Macro - Country Economic Forecasts - Namibia

Macro - Country Economic Forecasts - Namibia

Namibia's economic growth got off to a good start in 2023, recording the second-best Q1 figure since 2015. Thanks to this result, we lifted our 2023 growth forecast slightly. The renewed interest in the country's oil and critical mineral reserves is boosting investment and mining activity. Nevertheless, we forecast real GDP growth to ease to 3.1% (previously 2.9%) in 2023 from 4.6% in 2022. This is mainly the result of the rise in domestic interest rates which will weigh on private consumption, and an anticipated moderation in export growth in H2 2023 due to weaker global economic growth.