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.
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.
Economists predict that the tourism sector's performance this year will remain strong.
The sector contributes a substantial amount to the country's GDP, thus the need to strengthen the sector through public-private partnerships.
The Minister of Industrialization and Trade, Lucia Iipumbu, says that the government recognises the invaluable role that the informal economy plays in the nation's economic landscape.
President Hage Geingob is pleased by how the country's gross domestic product has recovered following periods of economic difficulties.
There is a revival in the agriculture sector, and its contribution to the gross domestic product (GDP) has picked up and is showing consistent growth.
There are, however, some challenges remaining in the agricultural sector, namely the pricing of food owing to geopolitics.
President Hage Geingob has appealed to Namibians to be cognisant of the economic cost of road accidents, saying they reach about 2 percent of gross domestic product and rob the country of a productive workforce.
Maritime transport constitutes approximately 85 percent of Namibia's domestic trade, with marine diamonds being the leading commodity and the largest contributor to the country's GDP.
The Chairperson of the Namibia Travel and Tourism Forum, Nrupesh Soni, has advised the government to increase its budget allocation to the tourism sector this year for the industry's speedy recovery.
Namibia is making progress toward the African Union target of investing 1% of its gross domestic product (GDP) in research and experimental development.
