Namibia Expects Economy To Recover In 2020
Sumaira FH Published February 28, 2020 | 04:08 PM
Namibia's domestic economy is projected to expand by 1.5 percent in 2020 and by 1.4 percent in 2021, representing a recovery from an estimated contraction of 1.9 percent in 2019, the central bank said in a statement on Thursday
WINDHOEK, (APP - UrduPoint / Pakistan Point News - 28th Feb, 2020 ):Namibia's domestic economy is projected to expand by 1.5 percent in 2020 and by 1.4 percent in 2021, representing a recovery from an estimated contraction of 1.9 percent in 2019, the central bank said in a statement on Thursday.
According to the central bank's February economic outlook update, growth in the southern African country in 2020 is expected to be driven by recoveries in mining, wholesale and retail trade and construction.
The latest revision on growth for 2019 is a downward adjustment from the 1.7 percent contraction projected in August.
"As more data on economic activities for 2019 became available, it has become clear that the impact of the drought on livestock and crops is likely to be more severe than earlier anticipated," the statement said.
"Furthermore, growth rates for mining sub sectors such as diamonds and uranium were also adjusted downwards due to lower volumes produced," it said.
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 6 May 2024
Today Gold Rate in Pakistan 06 May 2024
Dubai Mum Becomes the First Ever Pakistani Woman to Climb 11 of the 14 Highest M ..
Over 37% Tobacco tax increase suggested to save lives, boost revenue
Mohsin Naqvi has offered a substantial incentive, pledging $100,000 to every pla ..
Citizens join Al Barsha Police in “An Hour for Dubai” Initiative
Art can be a powerful tool to relieve stress, Experts say at Sharjah Children’ ..
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 5 May 2024
Today Gold Rate in Pakistan 05 May 2024
Bugti assures transporters for addressing their problems
Deputy Prime Minister and Foreign Minister, Mohammad Ishaq Dar meets foreign min ..
3 drug peddlers arrested, hashish recovered
More Stories From World
-
Italy's pragmatic PM leads charge for EU far right
14 minutes ago -
N. Macedonia elections set to ramp up tensions with EU neighbours
33 minutes ago -
Chad's presidential poll to exacerbate north-south divide
33 minutes ago -
Ex-minister Mulino leads presidential race as Panama counts votes
33 minutes ago -
Bodies identified as Australian, US surfers murdered in Mexico
33 minutes ago -
Ukraine's soldiers mark Easter on the front line
33 minutes ago
-
Panama's president-elect Mulino, from the farm to the hot seat
33 minutes ago -
Israel army says 'encourages' eastern Rafah residents to leave for 'humanitarian area'
34 minutes ago -
'Everybody is vulnerable': Fake US school audio stokes AI alarm
43 minutes ago -
Polls close in Panama vote with eight presidential contenders
43 minutes ago -
Bodies in Mexico presumed to be missing surfers have bullet wounds to head
43 minutes ago -
Mind the 'Gap': Fuellkrug has Dortmund dreaming of Champions League final
44 minutes ago