The gross domestic product for the first quarter of 2024 indicates exceptional growth in most economic sectors. 

This was highlighted in the capital by the Namibia Statistics Agency at the release of GDP for the first quarter of 2024.

According to the NSA, the domestic economy was estimated at N$59,1 billion during the first quarter of 2024, an expansion of N$5,3 billion from the corresponding quarter of 2023, which was N$53,9 billion.

The domestic economy is reported to be moving in a positive direction, posting growth of 4.7% during the first quarter of 2024.

This is compared to growth of 5.3% in the first quarter of 2023, indicating an increased pace of growth.

The Senior Statistician of National Accounts at the agency, Titus Kamatuka, credited the improvement in large part to an increase in economic activity within the mining and quarrying sectors, where growth of 6.6 percent was achieved on the back of solid diamond production.

The Senior Statistician of National Accounts further highlighted some challenges in the exports of goods and services, where a decline of 17.3% was posted during the quarter under review. 

Imports, meanwhile, increased by 4.1%.

Despite less economic activity during the first quarter compared to 2023, all sectors of the economy still achieved positive growth in real value added, except for the manufacturing sector, which saw a decline. 

Still, this year's figure marks an improvement over the corresponding quarter in 2023.