Namibia Economy 2018, CIA World Factbook
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Namibia Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Namibia Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
Namibia’s 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 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 the world's fifth-largest producer of uranium. The Chinese-owned Husab uranium mine is expected to start producing uranium ore in 2017. Once the Husab mine reaches full production, Namibia is expected to become the world’s second-largest producer of uranium. 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. A priority of the current government is poverty eradication. Despite a drought, real GDP growth remained strong in 2015 because of construction in the mining and housing sectors, coupled with an expansionary fiscal policy. GDP growth in 2017 slowed to about 1%, however, due to contractions in both the construction and mining sectors, as well as the 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):
$27.02 billion (2017 est.) $26.81 billion (2016 est.) $26.52 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 139

GDP (official exchange rate):
$12.56 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.8% (2017 est.) 1.1% (2016 est.) 6% (2015 est.)
country comparison to the world: 190
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$11,500 (2017 est.) $11,500 (2016 est.) $11,600 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 134

Gross national saving:
18% of GDP (2017 est.) 11.6% of GDP (2016 est.) 20.9% of GDP (2015 est.)
country comparison to the world: 100
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 71.9%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 23.3%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 22.2%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -0.1%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 41.7%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -59% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 6.6%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 25.8%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 67.6% (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:
2.2% (2017 est.)
country comparison to the world: 122
[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%
[see also: Labor force - by occupation - services country ranks ]
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 (2013 est.)

Unemployment rate:
28.1% (2014 est.) 29.6% (2013 est.)
country comparison to the world: 201
[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)

Distribution of family income - Gini index:
59.7 (2010) 70.7 (2003)
country comparison to the world: 7
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $3.967 billion
[see also: Budget - revenues country ranks ]
expenditures: $4.759 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
31.6% of GDP (2017 est.)
country comparison to the world: 75
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-6.3% of GDP (2017 est.)
country comparison to the world: 180
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
43% of GDP (2017 est.) 40.7% of GDP (2016 est.)
country comparison to the world: 125
[see also: Public debt country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
6% (2017 est.) 6.7% (2016 est.)
country comparison to the world: 186
[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: 47
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
9.9% (31 December 2017 est.) 9.87% (31 December 2016 est.)
country comparison to the world: 84
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$2.878 billion (31 December 2017 est.) $2.898 billion (31 December 2016 est.)
country comparison to the world: 122
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$6.03 billion (31 December 2017 est.) $6.281 billion (31 December 2016 est.)
country comparison to the world: 126
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$6.977 billion (31 December 2017 est.) $7.006 billion (31 December 2016 est.)
country comparison to the world: 118
[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: 104
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$921 million (2017 est.) -$1.529 billion (2016 est.)
country comparison to the world: 131
[see also: Current account balance country ranks ]

Exports:
$4.71 billion (2017 est.) $4.003 billion (2016 est.)
country comparison to the world: 112
[see also: Exports country ranks ]

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

Exports - partners:
Switzerland 20%, South Africa 17.1%, Botswana 15%, Zambia 6.7%, Spain 4.6%, Italy 4.2% (2016)

Imports:
$6.846 billion (2017 est.) $6.441 billion (2016 est.)
country comparison to the world: 110
[see also: Imports country ranks ]

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

Imports - partners:
South Africa 57.1%, Botswana 6.8%, Zambia 4.1% (2016)

Reserves of foreign exchange and gold:
$1.949 billion (31 December 2017 est.) $1.834 billion (31 December 2016 est.)
country comparison to the world: 120
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$7.489 billion (31 December 2017 est.) $6.904 billion (31 December 2016 est.)
country comparison to the world: 124
[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 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Namibia Economy 2018 information contained here. All suggestions for corrections of any errors about Namibia Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The 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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