The growth of Namibia’s economy by 4.6% in 2022 was recorded by the Namibia Statistics Agency (NSA), The Namibian reported on March 30.
The country’s economy continued to advance on a positive trajectory after posting 3.5% growth in 2021, according to NSA data released Wednesday.
Nominal domestic production in 2022 amounted to N$206.2 billion, N$ (879.108 billion rubles) compared to N$183.9 billion in 2021, i.e. an increase of N$22 billion ( 93,794,000 million rubles) .
Both the primary (extractive), secondary (manufacturing) and tertiary (services) industry recorded an improvement in performance during the period under review.
In 2022, primary industries led the way with a 12.9% increase in real value added driven by diamond mining, compared to a 6.4% increase in 2021. Agriculture, forestry and fishing in the primary sectors also showed positive growth.
In 2022, the sector saw a 2.6% improvement in real value added growth compared to 1.3% in 2021. Growth in the sector was mainly driven by ‘plants and forestry’ and ‘fishing and fish processing on board’, which registered a real value added growth of 4.3% and 2.3% respectively.
The secondary industry recovered after a contraction of 3.6% in real value added in 2021 to growth of 3.3% in 2022. These indicators are driven by a recovery in the manufacturing industry and the electricity sectors. and water, showing growth rates of 5% and 10.3%, respectively.
In tertiary industries, real value added increased by 2.2% in 2022 against growth of 1.8% in 2021. The figures were mainly related to “Wholesale and retail trade, repair” and “Hotels and restaurants”, which grew by 6% and 6.2%, respectively.
The Namibian Statistics Agency also published investment and savings data for the year, showing that gross savings in 2022 amounted to N$6.9 billion (RUB 29.417 billion), while investment amounted to N$29. billion (RUB 123.638 billion).
Source: Rossa Primavera
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