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Economy sees 4.7% growth in 2024 first quarter

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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.

Economists forecast continued strength in tourism sector performance

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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.

These sentiments were shared at the FNB Namibia Tourism Talk held in Windhoek.

Tourism is the fastest-growing economic sector and employs over 100,000 Namibians, especially from rural areas.

Minister Iipumbu emphasises vital role of informal economy in economic landscape

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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. 

Iipumbu says that the men and women who form the backbone of this sector contribute significantly to the GDP and create much-needed employment opportunities. 

She said this during a consultation meeting aimed at drafting a Special Economic Zone Bill (SEZ).

President Geingob pleased with country's economic recovery

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President Hage Geingob is pleased by how the country's gross domestic product has recovered following periods of economic difficulties.

Dr. Geingob, who was speaking at the year-end function of the Office of the President yesterday, which was among others also attended by the Speaker of the National Assembly Professor Peter Katjavivi, commended staff members for their support throughout the year.

It was a joyous occasion characterised by the expression of gratit

Agriculture sectors contribution to GDP shows consistent growth

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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.

The consumer price had increased sharply, but on the other hand, there was also a reduction in prices for producers.

Road accident reduces GDP by 2 %

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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.

Alcohol abuse is another thing that worries the president, especially now that the holiday season is approaching.

President Geingob commemorates World Oceans Day

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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. 

President Hage Geingob highlighted in a statement, commemorating World Oceans Day, an officially recognized day by the United Nations.

President Geingob highlighted the significance of oceans for human life on Earth and specifically for Namibia, as they serve as a remarkable tourism gateway to the country's stunning coastline where the desert uniquely meets the ocean.

Government urged to increase budget allocation to tourism sector 

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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.

According to the World Travel and Tourism Council report of 2022, the travel and tourism industry contributed more than N$19.4 million to Namibia's GDP in 2021.

According to the report, the travel and tourism industry contributed more than N$29 million in 2019, before the outbreak of COVID-19.

Namibia to achieve AU target of investing in Research and Experimental Development

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Namibia is making progress toward the African Union target of investing 1% of its gross domestic product (GDP) in research and experimental development.

Preliminary findings contained in the 2022 National Research and Experimental Development Survey indicate that 0.6% of the country's GDP is invested in research.

Stakeholders in science, technology, and innovation have gathered at Swakopmund to validate various reports.

Among those reports is the 2022 National Research and Experimental Development Survey, which provides indicators of technological change.

Agriculture sector made significant contribution to GDP over the past years - Schlettwein

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There has been a significant contribution from the agriculture sector to Gross Domestic Product over the past years.

This was said by the Minister of Agriculture, Water and Land Reform, Carl Schlettwein when he addressed his staff and stakeholders.

"The current developments show moderate growth in the agriculture sector. Our GDP contribution is now estimated to be 3.6%. Two years back it was dropping."