According to the Namibia Statistics Agency (NSA), the economy grew by 3.5% in the second quarter of 2024. This marks a slight slowdown from the 3.6% growth recorded in the same quarter last year.
NSA Statistician General Alex Shimuafeni noted that the slower economic activity is primarily due to the secondary industries, which saw only 1.5% growth in real value added, down from 7.1% in the corresponding quarter of 2023.
The slow growth was particularly evident in the electricity and water and manufacturing sectors, which reported real value-added growth rates of 4.1% and 0.6%, respectively.
On a positive note, the tertiary industries performed better, growing by 6.9% compared to just 1.9% in the same quarter last year. Shimuafeni highlighted strong performance in financial services, which saw a 30% increase, up from a 4.6% decline in the same quarter of 2023, and health services, which grew by 9.6%, compared to a 1.3% increase last year.
However, primary industries faced difficulties, declining by 4.9% compared to a 3.4% growth in the second quarter of 2023. This decline was particularly noted in agriculture, forestry, and mining and quarrying, which recorded decreases of 4.9% and 6.6%, respectively.