Uranium prices continue to affect economy

10 November 2017 | Business

Adolf Kaure

The minister of finance, Calle Schelttwein recently tabled the 2017/2018 mid-year budget review at parliament in Windhoek.

Speaking at the occasion, the minister said that the declining uranium prices continue to have an effect on Namibia’s economy.

“Primary industries remained in contraction since 2013 which was due to subdued commodity prices, especially for the uranium sub-sector, production constraints in the diamond industry and the severe drought conditions and related water challenges in the agricultural sector,” said Schlettwein.

He added that the primary industry sector has now eased out of a negative growth and will be a key driver for growth going forward.

Furthermore, Schlettwein said that the tertiary services sector continues to anchor economic growth as the “tourism and financial intermediation sectors remained relatively robust”.

According to him, the country is benefiting from an increase in exports especially from uranium mines in the Erongo region.

“Exports have started to regain momentum as large investment projects such as Swakop Uranium have commenced with export activity, and imports have slowed to normal trend due to completion of major investment projects and fiscal consolidation measures,” he said.

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