By: Staff writer

The business sector experienced a 0.5% year-on-year (y/y) growth in June, a significant slowdown from the 4.7% y/y recorded in May 2024, yet still above 2023 levels.

Analysis from Simonis Storm Securities’ Halleluya Ndimulunde reveals this as the second slowest credit growth uptake for corporates in 2024.

Ndimulunde attributed this declaration to higher repayments in other loans and advances, as well as overdrafts, particularly within the commercial and services, fishing, manufacturing, and energy sectors, as per data provided by the Bank of Namibia (BoN).

“Other loans and advances, which constitute 40.6% of total credit uptake by corporates, saw growth of 13.9% y/y in June 2024, down from 17.7% y/y in May 2024,” Ndimulunde observed.

continue reading