Namibia's economy appears subdued this year and GDP growth is likely to slow to between 3.5 and 4.0 percent, the International Monetary Fund said on Tuesday.

Namibia's economy grew by 4.8 percent in 2010

The IMF said it was concerned about the fiscal outlook.

While the recent Eurobond issue and robust revenues from the SACU (Southern Africa Customs Union) revenue pool should help the budget and the external position of the economy over the next year or two, significant uncertainties cloud the outlook, it said in a statement.