Namibia’s Economy Grows to N$245 Billion in 2024, Despite Industry Contractions
Namibia’s economy expanded to N$245.1 billion in 2024, reflecting a growth of N$16.2 billion from 2023. The growth rate declined to 3.7%, influenced by a 1.8% contraction in primary industries, particularly in agriculture. The decline was primarily due to weaker crop outputs and reduced production in the fishing sector.
In 2024, Namibia’s economy grew to N$245.1 billion, an increase from N$228.9 billion in 2023, indicating a growth of N$16.2 billion, as reported by the Namibia Statistics Agency (NSA). This continued growth trend, established since 2021, reflects a 3.7% rise in real value added in 2024, though it is a decrease compared to the 4.4% growth observed in 2023.
The slowdown in economic performance for 2024 is chiefly due to a reduction in the growth rate of primary industries, which experienced a contraction of 1.8%, significantly lower than the 10% growth seen in the preceding year. The agriculture, forestry, and fishing sector was the primary contributor to this decline, encountering a reduction of 2.7%.
This contraction can be traced back to diminished output in crop farming and a decrease in the production of preserved and prepared fish. These factors have substantially influenced the overall economic environment in Namibia, revealing challenges within the primary industries.
In summary, Namibia’s economy witnessed growth in 2024, reaching N$245.1 billion. However, this growth is tempered by a contraction in the primary industries, particularly in agriculture, which experienced significant declines. Continued monitoring of these trends is vital for addressing the underlying challenges facing the economy.
Original Source: www.namibian.com.na
