Sunday, February 25

N$48.6 Billion Increase By Domestic Economy

By Samuel Daniel

AccoAccording to the information revealed by the Namibian Statistics Agency, Domestic Economy has expanded to N$48. 6 billion in the second quarter of 2022 in the sectors of retail, agriculture and manufacturing.

In 2022, the economy has shown a slight growth of N$5.4 billion in comparison to last year where it was at N$43.2 billion. Manufacturing sector was the highest contributor to GDP accounting for 12.1%, while wholesale and retail sector accounted for 10.2 %  and agriculture 10%.

“Economic activities continued to expand, registering a positive outturn for five consecutive quarters since 2021. GDP rose by 5.6% during the second quarter of 2022, relative to a growth of 5.5% posted during the same quarter of the preceding year,” Statistician-General Alex Shimuafeni said.

Mining sector is the main contributor towards GDP growth with 5.6%, followed by financial services with 1 1%. All this data are for the quarter under review.

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