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Namibia Economy Profile 2013

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Economy - overviewThe 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)$17.03 billion (2012 est.)
$16.37 billion (2011 est.)
$15.61 billion (2010 est.)
note: data are in 2012 US dollars
GDP (official exchange rate)$12.3 billion (2012 est.)
GDP - real growth rate4% (2012 est.)
4.8% (2011 est.)
6.6% (2010 est.)
GDP - per capita (PPP)$7,900 (2012 est.)
$7,700 (2011 est.)
$7,400 (2010 est.)
note: data are in 2012 US dollars
Gross national saving22.3% of GDP (2012 est.)
20.4% of GDP (2011 est.)
18.4% of GDP (2010 est.)
GDP - composition, by end usehousehold consumption: 66.3%
government consumption: 25.8%
investment in fixed capital: 22.6%
investment in inventories: 0%
exports of goods and services: 39.3%
imports of goods and services: -54%
(2012 est.)
GDP - composition by sectoragriculture: 7.4%
industry: 31.3%
services: 61.3% (2012 est.)
Population below poverty line55.8%
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.)
Labor force816,600 (2012 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 rate51.2% (2008 est.)
36.7% (2004 est.)
Unemployment, youth ages 15-24total: 58.9%
male: 54.6%
female: 63.8% (2008)
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)
Investment (gross fixed)22.6% of GDP (2012 est.)
Budgetrevenues: $4.524 billion
expenditures: $4.885 billion (2012 est.)
Taxes and other revenues36.8% of GDP (2012 est.)
Budget surplus (+) or deficit (-)-2.9% of GDP (2012 est.)
Public debt25.8% of GDP (2012 est.)
26.4% of GDP (2011 est.)
Inflation rate (consumer prices)6.5% (2012 est.)
5% (2011 est.)
Central bank discount rate12% (31 December 2010 est.)
7% (31 December 2009 est.)
Commercial bank prime lending rate8.7% (31 December 2012 est.)
8.73% (31 December 2011 est.)
Stock of narrow money$3.181 billion (31 December 2012 est.)
$3.449 billion (31 December 2011 est.)
Stock of broad money$7.433 billion (31 December 2011 est.)
$8.021 billion (31 December 2010 est.)
Stock of domestic credit$6.26 billion (31 December 2012 est.)
$5.73 billion (31 December 2011 est.)
Market value of publicly traded shares$1.152 billion (31 December 2011)
$1.176 billion (31 December 2010)
$846.3 million (31 December 2009)
Agriculture - productsmillet, sorghum, peanuts, grapes; livestock; fish
Industriesmeatpacking, fish processing, dairy products, pasta and beverages; mining (diamonds, lead, zinc, tin, silver, tungsten, uranium, copper)
Industrial production growth rate7.1% (2012 est.)
Current Account Balance$49.3 million (2012 est.)
-$108.2 million (2011 est.)
Exports$4.335 billion (2012 est.)
$4.639 billion (2011 est.)
Exports - commoditiesdiamonds, copper, gold, zinc, lead, uranium; cattle, processed fish, karakul skins
Imports$5.586 billion (2012 est.)
$5.348 billion (2011 est.)
Imports - commoditiesfoodstuffs; petroleum products and fuel, machinery and equipment, chemicals
Reserves of foreign exchange and gold$1.746 billion (31 December 2012 est.)
$1.778 billion (31 December 2011 est.)
Debt - external$4.302 billion (31 December 2012 est.)
$4.187 billion (31 December 2011 est.)
Stock of direct foreign investment - at home$NA
Stock of direct foreign investment - abroad$NA
Exchange ratesNamibian dollars (NAD) per US dollar -
8.203 (2012 est.)
7.2597 (2011 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 February 21, 2013