"The construction industry has been suffering huge losses already over the last four years. Since 2015 the average annual contraction of the construction sector was 12%, with a massive 34.4% contraction in 2016. This had led to extensive business closures in the industry. Four years ago the industry contributed 7.2% to Namibia's GDP. This has dropped to 2.7% in 2019."
Highlighting the concerns of an industry that is still firmly in the grip of the very prolonged recession, the consulting General Manager of the Construction Industries Federation of Namibia (CIF), Bärbel Kirchner said "since 2016 the construction sector has made huge losses, which has left all the companies in the sector extremely vulnerable, many of which are at the brink of collapse. During the last four years many businesses have closed as a result of reduced spending by government as well as the lack of domestic investment by the private sector and [lack of] foreign investment."
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