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GDP sheds N$380m in Q1 of 2020

Namibia Statistics Agency announced that the Gross Domestic Product has shrunk by N$380 million for the first quarter of 2020 compared to the same quarter in 2019. 

The GDP shrunk from N$44.1 billion in the first quarter of 2019 to N$43.7 billion in the first quarter of 2020. 

NSA Statistician-General Alex Shimuafeni said the domestic economy contracted by 0.8 per cent compared to the decline of 3.3% recorded in the same period last year.

Shimuafeni said the domestic economy remained suppressed in the first quarter of 2020. 

Gross domestic product (GDP) is the standard measure of the value-added created through the production of goods and services in a country during a certain period.

On the annual inflation rate, the Statistician-General said the annual inflation rate for April 2020 stood at 1.6%.

During May 2020, the annual inflation slowed to 2.1% when compared to 4.1% in May 2019, registering a decline of 2.0 percentage points.

The calculation of inflation is based on a basket of goods and services, which contains a representative sample of the goods and services commonly consumed in a country. 

These are weighted in accordance with the relative percentage of expenditure selected for each of the said goods at the household level. 

The price of these goods and services are then tracked over time to illustrate the change in the cost of living over time.

NSA Statistician-General made the announcement during a media conference Thursday morning.


Wonder Guchu

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