The Namibian National Annual Accounts released Thursday has confirmed a 5% economic growth although there have been different forecasts by both the fiscal and monetary authorities recently.
The national accounts are a comprehensive set of annual national statistics released twice a year.
This year’s report released by the Namibian Statistics Agency (NSA) shows an increase in the agriculture and forestry sector as compared to last year.
Earlier this year, the fiscal policy anticipated a 4.8% growth with Bank of Namibia anticipating a 4.6% growth.
Statistician General Dr John Steytler said a recovery can be seen in the ratio of gross domestic product (GDP) savings in 2012 compared to 2010 when the savings ratio was lower than the investment rate.
"Economic growth was registered at 5% in 2012 as compared to 5.7% in 2011," said Steytler.
The biggest contributors to GDP in 2012 were agriculture and forestry, fishing and fish processing, mining and quarrying and the manufacturing sector.
In 2011, the agriculture and forestry industry contributed
N$4 312m to the total gross domestic product (GDP). This amount went up by N$1 121m in 2012 to N$5 433m amounting to 5, 1% of the total GDP of that year.
In 2005, agriculture and forestry contributed 6.1% which was its highest percentage contribution to the GDP.
The mining and quarrying industry contributed N$12 138m to the GDP in 2012, showing a significant improvement of about N$4 668m from the previous year and contributing 11.3% in real value added to the total GDP of 2012.
Other sectors which showed improvement in real value added are the mining sector especially diamonds which put in a total of N$8 970m (about 8, 4% contribution to the total GDP).
Electricity and water registered a growth of 5.8% in 2012 compared to 4.8% recorded in 2011.
This growth was mainly because of the water subsector that recorded an increase of 8.4% at the back of demand for water.
However, the hotel and restaurant sector which are tourism sub-sectors and considered as secondary industries had a 1, 2% decline in 2012 from 2.8% to 1.6% in 2011.
The decline can be attributed to real value added in the sub- sector which showed a decline of approximately 4.4% as compared to 0.1% in 2011.
The hotel sub-sector also has shown a decline of 0.1% as compared to a growth of 4.1% in 2011.
The tourism sector is a priority sector under the NDP4.
The manufacturing industry showed a slight decline of 0.1% contributing 11.3% to the GDP.
Amongst the manufactured products are beverages, copper, refined zinc, prepared and preserved fish and other food products all of which are exported.
The year under review shows that Namibia continues to be a net exporter of goods. The value of imports of goods stood at N$51 038m in 2012 compared to N$40 745m in 2011.
The main contributors to imports for 2012 were transport equipment, refined petroleum products, chemical products as well as rubber and plastic products.
Real estate renting and business services are estimated to have registered a growth of 6.4% in real value added during 2012 compared to 4.3% registered in 2011.
This growth can be attributed to increased activities in the real estate sub-sector that expanded by 6.8% during the year under review.
Trade deficits were recorded between 2002-2012 with the exception of 2005 and 2006 due to imports.
In 2005 and 2006 a trade surplus was recorded.