| GEOGRAPHIC NAMES | GEOLOGY | USA STATS | CHINA STATS | COUNTRY CODES | AIRPORTS | RELIGION | JOBS |

Namibia Economy 2015

SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES











Namibia Economy 2015
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on June 20, 2014

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):
$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 ]

GDP (official exchange rate):
$12.3 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
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 ]

GDP - per capita:
$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 ]

Gross national saving:
NA% (2013 est.)

30.4% of GDP (2012 est.)
27% of GDP (2011 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
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.)

GDP - composition, by sector of origin:
agriculture: 7.7%
industry: 29.6%
services: 62.6% (2013 est.)

Agriculture - products:
millet, sorghum, peanuts, grapes; livestock; fish

Industries:
meatpacking, fish processing, dairy products, pasta, beverages; mining (diamonds, lead, zinc, tin, silver, tungsten, uranium, copper)

Industrial production growth rate:
5.6% (2013 est.)
country comparison to the world: 48
[see also: Industrial production growth rate country ranks ]

Labor force:
880,400 (2013 est.)
country comparison to the world: 147
[see also: Labor force country ranks ]

Labor force - by occupation:
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.)

Unemployment rate:
27.4% (2012 est.)
country comparison to the world: 176

51.2% (2008 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
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 ]

Household income or consumption by percentage share:
lowest 10%: 2.4%
highest 10%: 42% (2010)

Distribution of family income - Gini index:
59.7 (2010)
country comparison to the world: 6

70.7 (2003)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $4.325 billion
expenditures: $5.126 billion (2013 est.)

Taxes and other revenues:
35.2% of GDP (2013 est.)
country comparison to the world: 65
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-6.5% of GDP (2013 est.)
country comparison to the world: 184
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
27.2% of GDP (2013 est.)
country comparison to the world: 127

25.8% of GDP (2012 est.)
[see also: Public debt country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
5.5% (2013 est.)
country comparison to the world: 162

6.5% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
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 ]

Commercial bank prime lending rate:
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 ]

Stock of narrow money:
$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 ]

Stock of broad money:
$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 ]

Stock of domestic credit:
$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 ]

Market value of publicly traded shares:
$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 ]

Current account balance:
-$658.4 million (2013 est.)
country comparison to the world: 109

-$414 million (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$5.124 billion (2013 est.)
country comparison to the world: 114

$4.883 billion (2012 est.)
[see also: Exports country ranks ]

Exports - commodities:
diamonds, copper, gold, zinc, lead, uranium; cattle, white fish and mollusks

Imports:
$7.084 billion (2013 est.)
country comparison to the world: 113

$6.44 billion (2012 est.)
[see also: Imports country ranks ]

Imports - commodities:
foodstuffs; petroleum products and fuel, machinery and equipment, chemicals

Reserves of foreign exchange and gold:
$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 ]

Debt - external:
$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 ]

Stock of direct foreign investment - at home:
$NA
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$NA
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Namibian dollars (NAD) per US dollar -

9.282 (2013 est.)
8.2031 (2012 est.)
7.3212 (2010 est.)
8.42 (2009)
7.75 (2008)


NOTE: 1) The information regarding Namibia on this page is re-published from the 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Namibia Economy 2015 information contained here. All suggestions for corrections of any errors about Namibia Economy 2015 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 10-Feb-15
Copyright © 1995- , ITA (all rights reserved).

    . Feedback