GROSS DOMESTIC PRODUCT FIRST QUARTER 2016

Transcription

1 Gross Domestic Product - First Quarter 2016 GROSS DOMESTIC PRODUCT FIRST QUARTER Namibia Statistics Agency, P. O. Box 2133, Windhoek, FGI House, Post Street Mall Tel: Fax:

2 2 Gross Domestic Product - First Quarter 2016 Forth coming issue Expected release date Gross Domestic Product Second Quarter September 2016

3 Gross Domestic Product - First Quarter Mission Statement In a coordinated manner we produce and disseminate relevant, quality and timely statistics that are fit-forpurpose in accordance with international standards and best practice Vision Statement Be a high performance institution in statistics delivery Core Values Performance Integrity Service focus Transparency Accuracy Partnership

4 4 Gross Domestic Product - First Quarter 2016 Preface This publication presents an overview of economic developments during the first quarter of Quarterly Gross Domestic Product (GDP) estimates assist in the analysis of short-term movements in the economy, as opposed to the annual GDP that provides in-depth and comprehensive view of the changes in the economy. Other economic indicators such as volume indices of production, distributive trade indices and levels of employment can also be used for that purpose. The quarterly data presented in this publication are based on the 2010 base year. The real GDP for the first quarter of 2016 recorded a slow growth of 3.5 percent compared to 7.3 percent registered in the corresponding quarter of The slow growth is attributed to the construction sector that recorded a 0.2 percent in real value added, and the poor performance in real value added in the agriculture as well as fishing and fish processing on board that recorded declines of 12.2 percent and 3.5 percent, respectively. In addition, all the sectors registered slow growths in real value added except hotels and restaurants as well as the manufacturing sector that recorded strong growths of 9.5 and 4.8 percent in 2016 as compared to 1.9 and a decline of 1.0 percent in the corresponding quarter of I would therefore like to emphasise the importance of accurate and timely delivery of data from our stakeholders in the private and public sectors to the Namibia Statistics Agency (NSA), on which the compilation of quarterly GDP depends. Finally, I wish to express my appreciation to all the data providers, both institutions and individuals without whose assistance the publication would not have been possible. Alex Shimuafeni Statistician-General Windhoek, June 2016 The real GDP for the first quarter of 2016 recorded a slow growth of 3.5 percent compared to 7.3 percent registered in the corresponding quarter of 2015.

5 Gross Domestic Product - First Quarter Contents Preface...4 Contents...5 List of Tables...6 List of Figures Introduction Revisions Data Sources and Timeliness Key findings Inflation rate Trade Balance Agriculture and Forestry Fishing and fish processing on board Mining and quarrying Manufacturing Electricity and water Construction Wholesale and retail trade Hotels and restaurants Transport and communication Financial intermediation Public Administration, defence, education and health...38 Appendix 1 - Methodological Notes... 43

6 6 Gross Domestic Product - First Quarter 2016 List of Tables Table 1: Sectoral growth rate revisions for the fourth quarter of Table 2: Quarterly Gross Domestic Product by Activity in Constant 2010 Prices - million N$ Table 2: Quarterly Gross Domestic Product by Activity in Constant 2010 Prices - million N$ (Cont) Table 3: Quarterly Gross Domestic Product by Activity in Constant 2010 Prices Percentage changes Table 3: Quarterly Gross Domestic Product by Activity in Constant 2010 Prices Percentage changes... 42

7 Gross Domestic Product - First Quarter List of Figures Figure 1: GDP growth Figure 2: Inflation rate Figure 3: Trade Balance Figure 4: Agriculture Real Value Added growth rate Figure 5: Number of livestock marketed, Volume index 2010 = Figure 6: Fishing and Fish processing on board Real Value Added growth rate Figure 7: Fish landings, Volume index 2010 = Figure 8: Mining and Quarrying Real Value Added Growth Rates Figure 9: Total mining production Volume index 2010 = Figure 10: Diamond production and sales in thousands of carats Figure 11: Metal Ores Volume Index 2010 = Figure 12: Uranium production in short tons Figure 13: Manufacturing Real Value Added growth rate Figure 14: Dairy, Non basic metal and fabricated metal value added Figure 15: Publishing and printing, Diamond and cutting, other food products real value added Figure 16: Diamond processing turnover - N$ thousands Figure 17: Electricity and Water Real Value Added Growth Rates Figure 18: Electricity and Water subsectors Real Value Added Growth Rate Figure 19: Sales of electricity in millions of KWH Figure 20: Sources of electricity in millions of KWH Figure 21: Construction Real Value Added growth rate Figure 22: Real value of Government Expenditure on construction Millions N$ Figure 23: Value of buildings completed Millions N$ Figure 24: Wholesale and retail trade Real Value Added growth rate Figure 25: Revenue of Wholesale and retail trade Millions N$ Figure 26: Hotel and restaurants Value Added growth rate Figure 27: Growth rate in number of bed nights and room nights sold Figure 28: Transport and communication Real Value Added growth rate Figure 29: Cargo Handled in Thousands of Tones Figure 30: Volume of Freight Transported in Thousands of Tonnes Figure 31: Financial intermediation Value Added growth rate Figure 32: Banking and insurance Value Added Figure 33: Deposits and claims... 37

