Namibia’s Economy Reaches N$245 Billion in 2024 Despite Slowdown

Namibia’s economy grew to N$245.1 billion in 2024, with an increase of N$16.2 billion from the previous year. Despite a growth trend since 2021, economic performance slowed due to a 1.8% decline in primary industries, notably in agriculture. The sector shrank by 2.7% owing to reduced crop outputs and fish production.

In 2024, Namibia’s economy experienced growth, reaching N$245.1 billion, a rise from N$228.9 billion in 2023, as per the Namibia Statistics Agency (NSA). This signifies an increase of N$16.2 billion, showcasing an ongoing expansion since 2021, despite a slowdown in the growth rate for that year.

The NSA highlights a 3.7% rise in real value added for 2024, a decrease from the 4.4% growth recorded in 2023. This slower performance is primarily attributed to a contraction in the growth of primary industries, which fell by 1.8%, a significant drop from the 10% growth noted the previous year.

One of the main factors contributing to this decline has been the agriculture, forestry, and fishing sector, which suffered a 2.7% reduction. This decrease was influenced by reduced crop farming output and diminished production of preserved and prepared fish, leading to overall weaker performance in these industries.

In summary, Namibia’s economy grew to N$245.1 billion in 2024, reflecting a continuous trend but with a notable slowdown compared to 2023. The primary industries faced declines, particularly in agriculture, which highlights ongoing challenges in this sector. Moving forward, understanding these dynamics will be essential for economic planning and growth.

Original Source: www.namibian.com.na