Namibia's Economic Performance Remains Weak in Q3: Central Bank

Xinhua| 2019-12-20 21:17:59|Editor: Shi Yinglun

WINDHOEK, Dec. 20 (Xinhua) -- Namibia's economy contracted during the third quarter of 2019 compared to the corresponding quarter of the previous year, the central bank said Friday.

The Bank of Namibia (BoN) in a quarterly bulletin released Friday said the contraction was particularly reflected in the mining and wholesale and retail trade sectors.

"The weaker performance of the mining sector was mainly due to lower production of diamonds, uranium and zinc concentrate, while the persistently low demand in line with the subdued economic activity caused the slowdown in the wholesale and retail trade sector," BoN strategic communications and financial sector development director, Emma Haiyambo said.

However, she said that activity in the construction sector started recovering during the period under review.

"The pickup in the construction sector was mainly driven by a strong rise in the government construction works," she added.

Meanwhile, Haiyambo said Namibia's inflation decelerated further during the third quarter of 2019, mainly on account of a decline in transport and housing inflation.