8 8 Gross Domestic Product - First Quarter Introduction The main purpose of compiling quarterly national accounts is to provide timely and frequent picture of the current economic developments, which cannot be provided for in the annual national accounts. Quarterly data determine the short-term movements in the series, while the annual data determine the overall level and long-term movements in the series. In principle, the only difference between quarterly and annual national accounts is the reference period and the scope of coverage, where the annual national accounts provides a more comprehensive scope of data coverage. The definitions and conceptual frameworks, as well as the accounts and accounting identities of the 1993 System of National Accounts (SNA) are equally valid for both accounts. In practice, the constraint of data availability and resources leads to incomplete quarterly national accounts as compared to the annual national accounts. The NSA has started the compilation of quarterly GDP at constant prices as a first step in compiling full quarterly national accounts. Since quarterly and annual estimates are often based on different kinds of data sources, the annual total derived from the sum of the four quarters under consideration differs from annual estimates based on a more comprehensive source data. Therefore, in order to make them comparable, quarterly estimates are benchmarked on their annual estimates. Benchmarking is the process of combining a time series of high frequency data with less frequent but more accurate data.

9 Gross Domestic Product - First Quarter Revisions Revisions are part of good quarterly national accounts compilation practice because they provide users with more accurate data. It provides the opportunity to incorporate new and more accurate information, and thereby improve the accuracy of the estimates without introducing breaks in the time series. Due to the availability of more comprehensive data, revisions are made to estimate for quarters of the last three years. The revisions made in the fourth quarter of 2015 are outlined in Table 1 below. Based on the revised changes, the GDP figure for the fourth quarter of 2015 increased to 2.9 percent. The revision in the data was necessitated by the updated data received from sources. Table 1: Sectoral growth rate revisions for the fourth quarter of 2015 Sector Fourth quarter 2015 in percent as recorded Revised fourth quarter 2015 in percent Agriculture Fishing Mining and quarrying Manufacturing Electricity and water Construction Wholesale and retail trade Hotels and restaurants Transport and communication Financial Intermediation Real estate and business activities Public Adminisatration Education Health Other private services FISIM All industries at basic prices Taxes on products GDP Difference 2.9 % Based on the revised changes, the GDP figure for the fourth quarter of 2015 increased to 2.9 percent.

10 10 Gross Domestic Product - First Quarter Data Sources and Timeliness The sources for quarterly national accounts data are quarterly economic surveys and administrative data. Quarterly GDP estimates are released with a time lag of 90 days from the reference quarter.

11 Gross Domestic Product - First Quarter Key findings Year-on-year, the GDP for the first quarter for 2016 recorded a slow growth of 3.5 percent as compared to an increase of 7.3 percent registered in the corresponding quarter of 2015 (Figure 1). The slow growth is mainly attributed to construction, agriculture and fishing sectors that recorded a growth of 0.2 percent, decline of 12.2 percent and a decline of 3.5 percent, in real value added, respectively. In general, almost all the sectors have shown downward trend except for the hotels and restaurants as well as manufacturing sector that recorded increases of 9.5 and 4.8 percent in real value added in the first quarter of Figure 1: GDP growth

12 12 Gross Domestic Product - First Quarter Inflation rate The average annualized inflation rate was estimated to have recorded 6.0 percent in the first quarter of 2016, compared to an average inflation rate of 3.8 percent in the same period of 2015 (Figure 2). This was mainly influenced by the housing, water, electricity and other fuels category which on average recorded an inflation rate of 7.5 percent. Figure 2: Inflation rate

13 Gross Domestic Product - First Quarter Trade Balance The trade deficit has narrowed in the first quarter of 2016, recording N$ 4.1 billion when compared to N$ 5.8 billion recorded in the same quarter of This means, the economy has imported less goods while exports has increased in the quarter under review in comparison to the first quarter of 2015 (Figure 3). Figure 3: Trade Balance

