Daniel Motinga , Senior Manager Research and Development at First National Bank Namibia has revised the annual GDP growth outlook downwards from 4,5% to 3,9% in the recent Africa monthly report by RMB (Rand Merchant Bank) on Global Markets research. Motinga: "We believe the economy expanded by 2.8% in 1H13 and expect most of the momentum to be in 2H13. Our biggest concern is the sluggish pace of private consumption growth , which registered an 8% increase in 2012. We forecast a slight improvement to 8.3% in 2013, largely supported by tax relief. We are also becoming less bullish on investment spending growth given the large base established in the prior year." Motinga added that investment spending rose by 19.7% in real terms in 2012 , a feat impossible to replicate in 2013, particularly as there was a deceleration in private sector investment spend. He continued to say that on the demand side, imports would detract from growth as they continued to expa...