The gross domestic product of Namibia rose by 3.3% year-on-year in the fourth quarter of 2021, following an upwardly revised 6.3% growth in the previous period. It was the third consecutive quarter of expansion after a pandemic-induced recession, although at a slower pace. Growth slowed primarily in mining & quarrying (31.4% vs 52.4% in Q3); hotels & restaurants (6.1% vs 20.1%); transport & storage (3.9% vs 9.5%) and agriculture & forestry (5.3% vs 8.6%). The Namibian economy rebounded to positive growth for the first time in two years, growing by 2.4% in 2021 compared to a contraction of 7.9% recorded in 2020 during the height of COVID-19 pandemic. The improved performance was mainly driven by the primary and tertiary industries that recorded growth rates of 8% and 1.9%, respectively. The secondary industries performance remained weak albeit showing signs of improvement, with a 6.6% slump smaller than a double-digit contraction of 12.1% in 2020. source: Central Bureau of Statistics, Namibia

GDP Annual Growth Rate in Namibia averaged 3.11 percent from 1990 until 2021, reaching an all time high of 21 percent in the third quarter of 2004 and a record low of -12.40 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 June of 2022.

GDP Annual Growth Rate in Namibia is expected to be 2.50 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 2.30 percent in 2023 and 2.10 percent in 2024, according to our econometric models.

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Namibia GDP Annual Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2021-12-16 10:30 AM Q3 2.4% 3% 2%
2022-04-13 09:00 AM Q4 3.3% 6.3% 2.7%
2022-06-30 09:30 AM Q1 3.3% 2.8%


Related Last Previous Unit Reference
GDP Growth Rate 2.64 -1.39 percent Dec 2021
GDP Annual Growth Rate 3.30 6.30 percent Dec 2021
GDP Constant Prices 36372.00 33996.00 NAD Million Dec 2021
Gross National Product 177995.29 173343.23 NAD Million Dec 2021
Gross Fixed Capital Formation 20227.00 19366.00 NAD Million Dec 2021
GDP From Utilities 795.00 763.00 USD Million Dec 2021
GDP From Transport 844.00 861.00 USD Million Dec 2021
GDP From Services 3397.00 2737.00 USD Million Dec 2021
GDP From Public Administration 4321.00 5053.00 USD Million Dec 2021
GDP From Mining 3867.00 3573.00 USD Million Dec 2021
GDP From Manufacturing 3995.00 3687.00 USD Million Dec 2021
GDP From Construction 654.00 537.00 USD Million Dec 2021
GDP From Agriculture 1918.00 1134.00 USD Million Dec 2021

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.
Actual Previous Highest Lowest Dates Unit Frequency
3.30 6.30 21.00 -11.50 1990 - 2021 percent Quarterly
2015=100

News Stream
Namibia's Economy Loses Steam in Q4
The gross domestic product of Namibia rose by 3.3% year-on-year in the fourth quarter of 2021, following an upwardly revised 6.3% growth in the previous period. It was the third consecutive quarter of expansion after a pandemic-induced recession, although at a slower pace. Growth slowed primarily in mining & quarrying (31.4% vs 52.4% in Q3); hotels & restaurants (6.1% vs 20.1%); transport & storage (3.9% vs 9.5%) and agriculture & forestry (5.3% vs 8.6%). The Namibian economy rebounded to positive growth for the first time in two years, growing by 2.4% in 2021 compared to a contraction of 7.9% recorded in 2020 during the height of COVID-19 pandemic. The improved performance was mainly driven by the primary and tertiary industries that recorded growth rates of 8% and 1.9%, respectively. The secondary industries performance remained weak albeit showing signs of improvement, with a 6.6% slump smaller than a double-digit contraction of 12.1% in 2020.
2022-04-13
Namibia GDP Expands for 2nd Quarter
The economy of Namibia rose by 2.4 percent year-on-year in the third quarter of 2021, following an upwardly revised 3 percent growth in the previous period. It was the second consecutive expansion since a contraction was recorded in the first quarter of 2020. The main contributors to the growth were mining and quarrying (41.9 percent vs -1.5 percent in Q2) and hotels and restaurants (19.5 percent vs 34.3 percent), followed by agriculture & forestry (5.9 percent vs -6.3 percent); transport & storage (5.6 percent vs 1.2 percent); real estate & professional services activities (4.2 percent vs 6 percent) and health (7.3 percent vs 7.4 percent). Meanwhile, declines were seen in manufacturing (-2.6 percent vs 0.1 percent); construction (-43.7 percent vs -14.8 percent); financial service activities (-10.9 percent vs -12.2 percent); and wholesale & retail trade (-0.7 percent vs 19.7 percent).
2021-12-16
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