14 14 Gross Domestic Product - First Quarter Agriculture and Forestry The Agriculture sector is estimated to have recorded a decline of 12.2 percent in real value added compared to a 2.1 percent in the corresponding quarter of 2015 (Figure 4). The weak performance in the sector is attributed to livestock farming subsector that registered a decline of 15.9 percent in real value added as compared to an increase of 3.7 percent recorded in the same quarter of This decline is attributed to the drought situation currently experienced in Namibia. In addition, crop farming subsector continue to show a downward trend recording a decline of 8.3 percent in real value added when compared to a decline of 14.5 percent registered in the same quarter of Figure 4: Agriculture Real Value Added growth rate Cattle export abattoirs and butchers recorded a decline of 11.8 percent compared to a growth of 36.3 percent recorded in the corresponding quarter of Small stock marketed to abattoirs and butchers stood at a total of in the first quarter of This shows a decline of 37.4 percent compared to a negative growth of 13.7 percent recorded in the same quarter of 2015 (Figure 5). Cattle and small stock exported live to South Africa and Angola recorded a decline of 28.9 percent and a growth of 77.7 percent during the quarter under review compared to a decline of 13.7 percent and 37.4 percent, respectively. The decline in live cattle export is due to the uncertainty in the strict implementation of veterinary requirements by South Africa. However, small stocks are weathering the impact of the drought much better and demand remains high.

15 Gross Domestic Product - First Quarter Figure 5: Number of livestock marketed, Volume index 2010 = 100

16 16 Gross Domestic Product - First Quarter Fishing and fish processing on board 1 The sector fishing and fish processing on board is estimated to have registered a decline of 3.5 percent in real value added during the first quarter of 2016 compared to a growth of 8.0 percent recorded in the same quarter of 2015 (Figure 6). Figure 6: Fishing and Fish processing on board Real Value Added growth rate The performance in the fishing sector is attributed to demersal fisheries landings that registered a slow growth of 4.2 percent in the first quarter of 2016 compared to a strong growth of 24.4 percent recorded in the corresponding quarter of On the other hand, mid-water trawler fisheries landings registered a strong growth of 18.7 percent during the period under review compared to a 12.4 percent recorded in the corresponding quarter of The estimate of fishing and fish processing on board is based on preliminary figures because a complete set of data is still being awaited from the industry.

17 Gross Domestic Product - First Quarter Figure 7: Fish landings, Volume index 2010 = 100

18 18 Gross Domestic Product - First Quarter Mining and quarrying Mining and quarrying sector is estimated to have recorded a slow growth of 2.5 percent in real value added compared to 3.2 percent recorded in the corresponding quarter of 2015 (Figure 8 and 9). Figure 8: Mining and Quarrying Real Value Added Growth Rates Figure 9: Total mining production Volume index 2010 = 100

19 Gross Domestic Product - First Quarter The slow growth in mining and quarrying sector is attributed to the diamond and uranium subsectors that registered declines in real value added of 2.2 and 1.8 percent in the first quarter of 2016, respectively. This weak performance in the diamond subsector is attributed to the low production (Figure 10). Figure 10: Diamond production and sales in thousands of carats In addition, metal ores subsector registered a slower growth of 22.2 per cent in real value added in the first quarter of 2016 compared to a strong growth of 63.9 per cent recorded in the corresponding quarter of 2015 (Figure 11).

20 20 Gross Domestic Product - First Quarter 2016 Figure 11: Metal Ores Volume Index 2010 = 100 Due to low demand of uranium in the international market, the uranium subsector recorded a decline of 1.8 percent in real value added in the first quarter of However, this shows an improvement in the subsector when compared to the decline of 22.6 percent registered in the corresponding quarter of 2015 (Figure 12). On the other hand, other mining and quarrying subsector is estimated to have registered a growth of 1.2 percent in real value added during the period under review compared to a decline of 22.9 percent registered in the same period of 2015.

21 Gross Domestic Product - First Quarter Figure 12: Uranium production in short tons

22 22 Gross Domestic Product - First Quarter Manufacturing The manufacturing sector is estimated to have recorded a growth of 4.8 percent in real value added during the first quarter of 2016 as compared to a decline of 1.0 percent recorded in the corresponding quarter of 2015 (Figure 13). Figure 13: Manufacturing Real Value Added growth rate The positive performance in the manufacturing sector is brought about by the increase in real value added recorded in the following subsectors: dairy products (7.7 percent), non-basic metal (61.9 percent) and manufacturing of fabricated metal products (21.6 percent), (Figure 14).

