WINDHOEK (Reuters) -Namibia expects economic growth of 3.2% in 2023, down from an earlier forecast of 3.4% reflecting lower mining output estimates this year, Finance Minister Ipumbu Shiimi said on Wednesday.
Shiimi said during a budget speech that the budget deficit in the southern African country was seen declining to 4.2% of gross domestic product (GDP) in the 2023/24 financial year from about 5.2% of GDP in 2022/23.
The minister said 2022 growth was estimated at 4% and that 2024 growth was predicted at 2.2%.
Shiimi added it was important to maintain fiscal sustainability while carrying out reforms so sectors with significant job-creation potential like agriculture and tourism could expand.
(Reporting by Nyasha Nyaungwa; Writing by Bhargav Acharya; Editing by Alexander Winning and James Macharia Chege)