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%). GDP Annual Growth Rate in Namibia averaged 4.12 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.
GDP Annual Growth Rate in Namibia is expected to be 0.40 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 1.40 in 12 months time. In the long-term, the Namibia GDP Annual Growth Rate is projected to trend around 2.30 percent in 2020, according to our econometric models.