Economic overview
Lower middle income country (WB classification)
Less indebted country (WB classification)
Agriculture
Namibian agriculture contributes only 13% to the country's GDP, but about 70% of
the population depends on agricultural activities (largely subsistence agriculture)
for its livelihood. Livestock farming and fisheries dominate the agricultural sector.
Cattle are predominant in the central and northern regions, while karakul sheep,
goat and ostrich farming are concentrated in the more arid southern regions. Subsistence
farming is confined to communal lands in the wooded northern part of the country.
The main crops are millet, sorghum, corn and peanuts. The agricultural sector is
polarised: commercial farms are mainly in white hands, while subsistence farms are
in the hands of the black population. Namibia must import food.
Fishing
Namibia has rich fishing grounds. The commercial fishing sector is a fast-growing
part of the Namibian economy. The main species are pilchards (sardines), anchovies,
hake and horse mackerel. During the colonial period, these resources were over-exploited
and fish stocks have since fallen to dangerously low levels. Since independence,
the Namibian government has been pursuing a conservative resource management policy
along with an aggressive law enforcement campaign to prevent overfishing.
Manufacturing
The manufacturing sector is inhibited by a small domestic market dependent upon
imported goods, and by a limited supply of local capital. Namibia has a well-maintained
transportation network, civil aviation facilities, and a good communication infrastructure.
Although per capita GDP is three times that of Africa's poorer countries, the majority
of the population live in pronounced poverty because of the great inequality of
income distribution and the large amounts of income going to foreigners. The Namibian
economy has close links with South Africa.
GDP (purchasing power parity):
$14.64 billion (2010 est.)
country comparison to the world: 137
note: data are in 2010 US dollars
GDP (official exchange rate):
$11.45 billion (2009 est.)
GDP - real growth rate:
4.1% (2010 est.)
Country comparison to the world: 75
GDP - per capita:
$6,900 (2010 est.)
Country comparison to the world: 132 note: data are in 2010 US dollars
GDP - composition by sector:
Labor force:
729,000 (2009 est.)
Country comparison to the world: 147
Labor force - by occupation:
Unemployment rate:
51.2% (2008 est.)
Country comparison to the world: 194
Population below poverty line:
55.8%
Note: 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.)
Household income or consumption by percentage share:
lowest 10%: 1.1%
highest 10%: 53% (2008)
Distribution of family income - Gini index:
70.7 (2003)
Country comparison to the world: 1
Investment (gross fixed):
24% of GDP (2009 est.)
Country comparison to the world: 47
Budget:
revenues: $2.977 billion
expenditures: $3.817 billion (2009 est.)
Public debt:
20% of GDP (2010 est.)
Country comparison to the world: 110
Inflation rate (consumer prices):
4.6% (2010 est.)
Country comparison to the world: 136
Central bank discount rate:
7% (31 December 2009)
Country comparison to the world: 47
Stock of narrow money:
$3.049 billion (31 December 2010 est)
Stock of broad money:
$4.756 billion (31 December 2010 est.)
Stock of domestic credit:
$5.122 billion (31 December 2010 est.)
Country comparison to the world: 110
Market value of publicly traded shares:
$846.3 million (31 December 2009)
Country comparison to the world: 102
Agriculture - products:
millet, sorghum, peanuts, grapes; livestock; fish
Industries - Products:
meatpacking, fish processing, dairy products; mining (diamonds, lead, zinc, tin,
silver, tungsten, uranium, copper)
Industrial production growth rate:
6.5% (2009 est.)
Country comparison to the world: 46
Electricity - production:
1.491 billion kWh (2007 est.)
Country comparison to the world: 139
Electricity - consumption:
2.845 billion kWh (2007 est.)
Country comparison to the world: 128
Electricity - exports:
40 million kWh (2007 est.)
Electricity - imports:
2.045 billion kWh (2007 est.)
Oil - production:
0 bbl/day (2009 est.)
Country comparison to the world: 144
Oil - consumption:
22,000 bbl/day (2009 est.)
Country comparison to the world: 122
Oil - exports:
0 bbl/day (2007 est.)
Country comparison to the world: 162
Oil - imports:
19,120 bbl/day (2007 est.)
Country comparison to the world: 114
Oil - proved reserves:
0 bbl (1 January 2010 est.)
Country comparison to the world: 154
Natural gas - production:
0 cu m (2008 est.)
Country comparison to the world: 160
Natural gas - consumption:
0 cu m (2008 est.)
Country comparison to the world: 134
Natural gas - exports:
0 cu m (2008 est.)
Country comparison to the world: 90
Natural gas - imports:
0 cu m (2008 est.)
Country comparison to the world: 151
Natural gas - proved reserves:
62.29 billion cu m (1 January 2010 est.)
Country comparison to the world: 61
Current account balance:
-$187 million (2010 est.)
Country comparison to the world: 87
Exports:
$4.277 billion (2010 est.)
Country comparison to the world: 115
Exports - commodities:
diamonds, copper, gold, zinc, lead, uranium; cattle, processed fish, karakul skins
Imports:
$5.152 billion (2010 est.)
Country comparison to the world: 113
Imports - commodities:
foodstuffs; petroleum products and fuel, machinery and equipment, chemicals
Reserves of foreign exchange and gold:
$1.961 billion (31 December 2010 est.)
Country comparison to the world: 100
Debt - external:
$2.373 billion (31 December 2010 est.)
Country comparison to the world: 137
Stock of direct foreign investment - at home:
Stock of direct foreign investment - abroad:
Exchange rates:
Namibian dollars (NAD) per US dollar - 7.57 (2010), 8.4234 (2009), 7.75 (2008),
7.18 (2007), 6.7649 (2006)