Namibia’s economy expanded to N$245.1 billion in 2024 from N$228.9 billion in 2023, marking a growth of N$16.2 billion. The Namibia Statistics Agency reported a 3.7% increase in real value added, though this was lower than 2023’s 4.4% growth. The primary industries saw a contraction of 1.8%, primarily due to declines in agriculture, forestry, and fishing.
Namibia’s economy has demonstrated significant growth, expanding to N$245.1 billion in 2024 from N$228.9 billion in the previous year. This increase of N$16.2 billion illustrates a consistent growth pattern reported by the Namibia Statistics Agency (NSA). According to the NSA, the domestic economy has maintained a growth trajectory since 2021, reflecting a real value added increase of 3.7% in 2024, albeit lower than the 4.4% growth observed in 2023.
The deceleration in economic performance during 2024 is chiefly attributed to a decline in the growth rate of primary industries, which faced a contraction of 1.8%, contrasting sharply with the remarkable growth of 10% recorded in 2023. A significant contributor to this downturn was the agriculture, forestry, and fishing sector, which experienced a reduction of 2.7%. This decline was influenced by a decrease in crop farming yields and a reduction in the production of preserved and prepared fish.
In summary, Namibia’s economy grew to N$245.1 billion in 2024, marking a continued growth trajectory since 2021. However, the growth rate experienced a decline attributed primarily to the stagnation within primary industries, particularly impacting the agricultural sector. These factors collectively shaped the economic landscape for the year.
Original Source: www.namibian.com.na
