WINDHOEK, Feb. 27 (Xinhua) -- Namibia's economic growth rate is projected to improve steadily to 1.4 percent and 2.1 percent in 2018 and 2019 respectively, according to the country's central bank.
The Bank of Namibia (BoN) in the February 2018 Economic outlook update released on Tuesday said the domestic economy is estimated to have contracted in 2017, but is expected to recover gradually in 2018 and 2019.
Growth for 2017 is estimated at -0.6 percent in 2017, from a growth of 1.1 percent in 2016, according to the update.
The reduction in growth is due to contractions in sectors such as construction, wholesale and retail trade and public sector, as well as slower growth rates for manufacturing and electricity and water, said Kazembire Zemburuka, deputy director of corporate communications at the bank.
Zemburuka said in the medium term, growth is projected to improve, due to the expected moderate contractions in wholesale and retail trade and construction sectors.
Meanwhile, risks to the domestic economic outlook remain, mainly in the form of persistently low uranium prices and unpredictable rainfall and possible further credit rating downgrades for the domestic economy as well as for the South African economy, he said.
