The Namibian economy contracted 0.8% year-on-year in the Q1 of 2020, after an upwardly revised 2.3% growth in the previous period. The main negative contribution came from agriculture (-13% vs 8.8% in Q4), due to poor performance of the livestock farming subsector, namely a decline in both cattle and small stock marketing. Also, output fell in manufacturing (-8.3% vs -4.9%), especially non-metallic mineral products (-20.6%) and meat processing (-53.5%); mining & quarrying (-3.3%, the same pace as in Q4), namely uranium (-31.8%); transport & storage (-7% vs -26.3%); hotels & restaurants (-4.1% vs 6.3%); administrative & support services (-5% vs -9%); wholesale & retail trade (-0.5% vs -1.9%) and public administration (-2.5% vs 32.1%). In contrast, notable growth was recorded in construction (19.8% vs 13.5%), amid the continued rise in government construction works. The government expects the GDP to shrink by 6.6% in 2020 and by 1.1% next year, hit by the coronavirus pandemic.
GDP Annual Growth Rate in Namibia averaged 3.78 percent from 1990 until 2020, 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. This page provides the latest reported value for - Namibia GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Namibia GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020. source: Central Bureau of Statistics, Namibia
GDP Annual Growth Rate in Namibia is expected to be -5.30 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 -2.00 percent in 2021 and 4.00 percent in 2022, according to our econometric models.