Namibia’s Economic Recession Deepens in Third Quarter

Namibia’s economy plunged deeper into recession in the third quarter of 2017 as declines in the construction and trade sectors eclipsed growth in manufacturing and mining, the statistics agency said recently.

The economy shrank by 1.9 percent in the third quarter after a revised contraction of 0.7 percent in the second quarter, the agency said.

“This is the third consecutive quarter of contraction in 2017.

The poor performance is mainly attributed to construction, wholesale and retail trade, utility (water and electricity) and fishing sectors that recorded a contraction in real value added,” the agency said in a statement.