Namibia GDP Growth Remains Robust in Q2

The economy of Namibia rose by 3.5% year-on-year in Q2 2024, following a downwardly revised 4.3% growth in the previous three-month period.

The country has maintained positive growth rates since Q2 2021.

The financial services sector was the largest contributor to GDP growth, adding 2.0 percentage points with an impressive 30% increase.

Within the sector, the insurance subsector saw robust growth of 45.7% due to a surge in gross premiums, while the banking subsector posted an 11.2% rise.

It was followed by wholesale and retail trade, which grew by 5.2%, and the health sector, up 9.6%.

In contrast, the mining and quarrying sector contracted by 6.6%, as lower production of diamonds (-11.8%) and uranium (-16.6%) more than offset a 9.4% climb in metal ores, including copper, gold and lead.

Also, the agriculture and forestry sector shrank by 4.9%, with the crop farming subsector falling by 11% due to insufficient rainfall.