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Namibia Economy Profile 2016

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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 increasingly important as the terrestrial diamond supply has dwindled. The rising cost of mining diamonds, increasingly from the sea, combined with increased diamond production in Russia and China, has reduced profit margins. Namibian authorities have emphasized the need to add value to raw materials, do more in-country manufacturing, and exploit the services market, especially in the logistics and transportation sectors.

Namibia is the world's fifth-largest producer of uranium. The Chinese owned Husab uranium mine in expected to start producing uranium ore in 2017. Once the Husab mine reaches full production, Namibia is expected to become the world’s second-largest producer of uranium. Namibia also produces large quantities of zinc and is a smaller producer of gold and copper. The mining and quarrying sectors employ 2% of the population. Namibia's economy remains vulnerable to world commodity price fluctuations, and drought.

Namibia normally imports about 50% of its cereal requirements; in drought years food shortages can be a problem in rural areas. A high per capita GDP, relative to the region, hides one of the world's most unequal income distributions. A priority of the current government is poverty eradication.

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.
GDP (purchasing power parity)$25.34 billion (2015 est.)
$24.25 billion (2014 est.)
$22.8 billion (2013 est.)
note: data are in 2015 US dollars
GDP (official exchange rate)$12.83 billion (2015 est.)
GDP - real growth rate4.5% (2015 est.)
6.4% (2014 est.)
5.7% (2013 est.)
GDP - per capita (PPP)$11,400 (2015 est.)
$11,000 (2014 est.)
$10,500 (2013 est.)
note: data are in 2015 US dollars
Gross national saving19.6% of GDP (2015 est.)
25.3% of GDP (2014 est.)
21.1% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 69.2%
government consumption: 27.3%
investment in fixed capital: 29.9%
investment in inventories: -1.2%
exports of goods and services: 39.6%
imports of goods and services: -64.8% (2015 est.)
GDP - composition by sectoragriculture: 6.2%
industry: 30%
services: 63.8% (2015 est.)
Population below poverty line28.7% (2010 est.)
Labor force1.188 million (2015 est.)
Labor force - by occupationagriculture: 31%
industry: 14%
services: 54%
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 (2013 est.)
Unemployment rate28.1% (2014 est.)
29.6% (2013 est.)
Unemployment, youth ages 15-24total: 56.2%
male: 49.4%
female: 62.2% (2013 est.)
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: $4.617 billion
expenditures: $5.333 billion (2015 est.)
Taxes and other revenues35.9% of GDP (2015 est.)
Budget surplus (+) or deficit (-)-5.6% of GDP (2015 est.)
Public debt28.2% of GDP (2015 est.)
24% of GDP (2014 est.)
Inflation rate (consumer prices)3.4% (2015 est.)
5.3% (2014 est.)
Central bank discount rate6.25% (17 February 2016)
6.5% (31 December 2015)
Commercial bank prime lending rate10.5% (17 February 2016 est.)
10.25% (31 December 2015 est.)
Stock of narrow money$2.786 billion (31 December 2015 est.)
$3.17 billion (31 December 2014 est.)
Stock of broad money$7.496 billion (31 December 2014 est.)
$6.574 billion (31 December 2013 est.)
Stock of domestic credit$5.863 billion (31 December 2015 est.)
$6.655 billion (31 December 2014 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 rate4.3% (2015 est.)
Current Account Balance-$1.253 billion (2015 est.)
-$1.12 billion (2014 est.)
Exports$5.042 billion (2015 est.)
$4.626 billion (2014 est.)
Exports - commoditiesdiamonds, copper, gold, zinc, lead, uranium; cattle, white fish and mollusks
Imports$7.205 billion (2015 est.)
$7.36 billion (2014 est.)
Imports - commoditiesfoodstuffs; 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.)
Debt - external$5.993 billion (31 December 2014 est.)
$5.306 billion (31 December 2013 est.)
Stock of direct foreign investment - at home$NA
Stock of direct foreign investment - abroad$NA
Exchange ratesNamibian dollars (NAD) per US dollar -
12.58 (2015 est.)
10.8526 (2014 est.)
10.8526 (2013 est.)
8.2 (2012 est.)
7.2597 (2011 est.)
Fiscal year1 April - 31 March

Source: CIA World Factbook
This page was last updated on October 8, 2016

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