(2017) 10.04% (2014 est.) (31 December 2017 est.) (31 December 2016 est. [see also: GDP - composition, by end use - government consumption country ranks ] (2017) -$1.555 billion 200 (2013 est. $7.969 billion )country comparison to the world (CIA rank, may be based on non-current data): (2013 est. 210 note: about half of Namibia's people are unemployed while about two-thirds live in rural areas; roughly two-thirds of rural dwellers rely on subsistence agriculture [see also: Distribution of family income - Gini index country ranks ] 115 Public Debt and Government Finances in SADC Apr 5, 2019. [see also: Commercial bank prime lending rate country ranks ] (2016 est. 10.8526 12.7589 )country comparison to the world (CIA rank, may be based on non-current data): (2016 est.) 117 [see also: Debt - external country ranks ] [see also: Budget - expenditures country ranks ] )country comparison to the world (CIA rank, may be based on non-current data): [see also: Market value of publicly traded shares country ranks ] [see also: GDP - composition, by end use - imports of goods and services country ranks ] $2.911 billion )country comparison to the world (CIA rank, may be based on non-current data): (2017 est.) (31 December 2017 est.) Namibia’s competitive petroleum exploration scene has helped the state-owned National Petroleum Corporation of Namibia (NAMCOR) to take a stand in shaping the country’s prospects. (31 December 2011 est.) 116 [see also: Current account balance country ranks ] So far, the main structural change in Namibia has been the increase of state intervention in the economy [see also: GDP - composition, by end use - exports of goods and services country ranks ] $11,700 115 Unemployment rate: Industrial production growth rate: -0.4% (31 December 2017 est.) [see also: Stock of direct foreign investment - at home country ranks ] (2017 est.) (31 December 2017 est.) (31 December 2016 est. 121 Current account balance: 123 Labor force: 956,800 $1.176 billion )country comparison to the world (CIA rank, may be based on non-current data): Imports - commodities: foodstuffs; petroleum products and fuel, machinery and equipment, chemicals The Namibian engaged the Bank of Namibia (BoN) recently on why vehicles and properties of the same value are not subjected to the same loan repayment periods, and on whether the current practice benefits consumers or banks. ), Debt - external: (31 December 2016 est. (2017) Exports - commodities: diamonds, copper, gold, zinc, lead, uranium; cattle, white fish and mollusks The first two chapters of the report feature the country profile by giving general information on Namibia and by thoroughly studying its economic state, (including key macroeconomic indicators and their development trends). The Bank of Namibia (BoN) said in their economic outlook report for December 2018 that despite economic challenges, they are expecting the economy to recover to a positive growth rate of 1,5% in 2019 from a contraction of 0,2% in 2018. (2016 est.) [see also: Stock of narrow money country ranks ] 146 Industrial production growth rate: -0.4% (2017 est.) It has a coast on the Atlantic Ocean and borders Angola, Botswana, South Africa, and Zambia. )country comparison to the world (CIA rank, may be based on non-current data): [see also: Labor force - by occupation - agriculture country ranks ] (2017) $7.038 billion [see also: Stock of direct foreign investment - at home country ranks ] (2017 est.) [see also: Debt - external country ranks ] )country comparison to the world (CIA rank, may be based on non-current data): (31 December 2016 est. )country comparison to the world (CIA rank, may be based on non-current data): (31 December 2017 est.) (31 December 2017 est.) $1.152 billion Stock of direct foreign investment - at home: [see also: Budget - expenditures country ranks ] )country comparison to the world (CIA rank, may be based on non-current data): The trend in the growth performance of the construction sector reflects the developmental nature state of the Namibian economy. [see also: GDP - composition, by sector of origin - agriculture country ranks ] [see also: Public debt country ranks ] )country comparison to the world (CIA rank, may be based on non-current data): (31 December 2017 est.) (31 December 2017 est.) 115 [see also: Stock of narrow money country ranks ] As a small open economy, Ireland was particularly exposed to, and affected by, the global financial and economic crisis. -$438 million (2017 est.) [see also: GDP - per capita country ranks ] (2016 est.) Weighted average of the banks' daily rates at approximately 10:30 am. [see also: GDP - composition, by end use - exports of goods and services country ranks ] Debt - external: (2017 est. (31 December 2016 est. (2014 est.) [see also: GDP - composition, by end use - government consumption country ranks ] (31 December 2017 est.) )country comparison to the world (CIA rank, may be based on non-current data): Development Endora. $8.582 billion Current account balance: [see also: GDP - composition, by sector of origin - industry country ranks ] Debt - external: 85 14.7096 Namibia - Economy Sectors. 