The registration of new businesses in Namibia rose sharply in the third quarter, increasing by 59.1% year on year to 5,325, according to the latest Quarterly Bulletin published by the Bank of Namibia (BoN).
The increase was largely driven by a surge in close corporations, which rose by 66.8% compared with the same period last year.
Registrations of private (Pty) Ltd companies recorded a more modest year-on-year increase of 2.3%, indicating a gradual improvement in business confidence and the potential for stronger economic activity ahead.
On a quarter-on-quarter basis, the total number of newly registered businesses increased by 48.0%, reflecting a strong rebound in entrepreneurial activity. However, the seasonally adjusted series showed a lower, though still significant, increase of 23.0% over the same period.
“The seasonally adjusted series showed a lower increase of 23.0% over the same period,” the central bank said.
According to the bulletin, the rise in business registrations coincided with improved activity in other areas of the economy. Total fuel consumption increased by 7.2% year on year in the third quarter to 320 million litres, supported by higher demand for both diesel and petrol.
Diesel consumption rose by 4.8%, while petrol consumption increased by 13.5% compared with the same period last year. On a quarter-on-quarter basis, total fuel consumption increased by 7.3%.
“The increase was reflected in the volumes of diesel and petrol, which rose by 4.8% and 13.5%, respectively. On a quarterly basis, total fuel consumption increased by 7.3%,” the report said.
This article was first published here in partnership with The Brief