The highest-ever recorded economic expansion in Namibia with nominal Gross Domestic Product was recorded in 2022.
Yesterday, the Namibia Statistics Agency announced the 2022 Annual National Accounts measuring the highest size of the economy over the year.
According to Alex Shimuafeni, the Statistician-General and Chief Executive Officer at NSA, the economy showed an expansion of N$22, 3 billion.
The nominal Gross Domestic Product (GDP) for 2022, which measures the size of the economy, is estimated at N$206, 2 billion compared to N$183, 9 billion recorded in 2021, which brings the expansion amount to N$22, 3 billion.
“The Gross National Income came second with an expansion of N$20, 7 billion. The gross generated income, generated by factors of products inside and outside Namibia stood at N$200, 3 billion in 2022 compared to N$179, 7 billion recorded in 2021,” Shimuafeni said.
The Gross Savings stood at N$6, 9 billion in 2022 whereas investment registered an amount of N$29 billion. Shimuafeni said the investment is supported by inflows of capital from the rest of the world.
He added that in 2022, Namibia’s External Balance of Goods and Services perceived a wider shortfall of N$38, 6 billion compared to N$33, 6 billion recorded in 2021.
“This was due to the rate of increase in the import of goods, which was more than that of the export of goods,” Shimuafeni said.
Income generated by the government in 2022 stood at N$64, 4 billion compared to the N$64, 3 billion recorded in the previous year.
The Statistician-General said that taxes on production and import, as well as income and wealth, remained the main source of the government’s revenue, accounting for 63.1 percent of total government revenue, followed by SACU revenues which contributed 22.2 percent.
Shimuafeni also revealed that this year, primary industries were leading by recording a growth of 12.9 percent in real value added compared to a growth of 6.4 percent recorded in 2021.
“This performance is driven by the Mining and quarrying sector that recorded a growth of 45.1 percent emanating from improved diamond production and sales,” he said.
There is also a slight growth in the sectors under primary industries such as agriculture, forestry and fishing.
The sector witnessed an improved growth in real value added of 2.6 percent in 2022 compared to the 1.3percent registered in 2021.
Shimuafeni said crop farming, forestry, fishing and fish processing on board recorded growths in real value added of 4.3 percent and 2.3 percent respectively, in the primary sector.
The statistician also indicated that the secondary industries recovered from a contraction in real value. The industry added 3.6 percent in 2021 to a growth of 3.3 percent registered in 2022.
Shimuafeni said the good performance is due to a recovery in manufacturing as well as the electricity and water sectors showing growth rates of 5.0 percent and 10.3 percent respectively after the contractions that were registered in 2021.
He further said the tertiary industries in 2022 recorded an increase of 2.2 percent in real value added compared to a growth of 1.8 percent registered in 2021.
“Wholesale and retail trade, repairs, hotels, and restaurants recorded growths of 6.0 percent and 6.2 percent, accordingly, driving the performance under tertiary sectors,” Shimuafeni said.
The Statistician-General stated that going forward, the Agency will only have one Annual National Accounts publication per year and that it will be produced every March.