23 Gross Domestic Product - First Quarter Figure 14: Dairy, Non basic metal and fabricated metal value added In contrast, other subsector recorded declines, Diamond processing (73.8 percent) and Publishing and printing (33.5 percent), Manufacturing of Other food (28.3percent), and Fish processing on board (24.9 percent), (Figure 15).

24 24 Gross Domestic Product - First Quarter 2016 Figure 15: Publishing and printing, Diamond and cutting, other food products real value added Figure 16: Diamond processing turnover - N$ thousands

25 Gross Domestic Product - First Quarter Electricity and water The electricity and water sector performed moderately in the first quarter of 2016, registering a growth of 9.4 percent in real value added, as compared to a strong growth of 14.6 percent in the same quarter of 2015 (Figure 17). The slow growth in the sector is mainly attributed to both electricity and water subsector. In the quarter under review, the water subsector growth slowed down to 6.9 percent compared to a strong growth of 10.9 percent recorded in the corresponding quarter of 2015 (Figure 18). Figure 17: Electricity and Water Real Value Added Growth Rates The electricity subsector is estimated to have registered a moderate growth of 10.5 percent in real value added in the first quarter of 2016 compared to a strong growth of 15.8 percent in the corresponding quarter of 2015 (Figure 18). This was due to a 38.6 percent increase in the import of electricity that caused the subsector to slow down.

26 26 Gross Domestic Product - First Quarter 2016 Figure 18: Electricity and Water subsectors Real Value Added Growth Rate In terms of volume, the import of electricity in the first quarter of 2016 stood at KWH, which is an increase of 38.6 percent year-on-year (Figure 20). Figure 19: Sales of electricity in millions of KWH

27 Gross Domestic Product - First Quarter Figure 20: Sources of electricity in millions of KWH

28 28 Gross Domestic Product - First Quarter Construction 2 The real value added for the construction sector is estimated to have recorded a marginal growth of 0.2 percent in the first quarter of 2016 compared to a strong growth of 34.5 percent registered in the corresponding quarter of 2015 (Figure 21). The performance in the sector is attributed to both the construction works for general government (Figure 22) and the value of buildings completed that declined in real value by recording 23.3 percent and 33.4 percent respectively as compared to a strong growth of 35.8 percent and 15.2 percent recorded in the same period of Figure 21: Construction Real Value Added growth rate 2 The figure for the government expenditure on construction is preliminary and may be subject to change.

29 Gross Domestic Product - First Quarter Figure 22: Real value of Government Expenditure on construction Millions N$ The decline in the value of buildings completed is observed in the central, western, northern and southern regions that registered declines of 45.1 percent, 26.3 percent, 20.4 percent and 0.8 percent, respectively (Figure 23). Figure 23: Value of buildings completed Millions N$ Source: Municipalities and town council

30 30 Gross Domestic Product - First Quarter Wholesale and retail trade The wholesale and retail trade sector is estimated to have registered a slow growth of 4.9 percent in real value added during the first quarter of 2016, compared to 5.5 percent recorded in the corresponding quarter of 2015 (Figure 24). The performance in the sector is reflected in furniture and clothing sales that increased by 7.3 percent and 6.2 percent, respectively. Vehicles sales recorded a decline of 5.9 percent in the first quarter of 2016 as compared to 18.5 percent recorded in the corresponding quarter of Furthermore, the subsector supermarkets sales increased by 9.5 percent in the first quarter of 2016 as compared to a decline of 2.8 percent recorded during in first quarter of 2015 (Figure 25). Figure 24: Wholesale and retail trade Real Value Added growth rate

31 Gross Domestic Product - First Quarter Figure 25: Revenue of Wholesale and retail trade Millions N$

32 32 Gross Domestic Product - First Quarter Hotels and restaurants 3 The hotels and restaurants real value added is estimated to have recorded a strong growth of 9.5 percent in the first quarter of 2016 compared to an increase of 1.9 percent recorded in the same quarter of 2015 (Figure 26). Figure 26: Hotel and restaurants Value Added growth rate The strong performance in the sector stems from the result of both the number of bed and number of room nights sold that increased by 12.5 percent and 12.1 percent (respectively) during the period under review compared to a decline of 0.4 percent and 0.5 percent registered in the corresponding quarter of 2015 (Figure 27). 3 The figures for hotels and restaurants must be interpreted with caution as they are based only on Hospitality Association of Namibia (HAN) membership.

