Namibia - Economy
How is the economy of Namibia? Based on the information we have, Namibia has a upper middle-income, export-driven Sub-Saharan economy; natural resource rich; Walvis Bay port expansion for trade; high potential for renewable power generation and energy independence; major nature-based tourist locale; natural resource rich; shortage of skilled labor. Key agricultural products in this country include: root vegetables, milk, maize, millet, grapes, beef, onions, wheat, fruits, pulses (2022).
More about the economy of Namibia
| Labor force | 989,000 (2023 est.) |
|---|---|
| Industrial production growth rate | 9.19% (2023 est.) |
| Industries | mining, tourism, fishing, agriculture |
| Population below poverty line | 17.4% (2015 est.) |
| Taxes and other revenues | 27.17% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Namibian dollars (NAD) per US dollar - |
| Exchange rates 2023 | 18.446 (2023 est.) |
| Exchange rates 2022 | 16.356 (2022 est.) |
| Exchange rates 2021 | 14.779 (2021 est.) |
| Exchange rates 2020 | 16.463 (2020 est.) |
| Exchange rates 2019 | 14.449 (2019 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $2.956 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $2.803 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $2.764 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | -$1.848 billion (2023 est.) |
| Current account balance 2022 | -$1.628 billion (2022 est.) |
| Current account balance 2021 | -$1.391 billion (2021 est.) |
| Public debt | |
| Public debt 2019 | 4.64% of GDP (2019 est.) |
| Budget | |
| Revenues | $3.998 billion (2022 est.) |
| Expenditures | $4.535 billion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 0.5% of GDP (2023 est.) |
| Remittances 2022 | 0.43% of GDP (2022 est.) |
| Remittances 2021 | 0.37% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 1% (2015 est.) |
| Highest 10% | 47.3% (2015 est.) |
| Imports | |
| Imports 2023 | $8.281 billion (2023 est.) |
| Imports 2022 | $7.423 billion (2022 est.) |
| Imports 2021 | $6.467 billion (2021 est.) |
| Imports (partners) | South Africa 41%, China 7%, Nigeria 5%, India 4%, UAE 4% (2022) |
| Comodities Imports force | refined petroleum, ships, copper ore, trucks, electricity (2022) |
| Exports | |
| Imports 2023 | $8.281 billion (2023 est.) |
| Imports 2022 | $7.423 billion (2022 est.) |
| Imports 2021 | $6.467 billion (2021 est.) |
| Exports (partners) | South Africa 28%, Botswana 11%, China 10%, Zambia 5%, France 4% (2022) |
| Comodities Exports force | diamonds, gold, fish, radioactive chemicals, ships (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $29.944 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $28.748 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $27.288 billion (2021 est.) |
| GDP (official exchange rate) | $12.351 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $11,500 (2023 est.) |
| Real GDP per capita 2022 | $11,200 (2022 est.) |
| Real GDP per capita 2021 | $10,800 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 7.7% (2023 est.) |
| Industry | 30% (2023 est.) |
| Services | 53.4% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 73.3% (2023 est.) |
| Government consumption | 21.8% (2023 est.) |
| Investment in fixed capital | 26.2% (2023 est.) |
| Investment in inventories | 1.5% (2023 est.) |
| Exports of goods and services | 43.4% (2023 est.) |
| Imports of goods and services | -66.2% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 19.42% (2023 est.) |
| Unemployment rate 2022 | 19.75% (2022 est.) |
| Unemployment rate 2021 | 20.88% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 38% (2023 est.) |
| Male | 37.4% (2023 est.) |
| Female | 38.8% (2023 est.) |
All Important Facts about Namibia
Want to know more about Namibia? Check all different factbooks for Namibia below.
