WINDHOEK, March 27 (Xinhua) -- Namibia's real gross domestic product (GDP) is expected to have contracted by 1.1 percent in 2019 from a moderately positive growth rate on 0.7 percent in 2018, central bank's annual report released Friday shows.
According to the report, the dismal performance in 2019 was mainly ascribed to the declines in the output of the mining, agriculture, electricity and water, retail trade and public sectors.
"The domestic economy is expected to have contracted in 2019 mainly due to slower activity in the primary industry and some sectors in the secondary and tertiary industries," the report said.
The report states that the stock of international reserves declined in nominal terms but remained above adequate levels recording 4.1 months of import cover at the end of December 2019.
