Media Release August 2023 Economic Outlook

21 August 2023 | Media Release
  The Bank of Namibia released the Economic Outlook for August 2023 with the domestic economy projected to grow by 3.3 percent in 2023 and by 3.0 percent in 2024.

Namibia’s GDP growth is projected to moderate in 2023 and 2024. Following the 4.6 percent growth realised in 2022, real GDP growth is estimated to slow to 3.3 percent in 2023 and 3.0 percent in 2024. The estimated growth for 2023 has been revised upwards from 3.0 percent published in the March 2023 Economic Outlook update. This is mainly based on better than earlier anticipated performance for construction, hotels and restaurants, wholesale and retail trade, public administration and defence and education, amongst other sectors.

Other key risks relevant to domestic growth include water supply interruptions that continue to affect mining production at the coast, potential spillover of electricity cuts in South Africa to Namibia, and uncertain weather conditions, which are likely to negatively impact crop production in Southern Africa