Nam economy to grow by 5,3 per cent in 2014

WINDHOEK: Namibia’s economy is expected to grow at 5,3 per cent in 2014, Governor of Bank Windhoek revealed on Thursday.

Iipumbu Shiimi said during the launch of the bank’s 2013 annual report that construction is expected to play the major role in the projected growth of economy.

In 2013, the economy grew by 4,4 per cent, and the main contributors on the performance were mining, tertiary and secondary industries.

Shiimi also indicated that although 5,3 per cent growth is good for Namibia, it is still not sufficient.

“We need to create more employment, reduce poverty and income inequality. We need to see more growth from sectors such as agriculture, tourism, logistics and housing,” he stated.

“If we get growth from these sectors we will see more people absolved in the labour force,” he stated.

The unemployment rate in Namibia increased by 2,2 per cent between 2012 and 2013.

The unemployment rate stood at 27,4 per cent in the 2012 Labour Force Survey, while in the 2013 Labour Force Survey released today, the unemployment rate in Namibia stood at 29,6 per cent.

The 2013 survey was carried out from 30 September to 13 October last year.

(edited)WINDHOEK; Namibia’s economy is expected to grow by 5,3 per cent in 2014, the Governor of the Bank of Namibia (BoN) said on Thursday.

BoN Governor Iipumbu Shiimi said during the launch of the bank’s 2013 annual report in the capital construction is expected to play a major role in the projected growth.

In 2013, the economy grew by 4,4 per cent, and the main contributors to this performance were mining and the tertiary and secondary industries.

Shiimi also indicated that although 5,3 per cent growth is good for Namibia, it is still not sufficient.

“We need to create more employment and reduce poverty and income inequality. We need to see more growth from sectors such as agriculture, tourism, logistics and housing. If we get growth from these sectors we will see more people absolved in the labour force,” he stated.

The unemployment rate in Namibia increased by 2,2 per cent between 2012 and 2013. The unemployment rate stood at 27,4 per cent in the 2012 Labour Force Survey, while in the 2013 Labour Force Survey released on Thursday, the unemployment rate stood at 29,6 per cent.

The 2013 survey was carried out from 30 September to 13 October last year.

SOURCE: NAMPA