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Namibia Cuts 2023 Growth Forecast


FILE - Diamond mine facilities are seen in the town of Oranjemund, Namibia. Taken Jun.13, 2017.
FILE - Diamond mine facilities are seen in the town of Oranjemund, Namibia. Taken Jun.13, 2017.

Namibia expects economic growth of 3.2% in 2023, down from an earlier forecast of 3.4% reflecting lower mining output estimates this year, Finance Minister Ipumbu Shiimi said on Wednesday.

The minister said 2022 growth was estimated at 4% and that 2024 growth was predicted at 2.2%.

Shiimi added it was important to maintain fiscal sustainability while carrying out reforms so sectors with significant job-creation potential like agriculture and tourism could expand.

On the positive side, Shiimi said during a budget speech that the budget deficit in the southern African country was seen declining to 4.2% of gross domestic product (GDP) in the 2023/24 financial year from about 5.2% of GDP in 2022/23.

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