Economy - overview:
The economy is heavily dependent on the extraction and processing of minerals for export. Mining accounts for 11.5% of GDP, but provides more than 50% of foreign exchange earnings. Rich alluvial diamond deposits make Namibia a primary source for gem-quality diamonds. Marine diamond mining is becoming increasingly important as the terrestrial diamond supply has dwindled. Namibia is the world's fourth-largest producer of uranium. It also produces large quantities of zinc and is a small producer of gold and other minerals. The mining and quarrying sectors employs only about 1.8% of the population. Namibia normally imports about 50% of its cereal requirements; in drought years food shortages are a major problem in rural areas. A high per capita GDP, relative to the region, hides one of the world's most unequal income distributions, as shown by Namibia's 59.7 GINI coefficient. The Namibian economy is closely linked to South Africa with the Namibian dollar pegged one-to-one to the South African rand. Namibia receives 30%-40% of its revenues from the Southern African Customs Union (SACU). Volatility in the size of Namibia's annual SACU allotment complicates budget planning. Namibia's economy remains vulnerable to volatility in the price of uranium and other commodities. The rising cost of mining diamonds, increasingly from the sea, has reduced profit margins. Namibian authorities recognize these issues and have emphasized the need to increase higher value raw materials, manufacturing, and services, especially in the logistics and transportation sectors.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use:
GDP - composition, by sector of origin:
Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation:
Unemployment rate: Population below poverty line: Household income or consumption by percentage share:
Distribution of family income - Gini index: Budget:
Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Imports: Imports - commodities: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
$17.79 billion (2013 est.)
country comparison to the world: 139
$17.05 billion (2012 est.)
$16.23 billion (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP country ranks ]
$12.3 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]
4.4% (2013 est.)
country comparison to the world: 70
5% (2012 est.)
5.7% (2011 est.)
[see also: GDP - real growth rate country ranks ]
$8,200 (2013 est.)
country comparison to the world: 132
$7,900 (2012 est.)
$7,600 (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP - per capita country ranks ]
NA% (2013 est.)
30.4% of GDP (2012 est.)
27% of GDP (2011 est.)
[see also: Gross national saving country ranks ]
household consumption:
59.9%
government consumption:
26.2%
investment in fixed capital:
22.8%
investment in inventories:
0.5%
exports of goods and services:
41.4%
imports of goods and services:
-50.9%
(2013 est.)
agriculture:
7.7%
industry:
29.6%
services:
62.6% (2013 est.)
millet, sorghum, peanuts, grapes; livestock; fish
meatpacking, fish processing, dairy products, pasta, beverages; mining (diamonds, lead, zinc, tin, silver, tungsten, uranium, copper)
5.6% (2013 est.)
country comparison to the world: 48
[see also: Industrial production growth rate country ranks ]
880,400 (2013 est.)
country comparison to the world: 147
[see also: Labor force country ranks ]
agriculture:
16.3%
industry:
22.4%
services:
61.3%
note:
about half of Namibia's people are unemployed while about two-thirds live in rural areas; roughly two-thirds of rural dwellers rely on subsistence agriculture (2008 est.)
27.4% (2012 est.)
country comparison to the world: 176
51.2% (2008 est.)
[see also: Unemployment rate country ranks ]
28.7%
note:
the UNDP's 2005 Human Development Report indicated that 34.9% of the population live on $1 per day and 55.8% live on $2 per day (2010 est.)
[see also: Population below poverty line country ranks ]
lowest 10%:
2.4%
highest 10%:
42% (2010)
59.7 (2010)
country comparison to the world: 6
70.7 (2003)
[see also: Distribution of family income - Gini index country ranks ]
revenues:
$4.325 billion
expenditures:
$5.126 billion (2013 est.)
35.2% of GDP (2013 est.)
country comparison to the world: 65
[see also: Taxes and other revenues country ranks ]
-6.5% of GDP (2013 est.)
country comparison to the world: 184
[see also: Budget surplus (+) or deficit (-) country ranks ]
27.2% of GDP (2013 est.)
country comparison to the world: 127
25.8% of GDP (2012 est.)
[see also: Public debt country ranks ]
1 April - 31 March
5.5% (2013 est.)
country comparison to the world: 162
6.5% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]
5.5% (31 December 2013 est.)
country comparison to the world: 19
12% (31 December 2010 est.)
[see also: Central bank discount rate country ranks ]
9.25% (31 December 2013 est.)
country comparison to the world: 104
8.7% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]
$2.723 billion (31 December 2013 est.)
country comparison to the world: 118
$2.941 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]
$7.22 billion (31 December 2013 est.)
country comparison to the world: 114
$7.228 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]
$5.942 billion (31 December 2013 est.)
country comparison to the world: 108
$6.266 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]
$1.305 billion (31 December 2012 est.)
country comparison to the world: 97
$1.152 billion (31 December 2011)
$1.176 billion (31 December 2010 est.)
[see also: Market value of publicly traded shares country ranks ]
-$658.4 million (2013 est.)
country comparison to the world: 109
-$414 million (2012 est.)
[see also: Current account balance country ranks ]
$5.124 billion (2013 est.)
country comparison to the world: 114
$4.883 billion (2012 est.)
[see also: Exports country ranks ]
diamonds, copper, gold, zinc, lead, uranium; cattle, white fish and mollusks
$7.084 billion (2013 est.)
country comparison to the world: 113
$6.44 billion (2012 est.)
[see also: Imports country ranks ]
foodstuffs; petroleum products and fuel, machinery and equipment, chemicals
$2.267 billion (31 December 2013 est.)
country comparison to the world: 118
$1.738 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]
$4.312 billion (31 December 2013 est.)
country comparison to the world: 126
$4.292 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]
$NA
[see also: Stock of direct foreign investment - at home country ranks ]
$NA
[see also: Stock of direct foreign investment - abroad country ranks ]
Namibian dollars (NAD) per US dollar -
9.282 (2013 est.)
8.2031 (2012 est.)
7.3212 (2010 est.)
8.42 (2009)
7.75 (2008)