Namibia Expects Economy To Recover In 2020

Namibia's domestic economy is projected to expand by 1.5 percent in 2020 and by 1.4 percent in 2021, representing a recovery from an estimated contraction of 1.9 percent in 2019, the central bank said in a statement on Thursday

WINDHOEK, (APP - UrduPoint / Pakistan Point News - 28th Feb, 2020 ):Namibia's domestic economy is projected to expand by 1.5 percent in 2020 and by 1.4 percent in 2021, representing a recovery from an estimated contraction of 1.9 percent in 2019, the central bank said in a statement on Thursday.

According to the central bank's February economic outlook update, growth in the southern African country in 2020 is expected to be driven by recoveries in mining, wholesale and retail trade and construction.

The latest revision on growth for 2019 is a downward adjustment from the 1.7 percent contraction projected in August.

"As more data on economic activities for 2019 became available, it has become clear that the impact of the drought on livestock and crops is likely to be more severe than earlier anticipated," the statement said.

"Furthermore, growth rates for mining sub sectors such as diamonds and uranium were also adjusted downwards due to lower volumes produced," it said.