Namibia’s economy grew to N$245.1 billion in 2024, a N$16.2 billion increase from 2023. The growth rate was 3.7%, down from 4.4% in 2023, mainly due to a 1.8% contraction in primary industries driven by a decline in agriculture, forestry, and fishing.
As of 2024, Namibia’s economy has reached N$245.1 billion, an increase from N$228.9 billion in the previous year, showcasing a growth of N$16.2 billion according to the Namibia Statistics Agency (NSA). This increase indicates a continued upward trend since 2021, with a recorded real value added growth of 3.7% in 2024, albeit lower compared to the previous year’s 4.4%.
The diminished economic growth in 2024 can be largely explained by a decline in primary industry growth, which fell by 1.8%, contrasting sharply with the 10% growth observed in 2023. The agriculture, forestry, and fishing sector significantly contributed to this downturn, experiencing a contraction of 2.7%. Weaker crop farming and a reduction in the production of preserved and prepared fish were the primary factors influencing this decline.
In conclusion, Namibia’s economy has shown notable growth reaching N$245.1 billion in 2024, despite a slight slowdown largely attributed to challenges in the primary industries, particularly in agriculture. While the growth trend since 2021 is maintained, the contraction in key sectors indicates areas requiring attention for sustainable economic progress.
Original Source: www.namibian.com.na
