Namibia Economy - 2024

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

Real GDP growth rate

2.66% (2021 est.)
-8.04% (2020 est.)
-0.84% (2019 est.)

Real GDP per capita

$9,100 (2021 est.)
$9,000 (2020 est.)
$10,000 (2019 est.)

note: data are in 2017 dollars

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.)

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.)

Labor force

939,000 (2021 est.)

Unemployment rate

21.68% (2021 est.)
21.45% (2020 est.)
19.99% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 40.4% (2021 est.)

male: 39.4%

female: 41.7%

Population below poverty line

17.4% (2015 est.)

Gini Index coefficient - distribution of family income

59.1 (2015 est.)

Household income or consumption by percentage share

lowest 10%: 2.4%

highest 10%: 42% (2010)

Remittances

0.38% of GDP (2021 est.)
0.61% of GDP (2020 est.)
0.52% of GDP (2019 est.)

Budget

revenues: $4.004 billion (2019 est.)

expenditures: $4.693 billion (2019 est.)

Budget surplus (+) or deficit (-)

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

Public debt

4.64% of GDP (2019 est.)
5.49% of GDP (2018 est.)
5.44% of GDP (2017 est.)

Taxes and other revenues

31.17% (of GDP) (2020 est.)

Fiscal year

1 April - 31 March

Current account balance

-$1.21 billion (2021 est.)
$270.277 million (2020 est.)
-$222.969 million (2019 est.)

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

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

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.)

Debt - external

$7.969 billion (31 December 2017 est.)
$6.904 billion (31 December 2016 est.)

Exchange rates

Namibian dollars (NAD) per US dollar -

Exchange rates:
14.779 (2021 est.)
16.463 (2020 est.)
14.449 (2019 est.)
13.234 (2018 est.)
13.313 (2017 est.)