The gross domestic product stood at N$59.5 billion in the second quarter of 2024, reflecting an expansion of N$4.9 billion.
This is an increase from N$54.6 billion recorded in the same quarter of 2023, the Namibia Statistics Agency announced yesterday.
Statistician general Alex Shimuafeni said the activities in the domestic economy grew to 3.5% during the second quarter of 2024 compared to the 3.6% increase recorded in the second quarter of 2023.
The slow growth of 3.5% registered during the period under review was mainly attributed to secondary industries which recorded slow growth of 1.5% in real value added during the period under review, relative to 7.1% registered in the corresponding quarter of 2023.
“The performance emanates from sectors of electricity and water, and manufacturing, which registered 4.1% and 0.6% in real value added, compared to an increase of 35.1% and 3% witnessed in the same quarter of 2023, respectively,” Shimuafeni said.
Activities in the tertiary industries recorded an improved performance of 6.9% in real value added, relative to an increase of 1.9% recorded in the corresponding period last year.
The improved performance was mainly observed in the financial sector (30% compared to a decline of 4.6% in the corresponding quarter of 2023) and the health sector (9.6% compared to 1.3% in the corresponding quarter of 2023).
On the other hand, primary industries witnessed a decline of 4.9% in real value added compared to a 3.4% increase recorded in the second quarter of 2023.
Shimuafeni said the poor performance in economic activities is attributed to the agriculture and forestry, and mining and quarrying sectors, which registered declines of 4.9% and 6.6% in real value added, respectively.
“The decline in performance is primarily due to a reduction in crop production and a decrease in the production of uranium and diamonds due to a decline in demand,” he said.
On the demand side of the account, the private final consumption expenditure accelerated by 11.8% relative to a decline of 7.6% recorded in the parallel quarter as household consumption continues to recover.
In addition, government final consumption expenditure increased, posting 3.9% compared to a slow growth of 0.6% in the corresponding quarter of 2023.
“This performance is attributable to increased compensation of employees in the public sector,” Shimuafeni said.
Investment in oil and gas exploration slowed down in the quarter under review, while the gross fixed capital formation recorded an increase of 12.8% relative to a growth of 79.9% posted in the corresponding quarter of 2023.
Exports of goods and services posted a decline of 1.7% during the quarter under review, while imports increased by 10.7%, resulting in the external balance deficit.
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