The Namibia Statistics Agency (NSA) released its 2023 Gross Domestic Product (GDP) and Economic Statistics report on Tuesday, revealing a steady but moderate growth trajectory for the country's economy.

According to the report, the economy expanded by 4.2% in 2023, compared to a growth rate of 5.3% in the previous year. Despite the slight decrease, the economy continued to show positive momentum.

The nominal size of the economy reached N$227.8 billion in 2023, marking an increase of N$22.3 billion from the previous year's figure of N$205.5 billion.

Key sectors driving this growth included mining and quarrying, manufacturing, and wholesale, with the mining and quarrying sector contributing the most to GDP at 14.4%. The primary and secondary industries also saw growth rates of 9.7% and 2.0% respectively, albeit lower than in the previous period.

However, the tertiary industries experienced an overall increase of 2.7%, with notable improvements in most sectors except for public administration and defense, which faced pressure due to government fiscal consolidation policies.

Private household consumption expenditure, representing 73.3% of GDP, grew by 4.7%, although this was slightly lower than the previous year's growth rate of 9.5%.

In contrast, gross fixed capital formation (investment) surged to 69.3% in 2023, primarily driven by increased expenditure in oil and gas exploration, compared to 10.0% in 2022, indicating a positive outlook for future economic development.