Economy
Economic overview:
The economy is heavily dependent on the extraction and processing of minerals for export. Mining accounts for almost 25% of GDP. Namibia is the fourth-largest exporter of nonfuel minerals in Africa and the world's fifth-largest producer of uranium. Rich alluvial diamond deposits make Namibia a primary source for gem-quality diamonds. Namibia also produces large quantities of lead, zinc, tin, silver, and tungsten. More than half the population depends on agriculture (largely subsistence agriculture) for its livelihood. Namibia must import some of its food.
GDP:
purchasing power parity - $5.8 billion (1994 est.)
GDP real growth rate:
6.6% (1994 est.)
GDP per capita:
$3,600 (1994 est.)
GDP composition by sector:
agriculture:
NA%
industry:
NA%
services:
NA%
Inflation rate (consumer prices):
11% (1994)
Labor force:
500,000
by occupation:
agriculture 60%, industry and commerce 19%, services 8%, government 7%, mining 6% (1981 est.)
Unemployment rate:
35% in urban areas (1993 est.)
Budget:
revenues:
$941 million
expenditures:
$1.05 billion, including capital expenditures of $157 million (FY93/94)
Industries:
meat packing, fish processing, dairy products; mining (diamond, lead, zinc, tin, silver, tungsten, uranium, copper)
Industrial production growth rate:
10% (1994)
Electricity:
capacity:
406,000 kW
production:
1.29 billion kWh
consumption per capita:
658 kWh (1991)
Agriculture:
millet, sorghum, peanuts; livestock; fish catch potential of over 1 million metric tons not being fulfilled
Exports:
$1.3 billion (f.o.b., 1993)
commodities:
diamonds, copper, gold, zinc, lead, uranium, cattle, processed fish, karakul skins
partners:
Switzerland, South Africa, Germany, UK
Imports:
$1.2 billion (f.o.b., 1993)
commodities:
foodstuffs, petroleum products and fuel, machinery and equipment
partners:
South Africa, Germany, US, Japan
External debt:
about $385 million (1994 est.)
Economic aid:
recipient:
ODA, $NA
Currency:
1 South African rand (R) = 100 cents
Exchange rates:
South African rand (R) per US$1 - 3.6417 (January 1996), 3.6266 (1995), 3.5490 (1994), 3.2636 (1993), 2.8497 (1992), 2.7653 (1991)
Fiscal year:
1 April - 31 March
