Namibia says economy to shrink 0.2 percent this year

Namibia’s economy will contract 0.2 percent this year, down from a forecast of 1 percent growth in July, due to a weak performance in the manufacturing and construction sectors, Finance Minister Calle Schlettwein said on Tuesday.

Namibia’s economy should grow 0.9 percent next year, Schlettwein said in a medium-term budget review.

The southern African country’s budget deficit will be maintained at no more than 4.4 percent of GDP in the 2019/20 financial year, he said.