Namibia central bank revises 2022 growth forecast to 3.2 pct

WINDHOEK, Aug. 11 — Namibia’s economy is expected to grow by 3.2 percent in 2022 and by 2.9 percent in 2023, according to the central bank’s main Economic Outlook for 2022 released Tuesday evening.
“The estimated growth for 2022 represents a 0.2 percentage point downward revision from the February 2022 release (3.4 pct), however, it is an improvement from 2.4 percent registered in 2021,” said Bank of Namibia Director of Strategic Communications and International Relations Kazembire Zemburuka.
The projected growth for 2022 is mainly on account of anticipated better performance in the mining industry, particularly diamonds and gold, he said, stressing that improved diamond production is ascribed to a new vessel that began operations in March 2022.
According to Zemburuka, most of the sectors under the secondary and tertiary industries are similarly expected to register positive but low growth during 2022 and 2023.
“The exception is the construction sector, which is expected to remain in contraction in both 2022 and 2023,” he said.  (Xinhua)