Economy of Namibia

Economy of Namibia
Currency
1 NAD = 1 ZAR
1 April – 31 March
Trade organisations
AU, AfCFTA, WTO, SADC, SACU
Country group
Statistics
PopulationIncrease 3,022,401 (2023)[3]
GDP
  • Increase N$227,8 billion, +10.8% (nominal, 2023)[4]
  • Increase N$151,4 billion, +4.2% (real [constant 2015 prices], 2023)[4]
GDP per capita
  • Increase N$75,381 (nominal, 2023)[4]
GDP by sector
5.9% (2023 Average Annual Inflation Rate)[4]
59.1 high (2015, World Bank)[5]
Labour force
  • Increase 1.09 million (2018)[8]*
UnemploymentPositive decrease 33.4% (2018)[4]
Main industries
meatpacking, fish processing, dairy products, pasta, beverages; mining (diamonds, lead, zinc, tin, silver, tungsten, uranium, copper)
External
ExportsIncrease N$97.4 billion (2022)[4]
Export goods
diamonds, copper, gold, zinc, lead, uranium; cattle, white fish and mollusks
Main export partners
Sep 2023 Exports
ImportsIncrease N$129.0 billion (2022)[4]
Import goods
petroleum oils; chemicals, vehicles, civil engineering & contractors equipment
Main import partners
Sep 2023 Imports

 South Africa 40.2%[4]

 United Arab Emirates 12.3% [4]

 China 7.8% [4]

 India 7.6% [4]

 United States 4.1% [4]
FDI stock
  • Increase N$147,520 billion inflow stock as at Jun 2023[4]
Increase −N$2.498 billion (Jun 2023)[4]
Public finances
Positive decrease 62.5% of GDP (2023/24)[4]
RevenuesIncrease N$81.069 billion (2023/24)[4]
ExpensesNegative increase N$76.960 billion (2022/23)[4]
Increase N$53.752 billion (30 September 2023)[4]
All values, unless otherwise stated, are in US dollars.


The economy of Namibia has a modern market sector, which produces most of the country's wealth, and a traditional subsistence sector. Although the majority of the population engages in subsistence agriculture and herding, Namibia has more than 200,000 skilled workers and a considerable number of well-trained professionals and managerials.[9]

  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ "Population, total". Cirrus Data. Retrieved 9 November 2023.
  4. ^ a b c d e f g h i j k l m n o p q r s t "Cirrus Data, October 2023". Cirrus Data. Retrieved 9 November 2023.
  5. ^ "GINI index (World Bank estimate)". data.worldbank.org. World Bank. Retrieved 28 March 2019.
  6. ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 23 November 2022.
  7. ^ "Inequality-adjusted Human Development Index (IHDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 23 November 2022.
  8. ^ "Labour force, total". Cirrus Data. Retrieved 9 November 2023.
  9. ^ Cite error: The named reference USDoS was invoked but never defined (see the help page).