Recession set to get worse

NAMIBIA’S economy plunged deeper into recession in the third quarter as declines in the construction and trade sectors eclipsed growth in manufacturing and mining, the statistics agency said yesterday. 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. The economy had shrunk by 2.1 percent in the first quarter. “This is the third consecutive quarter of contraction in 2017. The poor performance is mainly attributed to construction, wholesale and retail trade, utility and fishing sectors that recorded a contraction in real value added,” the agency said. The International Monetary Fund said on Tuesday it expects Namibia’s economic growth to be in negative territory this year. – Reuters