WINDHOEK, May 23 (Xinhua) -- Namibia's Mining and Quarrying Producer Price Index (NPPI) for the first quarter of 2024 rose to 135.3, up from 125.8 in the same period in 2023, the Namibia Statistics Agency (NSA) reported Thursday.
The NPPI report covers indices for uranium, non-ferrous metals and other mining and quarrying activities. The index measures the rate of change in the prices of goods and services bought and sold by local producers.
The mining index for uranium and thorium ores increased to 122.8 basis points in the first quarter of 2024, up 33.8 basis points from 89.0 in the same period in 2023.
"The index for mining of other non-ferrous metal ores, which includes copper, lead, zinc, and gold, recorded a growth of 15.4 percent during the quarter under review compared to 4.8 percent recorded during the same period of the preceding year," NSA Statistician General Alex Shimuafeni said in the NPPI Q1 2024 bulletin.
However, the index for other mining and quarrying, including diamond extraction -- a significant economic activity in Namibia -- dropped by 20 basis points to 110 from 130 in the first quarter of 2023, resulting in a 15.4 percent deflation in prices for the first quarter of 2024.
Namibia's mining sector is vital to its economy, contributing significantly to its gross domestic product and employment. The country is rich in minerals such as diamonds, uranium and non-ferrous metals. ■