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.