The Bank of Namibia said in the December Quarterly Bulletin that the current account deficit published in the September Quarterly Bulletin for the second quarter of 2023 was revised upwards by 53.6 percent from a deficit of N$2.5 billion to N$3.8 billion.
The central bank said the major revisions originated from exports which was revised upward from N$19.5 billion to N$20.6 billion as well as services (net) that was revised from an outflow of N$16 million to an outflow of N$3.4 billion.
“The changes are in line with routine revisions made to monthly trade statistics obtained from the customs trade system, as well as updates made on the Cross Border Foreign Exchange Transaction Reporting System as well as incorporation of additional information on oil and gas exploration,” the central bank said.
The Bank of Namibia said revisions in the financial account were mainly made in the direct and portfolio investment categories.
Namibia’s financial account balance for the second quarter of 2023 was revised upwards by 3.4 percent from N$4.3 billion published in the September 2023 Quarterly Bulletin to N$4.5 billion.
“This was primarily due to revisions made in the direct as well as portfolio investment categories arising from changes made on the previously submitted enterprise surveys in line with the end of period financial statements released by the surveyed companies.”
The central bank added that in this regard, net direct investment inflows were revised from N$13 billion to N$15.3 billion while net portfolio investment outflows were revised upwards from N$5.3 billion to N$8.0 billion.
