The Namibian economy contracted 0.2 percent year-on-year in the second quarter of 2018, the same as in the previous period. Output shrank for manufacturing (-12.5 percent from 2.1 percent in Q1) and agriculture (-1.1 percent from 1.4 percent) and dropped further for wholesale and retail trade (-5.8 percent from -1.6 percent) and education (-6.2 percent from -4.0 percent). Additionally, growth slowed for real estate (0.2 percent from 0.5 percent) and financial services (0.5 percent from 1.4 percent). Meanwhile, output dropped less for fisheries (-8.0 percent from -13.6 percent); health (-4.9 percent from -6.4 percent) and hotels and restaurants (-2.6 percent from -4.8 percent). Also, growth accelerated for mining and quarrying (22.4 percent from 4.7 percent) and utilities (16.7 percent from 1.9 percent). GDP Annual Growth Rate in Namibia averaged 4.29 percent from 1990 until 2018, reaching an all time high of 21 percent in the third quarter of 2004 and a record low of -6.10 percent in the first quarter of 2009.
GDP Annual Growth Rate in Namibia is expected to be 0.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Namibia to stand at 1.50 in 12 months time. In the long-term, the Namibia GDP Annual Growth Rate is projected to trend around 3.30 percent in 2020, according to our econometric models.