Namibia: Local Economy Slips Into Recession

The Namibia Statistics Agency's Statistician General, Alex Shimuafeni, said today that the real GDP for the third quarter of 2016 recorded a 1% shrinkage compared to 5% recorded in 2015.

Shimuafeni said that the poor performance is mainly attributed to diamond mining, construction and public administration and defence sectors registering a reduction in real value added. The decline is attributed to "tightening the belt" or "the austerity measures" on government expenditure.

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