decline was the agriculture, forestry, and fishing sector, which experienced a contraction of 2.7%. This downturn was primarily attributed to weakened crop farming outputs and a decline in the production of preserved and prepared fish.
In summary, Namibia’s economy expanded to N$245.1 billion in 2024, reflecting a growth of N$16.2 billion. Despite this overall growth, the economy faced challenges, including a contraction in primary industries led by declines in the agriculture and fishing sectors. The observed growth rate of 3.7% further indicates a shift from earlier strong performances, pointing to underlying sectoral difficulties.
Original Source: www.namibian.com.na
