Namibia’s economy grew to N$245.1 billion in 2024, up N$16.2 billion from 2023. Growth slowed to 3.7% due to a 1.8% decline in primary industries, mainly driven by a contraction in the agriculture sector.
In 2024, Namibia’s economy grew to N$245.1 billion, an increase from N$228.9 billion in 2023. This reflects a growth of N$16.2 billion, as reported by the Namibia Statistics Agency (NSA). Since 2021, the domestic economy has shown an upward trend with a 3.7% rise in real value added this year, while the previous year recorded a growth of 4.4%.
The slower economic performance in 2024 is mainly due to a decline in primary industries, which saw a contraction of 1.8%. This decline contrasts sharply with the 10% growth observed in 2023. The agriculture, forestry, and fishing sector significantly contributed to this downturn, shrinking by 2.7% due to reduced crop farming output and a decrease in preserved and prepared fish production.
In summary, Namibia’s economy expanded to N$245.1 billion in 2024, maintaining a growth trend since 2021. However, 2024 experienced slower growth due to declining output in primary industries, particularly in the agriculture sector. Understanding these economic shifts is crucial for future planning and policy-making.
Original Source: www.namibian.com.na
