NAMIBIA

COUNTRIES A-Z

Namibia Economy

Country Name: Republic of Namibia

Capital City: Windhoek

Population: 2,044,147

Population Growth: 0.59% (2006)

Currency: Namibian dollar (NAD); South African rand (ZAR)

Languages: English 7% (official)

Area: 825,418 sq km

Inflation Rate: 5% (2006 est.)

Unemployment Rate: 5.3% (2006)

Domain extension: .na

ECONOMIC DETAILS OF NAMIBIA

ECONOMY OVERVIEW
The economy is heavily dependent on the extraction and processing of minerals for export. Mining accounts for 20% of GDP. Rich alluvial diamond deposits make Namibia a primary source for gem-quality diamonds. Namibia is the fourth-largest exporter of nonfuel minerals in Africa, the world's fifth-largest producer of uranium, and the producer of large quantities of lead, zinc, tin, silver, and tungsten. The mining sector employs only about 3% of the population while about half of the population depends on subsistence agriculture for its livelihood. Namibia normally imports about 50% of its cereal requirements; in drought years food shortages are a major problem in rural areas. A high per capita GDP, relative to the region, hides the world's worst inequality of income distribution. The Namibian economy is closely linked to South Africa with the Namibian dollar pegged one-to-one to the South African rand. Privatization of several enterprises in coming years may stimulate long-run foreign investment. Increased fish production and mining of zinc, copper, uranium, and silver spurred growth in 2003-06.

GDP - purchasing power parity:

$15.44 billion (2006 est.)

GDP - real growth rate:

4.6% (2006 est.)

GDP - per capita:

$7,600 (2006 est.)

GDP - by sector (agriculture):

agriculture: 11.8%

GDP - by sector (industry):

industry: 30.2%

GDP - by sector (services):

services: 58.1% (2006 est.)

Export Partners:

South Africa 33.4%, US 4% (2006)

Import Partners:

South Africa 85.2%, US (2006)

Export Commodities:

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

Import Commodities:

foodstuffs; petroleum products and fuel, machinery and equipment, chemicals

Exports Volume:

$2.321 billion f.o.b. (2006 est.)

Imports Volume:

$2.456 billion f.o.b. (2006 est.)

Labour Force:

653,000 (2006 est.)

Unemployment Rate:

5.3% (2006 est.)

Population below poverty line:

the UNDP's 2005 Human Development Report indicated that 34.9% of the population live on $1 per day and 55.8% live on $2 per day

Inflation Rate:

5% (2006 est.)

Investment (gross fixed):

25% of GDP (2006 est.)

Public Debt:

31.6% of GDP (2006 est.)

Agriculture Products:

millet, sorghum, peanuts, grapes; livestock; fish

Industries:

meatpacking, fish processing, dairy products; mining (diamonds, lead, zinc, tin, silver, tungsten, uranium, copper)

Industrial Production Growth Rate:

NA%

Electricity - production:

1.397 billion kWh (2004)

Electricity - consumption:

2.819 billion kWh (2004)

Electricity - exports:

80 million kWh (2004)

Electricity - imports:

1.6 billion kWh; note - electricity supplied by South Africa (2004)

Oil - production:

0 bbl/day (2004 est.)

Oil - consumption:

18,000 bbl/day (2004 est.)

Oil - exports:

NA bbl/day

Oil - imports:

12,770 bbl/day (2003)

Natural gas - production:

0 cu m (2004 est.)

Natural gas - consumption:

Natural gas - exports:

Natural gas - imports:

Current Account Balance:

$572 million (2006 est.)

Currency Code:

Namibian dollar (NAD); South African rand (ZAR)