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Namibia Economy
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 $1,400 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. Mining of zinc, copper, and silver and increased fish production led growth in 2003.
GDP:
purchasing power parity - $13.85 billion (2003 est.)
GDP - real growth rate:
3.3% (2003 est.)
GDP - per capita:
purchasing power parity - $7,200 (2003 est.)
GDP - composition by sector:
agriculture: 11.5%
industry: 29.8%
services: 58.7% (2003 est.)
Investment (gross fixed):
19.8% of GDP (2003)
Population below poverty line:
50% (2002 est.)
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Distribution of family income - Gini index:
70 (2003)
Inflation rate (consumer prices):
7.3% (2003)
Labor force:
760,000 (2003)
Labor force - by occupation:
agriculture 47%, industry 20%, services 33% (1999 est.)
Unemployment rate:
35% (1998)
Budget:
revenues: $1.434 billion
expenditures: $1.62 billion, including capital expenditures of $NA (2003)
Public debt:
35.6% of GDP (2003)
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:
NA
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 (1 January 2002)
Natural gas - proved reserves:
31.15 billion cu m (1 January 2002)
Agriculture - products:
millet, sorghum, peanuts; livestock; fish
Current account balance:
$123 million (2003)
Exports:
$1.09 billion f.o.b. (2003 est.)
Exports - commodities:
diamonds, copper, gold, zinc, lead, uranium; cattle, processed fish, karakul skins
Exports - partners:
EU 79%, US 4% (2001)
Imports:
$1.371 billion f.o.b. (2003 est.)
Imports - commodities:
foodstuffs; petroleum products and fuel, machinery and equipment, chemicals
Imports - partners:
US 50%, EU 31% (2001)
Reserves of foreign exchange & gold:
$325.2 million (2003)
Debt - external:
$1.04 billion (2003 est.)
Economic aid - recipient:
ODA $160 million (2000 est.)
Currency code:
NAD; ZAR
Fiscal year:
1 April - 31 March
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