33 Gross Domestic Product - First Quarter Figure 27: Growth rate in number of bed nights and room nights sold

34 34 Gross Domestic Product - First Quarter Transport and communication The transport and communication sector performance slowed down in the first quarter of 2016 recording a 2.8 percent growth in real value added compared to 7.8 percent recorded in the corresponding quarter of 2015 (Figure 28). The slow growth was mainly attributed to freight by road and telecommunications subsectors that recorded growth rates of 3.7 and 1.0 percent in real value added, respectively. Similarly, all the other subsectors experienced a slowdown in growth in real value added. Figure 28: Transport and communication Real Value Added growth rate In volume terms, cargo handled at the ports declined from tonnes in the first quarter of 2015 to tonnes during the quarter under review (Figure 29). In the same vein, cargo that was transported by railway and road declined in the first quarter of 2016 by tonnes when compared to the corresponding quarter of 2015 (Figure 30).

35 Gross Domestic Product - First Quarter Figure 29: Cargo Handled in Thousands of Tones Source: Namibia Ports Authority Figure 30: Volume of Freight Transported in Thousands of Tonnes Source: TransNamib

36 36 Gross Domestic Product - First Quarter Financial intermediation The financial intermediation sector is estimated to have recorded a slow growth of 3.9 percent in real value added in the first quarter of 2016, when compared to 7.5 percent growth recorded in the same quarter of 2015 (Figure 31). This was mainly influenced by the banking subsector that slowed down in the quarter under review, recording a growth of 6.0 percent compared to 9.3 percent in the same quarter of 2015 (Figure 32). The insurance subsector activities slowed down to 0.7 percent in the first quarter of 2016, compared to the growth of 5.0 percent recorded in the corresponding quarter of Figure 31: Financial intermediation Value Added growth rate

37 Gross Domestic Product - First Quarter Figure 32: Banking and insurance Value Added Deposits by all sectors and claims by the private sector stood at N$ million and N$ million in the first quarter of 2016, (Figure 33). Figure 33: Deposits and claims Source: Bank of Namibia

38 38 Gross Domestic Product - First Quarter Public Administration, defence, education and health The public administration and defence sector is estimated to have registered a slow growth of 7.9 percent in real value added in the first quarter of 2016 compared to a 10.7 percent recorded in the corresponding quarter of The health sector is estimated to have recorded a decline of 4.7 percent in real value added in the first quarter of 2016 compared to a negative growth of 2.9 percent in the corresponding quarter of Furthermore, the education sector recorded a slow growth of 5.2 percent in real value added in the first quarter of 2016 compared to 10.6 percent recorded in the corresponding quarter of The performance of the sector is attributed to both subsectors, primary and secondary as well as tertiary and other education that recorded slow growths in real value added.

39 Gross Domestic Product - First Quarter Table 2: Quarterly Gross Domestic Product by Activity in Constant 2010 Prices - million N$ Year Quarter Agriculture Fishing Mining and quarrying Electricity and water Manufacturing Construction Wholesale and retail trade Hotels and restaurants , ,366 2, , , ,391 2, , ,673 2, , ,863 2, , Transport and communication ,335 2, , ,808 2, , ,610 2, , , ,281 2, , , , ,924 2, , , , ,736 2, , , ,171 2, , , , ,768 2, , , ,180 2, , , , ,586 2, , , ,231 2, , , , ,135 2, , , , ,105 2, , , , ,669 2, , , , ,593 2, , , , ,805 2, , , ,524 2, ,003 2, , ,590 2, , , ,677 2, ,029 3, , , ,646 2, ,187 3, , ,339 2, ,462 3, , , ,545 2, ,420 2, , ,236 2, ,391 3, , , ,667 2, ,716 3, , ,414 2, ,966 3, , ,401 2, ,955 3, , ,524 2, ,891 3, , , ,439 2, ,194 4, , ,474 2, ,971 3, ,502

