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First quarter 2023 national output grows by 5%

THE Namibian economy between January and March this year expanded by 5% – growing the quarterly productivity base to N$36,8 billion.

This is the biggest quarterly production the country has had since the last quarter of 2019.

According to the Namibian Statistics Agency, the domestic economy in real terms posted a growth of 5% during the first quarter of 2023, compared to a growth of 7,3% posted in the corresponding quarter of 2022.

NSA chief, Alex Shimuafeni, said the economy continued on a positive trajectory for eight consecutive quarters.

The growth registered in the first quarter of 2023 emanated from sectors such as financial services, manufacturing, and public administration and defence, which posted declines in real value added of 4,9%, 2,7% and 1,5%, respectively.

The agriculture and forestry, and health sectors experienced slower growth rates of 3,6% and 2,6%, respectively.

During the quarter, mining and quarrying (34,3%), wholesale and retail trade(5,7%), and electricity and water (16,8%), outperformed growth rates recorded in the first quarter of 2022.

Furthermore, the transport and storage sector experienced a growth rate of 6,7% in real value added, while the hotels and restaurants sector recorded an increase of 5,7% in real value added, surpassing the previous corresponding growth rates of 2,3% and 4,6%, respectively.

The full quarterly data is on the NSA’s website.

Twitter: @Lasarus_A