WINDHOEK, (Xinhua) --
Namibia’s agricultural sector rebounded strongly from a two-year
recession, Chief Executive Officer of Agribank Sakaria
Nghikembua said Tuesday.
Nghikembua said the
sector registered growths of 15 percent, 20 percent and 5.3
percent in the three quarters of 2017 compared to -2.9 percent,
7.2 percent and 14 percent in the same periods of 2016.
He said agriculture
commodities prices and sales volumes across the board have
depicted a persistent rise throughout the year.
particularly on the back of improved production and high demand
in the local and export markets, favorable prices and trading
conditions,” he added.
Looking ahead, he
said the economy is expected to register overall annual growth
of -0.3 percent from 0.5 percent previously estimated in 2017,
before improving further to 2.2 percent and 2.4 percent in 2018
and 2019, respectively, owing to monetary easing, recovery in
the agriculture and growth in mining and tourism.
“The trend in
agricultural product prices is projected to improve, hence the
agricultural sector is anticipated to strongly support growth.
We therefore look forward to growth in our market share over the
next 2-3 years. Pulling it all together, we see a promising
future for the agricultural sector,” he said.
Nghikembua said despite the promising economic outlook, growing
national debt, fiscal consolidation and climate uncertainty
remain as downside risks to the economy.