40 40 Gross Domestic Product - First Quarter 2016 Table 2: Quarterly Gross Domestic Product by Activity in Constant 2010 Prices - million N$ (Cont) Year Quarter Financial intermediation Real estate activities and business services Public administration Education Health Other private services FISIM All indust. at basic prices Taxes on products GDP at market prices ,051 1,579 2,569 1, ,514 1,364 19, ,093 1,610 1,767 1, ,413 1,409 18, ,129 1,644 2,221 1, ,190 1,465 19, ,037 1,681 1,850 1, ,807 1,503 19, ,038 1,721 2,036 1, ,269 1,398 18, ,041 1,750 1,062 1, ,508 1,482 17, ,033 1,767 2,867 1, ,215 1,610 19, ,089 1,772 2,885 1, ,704 1,709 21, ,144 1,766 2,031 1, ,503 1,392 19, ,166 1,770 1,714 1, ,779 1,450 20, ,135 1,784 2,413 1, ,443 1,638 21, ,157 1,808 2,943 1, ,672 1,721 21, ,150 1,842 2,779 1, ,044 1,428 21, ,203 1,872 2,540 1, ,268 1,543 20, ,235 1,898 2,941 1,790 1, ,340 1,696 23, ,275 1,920 1,319 1, ,623 1,862 21, ,276 1,938 4,028 1, ,205 1,694 23, ,283 1,958 2,013 1, ,421 1,696 22, ,307 1,981 2,076 1, ,246 1,798 22, ,328 2,006 1,720 2, ,219 1,919 23, ,463 2,034 3,030 1, ,453 1,726 23, ,504 2,056 2,019 1, ,297 1,896 23, ,550 2,073 3,053 2, ,286 2,081 25, ,605 2,085 2,066 1, ,385 2,232 24, ,613 2,090 2,643 1,943 1, ,855 1,960 24, ,658 2,102 2,151 1, ,424 1,882 24, ,744 2,119 2,988 2, ,896 2,233 26, ,776 2,141 2,315 2, ,681 2,524 27, ,735 2,169 2,926 2,148 1, ,436 2,180 26, ,743 2,190 2,492 2, ,796 2,277 26, ,774 2,205 3,381 2, ,015 2,567 27, ,820 2,212 2,624 2, ,155 2,840 27, ,803 2,212 3,159 2, ,171 2,372 27,543

41 Gross Domestic Product - First Quarter Table 3: Quarterly Gross Domestic Product by Activity in Constant 2010 Prices Percentage changes Year Quarter Fishing Mining and quarrying Electricity and water Agriculture Manufacturing Construction Wholesale and retail trade Hotels and restaurants Transport and communication

42 42 Gross Domestic Product - First Quarter 2016 Table 3: Quarterly Gross Domestic Product by Activity in Constant 2010 Prices Percentage changes Year Quarter Financial intermediation Real estate activities and business services Public administration Education Health Other private services FISIM All indust. at basic prices Taxes on products GDP at market prices

43 Gross Domestic Product - First Quarter Appendix 1 - Methodological Notes System of National Accounts 1993: The SNA 1993 is an internationally agreed methodology used for compilation of national accounts estimates published by the United Nations in co-operation with other international organizations. This means that the methodology, concepts and classifications are in accordance with the latest guidelines of an internationally agreed system of national accounts. Quarterly GDP estimates: Quarterly estimates of value added in real terms are less comprehensive and therefore need to be aligned to the annual real estimates. Short-term indicators are used to estimate the quarterly GDP. In terms of coverage, quarterly indicators are not as reliable as in instances where the results of annual estimates are used. Therefore, the quarterly estimates must be adapted to the independent annual estimates when such estimates become available. To this extent, the Proportional Denton Method, which is a technique that generates a series of the quarterly estimates as proportional to the indicator as possible subject to the restrictions provided by the annual data is used. FISIM: Financial Services Indirectly Measured Regional breakdown: The following regions are represented by municipalities and town councils in respective towns that are surveyed by the NSA; Central region: Windhoek Northern region: Okahandja, Otjiwarongo, Outjo, Grootfontein, Tsumeb, Ondangwa, Oshakati, Ongwediva, Okakarara, Rundu and Katima-Mulilo Eastern region: Gobabis Western region: Swakopmund, Walvis Bay, Henties Bay, Karibib, Usakos and Omaruru Southern region: Keetmanshoop, Mariental, Karasburg, Nami Nüs (Lüderitz) and Rehoboth Classifications: The estimates of value added by industry are classified according to the third revision of the International Standard Industrial Classification of all Economic Activities (ISIC), with suitable adaptations for Namibian conditions.

44 44 Gross Domestic Product - First Quarter 2016 Namibia Statistics Agency P.O. Box 2133, FGI House, Post Street Mall, Windhoek, Namibia Tel: Fax: info@nsa.org.na Like us on Facebook: facebook.com/namibiastatisticsagency Follow us on Subscribe to us on YouTube: youtube.com/namstatsagency Scan to find more statistics information about Namibia