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). GDP Annual Growth Rate in Namibia averaged 4.14 percent from 1990 until 2018, 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.
GDP Annual Growth Rate in Namibia is expected to be 0.20 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 0.80 in 12 months time. In the long-term, the Namibia GDP Annual Growth Rate is projected to trend around 2.60 percent in 2020, according to our econometric models.