Namibia Economy - 2023

Economic overview

upper middle-income, export-driven Sub-Saharan economy; natural resource rich; Walvis Bay port expansion for trade; high potential for renewable power generation and energy independence; major nature-based tourist locale; natural resource rich; shortage of skilled labor

Real GDP (purchasing power parity)

$23.12 billion (2021 est.)

$22.522 billion (2020 est.)

$24.49 billion (2019 est.)

note: data are in 2017 dollars

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Real GDP growth rate

2.66% (2021 est.)

-8.04% (2020 est.)

-0.84% (2019 est.)

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Real GDP per capita

$9,100 (2021 est.)

$9,000 (2020 est.)

$10,000 (2019 est.)

note: data are in 2017 dollars

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GDP (official exchange rate)

$12.372 billion (2019 est.)

Inflation rate (consumer prices)

3.62% (2021 est.)

2.21% (2020 est.)

3.72% (2019 est.)

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Credit ratings

Fitch rating: BB (2019)

Moody's rating: Ba3 (2020)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 6.7% (2016 est.)

industry: 26.3% (2016 est.)

services: 67% (2017 est.)

GDP - composition, by end use

household consumption: 68.7% (2017 est.)

government consumption: 24.5% (2017 est.)

investment in fixed capital: 16% (2017 est.)

investment in inventories: 1.6% (2017 est.)

exports of goods and services: 36.7% (2017 est.)

imports of goods and services: -47.5% (2017 est.)

Agricultural products

beef, milk, grapes, millet, maize, mutton, pork, chickens, goats, wheat

Industries

mining, tourism, fishing, agriculture

Industrial production growth rate

1.44% (2021 est.)

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Labor force

939,000 (2021 est.)

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Labor force - by occupation

agriculture: 31%

industry: 14%

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

21.68% (2021 est.)

21.45% (2020 est.)

19.99% (2019 est.)

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Youth unemployment rate (ages 15-24)

total: 40.4%

male: 39.4%

female: 41.7% (2021 est.)

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Population below poverty line

17.4% (2015 est.)

Gini Index coefficient - distribution of family income

59.1 (2015 est.)

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Household income or consumption by percentage share

lowest 10%: 2.4%

highest 10%: 42% (2010)

Budget

revenues: $4.004 billion (2019 est.)

expenditures: $4.693 billion (2019 est.)

Budget surplus (+) or deficit (-)

-5.5% (of GDP) (2017 est.)

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Public debt

4.64% of GDP (2019 est.)

5.49% of GDP (2018 est.)

5.44% of GDP (2017 est.)

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Taxes and other revenues

31.17% (of GDP) (2020 est.)

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Fiscal year

1 April - 31 March

Current account balance

-$1.21 billion (2021 est.)

$270.277 million (2020 est.)

-$222.969 million (2019 est.)

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Exports

$3.955 billion (2021 est.) note: data are in current year dollars

$3.565 billion (2020 est.) note: data are in current year dollars

$4.581 billion (2019 est.) note: data are in current year dollars

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Exports - partners

China 29%, South Africa 20%, Botswana 8%, Belgium 6%, Zambia 4% (2020)

Exports - commodities

diamonds, uranium, copper, gold, fish products, aircraft, ships (2021)

Imports

$6.055 billion (2021 est.) note: data are in current year dollars

$4.614 billion (2020 est.) note: data are in current year dollars

$5.808 billion (2019 est.) note: data are in current year dollars

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Imports - partners

South Africa 40%, Zambia 20%, Democratic Republic of the Congo 6%, China 5%, Bulgaria 3% (2020)

Imports - commodities

copper, refined petroleum, delivery trucks, cobalt, cars (2020)

Reserves of foreign exchange and gold

$2.764 billion (31 December 2021 est.)

$2.171 billion (31 December 2020 est.)

$2.049 billion (31 December 2019 est.)

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Debt - external

$7.969 billion (31 December 2017 est.)

$6.904 billion (31 December 2016 est.)

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Exchange rates

Namibian dollars (NAD) per US dollar -

14.779 (2021 est.)

16.463 (2020 est.)

14.449 (2019 est.)

13.234 (2018 est.)

13.313 (2017 est.)

NOTE: The information regarding Namibia on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Namibia 2023 information contained here. All suggestions for corrections of any errors about Namibia 2023 should be addressed to the CIA or the source cited on each page.