diff --git a/src/renderer/renderer.rs b/src/renderer/renderer.rs
index c5761f8..b0d11c6 100644
--- a/src/renderer/renderer.rs
+++ b/src/renderer/renderer.rs
@@ -265,7 +265,10 @@ impl<'a> DustRenderer<'a> {
         &'a self,
         walk_result: Result<&'b dyn ContextElement, RenderError<'b>>,
     ) -> Result<Vec<&'b dyn ContextElement>, RenderError<'b>> {
-        if let Err(RenderError::WontWalk { .. }) = walk_result {
+        if let Err(RenderError::NotFound { .. }) = walk_result {
+            // If reference does not exist in the context, render the else block
+            Ok(vec![])
+        } else if let Err(RenderError::WontWalk { .. }) = walk_result {
             // If reference does not exist in the context, render the else block
             Ok(vec![])
         } else if let Err(RenderError::CantWalk { .. }) = walk_result {