In the third quarter of 2023, Namibia’s Real Gross Domestic Product (GDP) exhibited a noteworthy expansion, registering a robust growth of 7.2 percent, the Namibia Statistics Agency has said.
This represents a substantial increase from the 5.4 percent recorded during the corresponding quarter of the preceding year. The economy witnessed a commendable trend, characterized by 10 consecutive quarters of positive growths.
In nominal terms, the size of the Namibian economy, quantified by the Gross Domestic Product (GDP) at current prices, reached N$59.7 billion during the quarter under scrutiny. An increase from the N$52.9 billion recorded in the corresponding quarter of 2022. Consequently, the expansion in the GDP size is evident, amounting to an increment of N$6.8 billion.
“The commendable performance in the third quarter of 2023 was primarily propelled by the primary industries, which experienced a substantial expansion of 38.3 percent. Notably, this growth was spearheaded by the ‘Mining and quarrying’ sector, which demonstrated an impressive 51.7 percent increase, alongside the ‘Agriculture and forestry’ sector, which exhibited a commendable 19.9 percent expansion. These positive developments can be attributed to enhanced oil and gas exploration activities, coupled with increased momentum in livestock marketing,” the Agency said.