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    “A new platform to represent Botswana,” says Amos on his coaching role in Iran

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    Karateka targets international titles

    Botswana gears up for high-stakes Gabs Open karate showdown

    Orange Botswana Awards P390,000 to Historic 4x400m Relay Champions, Coaches & BAA

    Orange Botswana Awards P390,000 to Historic 4x400m Relay Champions, Coaches & BAA

    Eppie’s breakthrough hints at a brighter future for Botswana’s 400m

    Eppie’s breakthrough hints at a brighter future for Botswana’s 400m

    Under Babitseng BFA will be transparent and accountable

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Namibia: Bank of Namibia expects growth to moderate in 2023

mm by RMB Africa Research
August 24, 2023
in News
Reading Time: 1 min read
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Namibia: Bank of Namibia expects growth to moderate in 2023

A logo of the Bank of Namibia is seen at the company's headquarters in Windhoek, Namibia, February 24, 2017. REUTERS/Siphiwe Sibeko

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The Bank of Namibia (BoN) released its August Economic Outlook earlier this week.

The BoN anticipates Namibia’s real GDP growth to moderate to 3.3 percent y/y in 2023 from 4.6 percent y/y in 2022. The central bank cited weak domestic consumption coupled with large base effects in the diamond mining sector as drivers for this slowdown. Risks to the domestic economy highlighted by the Bank include global monetary policy tightening, a high inflationary environment, the continued impact of the Russia/Ukraine war on fuel and food commodities, and water supply disruptions brought by El Nino conditions which pose a risk to the uranium mining sector.

It is worth noting that load-shedding in South Africa continues to put pressure on domestic prices through imported inflation. Going forward, growth is expected to slow further to 3.0 percent y/y in 2024 and 2.9 percent y/y in 2025. The main growth drivers will be improving mining activity as well as a recovery in tourism, while the BoN expects that the outlook for other key sectors will remain lacklustre.

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