Namibia Sees Surge in Private Sector Credit Extension in May 2024

In May, private sector credit extension in Namibia rose to 3.2% year-on-year, up from 1.6% in April 2024 and 1.5% in May 2023, marking the highest increase this year and the highest since March 2023. Simonis Storm attributes this growth primarily to increased corporate demand, which surged to 4.7% year-on-year in May 2024, compared to 0.6% in April and a contraction of -3.4% in May 2023. Simonis Storm’s Economist, Halleluya Ndimulunde.