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Namibia Economy 1996

    • 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. Namibia must import some of its food.

    • National product:
      GDP - purchasing power parity - $5.8 billion (1994 est.)

    • National product real growth rate:
      5.8% (1994 est.)

    • National product per capita:
      $3,600 (1994 est.)

    • Inflation rate (consumer prices):
      11% (1994)

    • Unemployment rate:
      35% in urban areas (1993 est.)

    • Budget:

        revenues:
        $941 million

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

    • Exports:
      $1.3 billion (f.o.b., 1993 est.)

        commodities:
        diamonds, copper, gold, zinc, lead, uranium, cattle, processed fish, karakul skins

        partners:
        Switzerland, South Africa, Germany, Japan

    • Imports:
      $1.1 billion (f.o.b., 1993 est.)

        commodities:
        foodstuffs, petroleum products and fuel, machinery and equipment

        partners:
        South Africa, Germany, US, Switzerland

    • External debt:
      about $385 million (1994 est.)

    • Industrial production:
      growth rate -14% (1993); accounts for 30% of GDP, including mining

    • Electricity:

        capacity:
        406,000 kW

        production:
        1.29 billion kWh

        consumption per capita:
        658 kWh (1991)

    • Industries:
      meat packing, fish processing, dairy products, mining (copper, lead, zinc, diamond, uranium)

    • Agriculture:
      accounts for 10% of GDP; livestock raising major source of cash income; crops - millet, sorghum, peanuts; fish catch potential of over 1 million metric tons not being fulfilled

    • 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 - 3.539 (January 1995), 3.5489 (1994), 3.2678 (1993), 2.8497 (1992), 2.7653 (1991), 2.5863 (1990)

    • Fiscal year:
      1 April - 31 March






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