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Gross Domestic Product reaches 8%

Mon, 20 April 2015 03:16
by Villager Reporter
Business





In the fourth quarter of 2014, the Gross Domestic Product (GDP) recorded a robust growth of 8.9% in comparison to the 5.6% growth registered in 2013.
This robust growth is attributed to the agricultural, utilities and manufacturing sectors saw huge increases of 22.3%, 29.4% and 13.8%, respectively.
According to the preliminary national accounts report, other sectors such as construction, public administration and health recorded double-digit growth of 19.05, 14.7% and 26.4%, respectively.
Real value added for the agriculture sector is estimated to have recorded a sturdy growth of 6.5% in 2014 compared to a decline of 26.7% recorded in 2013.
The agricultural subsectors which are livestock and crop farming recorded growths of 8.0% and 4.8%, respectively compared to declines of 37.6% and 9.6% experienced in the preceding year.
“The positive performance in the livestock farming subsector is as a result of restocking after one of the worst drought in Namibia and

the strict requirements on livestock imports imposed by South Africa veterinary services during 2014. The improved performance of the crop farming subsector resulted from good rain received during 2014, which culminated in bumper harvest for major crops,” noted the report in part.
However, the report noted that the fishing sector recorded a decline of 26%; the estimated was 4.4% in 2014 compared to an increase of 2.5% in real value added registered in 2013.
“The poor performance of this sector can be attributed to demersal fisheries processed on board that recorded a decline of 21.9 per cent in 2014 compared to a growth of 7.7 per cent in output of the previous year. Mid-water fisheries processed on board also registered a decline of 1.7 per cent in 2014 compared to positive growth of 1.3 per cent registered in 2013,” said the report in part.
Meanwhile, the mining and quarrying sector is estimated to have registered a decline of 4.6% in 2014 compared to an increase of 1.1% recorded in the preceding year.
“This decline can be attributed to poor performance of uranium, metal ores and other mining and quarrying that all contracted during the year under review,” said the report in part.
Diamond mining registered a growth of 11.1% compared to 7.3% recorded in 2013.
The manufacturing sector is estimated to have recorded a slow growth of 0.5% during 2014 compared to growth of 2.9% recorded in 2013.
The utility sector (electricity and water) is estimated to have recorded a strong growth of 6.0% in 2014 compared to 0.3% recorded in 2013.
In the construction sector the growth was estimated to have recorded an increase of 14.6% in 2014 as compared to a massive growth of 30.2% recorded in 2013.
The wholesale and retail trade sector is estimated to have registered a growth of 8.6% in 2014 compared to 14.5% in 2013.
The hotels and restaurants sector in 2014 was estimated to have recorded a growth of 9.3% compared to 8.0% registered in 2013.
“The performance in the sector is attributed to the subsector restaurants that registered a growth of 17.8% in 2014,” noted the report in part.
According to the report, the transport and communication sector estimated a slower growth of 5.6 per cent in real value added in 2014 compared to 6.4% recorded in 2013.
“The slow growth is attributed to poor performance of railway transport subsector that declined by 28.8 per cent in 2014,” added the report in part.
The Financial intermediation is estimated to have recorded a slow growth of 7.7% in real value added in 2014 compared to 16% recorded in 2013.
“The weaker performance of this was mainly attributed to the banking subsector that posted a weak growth of 9.8% compared to a growth of 20.9% in 2013,” noted the report in part.
Meanwhile, the education sector is estimated to have registered a positive growth in real value added of 5.9% in 2014 compared to 3.3% registered in 2013.
“This positive growth is attributed to the sub sector of primary and secondary education that registered a strong growth of 7.3% in 2014 compared to 2.8% registered in 2013. Tertiary and other education is estimated to have registered a decline of 3.4% in 2014 compared to an increase of 6.6% registered in 2013,” noted the report in part.
According to the report, the health sector is estimated to have recorded a strong growth of 7.6% in real value added for the year 2014 in comparison to 6.7% registered in 2013.
“The growth in 2014 was supported by a huge increase of 30.8% of government expenditure on health compared to 21.1% in 2013. Private hospitals also performed slightly well in 2014 with an increase of 8.4% from 8.0% in 2013,” said report in part.