Namibia’s GDP recorded a contraction of 2.6 percent in the second quarter of 2019, the Namibia Statistics Agency announced on Thursday.

The contraction is attributed to mining and quarrying, agriculture and forestry and construction the statistics office said.

Business24

“The significant reduction in economic activities is attributed to continued austerity measures by the government, weak domestic demand for goods and services, reduced disposable income coupled with drought conditions affecting most households,” said statistician general Alex Shimuafeni.

Meanwhile, real GDP growth for the first quarter of 2019 has also been revised downwards to -2.9 percent from a contraction of 2.0 percent previously recorded. Enditem

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