Namibia’s economy is expected to slow in 2025 before recovering in 2026, with uranium and gold exports providing key support, Deputy Governor of the Bank of Namibia, Ebson Uanguta, said.
Namibia’s real GDP growth is forecast to ease to 3.5% this year before rising to 3.9% next year, driven by weakness in the diamond sector and drought impacts on agriculture.
“Weaker diamond export earnings are expected to weigh on the domestic economy; however, this could be partly offset by stronger performances in uranium and gold exports, which continue to provide positive momentum amid subdued conditions in the diamond market,” Uanguta said.
He added that the diamond sector is expected to continue its decline due to weak global demand, the imposition of trade tariffs and rising competition from lab-grown diamond alternatives.
“The downside risk to the domestic economic outlook remains, including potential trade disruptions and inflationary pressure resulting from ongoing global economic policy uncertainties and geopolitical conflicts,” he said.
According to data from the Namibia Statistics Agency, uranium was the country’s largest export in September, accounting for 21.1% of total shipments, mainly to China and the United States.
Diamonds followed at 19.8%, while non-monetary gold contributed 10.7% of exports, largely to South Africa. Fish exports accounted for 13.5%.
