Namibia’s economy expected to grow by around 3% in 2022:central bank

1 Min Read

Namibia’s economy is expected to grow by around 3 percent this year, the central bank said Wednesday.

According to the Bank of Namibia (BoN) governor Johannes Gawaxab, domestic economic activity rebounded in the first four months of 2022 compared to 2021.

“The recovery was mainly driven by increased activity in the mining, agriculture, transport, tourism, wholesale and retail trade, as well as communication sectors,” he added.

The positive performance was offset by a continued decline in construction activity over the same period, as both public and private construction work slackened further, said Gawaxab.

Risks to the domestic economic outlook in the medium term continue to be dominated by the Russia-Ukraine crisis, climatic swings, global supply chain disruptions, higher oil and food prices, and the possible emergence of new COVID-19 variants, coupled with national vaccine hesitancy, he said.

Gawaxab said that overall inflation is projected to average around 5.9 percent for 2022, from the 6 percent projected before. 

Share This Article