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.