First quarter GDP records slow growth

The latest economic update released by the Namibian Statistics Agency shows slow growth in the first quarter of 2015 at 3.1% in the compared to 5.6% registered in the corresponding quarter of 2014.

Deputy Director of Corporate Communication, Iipumpu Sakaria said the slow performance was mainly due to wholesale and retail trade that recorded a decline in the real value added of 2.4%.

“Hotels and restaurants, and fishing sectors recorded slow growths of 7.1% and 2.5% respectively”, Sakaria said.

He said despite the poor performance in the sectors, the economy showed improvements in agriculture, construction and utility sectors that recorded growth in real value added of 7.4%, 26% and 7.5% respectively.

Sakaria further said the electricity subsector is also estimated to have registered a growth of 6.3% in real added value. “This was influenced by the increase in electricity generation and a decline in electricity import”, he said.