NAMIBIA’S economy is expected to grow by 5.7 percent in 2015, driven by exports in the continent and abroad as well as a jump in domestic economic activity, Finance Minister Calle Schlettwein said in a budget speech Tuesday.

    Schlettwein said government revenues increased by 28.6 percent to Namibian US$4 billion in 2014/2015, compared with the previous year, and projected the budget deficit would be 5.3 percent of gross domestic product.

    “Growth in 2014 was anchored by the strong expansion of output in secondary industries, on the back of a booming construction activity and the recovery in the primary industry sector,” Schlettwein said when addressing the Namibian parliament.

    Despite brisk growth, a high rate of unemployment, currently at 28.1 percent, coupled with a narrow production base necessitating a large import bill were obstacles requiring bold decisions to overcome, the minister said.

    “This state of affairs limits the job creation potential, continually drives our trade balance deeper into deficit, exerts pressure on the stock of international reserves and renders the economy highly vulnerable to external shocks.”(SD-Agencies)