Overview: The economy is heavily dependent on the mining industry to extract and process minerals for export. Mining accounts for almost 25% of GDP. Namibia is the fourth-largest exporter of nonfuel minerals in Africa and the world's fifth-largest producer of uranium. Alluvial diamond deposits are among the richest in the world, making Namibia a primary source for gem-quality diamonds. Namibia also produces large quantities of lead, zinc, tin, silver, and tungsten. More than half the population depends on agriculture (largely subsistence agriculture) for its livelihood.

National product: GDP - purchasing power equivalent - $3.85 billion (1993 est.)

National product real growth rate: 3.5% (1992)

National product per capita: $2,500 (1993 est.)

Inflation rate (consumer prices): 17.9% (1992) in urban area

Unemployment rate: 30% (1992)

Budget:
revenues: $941 million
expenditures: $1.05 billion, including capital expenditures of $157 million (FY93/94)

Exports: $1.289 billion (f.o.b., 1992 est.)
commodities: diamonds, copper, gold, zinc, lead, uranium, cattle, processed fish, karakul skins
partners: Switzerland, South Africa, Germany, Japan

Imports: $1.178 billion (f.o.b., 1992)
commodities: foodstuffs, petroleum products and fuel, machinery and equipment
partners: South Africa, Germany, US, Switzerland

External debt: about $220 million (1992 est.)

Industrial production: growth rate 4.9% (1991); accounts for 35% of GDP, including mining

Electricity:
capacity: 490,000 kW
production: 1.29 billion kWh
consumption per capita: 850 kWh (1991)

Industries: meatpacking, fish processing, dairy products, mining (copper, lead, zinc, diamond, uranium)

Agriculture: accounts for 15% of GDP; mostly subsistence farming; livestock raising major source of cash income; crops - millet, sorghum, peanuts; fish catch potential of over 1 million metric tons not being fulfilled, 1988 catch reaching only 384,000 metric tons; not self-sufficient in food

Economic aid:
recipient: Western (non-US) countries, ODA and OOF bilateral commitments (1970-87), $47.2 million

Currency: 1 South African rand (R) = 100 cents
Exchange rates: South African rand (R) per US$1 - 3.4096 (January 1994), 3.2678 (1993), 2.8497 (1992), 2.7653 (1991), 2.5863 (1990), 2.6166 (1989)

Fiscal year: 1 April - 31 March

NOTE: The information regarding Namibia on this page is re-published from the 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Namibia Economy 1995 information contained here. All suggestions for corrections of any errors about Namibia Economy 1995 should be addressed to the CIA.