The Namibian gross domestic product shrank at a record 11.1% year-on-year in the Q2 of 2020, after an upwardly revised 1.8% decline in the prior period, hit by the Covid-19 pandemic. The last severe contraction of 6.1% was recorded in the Q1 of 2009, amid the global financial crisis. The majority of the economic activities posted declines, in particular hotels & restaurants (-64.2% vs -15.7% in Q1); manufacturing (-30.8% vs -8.5%); transport & storage (-30.4% vs -8.1%); administrative & support services (-29.2% vs -2.9%) and wholesale & retail trade (-22.5% vs -1%). Also, output continued to shrink in mining (-2.6% vs -3.3%), on lower production of uranium due to the lockdown imposed in April. In contrast, strong growth was recorded in agriculture (47.2% vs -15%), due to a bumper harvest in the cereal production amid favourable rainfalls; and information & communication (11% vs 6.2%), as Covid-19 restrictions prompted a rise in remote work and online learning. source: Central Bureau of Statistics, Namibia
GDP Annual Growth Rate in Namibia averaged 3.54 percent from 1990 until 2020, reaching an all time high of 21 percent in the third quarter of 2004 and a record low of -11.10 percent in the second 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 2020.
GDP Annual Growth Rate in Namibia is expected to be -8.00 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 2.00 in 12 months time. In the long-term, the Namibia GDP Annual Growth Rate is projected to trend around 2.10 percent in 2021 and 2.40 percent in 2022, according to our econometric models.