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 three to six times the per capita GDP of Africa's poorest countries, the majority of Namibia's people live in pronounced poverty because of the great inequality of income distribution and the large amounts going to foreigners. The Namibian economy has close links to South Africa.

GDP purchasing power parity - $6.2 billion (1996 est.)

GDP - real growth rate 3% (1996 est.)

GDP - per capita purchasing power parity - $3,700 (1996 est.)

GDP - composition by sector
agriculture: 15%
industry: 20%
services: 65% (1995 est.)

Inflation rate - consumer price index 8% (1996 est.)

Labor force
total: 500,000
by occupation: agriculture 49%, industry and commerce 25%, services 5%, government 18%, mining 3% (1994 est.)

Unemployment rate 30% to 40%, including underemployment (1997 est.)

Budget
revenues: $1.1 billion
expenditures: $1.2 billion, including capital expenditures of $193 million (FY96/97 est.)

Industries meat packing, fish processing, dairy products; mining (diamond, lead, zinc, tin, silver, tungsten, uranium, copper)

Industrial production growth rate 10% (1994)

Electricity - capacity 0 kW (1995)

Electricity - production 0 kWh (1995)
note: imports electricity from South Africa

Electricity - consumption per capita 584 kWh (1995)

Agriculture - products millet, sorghum, peanuts; livestock; fish

Exports
total value: $1.45 billion (f.o.b., 1996 est.)
commodities: diamonds, copper, gold, zinc, lead, uranium, cattle, processed fish, karakul skins
partners: UK, South Africa, Spain, Japan (1994)

Imports
total value: $1.55 billion (f.o.b., 1996 est.)
commodities: foodstuffs, petroleum products and fuel, machinery and equipment, chemicals
partners: South Africa 85%, Germany, US, Japan (1994 est.)

Debt - external $315 million (1996 est.)

Economic aid
recipient: ODA, $NA

Currency 1 Namibian dollar (N$) = 100 cents

Exchange rates Nambian dollars (N$) per US$1 - 4.94193 (January 1998), 4.60796 (1997), 4.29935 (1996), 3.62709 (1995), 3.55080 (1994), 3.26774 (1993)

Fiscal year 1 April - 31 March

NOTE: The information regarding Namibia on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Namibia Economy 1998 information contained here. All suggestions for corrections of any errors about Namibia Economy 1998 should be addressed to the CIA.