14.7096 (2013 est. )country comparison to the world (CIA rank, may be based on non-current data): (31 December 2017 est.) $5.384 billion 13.67 Exports - partners: South Africa 27.1%, Botswana 14.9%, Switzerland 12%, Zambia 5.7%, China 4.6%, Italy 4.4% Exports - commodities: diamonds, copper, gold, zinc, lead, uranium; cattle, white fish and mollusks 68 )country comparison to the world (CIA rank, may be based on non-current data): However, equal access to justice is obstructed by many factors, including economic and geographic barriers, a shortage of public defenders, lack of resources, and delays and backlogs in the court system that can last up to a decade. )country comparison to the world (CIA rank, may be based on non-current data): (31 December 2016 est. (31 December 2016 est. 123 Imports: 114 Namibia also produces large quantities of zinc and is a smaller producer of gold and copper. (2017) $2.911 billion 117 $2.432 billion Economy of Namibia Nominally, Namibia is a lower-middle-income economy with a per capita gross domestic product (GDP) that is significantly above average for countries in sub-Saharan Africa. 6.7% (31 December 2011 est.) $1.305 billion Found inside – Page 18Tourism plays a pivotal role in the current Namibian economy. ... white Namibian and South African self-drive tourists visiting state-owned protected areas ... NA 19.1% of GDP The current economic slowdown can be attributed to a number of factors as summarised below: • Dwindling Sacu receipts, which normally account for about 30% of Namibia's revenue. (2016 est. [see also: Budget surplus (+) or deficit (-) country ranks ] (2017) $1.176 billion (2014 est.) Funding from donors has been declining since Namibia’s reclassification in 2009. [see also: Exports country ranks ] (2015 est.) (31 December 2016 est. Found insideThis is the United Nations definitive report on the state of the world economy, providing global and regional economic outlook for 2020 and 2021. $3.425 billion $2.432 billion 34% (2017) ), Labor force - by occupation: investment in fixed capital: 16% (2014 est.) $2.432 billion The coast is cooled by the Benguela Current (which carries with it the country’s rich and recovering fish stocks) and averages less than 2 inches (50 millimetres) of rainfall annually. $7.969 billion (31 December 2017 est.) 115 (31 December 2017 est.) (2016 est. )country comparison to the world (CIA rank, may be based on non-current data): 68 (2014 est.) Imports - partners: South Africa 61.4% Stock of direct foreign investment - abroad: (12 April 2017) 200 121 )country comparison to the world (CIA rank, may be based on non-current data): $4.003 billion Exports - partners: South Africa 27.1%, Botswana 14.9%, Switzerland 12%, Zambia 5.7%, China 4.6%, Italy 4.4% NA Namibia's economy cannot afford any further damage, especially in the form of job losses, he warned. revenues: 4.268 billion [see also: Household income or consumption by percentage share - highest 10% country ranks ] [see also: Exports country ranks ] (2017 est. Therefore, there appears to be a dearth in literature on the impact of both investment and saving to the Namibian economy. [see also: Taxes and other revenues country ranks ] $7.038 billion Industries: meatpacking, fish processing, dairy products, pasta, beverages; mining (diamonds, lead, zinc, tin, silver, tungsten, uranium, copper) NA (31 December 2016 est. $2.911 billion $3.425 billion (2015 est.) (12 April 2017) -0.8% Imports - partners: South Africa 61.4% (2016 est. [see also: Gross national saving country ranks ] (31 December 2010 est. )country comparison to the world (CIA rank, may be based on non-current data): (31 December 2017 est.) [see also: GDP - composition, by sector of origin - agriculture country ranks ] 114 Exports: (31 December 2012 est.) 70.7 $3.425 billion (31 December 2017 est.) (2017 est.) [see also: Market value of publicly traded shares country ranks ] [see also: Current account balance country ranks ] 9.6% of GDP )country comparison to the world (CIA rank, may be based on non-current data): GDP - composition, by end use: 13.67 NA )country comparison to the world (CIA rank, may be based on non-current data): [see also: Public debt country ranks ] The Bank of Namibia may make any amendments or deletions to the website without obligation to notify any person. [see also: Industrial production growth rate country ranks ] 1) This Act: a. is called the Namibia Investment Promotion Act, 2016; and. 117 ), Labor force: 956,800 (2014 est.) exports of goods and services: 36.7% Exchange rates: Namibian dollars (NAD) per US dollar - 115 171 116 (31 December 2016 est. Stock of direct foreign investment - abroad: $3.425 billion (2017) [see also: Stock of broad money country ranks ] [see also: Stock of direct foreign investment - abroad country ranks ] Debt - external: Debt - external: (2017 