WINDHOEK (Reuters) – The Namibian government sees the economy growing 2.8% in 2022 and 3.4% in 2023, slightly lower than earlier forecasts for 2.9% and 3.7% growth, a mid-year budget review showed on Tuesday.
The budget deficit is now projected to be about 5.3% of gross domestic product (GDP) in the 2022/23 financial year, compared to 5.6% estimated in the main budget in February 2022.
The downward growth revisions reflect updated data from industrial surveys, especially on output from the mining sector and year-to-date performance.
“The FY2023/24 fiscal strategy will centre on maintaining prudent expenditure management and promoting economic recovery. Accordingly, government will focus on entrenching fiscal sustainability and stabilizing the pace of debt accumulation,” Finance Minister Iipumbu Shiimi said, referring to next year’s plans.
(Reporting by Nyasha Nyaungwa; Writing by Bhargav Acharya; Editing by Alexander Winning)
