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Namibia Economy 2019

SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES











Namibia Economy 2019
SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 08, 2019

Economy - overview:
Namibia’s economy is heavily dependent on the extraction and processing of minerals for export. Mining accounts for about 12.5% 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 increasingly important as the terrestrial diamond supply has dwindled. The rising cost of mining diamonds, especially from the sea, combined with increased diamond production in Russia and China, has reduced profit margins. Namibian authorities have emphasized the need to add value to raw materials, do more in-country manufacturing, and exploit the services market, especially in the logistics and transportation sectors.

Namibia is one of the world’s largest producers of uranium. The Chinese-owned Husab uranium mine began producing uranium ore in 2017, and is expected to reach full production in August 2018 and produce 15 million pounds of uranium a year. Namibia also produces large quantities of zinc and is a smaller producer of gold and copper. Namibia's economy remains vulnerable to world commodity price fluctuations and drought.

Namibia normally imports about 50% of its cereal requirements; in drought years, food shortages are problematic in rural areas. A high per capita GDP, relative to the region, obscures one of the world's most unequal income distributions; the current government has prioritized exploring wealth redistribution schemes while trying to maintain a pro-business environment. GDP growth in 2017 slowed to about 1%, however, due to contractions in both the construction and mining sectors, as well as an ongoing drought. Growth is expected to recover modestly in 2018.

A five-year Millennium Challenge Corporation compact ended in September 2014. As an upper middle income country, Namibia is ineligible for a second compact. 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 and global mineral prices complicates budget planning.

GDP (purchasing power parity):
$26.6 billion (2017 est.)
$26.81 billion (2016 est.)
$26.62 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 139
[see also: GDP country ranks ]

GDP (official exchange rate):
$13.24 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-0.8% (2017 est.)
0.7% (2016 est.)
6.1% (2015 est.)
country comparison to the world: 200
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$11,200 (2017 est.)
$11,500 (2016 est.)
$11,700 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 135
[see also: GDP - per capita country ranks ]

Gross national saving:
16.7% of GDP (2017 est.)
9.6% of GDP (2016 est.)
19.1% of GDP (2015 est.)
country comparison to the world: 125
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 68.7% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 24.5% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 16% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 1.6% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 36.7% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -47.5% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 6.7% (2016 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 26.3% (2016 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 67% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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:
-0.4% (2017 est.)
country comparison to the world: 171
[see also: Industrial production growth rate country ranks ]

Labor force:
956,800 (2017 est.)
country comparison to the world: 146
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 31%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 14%
[see also: Labor force - by occupation - industry country ranks ]
services: 54% (2013 est.)
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

Unemployment rate:
34% (2016 est.)
28.1% (2014 est.)
country comparison to the world: 210
[see also: Unemployment rate country ranks ]

Population below poverty line:
28.7% (2010 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.4%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 42% (2010)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
59.7 (2010)
70.7 (2003)
country comparison to the world: 6
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 4.268 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 5 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
32.2% (of GDP) (2017 est.)
country comparison to the world: 68
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-5.5% (of GDP) (2017 est.)
country comparison to the world: 173
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
41.3% of GDP (2017 est.)
39.5% of GDP (2016 est.)
country comparison to the world: 121
[see also: Public debt country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
6.1% (2017 est.)
6.7% (2016 est.)
country comparison to the world: 187
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
7% (12 April 2017)
6.5% (31 December 2015)
country comparison to the world: 51
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
10.04% (31 December 2017 est.)
9.84% (31 December 2016 est.)
country comparison to the world: 85
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$3.425 billion (31 December 2017 est.)
$2.911 billion (31 December 2016 est.)
country comparison to the world: 116
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$3.425 billion (31 December 2017 est.)
$2.911 billion (31 December 2016 est.)
country comparison to the world: 122
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$8.582 billion (31 December 2017 est.)
$7.038 billion (31 December 2016 est.)
country comparison to the world: 114
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$1.305 billion (31 December 2012 est.)
$1.152 billion (31 December 2011 est.)
$1.176 billion (31 December 2010 est.)
country comparison to the world: 103
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$438 million (2017 est.)
-$1.555 billion (2016 est.)
country comparison to the world: 115
[see also: Current account balance country ranks ]

Exports:
$3.995 billion (2017 est.)
$4.003 billion (2016 est.)
country comparison to the world: 119
[see also: Exports country ranks ]

Exports - partners:
South Africa 27.1%, Botswana 14.9%, Switzerland 12%, Zambia 5.7%, China 4.6%, Italy 4.4% (2017)

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

Imports:
$5.384 billion (2017 est.)
$5.625 billion (2016 est.)
country comparison to the world: 123
[see also: Imports country ranks ]

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

Imports - partners:
South Africa 61.4% (2017)

Reserves of foreign exchange and gold:
$2.432 billion (31 December 2017 est.)
$1.834 billion (31 December 2016 est.)
country comparison to the world: 115
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$7.969 billion (31 December 2017 est.)
$6.904 billion (31 December 2016 est.)
country comparison to the world: 123
[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 -
13.67 (2017 est.)
14.7096 (2016 est.)
14.7096 (2015 est.)
12.7589 (2014 est.)
10.8526 (2013 est.)


NOTE: 1) The information regarding Namibia on this page is re-published from the 2019 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Namibia Economy 2019 information contained here. All suggestions for corrections of any errors about Namibia Economy 2019 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






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