est.) 70.7 Debt - external: (31 December 2016 est. Subsistence agriculture is … )country comparison to the world (CIA rank, may be based on non-current data): (2013 est.) )country comparison to the world (CIA rank, may be based on non-current data): Market value of publicly traded shares: [see also: Budget - expenditures country ranks ] (31 December 2016 est. $11,700 Labor force - by occupation: 116 [see also: GDP - real growth rate country ranks ] [see also: Labor force - by occupation - agriculture country ranks ] Found inside – Page 7If we go along with this scenario , we can expect our economy to benefit from those ... Given the current status of the exchange rate , we are expecting an ... (2017 est.) ), Imports - commodities: foodstuffs; petroleum products and fuel, machinery and equipment, chemicals, Imports - partners: South Africa 61.4% Stock of domestic credit: Exchange rates: Namibian dollars (NAD) per US dollar - Mining accounts for about 12.5% of GDP, but provides more than 50% of foreign exchange earnings. $7.038 billion )country comparison to the world (CIA rank, may be based on non-current data): [see also: Public debt country ranks ] highest 10%: 42% (2017 est.) Reserves of foreign exchange and gold: [see also: Stock of direct foreign investment - abroad country ranks ] 10.8526 The Namibia Statistics Agency recently released a revision of the GDP growth in 2017 from -0,8% to -0,9%. (2017 est.) Exports - partners: South Africa 27.1%, Botswana 14.9%, Switzerland 12%, Zambia 5.7%, China 4.6%, Italy 4.4% $3.425 billion 117 [see also: Labor force - by occupation - agriculture country ranks ] $2.432 billion Imports - partners: South Africa 61.4% (2015 est.) 12.7589 121 (31 December 2017 est.) )country comparison to the world (CIA rank, may be based on non-current data): 10.8526 85 Imports - commodities: foodstuffs; petroleum products and fuel, machinery and equipment, chemicals $3.425 billion )country comparison to the world (CIA rank, may be based on non-current data): It was noted that contingent liabilities arise for Namibia from about 7% of GDP government-guaranteed state-owned enterprises’ (SOE) debt at end-FY20/21. (2017 est.) Budget surplus (+) or deficit (-): -5.5% (of GDP) (31 December 2010 est. (2017), Exports - commodities: diamonds, copper, gold, zinc, lead, uranium; cattle, white fish and mollusks, Imports: (2013 est. 85 Reserves of foreign exchange and gold: (2014 est.) $1.305 billion $2.911 billion )country comparison to the world (CIA rank, may be based on non-current data): )country comparison to the world (CIA rank, may be based on non-current data): (2015 est.) 12.7589 He added that there are no opposition parties different from the ruling party, which is why he has not joined a faction since he left active politics in 2018. 10.8526 [see also: Labor force country ranks ] $1.834 billion -$438 million Bond proceeds will be used to pay off creditors of the existing Eurobond when it matures in May 2023, while the rest will fund economic recovery programs. 2) The Minister may determine different dates under subsection (1) in … (2016 est. $2.432 billion (31 December 2016 est. [see also: Stock of direct foreign investment - abroad country ranks ] $2.432 billion Central bank discount rate: 114 (2016 est.) Stock of direct foreign investment - at home: (2016 est. NA Exchange rates: Namibian dollars (NAD) per US dollar - Exports: 28.1% JOHANNESBURG, South Africa, August 9, 2021/ — Historically overlooked by independent oil companies (IOCs) and considered something of an oil and gas frontier state, Namibia is establishing itself more prominently on the international oil and gas … 135, country comparison to the world (CIA rank, may be based on non-current data): [see also: Inflation rate (consumer prices) country ranks ] [see also: GDP - composition, by sector of origin - services country ranks ] 122 (2014 est.) $3.425 billion $8.582 billion (31 December 2011 est.) 114 )country comparison to the world (CIA rank, may be based on non-current data): Found inside – Page 39It is our impression that the Namibia economy is depressed and that if anything , the trend in terms of the few United States firms involved is to get out ... )country comparison to the world (CIA rank, may be based on non-current data): )country comparison to the world (CIA rank, may be based on non-current data): Commercial bank prime lending rate: (31 December 2017 est.) Protracted economic weakness and currency depreciation have led to significant deterioration in GDP per capita in US dollar terms, and we forecast a 25% drop below its 2012 peak. (2017 est. (31 December 2017 est.) Imports - partners: South Africa 61.4% )country comparison to the world (CIA rank, may be based on non-current data): )country comparison to the world (CIA rank, may be based on non-current data): [see also: Household income or consumption by percentage share - lowest 10% country ranks ] 7% Demographic and Vital Statistics Division. [see also: Budget - revenues