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Namibia Economy 2016
https://allcountries.org/world_fact_book_2016/namibia/namibia_economy.html
SOURCE: 2016 CIA WORLD FACTBOOK AND OTHER SOURCES











Namibia Economy 2016
SOURCE: 2016 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 11, 2016

Economy - overview:
The 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 becoming increasingly important as the terrestrial diamond supply has dwindled. Namibia is the world's fifth-largest producer of uranium. It also produces large quantities of zinc and is a smaller producer of gold and copper. The mining and quarrying sectors employ less than 2% of the population. 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 one of the world's most unequal income distributions. 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 complicates budget planning. Namibia's economy remains vulnerable to world commodity price fluctuations, and drought. The rising cost of mining diamonds, increasingly from the sea, has reduced profit margins. Namibian authorities recognize these issues and have emphasized the need to increase higher value raw materials, manufacturing, and services, especially in the logistics and transportation sectors.

GDP (purchasing power parity):
$24.84 billion (2015 est.) $23.71 billion (2014 est.) $22.69 billion (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 136
[see also: GDP country ranks ]

GDP (official exchange rate):
$12.86 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4.8% (2015 est.) 4.5% (2014 est.) 5.1% (2013 est.)
country comparison to the world: 45
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$11,300 (2015 est.) $10,800 (2014 est.) $10,300 (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 132
[see also: GDP - per capita country ranks ]

Gross national saving:
17.5% of GDP (2015 est.) 18% of GDP (2014 est.) 20.9% of GDP (2013 est.)
country comparison to the world: 101
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 69.2%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 27.3%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 29.9%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -1.2%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 39.6%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -64.8% (2015 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 6.2%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 30%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 63.8% (2015 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:
4.3% (2015 est.)
country comparison to the world: 47
[see also: Industrial production growth rate country ranks ]

Labor force:
1.188 million (2015 est.)
country comparison to the world: 139
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 16.3%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 22.4%
[see also: Labor force - by occupation - industry country ranks ]
services: 61.3%
[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 (2008 est.)

Unemployment rate:
28.1% (2014 est.) 29.6% (2013 est.)
country comparison to the world: 183
[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: 7
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $4.617 billion
[see also: Budget revenues country ranks ]
expenditures: $5.333 billion (2015 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
35.9% of GDP (2015 est.)
country comparison to the world: 55
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-5.6% of GDP (2015 est.)
country comparison to the world: 177
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
28.2% of GDP (2015 est.) 24% of GDP (2014 est.)
country comparison to the world: 144
[see also: Public debt country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
3.4% (2015 est.) 5.3% (2014 est.)
country comparison to the world: 138
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
6% (31 December 2014) 5.5% (31 December 2013)
country comparison to the world: 62
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
9.3% (31 December 2015 est.) 8.7% (31 December 2014 est.)
country comparison to the world: 90
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$2.786 billion (31 December 2015 est.) $3.17 billion (31 December 2014 est.)
country comparison to the world: 118
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$7.496 billion (31 December 2014 est.) $6.574 billion (31 December 2013 est.)
country comparison to the world: 117
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$5.863 billion (31 December 2015 est.) $6.655 billion (31 December 2014 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) $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:
-$1.557 billion (2015 est.) -$1.355 billion (2014 est.)
country comparison to the world: 138
[see also: Current account balance country ranks ]

Exports:
$5.042 billion (2015 est.) $4.626 billion (2014 est.)
country comparison to the world: 110
[see also: Exports country ranks ]

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

Imports:
$7.205 billion (2015 est.) $7.36 billion (2014 est.)
country comparison to the world: 111
[see also: Imports country ranks ]

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

Reserves of foreign exchange and gold:
$1.135 billion (31 December 2015 est.) $1.209 billion (31 December 2014 est.)
country comparison to the world: 127
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$5.993 billion (31 December 2014 est.) $5.306 billion (31 December 2013 est.)
country comparison to the world: 125
[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 - 12.58 (2015 est.) 10.85 (2014 est.) 10.85 (2013 est.) 8.2 (2012 est.) 7.26 (2011 est.)


NOTE: The information regarding Namibia on this page is re-published from the 2016 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Namibia Economy 2016 information contained here. All suggestions for corrections of any errors about Namibia Economy 2016 should be addressed to the CIA.




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