FX.co ★ Namibia GDP Growth at Near 4-Year Low

Namibia's economy witnessed a year-on-year growth of 3.1% in the fourth quarter of 2024, following an adjusted increase of 3.2% during the previous quarter. This represents the weakest expansion since a contraction of 3.5% was noted in the first quarter of 2021. The deceleration was evident in sectors such as financial services, which grew by 3.5% compared to 6.4% in the third quarter; transport and storage, which rose by 7.9% against 14.3% previously; and wholesale and retail trade, which increased by 6.2% from 11.7% earlier. Furthermore, significant declines were recorded in agriculture, which fell by 5.9% following a previous growth of 3.5%, and in the fishing sector, which saw a reduction of 9.9% compared to a decrease of 13% earlier. Overall, the Namibian economy expanded by 3.7% in 2024, a slowdown from the 4.4% growth seen in 2023. Finance Minister Erica Shafudah indicated in her budget address in late March that the economy is projected to achieve modest acceleration, with anticipated growth rates of 4.5% for this year and 4.7% for 2026.