Economy grew by -8% in 2020 – Economics

Economy grew by -8% in 2020 - Economics

Economy grew by -8% in 2020

31 March 2021 | Economics

Jo-Maré Duddy – The economy contracted by 8% in 2020, the worst on record in an independent Namibia.
Data released by the Namibia Statistics Agency (NSA) this morning, shows hotels and restaurants, a proxy for the tourism industry, grew by -33.1% last year compared to the Bank of Namibia’s (BoN) forecast of -55% barely two months ago.
Other sectors hit severely by the pandemic last year were: Transport (-22.4%); manufacturing (-19.6%); mining (-14.9%); wholesale and retail (-11.7%); and construction (-11.8%).
Read the full story tomorrow in Market Watch.

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