WINDHOEK – Namibia’s economy contracted by 2.7 percent in the first quarter of 2017 compared to a 4.1 percent growth recorded in the corresponding quarter last year, the Namibia Statistics Agency has said.
In Gross Domestic Product estimates for the first quarter of 2017, the NSA attributed the inadequate performance to the construction, manufacturing, wholesale and retail trade, and hotels and restaurants sectors that contracted by 44.9 percent, 10.7 percent, 7.4 percent and 9.3 percent respectively in real value added.
Slower growths were observed in sectors such as financial intermediation, transport and communications and fishing sectors that registered 0.1 percent, 0.7 percent and 4.6 percent in real value added, respectively.
Financial intermediation, public administration and defence and health sectors all recorded slower growths in real value added of 0.1 percent, 0.7 percent and 7.1 percent in the first quarter of 2017 compared to strong growths of 3.6 percent, 8.2 percent and 12.5 percent of the corresponding quarter of 2016, respectively, the NSA said.
In contrast to the slow growth, sectors such as agriculture, mining and quarrying recorded double digit growth of 10.5 percent and 16.8 percent compared to the contractions recorded in the corresponding period.
In addition, the water and electricity sector also posted strong growths of 6.1 percent compared a marginal growth of 0.3 percent in real value added registered in the same quarter of 2016.
NSA statistician-general and CEO Alex Shimuafeni emphasized the importance of accurate and timely delivery of data from stakeholders in private and public sectors to the agency.