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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Namibia’s agriculture to strongly support
economic growth in 2018: official   

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.

“This is 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.

Meanwhile, Nghikembua said despite the promising economic outlook, growing national debt, fiscal consolidation and climate uncertainty remain as downside risks to the economy.

             

 

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