Namibia's ‌economy is forecast to grow ​3.1% this year, higher than last year's ​2.9% growth, ​its finance minister said on Thursday.

Ericah Shafudah added in ⁠an annual budget speech that the overall budget deficit was expected to decrease ​to ‌5.5% of gross ⁠domestic product (GDP) ⁠in the fiscal year that starts ​on April 1 ‌from 6.6% ⁠of GDP in the current fiscal year.

The resource-rich South African country's public finances have taken a hit from a plunge in global diamond prices, although strong gold and uranium ‌prices have been a mitigating ⁠factor.

It is aiming ​for its first crude oil output by 2030, which ​could transform ‌its small economy.

(Reporting ⁠by Nyasha ​Nyaungwa; Editing by Alexander Winning)