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Namibia's Q2 economic growth estimated to fall 1.2 pct

Xinhua, September 27, 2016 Adjust font size:

The Namibia Statistics Agency (NSA) on Tuesday said Namibia is estimated to have recorded a decline of 1.2 percent in economic growth in the second quarter this year, compared to 7 percent growth registered in the corresponding quarter of last year.

Most of the sectors in Namibia recorded slow growths and declines as revealed by the Gross Domestic Product estimates for the second quarter, the agency said.

The sectors of Construction, Hotels and Restaurants, Mining and Quarry were the main drivers for the poor performance, according to NSA.

Statistician General Alex Shimuafeni said the poor performance in the construction sector is attributed to the value of buildings completed that recorded a decline of 42.7 percent in real value added in the second quarter.

The performance in the Hotels and Restaurants sector as reflected in number of beds nights and room nights sold, declined by 14 percent and 14.4 percent respectively in the quarter under review, he added.

Shimuafeni said that the poor performance in Mining and Quarry is attributed to the diamond sub-sector, which recorded a decline of 30.8 percent compared to the decline of 12.1 percent recorded in the corresponding quarter of 2015.

The agency said the only sector that did not feel the crunch was Electricity and Water, which recorded a strong growth of 25.7 percent. Endit