February 13, 2019 / 12:10 PM / 8 days ago

Namibia's central bank expects first economic growth in three years

WINDHOEK, Feb 13 (Reuters) - Namibia’s central bank expects the domestic economy to grow in 2019 for the first time in three years, Bank of Namibia Deputy Governor Ebson Uanguta said on Wednesday.

Uanguta said the growth will be led by transport and construction, which are expected to rebound after three years of contraction.

“2019 will register positive growth for the first time in three years, but we will not get back to the level of growth that we have seen before,” Uanguta told reporters.

He said construction growth would be driven by government public works in the coming financial year, including the renovation of schools. The fiscal year runs from April to March.

Uanguta said the country’s economy is expected to have contracted again last year, but at a slower rate than the 0.8 percent contraction in 2017.

Namibia’s GDP growth has averaged 4.29 percent since independence in 1990. (Reporting by Nyasha Nyaungwa, editing by Larry King)

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