Bank of Namibia cuts growth forecast, but expects rebound

Diamond in coal
Contraction in the diamond sector contributed to the 2016 slowdown, the report says

The Bank of Namibia's latest economic outlook has projected growth of 4.4% in 2016 – a slowdown from the 5.7% recorded last year.

Published today (July 28), the report said the majority of the slowdown could be attributed to anticipated contractions in diamond mining and construction sectors.

However, growth is projected to improve in 2017, to 5.4%, largely as a result of an expected recovery in both agriculture and diamond mining.

"The contraction in diamond mining in 2016 was mainly due to

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