Quarterly Bulletin December 2024

BANK OF NAMIBIA RELEASES THE DECEMBER 2024 QUARTERLY BULLETIN 

DOMESTIC ECONOMIC ACTIVITY EXPANDED DURING THE THIRD QUARTER (JULY – SEPTEMBER) OF 2024 


 International economic and financial developments 

1. The global economy slowed during the third quarter of 2024, driven by lower growth in most advanced economies (AEs) and emerging market and developing economies (EMDEs). Real GDP growth estimates indicate that economic activity continued expanding albeit at a slower pace than before in the United States (US) and the United Kingdom, owing to weak private inventories and residential investment as well as subdued activities in the manufacturing sector. Similarly, growth in Japan slowed as the deterioration in external demand persisted, coupled with a decline in capital spending after robust growth in the previous quarter. On the contrary, GDP growth in the Euro Area inched higher in the quarter under review driven by the German, French and Irish economies. Furthermore, activity in EMDEs moderated in the third quarter of 2024. Growth moderated in China on the back of real estate sector weaknesses and subdued domestic demand, slowed in India as manufacturing lost some of its sparkle and weakened in South Africa on account of headwinds in agriculture, transport, trade and government services during the period under review.