Namibia economy shrinks by 2.7% in quarter one of 2017

Namibia’s economy shrunk by 2.7 per cent in the first quarter of this year after a revised contraction of 1.4 per cent in the last quarter of 2017, the statistics agency said yesterday.

WINDHOEK – Namibia’s economy shrunk by 2.7 per cent in the first quarter of this year after a revised contraction of 1.4 per cent in the last quarter of 2017, the statistics agency said yesterday.

“The Namibian economy continues to slide into further recession in the first quarter of 2017,” Statistician General Alex Shimuafeni said in a report.

 

“The poor performance is mainly attributed to the construction, manufacturing, wholesale and retail trade and hotels and restaurants sectors that contracted.”

 

Agencies

 

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