Big picture. December 2025 closed a year of moderating but resilient growth in Namibia. Manufacturing and primary sectors weighed on output; tertiary services (financial services first) carried the economy. Inflation stayed below the 4% target, the central bank held rates, and the NSX rallied into year-end.
Why it matters
- Inflation stayed in the box. Headline inflation 3.2% in December, averaging 3.5% for 2025 — below the Bank of Namibia's 4% target.
- Repo rate held at 6.50%. The MPC kept policy steady to safeguard the Rand peg while supporting domestic activity. Next decision: 18 February 2026.
- NSX finished strong. The Local Index closed up 3.07% MoM at 783.71. Overall Index +7.15% MoM at 2,141.33.
Macro indicators at a glance
- GDP Q3 2025: 1.9% (vs 2.1% in Q3 2024). Growth led by tertiary industries — financial services first, then wholesale & retail trade, education, and public administration. Secondary sector lifted by electricity and water (higher local production and consumption).
- Headline inflation: 3.2% in December 2025 (down from 3.4% in December 2024). Core inflation eased from 3.8% to 3.4%.
- Inflation drivers: Slower price growth in Food and Non-alcoholic Beverages, Health, and Hotels, Cafes & Restaurants. Easing supply pressures plus contained demand.
- Currency: Namibian dollar averaged N$16.97/USD over the first 16 days of December — a 1.46% appreciation from November's N$17.22 average.
- Fuel prices rose. Pump prices +21c/litre effective 3 December. Petrol 95: N$20.58/litre. Diesel 50ppm: N$20.13. Diesel 10ppm: N$20.23. The National Energy Fund absorbed N$145.8m in diesel under-recoveries.
- Private credit subdued. PSCE growth 0.5% YoY in November 2025. Total private-sector claims N$123.13bn. Corporate sector +7.2% YoY (asset and equipment financing). Household credit stagnant on weak income growth and high living costs.
NSX year-end
- Local Index: +3.07% MoM, closing at 783.71.
- Trading activity: ~1.5 million shares across 110 transactions. Turnover N$34.1m.
- Overall Index: +7.15% MoM, closing at 2,141.33 — strong dual-listed performance and improved global sentiment.
- Exchange-Traded Products: N$9.2m turnover.
Fund performance highlights
- Best 1-year return: Old Mutual Namibia Growth, 37.7% (vs 38.5% benchmark).
- Best 5-year return: Old Mutual Namibia Growth, 17.3% annualised.
- Top conservative pick: Allan Gray Namibia Stable A — 12.0% annualised over 5 years vs a 6.0% benchmark.
- Underperforming benchmark: STANLIB Namibia Managed A — 4.2pp behind on 5-year (9.9% vs 14.1% benchmark).
Investment performance vs benchmark
Latest fund fact sheets, 31 December 2025.
| Fund | AUM | 1Y | 1Y BM | 3Y p.a. | 3Y BM | 5Y p.a. | 5Y BM |
|---|---|---|---|---|---|---|---|
| Money Market | |||||||
| STANLIB Money Market A | N$1.42bn | 7.3% | 7.6% | 7.9% | 8.0% | 6.6% | 6.7% |
| STANLIB CashPlus R | N$1.78bn | 6.6% | 7.6% | 7.7% | 8.0% | 6.3% | 6.6% |
| FNB Namibia Money Market A | N$2.71bn | 7.4% | 6.4% | 7.8% | 7.0% | 6.5% | 6.3% |
| Conservative | |||||||
| STANLIB Income A | N$1.43bn | 9.0% | 7.5% | 9.2% | 8.0% | 7.4% | 6.6% |
| Ashburton Namibia Income A | N$1.13bn | 7.7% | 7.6% | 10.5% | 8.0% | 9.5% | 6.7% |
| NAM Coronation Balanced Defensive | N$0.24bn | 14.3% | 6.3% | 13.3% | 7.0% | 10.6% | 7.6% |
| Allan Gray Namibia Stable A | N$0.52bn | 16.7% | 6.7% | 13.4% | 7.2% | 12.0% | 6.0% |
| Moderate | |||||||
| STANLIB Namibia Managed A | N$0.22bn | 16.8% | 19.1% | 15.2% | 16.3% | 9.9% | 14.1% |
| Allan Gray Namibia Balanced B | N$6.40bn | 24.2% | 19.2% | 16.9% | 15.0% | 14.8% | 12.4% |
| M&G Namibian Inflation Plus A | N$2.42bn | 14.2% | 7.3% | 12.4% | 8.0% | 11.1% | 8.6% |
| NAM Coronation Balanced Plus | N$1.64bn | 17.6% | 20.2% | 17.9% | 16.0% | 13.4% | 13.0% |
| Ninety One Namibia Managed R | N$6.35bn | 20.4% | 18.9% | 15.1% | 15.5% | 12.3% | 12.7% |
| STANLIB Namibia Inflation Plus A | N$0.76bn | 16.2% | 7.3% | 12.3% | 8.0% | 11.0% | 8.6% |
| Old Mutual Namibia Managed | N$1.05bn | 17.7% | 17.2% | 15.1% | 14.2% | 12.7% | 11.8% |
| Aggressive | |||||||
| Old Mutual Namibia Growth | N$0.82bn | 37.7% | 38.5% | 22.0% | 20.5% | 17.3% | 18.1% |
Performing against benchmark (within 0.5pp or above)Underperforming (0.5-2.0pp below)Not performing (more than 2.0pp below)
Looking ahead
2026 should improve gradually — agriculture is recovering, uranium expansion continues, and inflation looks stable. Downside risks remain: weak diamond demand, climate-related shocks, and global trade uncertainty. Talk to a Liberty advisor about positioning your portfolio for the year ahead.
Source: Lenin Amukeshe, Data Analyst — High Economic Intelligence (HEI).