Fishing sector on the right path

THE fisheries sector has contributed significantly to the country’s economic growth in the past five years, with the sector growing by 3,8 per cent in 2003 with further growth in the fishing sector expected to be around 2,1 per cent and 5,7 per cent for 2004 and 2005.

Last year, the overall Gross Domestic Product was 3,7 per cent, the highest since the rate of 3,4 per cent recorded in 1999, with the primary sector particularly the fishing sector contributing largely to the growth in 2003. GDP is projected to grow by 4,6 per cent for this year and by four per cent for next year.The fisheries sector, Namibia’s second leading sector in export earnings after mining, had export earnings in 2003 in excess of 27 per cent.The growth of the fishing sector has been attributed mainly to substantial increases in demersal and pelagic landings and overall favourable oceanic conditions and improvement in the fishing resource.Bank of Namibia governor, Tom Alweendo said this during his presentation on the fishing sector to representatives and stakeholders of the fishing industry in Walvis Bay recently.”The domestic economy withstood the adverse global conditions relatively well during 2003.After the real GDP contracted in the first quarter of 2003, the economy rebounded strongly during the second half of the year.”We expect growth in the fishing sector is to be around 2,1 per cent and 5,7 per cent for 2004 and 2005 respectively,” said Alweendo.The total value of marine production increased gradually to N43,4 billion in 2003 from N$500 million in 1990.with contribution from the fishing sector to GDP having grown remarkably since 1990 from 5,9 per cent to currently at 7,8 per cent for 2003.Direct government revenue collected through quota fees, marine resources fund levy, by-catch levy and licence fees fro vessels rose to N$131,8 million in 2002 compared to N$67,6 million in 1996.The total employment in the fishing sector for both offshore and onshore is estimated to be about 14 000 people.GDP is projected to grow by 4,6 per cent for this year and by four per cent for next year.The fisheries sector, Namibia’s second leading sector in export earnings after mining, had export earnings in 2003 in excess of 27 per cent.The growth of the fishing sector has been attributed mainly to substantial increases in demersal and pelagic landings and overall favourable oceanic conditions and improvement in the fishing resource.Bank of Namibia governor, Tom Alweendo said this during his presentation on the fishing sector to representatives and stakeholders of the fishing industry in Walvis Bay recently.”The domestic economy withstood the adverse global conditions relatively well during 2003.After the real GDP contracted in the first quarter of 2003, the economy rebounded strongly during the second half of the year.”We expect growth in the fishing sector is to be around 2,1 per cent and 5,7 per cent for 2004 and 2005 respectively,” said Alweendo.The total value of marine production increased gradually to N43,4 billion in 2003 from N$500 million in 1990.with contribution from the fishing sector to GDP having grown remarkably since 1990 from 5,9 per cent to currently at 7,8 per cent for 2003.Direct government revenue collected through quota fees, marine resources fund levy, by-catch levy and licence fees fro vessels rose to N$131,8 million in 2002 compared to N$67,6 million in 1996.The total employment in the fishing sector for both offshore and onshore is estimated to be about 14 000 people.