The domestic economy recorded a growth of 3.5 percent during the second quarter of 2024.

The growth marks a slight slowdown in the economic activities compared to a growth of 3.6 percent that was recorded during the second quarter of 2023.

This was stated by the Deputy Statistician General Ottilie Mwazi when she released the 2nd quarter gross domestic product of 2024 at Opuwo in the Kunene Region.

The Namibian Statistics Agency is in the Kunene Region to share statistics of the Namibian economy with the residents.

The one-day workshop economic statistics release and stakeholders engagement workshop was attended by representatives of ministries, SOEs, the private sector, and the farming community. 

GDP, which was estimated at N$59.5 billion, recorded an expansion of N$4.9 billion during the second quarter of 2024.

She says economic activities slow growth was attributed to the secondary industries, which recorded a slow growth of 1.5 percent in real value added during the period under review, relative to an increase of 7.1 percent in the corresponding quarter of 2023.

In the electricity, water, and manufacturing sectors, there was slow growth reflected in that sector that posted a slower growth rate in real value added of 4.1 percent and 0.6 percent, respectively.

During the period under review, the tertiary industries recorded an improved performance of about seven percent relative to a growth of 1.9 percent recorded in the second quarter of 2023.

"On the demand side of the account, the private final consumption expenditure accelerated by 11.8 percent relative to a decline of 7.6 percent recorded in the parallel quarter as household consumption continues to recover."

There was a 30 percent increase observed in the financial services sector compared to a 4.6 percent decrease registered in the corresponding quarter of 2023.

In the health sector, an increase of 9.6 percent was recorded in 2024 compared to 1.3 percent registered in the corresponding quarter of 2023.

"In addition, government final consumption expenditure increased by 3.9 percent compared to a growth of 0.6 percent noted in the corresponding quarter of 2023. This performance is attributed to increased compensation of employees in the public sector."