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Namibia Economy Profile 2014

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Economy - overviewThe 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 fourth-largest producer of uranium. It also produces large quantities of zinc and is a small producer of gold and other minerals. The mining and quarrying sectors employs only about 1.8% 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 and other commodities. 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)$17.79 billion (2013 est.)
$17.05 billion (2012 est.)
$16.23 billion (2011 est.)
note: data are in 2013 US dollars
GDP (official exchange rate)$12.3 billion (2013 est.)
GDP - real growth rate4.4% (2013 est.)
5% (2012 est.)
5.7% (2011 est.)
GDP - per capita (PPP)$8,200 (2013 est.)
$7,900 (2012 est.)
$7,600 (2011 est.)
note: data are in 2013 US dollars
Gross national savingNA% (2013 est.)
30.4% of GDP (2012 est.)
27% of GDP (2011 est.)
GDP - composition, by end usehousehold consumption: 59.9%
government consumption: 26.2%
investment in fixed capital: 22.8%
investment in inventories: 0.5%
exports of goods and services: 41.4%
imports of goods and services: -50.9%
(2013 est.)
GDP - composition by sectoragriculture: 7.7%
industry: 29.6%
services: 62.6% (2013 est.)
Population below poverty line28.7%
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 (2010 est.)
Labor force880,400 (2013 est.)
Labor force - by occupationagriculture: 16.3%
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 rate27.4% (2012 est.)
51.2% (2008 est.)
Unemployment, youth ages 15-24total: 40.1%
male: 29.4%
female: 34.3% (2012)
Household income or consumption by percentage sharelowest 10%: 2.4%
highest 10%: 42% (2010)
Distribution of family income - Gini index59.7 (2010)
70.7 (2003)
Budgetrevenues: $4.325 billion
expenditures: $5.126 billion (2013 est.)
Taxes and other revenues35.2% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-6.5% of GDP (2013 est.)
Public debt27.2% of GDP (2013 est.)
25.8% of GDP (2012 est.)
Inflation rate (consumer prices)5.5% (2013 est.)
6.5% (2012 est.)
Central bank discount rate5.5% (31 December 2013 est.)
12% (31 December 2010 est.)
Commercial bank prime lending rate9.25% (31 December 2013 est.)
8.7% (31 December 2012 est.)
Stock of narrow money$2.723 billion (31 December 2013 est.)
$2.941 billion (31 December 2012 est.)
Stock of broad money$7.22 billion (31 December 2013 est.)
$7.228 billion (31 December 2012 est.)
Stock of domestic credit$5.942 billion (31 December 2013 est.)
$6.266 billion (31 December 2012 est.)
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.)
Agriculture - productsmillet, sorghum, peanuts, grapes; livestock; fish
Industriesmeatpacking, fish processing, dairy products, pasta, beverages; mining (diamonds, lead, zinc, tin, silver, tungsten, uranium, copper)
Industrial production growth rate5.6% (2013 est.)
Current Account Balance-$658.4 million (2013 est.)
-$414 million (2012 est.)
Exports$5.124 billion (2013 est.)
$4.883 billion (2012 est.)
Exports - commoditiesdiamonds, copper, gold, zinc, lead, uranium; cattle, white fish and mollusks
Imports$7.084 billion (2013 est.)
$6.44 billion (2012 est.)
Imports - commoditiesfoodstuffs; petroleum products and fuel, machinery and equipment, chemicals
Reserves of foreign exchange and gold$2.267 billion (31 December 2013 est.)
$1.738 billion (31 December 2012 est.)
Debt - external$4.312 billion (31 December 2013 est.)
$4.292 billion (31 December 2012 est.)
Stock of direct foreign investment - at home$NA
Stock of direct foreign investment - abroad$NA
Exchange ratesNamibian dollars (NAD) per US dollar -
9.282 (2013 est.)
8.2031 (2012 est.)
7.3212 (2010 est.)
8.42 (2009)
7.75 (2008)
Fiscal year1 April - 31 March

Source: CIA World Factbook
Unless otherwise noted, information in this page is accurate as of August 23, 2014