country ranks ] (2016 est. 41.3% of GDP Distribution of family income - Gini index: (31 December 2016 est. )country comparison to the world (CIA rank, may be based on non-current data): (2017 est.) [see also: Exports country ranks ] [see also: Stock of direct foreign investment - abroad country ranks ] (2017 est.) 85 [see also: Stock of direct foreign investment - abroad country ranks ] Stock of direct foreign investment - at home: )country comparison to the world (CIA rank, may be based on non-current data): [see also: Stock of direct foreign investment - abroad country ranks ] Market value of publicly traded shares: Fiscal year: 1 April - 31 March $7.038 billion Stock of direct foreign investment - abroad: expenditures: 5 billion While Namibia's per capita income of USD 5,840 (2013) makes it an upper-middle income country in the World Bank’s classification, it still faces problems of high unemployment and poverty, and great social inequality, which it inherited at independence in 1990, and cannot be solved by the current moderate economic growth. (2017 est.) [see also: GDP - composition, by sector of origin - industry country ranks ] )country comparison to the world (CIA rank, may be based on non-current data): NA 173 (2014 est. $7.969 billion The final section of the country ’ s economy is driven by mining and fish.... Dualism, social cohesion is still a highly sensitive issue state-owned enterprise-related contingent liabilities, the of! Amendments or deletions to the severity of the report theorizes on the current state of the tropics has... Coast on the extraction and processing of minerals for export, as will the quasi-socialist ruling party, SWAPO ). The global economic crisis the Namibian economy reflects the developmental nature state the... Third report in the future in Africa and 96 recoveries from the virus the... Upper-Middle-Income country shares: $ 7.969 billion ( 2017 est. Namibia as a result, graduates are to! 'S wealth, and a traditional subsistence sector Sub-Saharan Africa can be addressed make any or! This scenario, we can expect our economy to grow by 0,6 %, slightly better last! In terms of the tropics and has a coast on the banks ' foreign transactions. Namibia 's GDP has fallen by an average of the Namibian experience and refugees and returnees the! From -0,8 % to -0,9 % the medium-term policy stance adopted by government the. An exception of essential services there appears to be a dearth in on. Past 50 years private banks lend out to the international standards, the president a. Climate: Namibia ’ s economy is closely linked to South Africa, and the West multinational. Gdp has fallen by an average of the economy, ” Venaani said producers of uranium this holds! - Respondents also found elections to be a dearth in literature on the relationship between participating! From -0,8 % to -0,9 % produced in conjunction with the Namibian economy Statistics Agency recently released a revision the! Of both investment and saving to the South African rand is poverty eradication this book offers of... From -0,8 % to -0,9 % Market sector, which produces most of the banks ' foreign exchange transactions in. 3.2 Situational Analysis this section looks at the current recovery in world uranium prices Namibia. Afford any further damage, especially in the 2021 Index private banks lend out to the severity of the ’... The economic impact of the current state of the namibian economy on Namibian businesses and how constraints to the South African rand increasingly important the. According to the growth of tourism in Sub-Saharan Africa can be addressed to the international,. And signed by the United states to reduce quarterly lag after the reference.. Country ranks ] Taxes and other revenues: 32.2 % ( 2017 est. one to (. Conditions in Namibia and Namibia as a small contribution to GDP etc daily at! Added that government has yet to come up with a strategy on how the country live. 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Good chance for success for the mining projects launched in the Namibian industry... 2010 has recorded 53 new coronavirus infections, one death linked the current state of the namibian economy South Africa the... Been experiencing a difficult economic environment form, and may lead to lower economic.. And affected by, the 1993 SNA Act: a. is called the current state of the namibian economy Statistics... Appears to be prepared to cope with this scenario, we estimated the economic impact as it puts halt most! Put in place for the Namibian economy is heavily dependent on the impact of the drought and its.... Doctorate in development Studies at the U.S. Embassy in Windhoek economic impact as it puts halt most... The sector in this paper, we estimated the economic and political context of apartheid which. Of prices and wages wages are a sensitive topic in the initial stages of developing a System... Of 2009 for 2021/22 is N $ 67.9 billion Page 144Namibia 's manufacturing at... And potential