Namibia GDP Annual Growth Rate

Last Release

Dec 31, 2023

Actual

4.4

Units In

Frequency

Quarterly

Next Release

Jun 20, 2025

Time to Release

2 Months 12 Days 16 Hours

Highest	Lowest	Average	Date Range	Source
21 Sep 2004	-12.4 Sep 2020	3.2 %	1990-2023	N/A

Namibia is a small and relatively open economy that is rich in mineral resources. Services account for around 60 percent of GDP. Within services the most important are wholesale and retail trade (13 percent), public administration and defense (11 percent); education (9 percent) and real estate (8 percent). Mining and quarrying (mainly diamonds and uranium) account for 12.3 percent of the output, manufacturing for 12.3 percent and agriculture and fishing for 9 percent.

Latest Updates

The economy of Namibia advanced by 3.1% year-on-year in the fourth quarter of 2024, following an upwardly revised 3.2% rise in the previous three-month period. This marked the weakest expansion since a contraction (-3.5%) was recorded in Q1 2021, as output growth slowed in activities such as financial services (3.5% vs 6.4% in Q3); transport & storage (7.9% vs 14.3%); and wholesale and retail trade (6.2% vs 11.7%). Moreover, steep declines were observed in agriculture (-5.9% vs 3.5%) and fishing activities (-9.9% vs -13%). The country's economy grew by 3.7% in 2024, slowing from the 4.4% expansion recorded in 2023. Finance Minister Erica Shafudah stated in her budget speech in late March that Namibia's economy is now expected to experience a modest acceleration, with growth forecasted at 4.5% this year and 4.7% in 2026.