Namibia's central bank has lowered its economic growth forecasts for ​this year and next, ⁠citing a weaker-than-expected performance of primary industries, especially ‌metals and diamond mining.

The Bank of Namibia said ​in a statement on Monday that it now expected growth of ​2.6% in 2026 ​and 2.9% in 2027, revising down its previous forecasts by 1.2 percentage points and 1.4 percentage ⁠points, respectively.

"The downward revisions mainly reflect weaker-than-previously anticipated performance in the primary industries, particularly the significant contraction in metal ores production and continued weakness in diamond mining," ​the statement said.

It said ⁠growth drivers ⁠were mainly in the secondary and tertiary industries, including construction, financial ​services and defence. It said uranium ‌mining was a bright spot ⁠within primary industries.

The resource-rich Southern African country's economy has taken a hit from a prolonged downturn in the global diamond market, though strong gold and uranium prices have been a mitigating factor.

The central bank's 2026 growth forecast is lower than the 3.1% projection given by the finance ministry in its ‌annual budget, which was delivered days before the ⁠Iran war started in late February.

Among ​downside risks the central bank cited a foot-and-mouth disease outbreak in neighbouring Botswana and South Africa, as well as ​further ‌volatility in commodity prices.

(Reporting by Nyasha Nyaungwa, ⁠writing by Anathi ​Madubela; Editing by Alexander Winning and Himani Sarkar)