The Bank of Namibia has said it expects the domestic economy to expand by 3.9 percent in 2022, up from 2.7 percent recorded last year.
The central bank said in its latest economic outlook that the estimated growth for 2022 represents a 0.7 percentage point upward revision from the 3.2 percent growth announced in its August 2022 Economic Outlook.
“The revision in the 2022 growth is mainly on account of strong growth for diamond mining, based on higher production volumes to date, as well as sustained growth for most industries in secondary and tertiary sectors,” the bank said in a statement.
Most of the sectors in the secondary and tertiary industries are expected to register positive, but low growth rates during 2022 and 2023, the bank added. Enditem