The Namibian gross domestic product shrank 0.8% year-on-year in the third quarter of 2019, following an upwardly revised 2.9% decline in the prior period. This was the fourth straight quarter of economic downturn, mainly attributable to mining (-8.2% vs -24.5 % in Q2), due to lower production of diamonds; electricity & water (-18.9% vs 3.8 %), amid the lingering effects of power shortages in South Africa from which the country imports electricity; transport & storage (-3.3% vs -1.6%) and administrative & support services (-11.8% vs 8.8%). In addition, growth slowed markedly in manufacturing (0.3% vs 5.6%); information & communication (5.2% vs 14.4%) and fishing (1.4% vs 2.9%). Conversely, activity expanded faster in real estate activities (7.5% vs 7%); restaurants & hotels (2.9% vs 0.2%) and financial services (1.5% vs 0.8%). Also, output rebounded in construction (20% vs -0.3%), boosted by roads projects; agriculture (1.5% vs -29.3%) and public administration (0.8% vs -1.3%). GDP Annual Growth Rate in Namibia averaged 3.83 percent from 1990 until 2019, reaching an all time high of 21 percent in the third quarter of 2004 and a record low of -6.10 percent in the first quarter of 2009. source: Central Bureau of Statistics, Namibia

GDP Annual Growth Rate in Namibia is expected to be -1.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Namibia to stand at 0.60 in 12 months time. In the long-term, the Namibia GDP Annual Growth Rate is projected to trend around 1.30 percent in 2020, according to our econometric models.

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Namibia GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-0.80 -2.90 21.00 -6.10 1990 - 2019 percent Quarterly
2015=100


Calendar GMT Actual Previous Consensus TEForecast
2019-03-29 11:50 AM Q4 -1.7% -0.1% -0.2%
2019-06-20 02:55 PM Q1 -2.0% -1.9% -0.6%
2019-09-19 09:30 AM Q2 -2.6% -2.9% -1.5%
2019-12-13 01:40 PM Q3 -0.8% -2.9% -2.3%
2020-03-30 11:50 AM Q4 -0.8% -1.7%


News Stream
2019-09-19
Namibia GDP Shrinks for Fourth Straight Quarter
The Namibian economy contracted 2.6 percent year-on-year in the second quarter of 2019, following an upwardly revised 2.9 percent decline in the prior period. Main negative contributions came from mining & quarrying (-20.2% vs -1.0% in Q1) namely diamonds (-34.3%), uranium (-6.4%) and other mining (-5.3%); and agriculture (-28.1% vs -31.4%) as the severe drought which affected crops and livestock production. Output also fell in construction (-5.5% vs -27.8%); wholesale & retail trade (-2.0% vs -7.0%), hotels & restaurants (-2.8% vs -8.7%), transport & communication (-0.9% vs -0.5%); public administration (-2.7% vs -1.2%); education (-0.9% vs 1.3%); health (-2.6% vs 2.4%) and other private services (-0.6% vs -1.1%). In contrast, growth was recorded in manufacturing (18.8% vs 3.6%), boosted by beverages (20.1%), basic metals (54.1%), and diamond processing (22.4%); financial services (1.9% vs 1.4%); utilities (2.7%, the same as in Q1) and fishing (0.7% vs 3.3%).

2019-06-20
Namibia GDP Shrinks 2% YoY in Q1
The Namibian economy contracted 2.0 percent year-on-year in the first quarter of 2019, the most since Q4 2017, after an upwardly revised 1.9 percent decline in the previous period. Main negative contributions came from construction (-27.8% vs -30.6% in Q4); hotels & restaurants (-8.7% vs -4.2%); wholesale & retail trade (-6.7% vs -9.7%); agriculture (-6.7% vs -5.5%); public administration (-1.2% vs -0.4%); transport & communication (-0.5% vs 5.1%) and mining & quarrying (-1.1% vs 5.7%). In addition, output slowed markedly in fishing (1.1% vs 10.8%); electricity & water (2.7% vs 9.6%) and financial intermediation (1.4% vs 2.5%). In contrast, growth accelerated in manufacturing (3.6% vs 3.5%) and education rebounded (1.3% vs -3.2%).

2019-03-29
Namibia Q4 GDP Contracts the Most in a Year
The Namibian economy shrank 1.7 percent in the last quarter of 2018, following a downwardly revised 0.1 percent contraction in the previous period. It was the largest contraction in a year, as output fell in fisheries (-2.6 percent vs 0.7 percent in Q3); and public administration (-0.4 percent vs 1.4 percent). Additionally, output dropped further in wholesale and retail trade (-9.6 percent vs -7.3 percent) and education (-3.9 percent vs -1.3 percent). Also, growth slowed in mining and quarrying (11.1 percent vs 24.8 percent); utilities (7.4 percent vs 11.6 percent) and real estate (0.6 percent vs 1.0 percent). Meanwhile, output contracted less in construction (-31.7 percent vs -32.2 percent); agriculture (-2.1 percent vs -7.6 percent); hotels and restaurants (-5.3 percent vs -10.3 percent) and health (-0.9 percent from -2.8 percent). In addition, output accelerated in financial services (2.5 percent vs 0.7 percent) and rose at the same pace in manufacturing (3.5 percent).


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.

Namibia GDP Last Previous Highest Lowest Unit
GDP Growth Rate -0.86 1.84 29.90 -8.80 percent [+]
GDP Annual Growth Rate -0.80 -2.90 21.00 -6.10 percent [+]
GDP 14.52 13.57 14.52 1.61 USD Billion [+]
GDP Constant Prices 35986.00 35736.00 37222.60 10269.00 NAD Million [+]
Gross National Product 180548.92 173754.81 180548.92 1417.00 NAD Million [+]
Gross Fixed Capital Formation 19971.00 23147.00 42913.00 2916.00 NAD Million [+]
GDP per capita 6073.20 6193.20 6412.10 3505.60 USD [+]
GDP per capita PPP 9897.63 10093.23 10449.95 5713.20 USD [+]
GDP From Agriculture 909.40 1348.60 2721.90 643.00 USD Million [+]
GDP From Construction 914.10 771.80 2065.50 167.00 USD Million [+]
GDP From Manufacturing 4541.60 4721.10 4740.90 1292.00 USD Million [+]
GDP From Mining 3419.42 3032.93 4014.94 1075.00 USD Million [+]
GDP From Public Administration 5226.40 4087.90 5226.40 839.00 USD Million [+]
GDP From Services 3174.70 3794.00 4400.40 1849.00 USD Million [+]
GDP From Transport 1103.86 1003.35 1335.62 323.00 USD Million [+]
GDP From Utilities 516.10 743.70 834.50 158.60 USD Million [+]