Countries
Namibia
Key Economic Indicators
$35.41 billion
$11,687
3.71%
4.24%
19.29%
$13.372 billion (2024 est.)
<b>note:</b> central government debt as a % of GDP
$-1,893,780
Economic Overview
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
All Economic Data
Agricultural products
root vegetables, milk, maize, beef, grapes, onions, wheat, fruits, pulses, vegetables (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Budget
Expenditures:
$4.779 billion (2023 est.)
Note:
<b>note:</b> central government revenues (excluding grants) and expenditures converted to US dollars at average official exchange rate for year indicated
Revenues:
$4.415 billion (2023 est.)
Currency
code:
NAD, ZAR
name:
Namibian dollar (NAD) [$], South African rand (ZAR) [R]
Current account balance
$-1,893,780
Current account balance 2022:
-$1.605 billion (2022 est.)
Current account balance 2023:
-$1.893 billion (2023 est.)
Current account balance 2024:
-$2.055 billion (2024 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Exchange rates
Currency:
Namibian dollars (NAD) per US dollar -
Exchange rates 2020:
16.463 (2020 est.)
Exchange rates 2021:
14.779 (2021 est.)
Exchange rates 2022:
16.356 (2022 est.)
Exchange rates 2023:
18.446 (2023 est.)
Exchange rates 2024:
18.329 (2024 est.)
Exports
$5.57 billion
Exports 2022:
$5.361 billion (2022 est.)
Exports 2023:
$5.729 billion (2023 est.)
Exports 2024:
$5.887 billion (2024 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
gold, diamonds, radioactive chemicals, fish, refined petroleum (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
South Africa 27%, China 12%, Botswana 8%, Belgium 7%, France 5% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$1.97 billion
GDP - composition, by end use
Exports of goods and services:
41.6% (2024 est.)
Government consumption:
21.5% (2024 est.)
Household consumption:
79.3% (2024 est.)
Imports of goods and services:
-68% (2024 est.)
Investment in fixed capital:
23.7% (2024 est.)
Investment in inventories:
1.9% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to rounding or gaps in data collection
GDP - composition, by sector of origin
Agriculture:
7.3% (2024 est.)
Industry:
28.9% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
54.5% (2024 est.)
GDP (official exchange rate)
$13.372 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$4,413
Gini Index coefficient - distribution of family income
59.1 (2015)
Gini Index coefficient - distribution of family income 2015:
59.1 (2015 est.)
Note:
<b>note:</b> index (0-100) of income distribution; higher values represent greater inequality
GNI (gross national income)
$12.93 billion
GNI per capita
$4,240
Gross domestic investment
26 % of GDP
Household income or consumption by percentage share
Highest 10%:
47.2% (2015 est.)
Lowest 10%:
1% (2015 est.)
Note:
<b>note:</b> % share of income accruing to lowest and highest 10% of population
Imports
$9.09 billion
Imports 2022:
$7.43 billion (2022 est.)
Imports 2023:
$8.443 billion (2023 est.)
Imports 2024:
$9.199 billion (2024 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
refined petroleum, copper ore, ships, electricity, trucks (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
South Africa 36%, China 9%, India 7%, UAE 4%, USA 3% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
1% (2024 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
Industries
mining, tourism, fishing, agriculture
Inflation rate (consumer prices)
4.24%
Inflation rate (consumer prices) 2022:
6.1% (2022 est.)
Inflation rate (consumer prices) 2023:
5.9% (2023 est.)
Inflation rate (consumer prices) 2024:
4.2% (2024 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
1.131 million (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
1.15 million persons
Labor force - by occupation
agriculture:
22.34%
industry:
16.55%
services:
61.11%
Population below poverty line
17.4% (2015 est.)
note:
<b>note:</b> % of population with income below national poverty line
Public debt
Note:
<b>note:</b> central government debt as a % of GDP
Public debt 2019:
4.64% of GDP (2019 est.)
Real GDP (purchasing power parity)
$35.41 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$28.761 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$30.039 billion (2023 est.)
Real GDP (purchasing power parity) 2024:
$31.154 billion (2024 est.)
Real GDP growth rate
3.71%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
5.4% (2022 est.)
Real GDP growth rate 2023:
4.4% (2023 est.)
Real GDP growth rate 2024:
3.7% (2024 est.)
Real GDP per capita
$11,687
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$10,000 (2022 est.)
Real GDP per capita 2023:
$10,100 (2023 est.)
Real GDP per capita 2024:
$10,300 (2024 est.)
Remittances
$96.65 million
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2022:
0.7% of GDP (2022 est.)
Remittances 2023:
1% of GDP (2023 est.)
Remittances 2024:
1.1% of GDP (2024 est.)
Reserves of foreign exchange and gold
$3.36 billion
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2022:
$2.803 billion (2022 est.)
Reserves of foreign exchange and gold 2023:
$2.956 billion (2023 est.)
Reserves of foreign exchange and gold 2024:
$3.356 billion (2024 est.)
Revenue (excl grants)
36 % of GDP
Tax revenue
33 % of GDP
Taxes and other revenues
33% (of GDP) (2023 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
Unemployment rate
19.29%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
19.7% (2022 est.)
Unemployment rate 2023:
19.4% (2023 est.)
Unemployment rate 2024:
19.2% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
38% (2024 est.)
Male:
36.7% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
37.3% (2024 est.)
Economic Rankings
Gini Index
#2
Unemployment Rate
#8
GDP Growth Rate
#80
Reserves
#115
GDP per Capita
#124
Imports
#127
Exports
#134
Inflation Rate
#141
GDP (PPP)
#143
GDP (Nominal)
#144
Quick Facts
Industries
mining, tourism, fishing, agriculture
Agricultural products
root vegetables, milk, maize, beef, grapes, onions, wheat, fruits, pulses, vegetables (2023)
Labor force
1.131 million (2024 est.)
Exports - partners
South Africa 27%, China 12%, Botswana 8%, Belgium 7%, France 5% (2023)
Imports - partners
South Africa 36%, China 9%, India 7%, UAE 4%, USA 3% (2023)
Exchange rates
Namibian dollars (NAD) per US dollar -
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