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Namibia Economy 2014

SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES











Namibia Economy 2014
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 31, 2014

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. Marine diamond mining is becoming increasingly important as the terrestrial diamond supply has dwindled. 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 59.7 GINI coefficient. The Namibian economy is closely linked to South Africa with the Namibian dollar pegged one-to-one to the South African rand. 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 volatility in the price of uranium. 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):
$16.82 billion (2012 est.)
country comparison to the world: 139

$16.01 billion (2011 est.)
$15.15 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$12.9 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
5% (2012 est.)
country comparison to the world: 69

5.7% (2011 est.)
6.3% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$7,800 (2012 est.)
country comparison to the world: 134

$7,500 (2011 est.)
$7,100 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
18.1% of GDP (2012 est.)
country comparison to the world: 84

15.3% of GDP (2011 est.)
19% of GDP (2010 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 59.4%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 25.3%
investment in fixed capital: 21.2%
investment in inventories: 0.1%
exports of goods and services: 42.9%
imports of goods and services: -49%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 7.9%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 29.4%
services: 62.7% (2012 est.)

Agriculture - products:
millet, sorghum, peanuts, grapes; livestock; fish

Industries:
meatpacking, fish processing, dairy products, pasta and beverages; mining (diamonds, lead, zinc, tin, silver, tungsten, uranium, copper)

Industrial production growth rate:
7.1% (2012 est.)
country comparison to the world: 33
[see also: Industrial production growth rate country ranks ]

Labor force:
911,500 (2012 est.)
country comparison to the world: 148
[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: 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%: 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)
country comparison to the world: 6

70.7 (2003)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $4.524 billion
[see also: Budget revenues country ranks ]
expenditures: $4.885 billion (2012 est.)

Taxes and other revenues:
35.1% of GDP (2012 est.)
country comparison to the world: 67
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.8% of GDP (2012 est.)
country comparison to the world: 110
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
25.8% of GDP (2012 est.)
country comparison to the world: 123

26.4% of GDP (2011 est.)
[see also: Public debt country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
6.5% (2012 est.)
country comparison to the world: 171

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: 40

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

Commercial bank prime lending rate:
8.7% (31 December 2012 est.)
country comparison to the world: 106

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

Stock of narrow money:
$2.941 billion (31 December 2012 est.)
country comparison to the world: 117

$3.259 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: 115

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

Stock of domestic credit:
$6.266 billion (31 December 2012 est.)
country comparison to the world: 109

$5.742 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: 107

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

Current account balance:
$-414 million (2012 est.)
country comparison to the world: 100

$-584.8 million (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$4.883 billion (2012 est.)
country comparison to the world: 114

$4.373 billion (2011 est.)
[see also: Exports country ranks ]

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

Imports:
$6.44 billion (2012 est.)
country comparison to the world: 116

$5.586 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:
$1.738 billion (31 December 2012 est.)
country comparison to the world: 125

$1.778 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$4.292 billion (31 December 2012 est.)
country comparison to the world: 127

$4.188 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 -

8.2031 (2012 est.)
7.2597 (2011 est.)
7.3212 (2010 est.)
8.42 (2009)
7.75 (2008)


NOTE: 1) The information regarding Namibia on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Namibia Economy 2014 information contained here. All suggestions for corrections of any errors about Namibia Economy 2014 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






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