| GEOGRAPHIC NAMES | GEOLOGY | USA STATS | CHINA STATS | COUNTRY CODES | AIRPORTS | RELIGION | JOBS |

Namibia Economy 2013

SOURCE: 2013 CIA WORLD FACTBOOK AND OTHER SOURCES











Namibia Economy 2013
SOURCE: 2013 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 15, 2013

Economy - overview:
The economy is heavily dependent on the extraction and processing of minerals for export. Mining accounts for 8% of GDP, but provides more than 50% of foreign exchange earnings. Rich alluvial diamond deposits make Namibia a primary source for gem-quality diamonds. Namibia is the world's fourth-largest producer of uranium. It also produces large quantities of zinc and is a small producer of gold and other minerals. The mining sector employs only about 3% 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, as shown by Namibia's 70.7 GINI coefficient. The Namibian economy is closely linked to South Africa with the Namibian dollar pegged one-to-one to the South African rand. Until 2010, Namibia drew 40% of its budget revenues from the Southern African Customs Union (SACU). Increased payments from SACU put Namibia's budget into surplus in 2007 for the first time since independence. SACU allotments to Namibia increased in 2009, but dropped in 2010 and 2011 because of the global recession, reducing Namibia's overall SACU income. Increased fish production and mining of zinc, copper, and uranium spurred growth in 2003-08, but growth in recent years was undercut by poor fish catches, a dramatic decline in demand for diamonds, higher costs of producing metals, and the global recession. A rebound in diamond and uranium prices in 2010 and the reopening of copper mines in 2011 provided a significant boost to Namibia's mining sector. The Namibian economy expects to benefit from large investment projects in its mining sector. Expecting higher global uranium prices, Namibia plans to double its uranium exports by 2015, as well as increase its diamond output.

GDP (purchasing power parity):
$16.84 billion (2012 est.)
country comparison to the world: 138

$16.19 billion (2011 est.)
$15.44 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$12.15 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4% (2012 est.)
country comparison to the world: 81

4.9% (2011 est.)
6.6% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$7,800 (2012 est.)
country comparison to the world: 131

$7,600 (2011 est.)
$7,300 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 7.3%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 34.3%
services: 58.4% (2012 est.)

Labor force:
818,600 (2012 est.)
country comparison to the world: 147
[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%
services: 61.3%
note: statistics are for the formal sector only; 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:
51.2% (2008 est.)
country comparison to the world: 194

36.7% (2004 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
55.8%
note: 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 (2005 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.1%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 53% (2008)

Distribution of family income - Gini index:
70.7 (2003)
country comparison to the world: 1
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
21.4% of GDP (2012 est.)
country comparison to the world: 81
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $4.481 billion
[see also: Budget revenues country ranks ]
expenditures: $5.081 billion (2012 est.)

Taxes and other revenues:
36.9% of GDP (2012 est.)
country comparison to the world: 62
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-4.9% of GDP (2012 est.)
country comparison to the world: 152
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
28.2% of GDP (2012 est.)
country comparison to the world: 116

26.8% of GDP (2011 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
5.8% (2012 est.)
country comparison to the world: 154

5% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
12% (31 December 2010 est.)
country comparison to the world: 44

7% (31 December 2009 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
9.2% (31 December 2012 est.)
country comparison to the world: 108

8.73% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$3.898 billion (31 December 2012 est.)
country comparison to the world: 110

$3.449 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$7.433 billion (31 December 2011 est.)
country comparison to the world: 116

$8.021 billion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$6.431 billion (31 December 2012 est.)
country comparison to the world: 113

$5.73 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$1.152 billion (31 December 2011)
country comparison to the world: 106

$1.176 billion (31 December 2010)
$846.3 million (31 December 2009)
[see also: Market value of publicly traded shares country ranks ]

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:
6.5% (2010 est.)
country comparison to the world: 48
[see also: Industrial production growth rate country ranks ]

Current account balance:
$49.3 million (2012 est.)
country comparison to the world: 54

-$108.2 million (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$4.657 billion (2012 est.)
country comparison to the world: 119

$4.393 billion (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
diamonds, copper, gold, zinc, lead, uranium; cattle, processed fish, karakul skins

Imports:
$5.762 billion (2012 est.)
country comparison to the world: 122

$5.345 billion (2011 est.)
[see also: Imports country ranks ]

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

Reserves of foreign exchange and gold:
$1.84 billion (31 December 2012 est.)
country comparison to the world: 124

$1.758 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$4.204 billion (31 December 2012 est.)
country comparison to the world: 126

$3.944 billion (31 December 2011 est.)
[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 -

7.904 (2012 est.)
7.2597 (2011 est.)
7.3212 (2010 est.)
8.42 (2009)
7.75 (2008)

Fiscal year:
1 April - 31 March


NOTE: 1) The information regarding Namibia on this page is re-published from the 2013 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Namibia Economy 2013 information contained here. All suggestions for corrections of any errors about Namibia Economy 2013 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They 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






This page was last modified 11-Mar-13
Copyright © 1995- , ITA (all rights reserved).

    . Feedback