Namibia’s economy grew to N$245.1 billion in 2024, showing an increase from N$228.9 billion in 2023. However, the growth rate declined to 3.7%, largely due to a 1.8% contraction in primary industries, particularly in agriculture, forestry, and fishing.
In 2024, Namibia’s economy experienced growth, reaching N$245.1 billion, a rise from N$228.9 billion in 2023. This represents an increase of N$16.2 billion, as reported by the Namibia Statistics Agency (NSA). The economy has been on a growth trajectory since 2021, but the growth rate in real value added slowed to 3.7% in 2024, compared to the previous year’s rate of 4.4%.
The moderated economic performance is mainly attributed to a decline in primary industries, which experienced a contraction of 1.8% in 2024, contrasting sharply with a growth rate of 10% noted in 2023. The agriculture, forestry, and fishing sectors were significant contributors to this downturn, shrinking by 2.7%. This decline was notably influenced by reduced crop farming output and decreased production of preserved and prepared fish products.
In summary, Namibia’s economy transitioned to N$245.1 billion in 2024, reflecting growth, albeit at a slower pace than in prior years. The contraction in primary industries, specifically within the agriculture sector, has impacted the overall economic performance. Continued monitoring and strategic interventions may be necessary to bolster growth in these vital sectors moving forward.
Original Source: www.namibian.com.na
