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Namibia’s economy contracts 2.7 percent in first-quarter

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WINDHOEK (Reuters) – Namibia’s economy shrunk by 2.7 percent in the first quarter of this year after a revised contraction of 1.4 percent in the last quarter of 2017, the statistics agency said on Thursday.

“The Namibian economy continues to slide into further recession in the first quarter of 2017,” Statistician General Alex Shimuafeni said in a report.

“The poor performance is mainly attributed to the construction, manufacturing, wholesale and retail trade and hotels and restaurants sectors that contracted.”

(Writing by Olivia Kumwenda-Mtambo; Editing by James Macharia)

 

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