Although Nam economy grew, it’s not something to celebrate:SG

WINDHOEK: The Namibian economy is estimated to have expanded by 1,6 per cent during the first quarter of this year, compared to a contraction of 3,8 per cent during the same quarter of the preceding year.

The Statistician-General of the Namibia Statistics Agency, Dr John Steytler revealed this on Thursday when he released statistics on the country’s Gross Domestic Product (GDP) estimates for the first quarter of 2014.

The first quarter runs from January to April.

Namibia’s economy is projected to grow by 4,3 per cent.

Steytler noted that growth during the first quarter emanated from the secondary and primary industries, despite the output of the primary industry contracting.

“What we take away from this growth is that 1,6 per cent growth is still a small growth, and is not something to celebrate,” he added.

The primary industry includes mining, agriculture and fishing.

“We need to do more to reduce our dependence on the primary sector, and we have to do more to stimulate the manufacturing sector,” he stated.