Namibia’s economy grew to N$245.1 billion in 2024, up from N$228.9 billion in 2023, representing an increase of N$16.2 billion. Despite a 3.7% growth in real value added, primary industries contracted by 1.8%, largely due to declines in the agriculture sector. The economic growth trend has been consistent since 2021, though slower than prior years.
In 2024, Namibia’s economy witnessed an expansion, reaching N$245.1 billion, a substantial increase from N$228.9 billion in 2023, as reported by the Namibia Statistics Agency (NSA). This growth of N$16.2 billion demonstrates the economy’s positive trajectory since 2021.
The NSA indicated a 3.7% growth in real value added for 2024, although this was a decrease from the 4.4% growth observed in 2023. This slowdown can be primarily attributed to the performance of the primary industries, which experienced a contraction of 1.8%, contrasting sharply with the substantial 10% growth recorded in the previous year.
The agriculture, forestry, and fishing sector emerged as the leading cause of this decline, shrinking by 2.7%. Factors contributing to this contraction included a reduction in crop farming output along with a decline in the production of preserved and prepared fish.
In summary, Namibia’s economic growth to N$245.1 billion in 2024 illustrates a positive trend, although the rate of growth has slowed compared to 2023. The primary industries’ contraction significantly impacted this performance, particularly due to the decline in agriculture, forestry, and fishing. Continued monitoring and adaptation in these sectors may be essential for sustaining economic growth going forward.
Original Source: www.namibian.com.na
