Analysis by Region - Emerging Markets - Namibia
Following a strong start to the year in Q1, economic growth slowed in Q2 2024 due to weaker mining and agricultural output. Softer demand for Namibia's commodity exports and the devastating local drought took their toll. The outlook for mining is mixed. While diamond prices continue to languish, uranium output at a resuscitated mine is expected to pick up and investments in oil exploration will continue, albeit at a slower pace. We forecast real GDP growth to slow from 4.2% in 2023 to 3.0% in 2024, and then to rise slightly to 3.2% next year.
- Namibia: Mixed mining fortunes muffle prospects of stronger growth
- Forecast overview
- Recent developments
- Short-term outlook
- Key drivers of our short-term forecast
- Economic risk
- Economic risk evaluation
- Background
- Economic development
- Structure of the economy
- Balance of payments
- Policy and politics
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