Namibia's 2018 growth expected at 2.2 pct: finance minister

BY  | FROM  | 2018-02-11 15:15

Namibia's economy is expected to grow by 2.2 percent in 2018, Finance Minister Calle Schlettwein said Friday.

Speaking during a panel discussion with local economists in the capital Windhoek, Schlettwein said the Southern African nation's economy, which contracted in the first three quarters of 2017, had started picking up in the fourth quarter after the government secured a 10-billion-Namibian-dollar (833 million U.S. dollars) loan from the African Development Bank.

"2018 should be a good year with an estimated growth of about 2.2 percent," the minister said.

"We expect improvement due to rising commodity prices, although some of the revenue increases might be offset by an increase in the exchange rate," Schlettwein said.

"There is a renewed interest in exploration projects especially lithium. We are optimistic for things going forward."

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