| Economy records slight growth, challenges prevail |
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| Written by Staff Reporters | |
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The Namibian economy registered a growth of 3.6% in 2007, as compared to 3.9% in 2006, the preliminary 2007 National Accounts report released by the National Planning Commission this week shows.
The preliminary estimates are subject to revisions as additional
relevant information becomes available from data sources. The revised
estimates are to be released in August. According to the data, high
growth was experienced by the secondary industry, which grew by 15%,
with tertiary industry recording a moderate growth of 3.3% in 2007. The
primary industry did not perform well, declining by 1.6% in 2007.
The real value added by the agriculture and forestry sector increased by 3.2% in 2007, compared to 3.9% in 2006. The slow growth was mainly due to a decline in activities in the subsistence-farming sector as farmers experienced a drought in 2007. The real value added by the mining and quarrying sector recorded an increase of 0.2% in 2007, compared to an increase of 14.7% in 2006. The slow down was due to the diamond industry, which declined by 0.8%in 2007. However, other mining and quarrying sectors increased by 4.1% in 2007, as compared to a decline of 13.9% in 2006. The real value added by the fishing and fish processing on board sector declined by 16.2% in 2007, compared to a decline of 4.1% in 2006. The decline in growth is brought about by lower landings observed in 2007 for demersal, deepwater and mid water. The manufacturing sector’s real value added grew by 13% in 2007, compared to a decline of 8.8% in 2006. Fish processing on shore registered an improved growth of 14.2% in 2007 due to availability of pilchard. Manufacture of other food products and beverages recorded a growth of 6.1% in 2007. Other manufacturing activities recorded a growth of 26.1% in 2007, which was brought about by an increase in production of manufactured basic metals. |
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