Namibia Economy 1997

Economy - overview The economy is heavily dependent on the extraction and processing ofminerals for export. Mining accounts for almost 25% of GDP. Namibia is thefourth-largest exporter of nonfuel minerals in Africa and the world's fifth-largestproducer of uranium. Rich alluvial diamond deposits make Namibia a primarysource for gem-quality diamonds. Namibia also produces large quantities oflead, zinc, tin, silver, and tungsten. Half of the population depends on agriculture(largely subsistence agriculture) for its livelihood. Namibia must importsome of its food.

GDP purchasing power parity - $6.2 billion (1996 est.)

GDP - real growth rate 1.5% (1996 est.)

GDP - per capita purchasing power parity - $3,700 (1996 est.)

GDP - composition by sector
agriculture: 15%
industry: 20%
services: 65% (1995 est.)

Inflation rate - consumer price index 8% (1996 est.)

Labor force
total: 500,000
by occupation: agriculture 49%, industry and commerce 25%, services 5%, government18%, mining 3% (1994 est.)

Unemployment rate 21.8% (1993)

Budget
revenues : $1.1 billion
expenditures: $1.2 billion, including capital expenditures of $193 million (FY96/97est.)

Industries meat packing, fish processing, dairy products; mining (diamond, lead,zinc, tin, silver, tungsten, uranium, copper)

Industrial production growth rate 10% (1994)

Electricity - capacity 406,000 kW (1993)

Electricity - production 994 million kWh (1993)
note: imports electricity from South Africa

Electricity - consumption per capita 925 kWh (1993)

Agriculture - products millet, sorghum, peanuts; livestock; fish catch potential of over 1million metric tons not being fulfilled

Exports
total value: $1.45 billion (f.o.b., 1996 est.)
commodities: diamonds, copper, gold, zinc, lead, uranium, cattle, processed fish,karakul skins
partners : UK, South Africa, Spain, Japan (1994)

Imports
total value: $1.55 billion (f.o.b., 1996 est.)
commodities: foodstuffs, petroleum products and fuel, machinery and equipment, chemicals
partners: South Africa 85%, Germany, US, Japan (1994 est.)

Debt - external about $315 million (1996 est.)

Economic aid
recipient: ODA, $NA

Currency 1 Namibian dollar (N$) = 100 cents

Exchange rates Nambian dollars (N$) per US$1 - 4.64152 (January 1997), 4.29935 (1996),3.62709 (1995), 3.55080 (1994), 3.26774 (1993), 2.85201 (1992)

Fiscal year 1 April - 31 March

NOTE: The information regarding Namibia on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Namibia Economy 1997 information contained here. All suggestions for corrections of any errors about Namibia Economy 1997 should be addressed to the CIA.