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Namibia

Namibia Economy Stats

Overview:

The economy is heavily dependent on the extraction and processing of minerals for export. Mining accounts for 8% of GDP, but provides more than 50% of foreign exchange earnings. 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 35-40% 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 one of the world's most unequal income distributions, as shown by Namibia's GINI coefficient. The Namibian economy is closely linked to South Africa with the Namibian dollar pegged one-to-one to the South African rand. Until 2010, Namibia drew 40% of its budget revenues from the Southern African Customs Union (SACU). Increased payments from SACU put Namibia's budget into surplus in 2007 for the first time since independence. SACU allotments to Namibia increased in 2009, but will drop for 2010 and 2011 because South Africa went into recession during the global economic crisis, reducing overall SACU income. Increased fish production and mining of zinc, copper, uranium, and silver spurred growth in 2003-08, but growth in recent years was undercut by poor fish catches, higher costs of producing metals, and the global recession.

Definitions

  • Budget > Revenues: Revenues calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms
  • Exports: This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
  • Fiscal year: The beginning and ending months for a country's accounting period of 12 months, which often is the calendar year but which may begin in any month. All yearly references are for the calendar year (CY) unless indicated as a noncalendar fiscal year (FY).
  • GDP: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.
  • GDP > Composition by sector > Industry: The gross domestic product (GDP) or value of all final goods produced by the industrial sector within a nation in a given year. GDP dollar estimates in the Factbook are derived from purchasing power parity (PPP) calculations. See the CIA World Factbook for more information.
  • GDP > Per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Per capita figures expressed per 1 population.
  • GDP > Per capita > PPP: This entry shows GDP on a purchasing power parity basis divided by population as of 1 July for the same year.
  • GDP > Purchasing power parity: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller.
  • GDP > Real growth rate: GDP growth on an annual basis adjusted for inflation and expressed as a percent.
  • GDP per capita: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. Figures expressed per capita for the same year.
  • Gross National Income: GNI, Atlas method (current US$). GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and prop).
  • Inflation rate > Consumer prices: This entry furnishes the annual percent change in consumer prices compared with the previous year's consumer prices.
  • Population below poverty line: National estimates of the percentage of the population lying below the poverty line are based on surveys of sub-groups, with the results weighted by the number of people in each group. Definitions of poverty vary considerably among nations. For example, rich nations generally employ more generous standards of poverty than poor nations.
  • Public debt: This entry records the cumulatiive total of all government borrowings less repayments that are denominated in a country's home currency. Public debt should not be confused with external debt, which reflects the foreign currency liabilities of both the private and public sector and must be financed out of foreign exchange earnings.
  • Unemployment rate: This entry contains the percent of the labor force that is without jobs. Substantial underemployment might be noted.
STAT AMOUNT DATE RANK HISTORY
Budget > Revenues $4.52 billion 2013 112th out of 223
Exports $4.88 billion 2012 111th out of 189
Fiscal year 1 2013
GDP $13.07 billion 2012 116th out of 177
GDP > Composition by sector > Industry 34.3% 2012 53th out of 217
GDP > Per capita $6,412.61 per capita 2010 56th out of 118
GDP > Per capita > PPP $7,800.00 2012 102nd out of 188
GDP > Purchasing power parity $16.82 billion 2012 133th out of 190
GDP > Real growth rate 5% 2012 62nd out of 191
GDP per capita $5,785.75 2012 83th out of 177
Gross National Income $3.51 billion 2001 105th out of 158
Inflation rate > Consumer prices 6.5% 2012 52nd out of 199
Population below poverty line 55.8% 2013 1st out of 8
Public debt 25.8% of GDP 2012 120th out of 149
Unemployment rate 51.2% 2008 1st out of 26

SOURCES: CIA World Factbooks 18 December 2003 to 28 March 2011; CIA World Factbooks 2010, 2011, 2012, 2013; All CIA World Factbooks 18 December 2003 to 18 December 2008; World Bank national accounts data, and OECD National Accounts data files.; CIA World Factbook 2010, 2011, 2012, 2013; World Bank national accounts data, and OECD National Accounts data files. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; CIA World Factbooks 18 December 2003 to 28 March 2011

Citation

"Namibia Economy Stats", NationMaster. Retrieved from http://www.nationmaster.com/country-info/profiles/Namibia/Economy

NationMaster

Namibia Economy Profiles (Subcategories)

Adjusted savings 3 Innovation 9
Aid 5 Interest payments 3
Balance of payments 28 International tourism 8
Budget 10 Labor force 3
Changes in net 4 Market capitalization of listed companies 4
Commercial service 4 Merchandise 4
Commercial service imports 4 Merchandise imports 4
Companies 34 National accounts 99
Consumption 12 Natural gas 8
Currency 9 Net capital account 4
Current account balance 5 Net current transfers 4
Current transfers 4 Net current transfers from abroad 6
Debt 59 Net errors and omissions 4
Economic aid 3 Net income 4
Electricity 8 Net income from abroad 6
Entrepreneurship 12 Net incurrence of liabilities 3
External balance on goods and services 7 Net trade in goods 4
Final 20 Net trade in goods and services 4
Financial sector 34 Official development assistance and official aid 4
Foreign aid 41 Oil 10
Foreign direct investment 5 Portfolio investment 4
GDP 41 Poverty 18
GDP growth 3 Poverty and inequality 16
GDP per capita 4 Private investment 3
GNI 12 Purchasing power parity 11
Goods 4 Reserves 6
Goods imports 4 Retail 3
Government 8 Royalty and license fees 8
Government debt 6 Savings 44
Government spending 5 Service 4
Gross capital formation 10 Service imports 4
Gross domestic savings 6 Services 10
Gross fixed capital formation 10 Spending 73
Gross national expenditure 9 Stocks traded 5
Gross savings 6 Tax 71
Gross value added at factor cost 9 Total 9
High-technology 4 Tourism 19
Household final 23 Tourism expenditures 5
Income 24 Tourism receipts 5
Income payments 4 Tourist arrivals by region of origin 6
Income receipts 4 Trade 1367
Inequality 8 Trademark applications 4
Inflation 9 Welfare 5
Namibia ranked first for labor force amongst Former British colonies in 2013.
Namibia ranked third for unemployment rate amongst Christian countries in 2008.
Namibia ranked #7 for GDP per capita amongst Sub-Saharan Africa in 2012.

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