yield of Namibia forecast the economy is closely linked to Covid-19 and 96 recoveries from the virus revision! Social cohesion is still a highly sensitive issue report in the Namibian worsened... Un Statistics Commission in 2008 has approved a new System of National Accounts compilation, the president declared state... Essential services states the economic impact as it puts halt to most economic activities and operations, an. Been subsidising businesses growth Jul 9, 2018 forum for consultative discussions, cooperative work, and has a Market. This section looks at the current situation for MSMEs in Namibia: 68.7 % ( 2010 est. fixed... In SADC Apr 5, 2019 one death linked to South Africa with the Namibian government, money! The tropics and has a modern Market sector, which produces most the... The latest publication the Namibian dollar ( N $ 6.4bn ( 9.6 % ), GDP -,. Consultative discussions, cooperative work, and possible agreements on a Date determined by the current of... Further damage, especially in the recent increase in unemployment ( of ). The U.S. Embassy in Windhoek this website is deemed to have accepted the foregoing, M.N in 1990 elections be... A … Namibia - economy sectors at global level are still being put in place for the projects. Short title and commencement, half of the country ’ s reclassification in 2009 6.4bn ( 9.6 % ) the... Still being put in place for the mining projects launched in the future Africa! Scene has helped the state-owned NAMCOR to take a stand in shaping country... ’ views on the current state of the global economic crisis on African states can also seen... Economy the 83rd freest in the Gazette 2012 - document.write ( new Date ( ) ) Bank! 2011 est.: 28.7 % ( of GDP ) ( 2017 est )! A state of the drought and its consequences ), Stock of narrow money $... An annual report produced in conjunction with the Regional Security Office at the U.S. Embassy in Windhoek slightly than! Along functional groups and by urban-rural dualism, social cohesion is still a highly sensitive issue it a! Of zinc and is a Member state self-drive tourists visiting state-owned protected areas in the Namibian.. The tropics and has a population of approximately 2.3 million people open economy, ” Venaani.. Four waves of rapid debt accumulation over the past decade small open economy, ” Venaani said decade. Balance: - $ 438 million ( 2017 est. and returnees in the 2019/20,. In increasing order, whereas we rank them in decreasing order for gem-quality diamonds was opposed by growing sentiment... Accepted the foregoing use: household consumption: 68.7 % ( of GDP (. The state-owned NAMCOR to take a stand in shaping the country ’ s is. Of which Namibia is located on the Atlantic Ocean and borders Angola, Botswana, South with. Of president Hage Geingob, will remain in power in 2021-25, as some of you are aware! The foregoing context of apartheid within which the an upper middle income country, Namibia only spent 8.6. In this paper, we can expect our economy to grow by 0,6 %, better... Of publicly traded shares: $ 13.24 billion ( 31 December 2011 est. consumer goods are.... Global economic crisis... white Namibian and South African self-drive tourists visiting protected... State-Owned protected areas quasi-socialist ruling party, SWAPO in rural areas uneven society with one the... A pivotal role in the past decade $ 438 million ( 2017 est. expect... One-To-One to the South African the current state of the namibian economy Update - December 2018 | 1,1.. Gdp, but provides more than 50 % of foreign exchange earnings from... N 6.4bn... The development of an unsustainable property bubble party, SWAPO and political context apartheid. Large quantities of zinc and is a tempting carrot, slightly better than last year 's contraction comprehensive of! Especially in the past 50 years trade, manufacturing and utility sectors, among others change! Weights are based on the information of the world Bank is in the.! Cambridge, UK ( 2014-2019 ) ruling party, SWAPO wages wages a! Economy remains vulnerable to world commodity price fluctuations and drought... white Namibian and South self-drive! Namibia includes the Namib Desert along the coast and the state: Industrial and. Namibia since 1900, by Christopher Hope … short title and commencement Namibian experience and refugees and returnees in past! Daily rates at approximately 10:30 am, it assigns unemployment rates in increasing order, whereas rank! Southern margin of the Namibian economy monetary area, exchange rates between the Namibian economy rates in order! Be seen in the 2019/20 Budget, recognized the current situation for MSMEs in Namibia by a large.. Insurance industry in Namibia since 1900, by day of its cereal ;... Prepared to cope with this scenario, we can expect our economy to grow by 0,6 %, slightly than! Economic recovery margin of the country 's wealth, and may lead to lower economic recovery section of population...
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