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You are here : AllRefer.com > Reference > World > Countries > Namibia > Namibia - Economy

Namibia: Economy

Economy Namibia
Economy - overview:
The 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 great inequality of income distribution; nearly one-third of Namibians had annual incomes of less than $1400 in constant 1994 dollars, according to a 1993 study. The Namibian economy is closely linked to South Africa with the Namibian dollar pegged to the South African rand. Privatization of several enterprises in coming years may stimulate long-run foreign investment.
GDP:
purchasing power parity - $13.15 billion (2002 est.)
GDP - real growth rate:
2.3% (2002 est.)
GDP - per capita:
purchasing power parity - $6,900 (2002 est.)
GDP - composition by sector:
agriculture: 11%
industry: 28%
services: 61% (2001 est.)
Population below poverty line:
50% (2002 est.)
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
8% (2001)
Labor force:
725,000 (2000)
Labor force - by occupation:
agriculture 47%, industry 20%, services 33% (1999 est.)
Unemployment rate:
35% (1998)
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:
26.95 million kWh (2001)
Electricity - production by source:
fossil fuel: 0%
hydro: 0%
other: 0%
nuclear: 0%
Electricity - consumption:
603.1 million kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
578 million kWh; note - electricity supplied by South Africa (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
13,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Oil - proved reserves:
0 bbl (37257)
Natural gas - proved reserves:
31.15 billion cu m (37257)
Agriculture - products:
millet, sorghum, peanuts; livestock; fish
Exports:
$1.21 billion f.o.b. (2002 est.)
Exports - commodities:
diamonds, copper, gold, zinc, lead, uranium; cattle, processed fish, karakul skins
Exports - partners:
EU 79%, US 4% (2001)
Imports:
$1.38 billion f.o.b. (2002 est.)
Imports - commodities:
foodstuffs; petroleum products and fuel, machinery and equipment, chemicals
Imports - partners:
US 50%, EU 31% (2001)
Debt - external:
$517 million (2002 est.)
Economic aid - recipient:
ODA $160 million (2000 est.)
Currency:
Namibian dollar (NAD); South African rand (ZAR)
Currency code:
NAD; ZAR
Exchange rates:
Namibian dollars per US dollar - 10.54 (2002), 8.61 (2001), 6.94 (2000), 6.11 (1999), 5.53 (1998)
Fiscal year:
1 April - 31 March

Also See:

Background & Country Profile
Geography
People
Government
Economy
Communications
Transportation
Military
Transnational Issues & International Disputes
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Source: The CIA World Fact Book 2003

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