Individual wealth projected to rise to N$88 386

Gross domestic product (GDP) per capita, which measures individual wealth, is projected to increase from N$82 288.3 in 2022 to N$88 386 in 2023, according to PSG’s Economic Outlook. In 2024, GDP per capita is estimated at N$93 112.6. Namibia has a population of just over 2.5 million people and is categorised as a stable democratic nation. Two-thirds of its population live in rural areas and engage in subsistence farming and livestock production. GDP per capita is projected to average just above US$4100 during 2020-2022; as such, the country is classified as an upper-middle-income country, PSG pointed out.However, this paints a misleading picture, since the distribution of income is highly unequal. According to the Namibia Statistics Agency (NSA), Namibia’s Gini coefficient was estimated at 57 for 2015-2016 – which improved from 60 in 2009-2010 but is still among the highest in the world. The NSA estimates that 18% of Namibian households were living below the upper poverty line (US$40 per month) in 2015-2016, with huge variations between urban and rural areas and between ethnic groups, PSG said.EconomyThe domestic economy expanded by 4.6% in 2022 and the real value of the growth was estimated at N$144.1 billion.During the first and second quarter of 2023, the Namibian economy grew by 5.3% and 3.7%, respectively. Real GDP for the first two quarters of 2023 was estimated at N$38.1 billion and N$38.8 billion.Meanwhile, the Bank of Namibia (BoN) projects the economy to grow by 3.3% in 2023. “Strong first half performance, driven by the exploration of Namibia&#039;s oil and critical mineral resources, increases in mining activity, wholesale and retail sales, and transport services, prompted us to raise our 2023 economic growth forecast to 3.8% from 3.1%. We forecast real GDP growth to slow to 2.2% in 2024 as the expected global growth slowdown will weigh on Namibian exports while elevated domestic interest rates will curb private consumption,” PSG said.-phillep@nmh.com.na

Individual wealth projected to rise to N$88 386

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Individual wealth projected to rise to N$88 386

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