Mineral exploration recorded a 22.1% increase in real value added compared to 9.1% in the first quarter of 2023.
This is according to the Quarterly Gross Domestic Product for 1Q released by the Namibia Statistics Agency (NSA).
According to the NSA, this performance is due to the continued investment in the oil and gas activities.
Mining and quarrying sector recorded a growth of 6.6 percent in real value added during the quarter under review, a slowdown when compared to a growth of 21.8 percent witnessed in the corresponding quarter of 2023.
The slow performance is mainly attributed to the deceleration in diamond production and a decline in uranium production.
The NSA says in real terms, activities in the first quarter of 2024 expanded by 4.7% compared to 5.3% recorded in the corresponding quarter of 2023. Year on year, the gross domestic product in real terms stood at N$38.9 billion, up from N$37.2 billion, reflecting an expansion of N$1.7 billion.
The performance is mainly attributable to the Primary industries, which witnessed a growth of 5.1% in real value added.
The increase in economic activities is stimulated by the ‘Mining and quarrying’ sector, which registered a growth of 6.6% on the backdrop of the diamond production.
The increase in economic activities is stimulated by the mining and quarrying sector, which registered a growth of 6.6% on the backdrop of diamond production.
The mining and quarrying sector was the main positive contributor to the GDP growth of 4.7%, contributing 0.9 percentage points.
The mining and quarrying sector recorded a growth of 6.6% in real value added during the quarter under review, a slowdown compared to an increase of 21.8% in the corresponding quarter of 2023.
The slow performance is mainly attributed to the deceleration in diamond production and a decline in uranium production.
The diamond subsector registered an increase of 8.9% in real value added during the first quarter of 2024, down from a staggering 25.7% growth observed in the corresponding quarter of 2023.
The performance emanates from a deceleration in diamond production during the quarter under review.
On the other hand, the uranium subsector experienced a contraction of 11.8% in real value-added, in contrast to the 27.4% increase registered in the first quarter of 2023. The decline in the subsector is attributable to a reduction in the volume of uranium production.
Similarly, the subsector mining of metal ores registered a decline of 3.3% in real value added during the quarter under review, compared to the 27.4% increase posted in the first quarter of 2023.
The decline in performance is attributed to decreased production of manganese, zinc, and lead and a slowdown in gold production.
The ‘Other mining and quarrying’ subsector recorded a robust growth of 18.2% in real value added during the first quarter of 2024, compared to a 4.2% increase in 2023.
