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Namibia expects an economic growth rate of 3.3 percent in 2023, representing a slight increase from the earlier prediction of 3 percent, the Bank of Namibia said Monday.
The adjustment in estimates for 2023 is a result of better-than-anticipated performance across several sectors, including construction, hospitality, wholesale and retail trade, public administration, and education.
“The main risks to domestic growth primarily stem from ongoing global monetary policy tightening, elevated costs of key import items, and interruptions in water supply affecting the coastal towns,” the central bank said in the August 2023 Economic Outlook report.
Additional noteworthy risks concerning domestic growth encompass continuing water supply interruptions impacting mining production along the coast, the potential spread of electricity shortages in South Africa to Namibia, and uncertain weather conditions that could hurt crop production in Southern Africa, the bank said.
The central bank warned the economy is projected to further decline to 3 percent in 2024.
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