The economy of Namibia rebounded by 1.6 percent year-on-year in the second quarter of 2021, compared to an upwardly revised 6.7 percent contraction in the previous quarter. It was the first expansion since the last quarter of 2019, helped by the relaxation COVID-19 regulations coupled with the roll-out of COVID-19 vaccines. The main positive performances were observed in hotels & restaurants (34.3 percent vs -10.4 percent in Q1), wholesale and retail (17.3 percent vs -5.2 percent), transport & storage (1.1 percent vs -8.7 percent), administrative & support services (15.6 percent -10.6 percent). Meanwhile, declines were seen in manufacturing (-5 percent vs -20.1 percent), construction (-16.9 percent vs -22 percent), financial service activities (-17 percent vs -9.8 percent), mining (-1.5 percent vs -21.5 percent) and agriculture (-6.9 percent vs -4.4 percent). source: Central Bureau of Statistics, Namibia

GDP Annual Growth Rate in Namibia averaged 3.14 percent from 1990 until 2021, reaching an all time high of 21 percent in the third quarter of 2004 and a record low of -11.90 percent in the third quarter of 2020. This page provides the latest reported value for - Namibia GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Namibia GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2021.

GDP Annual Growth Rate in Namibia is expected to be 2.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Namibia GDP Annual Growth Rate is projected to trend around 2.20 percent in 2022 and 2.50 percent in 2023, according to our econometric models.

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Namibia GDP Annual Growth Rate


Calendar GMT Actual Previous Consensus TEForecast
2021-06-24 09:00 AM Q1 -6.5% -5.9% -3%
2021-09-24 09:30 AM Q2 1.6% -6.7% -4%
2021-12-14 12:30 PM Q3 1.6% 2%


News Stream
Namibia Economy Exits Recession
The economy of Namibia rebounded by 1.6 percent year-on-year in the second quarter of 2021, compared to an upwardly revised 6.7 percent contraction in the previous quarter. It was the first expansion since the last quarter of 2019, helped by the relaxation COVID-19 regulations coupled with the roll-out of COVID-19 vaccines. The main positive performances were observed in hotels & restaurants (34.3 percent vs -10.4 percent in Q1), wholesale and retail (17.3 percent vs -5.2 percent), transport & storage (1.1 percent vs -8.7 percent), administrative & support services (15.6 percent -10.6 percent). Meanwhile, declines were seen in manufacturing (-5 percent vs -20.1 percent), construction (-16.9 percent vs -22 percent), financial service activities (-17 percent vs -9.8 percent), mining (-1.5 percent vs -21.5 percent) and agriculture (-6.9 percent vs -4.4 percent).
2021-09-24
Namibia Recession Deepens in Q1
The economy of Namibia shrank 6.5 percent year-on-year in the first quarter of 2021, following a downwardly revised 5.9 percent decline in the previous three-month period. It was the fifth consecutive quarter of declines in the GDP amid the ongoing pandemic crisis. The poor performance was observed across the major sectors of the economy, namely construction (-23.9 percent), manufacturing (-22.3 percent), mining and quarrying (-19.0 percent), financial services activities (-13.8 percent), hotels and restaurants (-12.0 percent), transport & storage (-8.7 percent) and wholesale and retail (-8.2 percent).
2021-06-24
Namibia Economy Remains Stuck in Recession
The economy of Namibia shrank 6 percent year-on-year in the fourth quarter of 2020, following an upwardly revised 11.8 percent contraction in the previous three-month period. It was the fourth consecutive quarter of declines in the GDP amid the ongoing pandemic crisis. In 2020, the Namibian gross domestic product plunged at a record 8 percent, as the pandemic crisis hit key sectors such as tourism, transport, mining, agriculture, manufacturing, construction and wholesale and retail trade.
2021-04-14

Namibia Last Unit Reference Previous Highest Lowest
GDP Growth Rate 2.25 percent Jun/21 -4.74 29.90 -8.80
GDP Annual Growth Rate 1.60 percent Jun/21 -6.70 21.00 -12.40
GDP Constant Prices 32741.40 NAD Million Jun/21 31560.60 37405.30 10269.00
Gross National Product 173343.23 NAD Million Dec/20 173649.85 180548.92 1417.00
Gross Fixed Capital Formation 19654.00 NAD Million Dec/20 23377.00 47668.00 2916.00
GDP From Services 3178.30 USD Million Jun/21 3095.20 4428.70 1849.00
GDP From Public Administration 3955.70 USD Million Jun/21 3876.00 5094.00 839.00
GDP From Mining 2869.20 USD Million Jun/21 2885.90 4015.10 1075.00
GDP From Manufacturing 3548.00 USD Million Jun/21 3104.40 5172.00 1292.00
GDP From Construction 472.40 USD Million Jun/21 565.40 2065.90 167.00
GDP From Agriculture 2630.90 USD Million Jun/21 945.10 2887.40 643.00
GDP From Utilities 726.40 USD Million Jun/21 726.00 996.70 158.60
GDP From Transport 1005.00 USD Million Mar/21 807.00 1594.12 323.00


Namibia GDP Annual Growth Rate
Namibia is a small and relatively open economy that is rich in mineral resources. Services account for around 60 percent of GDP. Within services the most important are wholesale and retail trade (13 percent), public administration and defense (11 percent); education (9 percent) and real estate (8 percent). Mining and quarrying (mainly diamonds and uranium) account for 12.3 percent of the output, manufacturing for 12.3 percent and agriculture and fishing for 9 percent.