Namibia's real GDP to increase by 5% in 2014

Namibia's real gross domestic product (GDP) is expected to increased by 5 percent in 2014, according to the 2013 Quarterly Economic Update issued by the Ministry of Finance on Monday. The report indicated that economic activity in Namibia improved considerably in the third quarter of 2013 as the economy expanded by 5.3 percent year-on-year, up from 2.7 percent in the second quarter. It explained that the growth in manufacturing can be attributed to impressive growth in the other manufacturing, manufacturing of other food products and meat processing sub-sectors, while strong sales of livestock due to the recent drought conditions accounted for the ongoing rapid growth in agriculture. Namibia suffered a most severe drought in decades last year due to below-average rainfall throughout the 2012/13 rainy season. Meanwhile, transport and communication also recorded robust growth of 6.8 percent year-on-year, compared to the negative growth of 3.8 percent in the second quarter. The report also said the improved performance of the economy during the third quarter of 2013 means that the ministry's estimate of robust full year growth of 4.8 per cent in 2013 remains relevant.