Short facts about the economy in Namibia
| Economy -
overview: |
The economy is heavily dependent on the
extraction and processing of minerals for export. Mining accounts for 20% of
GDP. Namibia is the fourth-largest exporter of nonfuel minerals in Africa and
the world's fifth-largest producer of uranium. Rich alluvial diamond deposits
make Namibia a primary source for gem-quality diamonds. Namibia also produces
large quantities of lead, zinc, tin, silver, and tungsten. Half of the
population depends on agriculture (largely subsistence agriculture) for its
livelihood. Namibia must import some of its food. Although per capita GDP is
four times the per capita GDP of Africa's poorer countries, the majority of
Namibia's people live in pronounced poverty because of large-scale unemployment,
the great inequality of income distribution, and the large amount of wealth
going to foreigners. The Namibian economy has close links to South Africa. GDP
growth in 2000 was led by gains in the diamond and fish sectors. Agreement has
been reached on the privatization of several more enterprises in coming years,
which should stimulate long-run foreign investment. Growth in 2001 could be 5.5%
provided the world economy remains stable. |
| GDP: |
purchasing power parity - $7.6 billion
(2000 est.) |
| GDP - real
growth rate: |
4% (2000
est.) |
| GDP - per
capita: |
purchasing power parity - $4,300 (2000
est.) |
| GDP -
composition by sector: |
agriculture: 12%
industry: 25%
services: 63% (1999
est.) |
| Population
below poverty line: |
NA% |
| Household
income or consumption by percentage share: |
lowest 10%: NA%
highest 10%:
NA% |
| Inflation
rate (consumer prices): |
9.1%
(2000) |
| Labor force
- by occupation: |
agriculture 47%, industry 20%, services
33% (1999 est.) |
| Unemployment
rate: |
30% to 40%, including underemployment
(1997 est.) |
| Budget: |
revenues: $883 million
expenditures: $950 million, including capital
expenditures of $NA (1998) |
| Industries: |
meatpacking, fish processing, dairy
products; mining (diamond, lead, zinc, tin, silver, tungsten, uranium,
copper) |
| Industrial
production growth rate: |
NA |
| Electricity
- production: |
1.198 billion kWh
(1999) |
| Electricity
- production by source: |
fossil fuel: 2%
hydro: 98%
nuclear:
0%
other: 0% (1999) |
| Electricity
- consumption: |
1.948 billion kWh
(1999) |
| Electricity
- exports: |
56 million kWh
(1999) |
| Electricity
- imports: |
890 million kWh
note:
supplied by South Africa (1999) |
| Agriculture
- products: |
millet, sorghum, peanuts; livestock;
fish |
| Exports: |
$1.4 billion (f.o.b., 2000
est.) |
| Exports -
commodities: |
diamonds, copper, gold, zinc, lead,
uranium; cattle, processed fish, karakul skins |
| Exports -
partners: |
UK 43%, South Africa 26%, Spain 14%,
France 8%, Japan (1998 est.) |
| Imports: |
$1.6 billion (f.o.b., 2000
est.) |
| Imports -
commodities: |
foodstuffs; petroleum products and
fuel, machinery and equipment, chemicals |
| Imports -
partners: |
South Africa 81%, US 4%, Germany 2%
(1997 est.) |
| Debt -
external: |
$217 million (2000
est.) |
| Economic aid
- recipient: |
$127 million
(1998) |
| Currency: |
Namibian dollar (NAD); South African
rand (ZAR) |
| Exchange
rates: |
Namibian dollars per US dollar -
7.78307 (January 2001), 6.93983 (2000), 6.10948 (1999), 5.52828 (1998), 4.60796
(1997), 4.29935 (1996) |
| Fiscal
year: |
1 April - 31 March | Source: World Factbook |
