6am 16 January 2024 Economic Highlights and Financial Indicators: A Recap of Recent Developments

1. Namibia’s Economic Growth Projection for 2024: Namibia is poised to witness one of the slowest economic growth rates in Africa in 2024, ranking ninth according to the United Nations (UN) World Economic Situation Prospects Report. The report forecasts a deceleration in the country’s gross domestic product (GDP) to 2.6%, down from the 3.2% projected for 2023.
2. South African Rand Weakening Against the Dollar: On Monday, the South African rand faced a weakening trend against the U.S. dollar amid the latter’s strengthening. Despite lacking significant local economic data releases to influence its direction, the rand traded at 18.6950 against the dollar, reflecting a 0.3% decline compared to its previous close.
3. NNPC Ltd Tenders for Port Harcourt Oil Refinery Operators: Nigeria’s state-owned oil company, NNPC Ltd, issued a tender on Monday for operators to manage its Port Harcourt oil refinery in the Niger Delta. The refinery, undergoing upgrades, is expected to commence production in Q1 2024, initially processing 60,000 barrels per day. NNPC aims to reach its full capacity of 210,000 bpd later in the year.
4. German Economy’s 2023 Contraction and Avoidance of Recession: The German economy contracted by 0.3% in 2023, attributed to persistent inflation, high energy prices, and weakened foreign demand. Despite these challenges, Germany managed to avoid slipping into a recession by the end of the year, as reported by the Federal Statistics Office on Monday.

Financial Indicators:

• Namibia Dollar Exchange Rates:
  • 18.67 to the US$
  • 20.45 to the Euro
  • 23.77 to the Pound
• Gold: $2,054.76 per fine ounce
• Brent Crude: $78.29 per barrel
• Bitcoin: $800,030.17
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