The mining and quarrying sector saw a 1.2 percent decline in real value added in 2024, compared to a 19.3 percent increase in 2023.

As reflected in the 2024 National Accounts publication, this slowdown was mainly due to a 3,7 percent drop in diamond mining, driven by weakened global demand.

The diamond mining subsector experienced a three comma seven percent decline in real value added in 2024, compared to 10.9 percent growth in 2023, due to weakened global demand and reduced domestic production aimed at offsetting higher-grade recovery.

Uranium mining grew modestly by 1,8 percent, down from 29,6 percent in 2023, due to reduced production.

Meanwhile, the other metal ores subsector, including zinc and gold, grew by 5,2 percent, spurred by increased gold production but slower than the 27,8 percent growth in 2023.

The other mining and quarrying subsector saw a minimal 0.4% growth, down from 35,4 percent in 2023, as mining services declined by 14,3 percent due to reduced oil and gas investment.

The 2024 Annual National Accounts estimates key economic indicators, including national income, savings, GDP and external transactions, all of which are vital for assessing the overall performance of the economy.

The domestic economy maintained a growth trend since 2021, posting an increase of 3,7 percent in real value added during the year under review, relative to a growth of 4,4 percent recorded in 2023.

On the demand side, private final consumption expenditure accounted for 79.3 percent of GDP, with real growth surging to 13,3 percent from 4,7 percent in 2023, boosted by improved wholesale and retail trade and higher imports of final goods.

Shimuafeni emphasised the importance of revisions in national accounts to reflect updated data and align with international standards.