Tuesday 20 March 2018

Namibia's weak economic performance continues in 3rd quarter

Namibia's weak economic performance continues in 3rd quarter
(Xinhuanet 12/20/17)
The central bank.

Namibia's economy continued to display a weak performance during the third quarter of 2017, as construction, wholesale and retail, transport and tourism sectors slowed, the central bank said Tuesday.

Construction activities continued to contract, primarily due to a slowdown in government construction, Bank of Namibia's Director of Strategic Communication and Financial Sector Development, Emma Haiyambo, said in a statement.

"Real turnover in the wholesale and retail trade sector continued to decline, displaying weak activity in all sub-sectors. The real value of buildings completed, as well as activity in the transport sector also slowed during the quarter under review," she added.

Meanwhile, Haiyambo said on a more positive note, activity in the mining, manufacturing and agricultural sectors increased over the same period.

Moreover, inflation rate decelerated further during the third quarter, mainly driven by lower prices of food and non-alcoholic beverages as well as transport inflation.

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