Chamwe Kaira
The Bank of Namibia (BoN) says agriculture, forestry and fishing are expected to recover during the forecast period, supported by improved rainfall and better crop production.
The central bank said in its March 2026 economic outlook that livestock production will recover more slowly.
This is due to herd rebuilding after earlier drought conditions forced farmers to reduce stock.
The mining sector is expected to show mixed performance. Diamond mining is projected to remain under pressure due to weak global demand and lower production.
Uranium production is expected to stay high, supported by strong demand and prices, although growth will slow after strong output in 2025.
The central bank said output in the metal ores subsector will remain low.
This reflects operational changes and shifts in production, which are expected to affect mining and manufacturing activity.
Overall economic growth is expected to remain moderate. Growth will be supported mainly by the secondary and tertiary sectors, while primary industries are expected to remain weak due to challenges in mining.
The tertiary sector is expected to remain the main driver of the economy.
Growth is projected between 3.3% and 4.5% from 2026 to 2028. Wholesale and retail trade, transport, communication and financial services are expected to support this growth.
Electricity and water supply are also expected to contribute, with growth projected at 6.1% in 2026. Information and communication services are expected to support productivity.
In the region, growth in Sub-Saharan Africa is expected to rise to 4.6% in 2026 and 2027.
Nigeria is expected to grow above 4%, while South Africa’s growth is projected to reach 1.5% by 2027. Angola’s growth is expected to remain just above 2%.
Global growth is expected to remain stable. World output is projected at 3.3% in 2024 and 2025, before easing to 3.2% in 2026 and 2027. The 2026 outlook has been revised slightly downward.
