Economy of Namibia
Population: 2.45 M (2018)
GDP per Capita: 5,931 USD (2018)
14,520 M.

GDP USD

(2018)

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5,620 M.

EXPORTS USD

(2018)

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6,520 M.

IMPORTS USD

(2018)

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45.10 %

PUBLIC DEBT

(2018)

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Data is provided by World Bank, FMI and Central Banks.

GDP and Economic Growth

Indicator Value
Economic Growth 1.12 % (2016)
GDP of 2010 USD USD 14.80 B. (2018)
GDP Current USD USD 14.52 B. (2018)
GDP per Capita Current USD USD 5,931 (2018)
GDP per capita, PPP USD 9,851 (2018)
GDP per Capita, 2010 USD USD 6,045 (2018)

Government spending and balances

Indicator Value
Government Spending % GDP 23.50 % (2018)
Government Spending USD 3.41 B. (2018)
Government Debt % GDP 45.10 % (2018)

International Trade and Investment

Indicator Value
Terms of Trade Base Year 2000 131.18 (2018)
Trade Openness 83.65 % (2018)
Exports of Goods and Services % GDP 38.73 % (2018)
Exports Goods & Services USD 5.62 B. (2018)
Exports Annual Growth 15.21 % (2018)
Imports as % GDP 44.92 % (2018)
Total Imports USD 6.52 B. (2018)
Foreign Direct Investment % GDP 1.37 % (2018)
Foreign Direct Investment USD 0.18 B. (2018)
Current Account Balance % GDP USD -2.44 % (2018)
Current Account Balance USD -0.35 B. (2018)
Trade Balance % GDP -6.19 % (2018)
Trade Balance USD -1.46 B. (2018)
Foreign Exchange Reserves incl Gold USD 2.15 B. (2018)
Remittances % GDP 0.37 % (2018)
Remittances USD 23 M. (2018)
Balance of Payments USD 49 M. (2018)

Labor Market

Indicator Value
Labor Force 0.96 M. (2019)
Unemployment Rate 23.19 % (2019)
Unemployment Rate Females 19.69 % (2019)
Unemployment Rate Males 20.85 % (2019)
Youth Unemployment (ages 15-24) 44.79 % (2019)
Labor Force Participation Rate 61.24 % (2019)
Labor Force (Percent Female) 49.44 % (2019)
Female Labor Force Participation Rate 56.71 % (2019)
Male Labor Force Participation Rate 66.20 % (2019)
Dependent People 68.20 % (2018)

Agriculture Sector

Indicator Value
Forest Area 8.30 % (2016)
Forest Area km² 68,448 km² (2016)
Agricultural Land 47.14 % (2016)
Agricultural Land km² 388,090 km² (2016)
Employment 19.50 % (2019)
Value added % GDP 7.19 % (2018)
Agriculture Value added USD 1.04 B. (2018)
Crop Production Index 121.40 (2016)
Precipitation 285 mm (2014)
Arable Land 1 % (2016)
Cereal Yield 436 kg/hectare (2017)
Food production index 93 (2016)
Rural Population 50 % (2018)
Fertilizer use of Arable Land 26 kg/hectare (2016)
Livestock Production Index 84 (2016)
Economy of Namibia

According to the World Bank and its latest published data, the economy of the Namibia presents a growth rate of 1.12 % (2016) to the previous year.

With a population that reaches 2.45 M (2018) and a gross domestic product of USD 14.52 B. (2018), it translates a Gross Domestic Product per Capita of USD 5,931 placing its inhabitants on the threshold of an Upper middle income country (according to the World Bank's updated classification).

Namibia also has a workforce of 0.96 M. (2019) with an unemployment rate of 23.19 % (2019), where women represent 19.69 % (2019) and men 20.85 % (2019), the unemployment rate for young people between 15-24 years old stood at 44.79 % (2019). The total number of dependent people stands at 68.20 % (2018).

The central government spent 23.50 % (2018) of its gross domestic product that year, which in absolute terms is USD 3.41 B. (2018). Its consolidated public debt reached 45.10 of its GDP, exceeding the 35% risk limit used by the European Union.

Regarding its international trade, Namibia exported USD 5.62 B. (2018), which represents 38.73 % (2018) of its gross domestic product, in that same sense its imports reached USD 6.52 B. (2018) with a direct foreign investment of USD 0.18 B. (2018).

Namibia has a forest area of 68,448 km² (2016), which represents 8.30 % (2016) of its total area, an average rainfall of 285 mm (2014) per year and a population of 50 % (2018) living in rural areas. With a total area of 388,090 km² (2016) available for agriculture and 19.50 % (2019) of its employments, the agricultural sector contributes to the economy of the Namibia about USD 1.04 B. (2018) (7.19 % (2018) of its GDP).