16 December 2013

Namibia: Nam Records Strong Economic Growth

THE Namibian economy has registered a strong growth of 5,3% during the third quarter of the year, despite some sectors performing poorly.

The economy grew by 3,6% over the same period last year.

The Namibian Statistics Agency (NSA) made the announcement when it released the Third Quarter Gross Domestic Product (GDP) statistics, as well as the November Namibia Consumer Price Index (NCPI), and October Trade Statistics on Friday.

"This positive growth is attributed to the good performance of the agriculture, manufacturing and wholesale and trade sectors," said the NSA.

It indicated that the annual inflation rate for the month of November 2013 stood at 4,4%, compared to 7,4% recorded in November 2012.

The monthly inflation for November 2013 was estimated at 0,2%, while the corresponding rate recorded during the same period last year was 0,7%.

Namibia's key export markets during the period under the review were Botswana, South Africa, Angola, Canada and China.

The key export commodities comprised of diamonds, ores, fish, vehicles and boilers.

The majority of Namibia's imports were sourced from South Africa, China, Germany and the United Kingdom.

Commodities imported were vehicles, mineral fuels and oils, boilers, electrical machinery and articles of iron and steel.

Agriculture grew by 31%, and this is attributed to the sub-sector of livestock farming which recorded 54,3% increase in real value added.

Diamond processes recorded a significant increase of 116,5%, while food products registered a 55,8% growth in real value added.

The NSA indicated that the positive growth in the wholesale and retail sector is attributed to the increase of sales in clothing, vehicles and supermarkets sub-sector.

Clothing increased by 29,5%, vehicles by 29,2% and supermarkets by 14,7%. Other sectors which performed relatively well are financial intermediation and mining, which recorded growth rates of 4,6% and 9,1%, respectively.

Sectors which did not perform well during this third quarter, compared to the same period last year, include fishing, hotels and restaurants, and electricity and water. These sectors registered real value declines of 9,1%, 8,3% and 4,9%, respectively.

Meanwhile, trade statistics showed that in October 2013, Namibia's trade balance recorded a deficit of N$678 million. September showed a surplus of N$331 million, compared to a surplus of N$588 million in September 2012.

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