| Economy | Namibia |
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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. |
GDP (purchasing power parity):
|
$15.5 billion (2011 est.)
$14.99 billion (2010 est.)
$14.28 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$7,300 (2011 est.)
$7,100 (2010 est.)
$6,800 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$13 billion (2011 est.) |
GDP - real growth rate:
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3.6% (2011 est.)
4.8% (2010 est.)
-0.7% (2009 est.) |
GDP - composition by sector:
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agriculture: 7.1%
industry: 34.4%
services: 58.5% (2011 est.) |
Investment (gross fixed):
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20.8% of GDP (2011 est.) |
Population below poverty line:
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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.) |
Household income or consumption by percentage share:
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lowest 10%: 1.1%
highest 10%: 53% (2008) |
Distribution of family income - Gini index:
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70.7 (2003) |
Inflation rate (consumer prices):
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5.3% (2011 est.)
4.5% (2010 est.) |
Central bank discount rate:
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12% (31 December 2010 est.)
7% (31 December 2009 est.) |
Commercial bank prime lending rate:
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10.2% (31 December 2011 est.)
9.72% (31 December 2010 est.) |
Stock of money:
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$1.983 billion (31 December 2008)
$2.149 billion (31 December 2007) |
Stock of money - per capita:
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924 USD per capita |
Stock of quasi money:
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$1.158 billion (31 December 2008)
$1.493 billion (31 December 2007) |
Stock of quasi money - per capita:
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540 USD per capita |
Stock of domestic credit:
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$5.846 billion (31 December 2011 est.)
$6.553 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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2,723 USD per capita |
Stock of narrow money:
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$3.767 billion (31 December 2011 est.)
$3.653 billion (31 December 2010 est.) |
Stock of broad money:
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$7.86 billion (31 December 2011 est.)
$8.078 billion (31 December 2010 est.) |
Labor force:
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803,700 (2011 est.) |
Labor force participation rate:
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37.42 % of population |
Labor force - by occupation:
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agriculture: 16.3%
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:
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51.2% (2008 est.)
36.7% (2004 est.) |
Unemployment, youth ages 15-24:
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total: 41.7%
male: 36.7%
female: 47.1% (2004) |
Budget:
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revenues: $3.959 billion
expenditures: $5.217 billion (2011 est.) |
Budget revenues per capita:
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1,844 USD per capita |
Taxes and other revenues:
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30.5% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-9.7% of GDP (2011 est.) |
Public debt:
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27.4% of GDP (2011 est.)
20.1% of GDP (2010 est.) |
Industries:
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meatpacking, fish processing, dairy products; mining (diamonds, lead, zinc, tin, silver, tungsten, uranium, copper) |
Industrial production growth rate:
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6.5% (2010 est.) |
Electricity - production:
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2.197 billion kWh (2008 est.) |
Electricity - production per capita:
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1,024 kWh per capita |
Electricity - consumption:
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3.928 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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1,830 kWh per capita |
Electricity - exports:
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47 million kWh (2008 est.) |
Electricity - imports:
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2.1 billion kWh (2008 est.) |
Oil - production:
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0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
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24,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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4.08 bbl/year per capita |
Oil - exports:
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0 bbl/day (2009 est.) |
Oil - imports:
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19,890 bbl/day (2009 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
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0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
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0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
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0 cu m (2009 est.) |
Natural gas - imports:
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0 cu m (2009 est.) |
Natural gas - proved reserves:
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62.29 billion cu m (1 January 2011 est.) |
Agriculture - products:
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millet, sorghum, peanuts, grapes; livestock; fish |
Current account balance:
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$108.7 million (2011 est.)
$125.2 million (2010 est.) |
Current account balance - per capita:
|
51 USD per capita |
Exports:
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$4.568 billion (2011 est.)
$4.115 billion (2010 est.) |
Exports per capita:
|
2,128 USD per capita |
Exports - commodities:
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diamonds, copper, gold, zinc, lead, uranium; cattle, processed fish, karakul skins |
Exports - partners:
|
void |
Imports:
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$5.345 billion (2011 est.)
$4.904 billion (2010 est.) |
Imports per capita:
|
2,489 USD per capita |
Imports - commodities:
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foodstuffs; petroleum products and fuel, machinery and equipment, chemicals |
Imports - partners:
|
void |
Reserves of foreign exchange and gold:
|
$1.542 billion (31 December 2011 est.)
$1.495 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
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719 USD per capita |
Debt - external:
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$3.405 billion (31 December 2011 est.)
$3.101 billion (31 December 2010 est.) |
Debt - external - per capita:
|
1,586 USD per capita |
Stock of direct foreign investment - at home:
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$NA |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
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$NA |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
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$1.176 billion (31 December 2010)
$846.3 million (31 December 2009)
$618.7 million (31 December 2008) |
Market value of publicly traded shares - per capita:
|
548 USD per capita |
Currency (code):
|
Namibian dollar (NAD); South African rand (ZAR) |
Exchange rates:
|
Namibian dollars (NAD) per US dollar -
7.076 (2011 est.)
7.32 (2010 est.)
8.42 (2009)
7.75 (2008)
7.18 (2007) |
Fiscal year:
|
1 April - 31 March |
|
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