Namibia’s economy expected to grow by 3% in 2022

Namibia’s overall domestic economic activity recovered in 2021 compared to 2020, and is expected to grow around 3% in 2022, central bank governor Johannes Gawaxab said on Wednesday.

The increase in economic activity was observed in major sectors such as mining, wholesale and retail trade, communication and tourism, the Bank of Namibia governor said during a monetary policy announcement.

“On the contrary, activity in the construction, manufacturing and transport sectors, as well as the number of cattle, markedly slowed over the same period,” Gawaxab said.

He said that “risks to the domestic economic outlook in the medium-term remain sudden surges in Covid-19 cases and vaccine hesitancy.”

Gawaxab said Namibia‘s overall inflation is projected to average around 4.4% for 2022 and 4.5% in 2023, up from 3.6% registered in 2021.