Economy of Namibia
Overview
Namibia's economy is heavily dependent on the extraction and processing of minerals for export. Mining accounts for 20% of GDP. Rich alluvial diamond deposits make Namibia a primary source for gem-quality diamonds. Namibia is the fourth-largest exporter of nonfuel minerals in Africa, the world's fifth-largest producer of uranium, and the producer of large quantities of lead, zinc, tin, silver, and tungsten. The mining sector employs only about 3% of the population while about half of the population depends on subsistence agriculture for its livelihood.
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 the world's worst inequality of income distribution. The Namibian economy is closely linked to South Africa with the Namibian dollar pegged one-to-one to the South African rand. Privatization of several enterprises in coming years may stimulate long-run foreign investment. Increased fish production and mining of zinc, copper, uranium, and silver spurred growth in 2003-06.
GDP
Real Growth Rate
4%
Per Capita
USD 7,400
From Agriculture
12%
From Industry
30%
From Services
58%
Labour Force
Available for Work
653,000
Working in Agriculture
47%
Working in Industry
20%
Working in Services
33%
Unemployment Rate
5%
Population Below Poverty Line
35%
Inflation Rate
5%
Investment as Percent of GDP
25%
Budget
Revenues
USD 2,233 (m)
Expenditures
USD 2,214 (m)
Public Debt
US$ 1670.00 (m)
Agricultural Products
Millet, sorghum, peanuts, grapes; livestock; fish.
Core Industries
Meatpacking, fish processing, dairy products; mining (diamonds, lead, zinc, tin, silver, tungsten, uranium, copper),
Exports
Value
USD 2,321 (m)
Commodities
Diamonds, copper, gold, zinc, lead, uranium; cattle, processed fish, karakul skins .
Partners
South Africa 33.4%, US 4% (2004).
Imports
Value
USD 2,456 (m)
Commodities
Foodstuffs; petroleum products and fuel, machinery and equipment, chemicals.
Partners
South Africa 85.2%, US (2004).
External Debt
USD 887 (m)
Fiscal Year
1 April - 31 March
