Bank of Namibia predicts 3.9% economic growth in 2023

WINDHOEK, Dec.7– Namibia’s central bank on Wednesday estimated the 2023 gross domestic product (GDP) growth to decline to 3.9 percent from 7.6 percent in 2022. Speaking during the monetary policy announcement, Johannes Gawaxab, the central bank governor, said this was largely on account of slower growth in the primary industry, following the high base set in this industry during 2022. Likewise, the growth is expected to slow further to 3.4 percent in 2024. Namibia’s annual inflation rate averaged 6 percent during the first ten months of 2023, slightly up from 5.9 percent during the corresponding period in 2022, he said, adding that the increase in consumer price inflation was primarily shaped by the rise in the food, housing, and miscellaneous goods and services components