Namibia GDP Annual Growth Rate1990-2021 Data | 2022-2023 Forecast | Calendar

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).

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).

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.

The Namibian gross domestic product shrank at a record 10.5% year-on-year in the third quarter of 2020, after a downwardly revised 10.1% plunge in the previous period, due to the COVID-19 crisis. The last severe contraction of 6.1% was recorded in the Q1 of 2009, amid the global financial crisis. The main negative contribution came from hotels & restaurants (-54.9% vs -64.2% in Q2), on reduced demand for leisure and conferencing activities due to the lockdown imposed across the country. Output also fell sharply in mining & quarrying (-30.7% vs -2%), mainly attributed to lower production of diamonds due to the closure of one diamond mine. Activity also declined considerably in administrative and support services (-27.7% vs -29.2%), manufacturing (-24.6% vs -28%), transport and storage (-23.6% vs -30.4%) and fishing (-15.6% vs -11.7%). At the same time, agriculture & forestry contracted (-2.5% vs 57.9%), on reduced harvesting of timber due to restrictive measures.