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Economy - overview:
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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 2003-04.
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GDP:
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purchasing power
parity - $14.76 billion (2004 est.) |
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GDP - real growth rate:
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4.8% (2004 est.)
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GDP - per capita:
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purchasing power
parity - $7,300 (2004 est.) |
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GDP - composition by sector:
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agriculture:
11.3%
industry: 30.8%
services: 57.9% (2004 est.) |
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Investment (gross fixed):
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19.6% of GDP (2004
est.) |
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Population below poverty line:
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50% (2002 est.) |
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Household income or consumption by percentage share:
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lowest 10%: NA
highest 10%: NA |
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Distribution of family income - Gini index:
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70 (2003) |
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Inflation rate (consumer prices):
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4.2% (2004 est.)
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Labor force:
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840,000 (2004 est.)
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Labor force - by occupation:
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agriculture 47%,
industry 20%, services 33% (1999 est.) |
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Unemployment rate:
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35% (1998) |
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Budget:
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revenues:
$1.788 billion
expenditures: $1.956 billion, including capital expenditures
of NA (2004 est.) |
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Public debt:
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38.5% of GDP (2004
est.) |
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Agriculture - products:
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millet, sorghum,
peanuts; livestock; fish |
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Industries:
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meatpacking, fish
processing, dairy products; mining (diamond, lead, zinc, tin,
silver, tungsten, uranium, copper)
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Industrial production growth rate:
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NA |
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Electricity - production:
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1.167 billion kWh
(2002) |
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Electricity - production by source:
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NA |
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Electricity - consumption:
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1.92 billion kWh
(2002) |
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Electricity - exports:
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65 million kWh (2002)
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Electricity - imports:
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900 million kWh; note
- electricity supplied by South Africa (2002) |
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Oil - production:
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0 bbl/day (2001 est.)
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Oil - consumption:
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13,000 bbl/day (2001
est.) |
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Oil - exports:
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NA |
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Oil - imports:
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NA |
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Oil - proved reserves:
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0 bbl (1 January
2002) |
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Natural gas - proved reserves:
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31.15 billion cu m (1
January 2002)
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Current account balance:
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$234.3 million (2004
est.) |
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Exports:
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$1.356 billion f.o.b.
(2004 est.)
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Exports - commodities:
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diamonds, copper,
gold, zinc, lead, uranium; cattle, processed fish, karakul skins
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Exports - partners:
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EU 79%, US 4% (2001)
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Imports:
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$1.473 billion f.o.b.
(2004 est.)
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Imports - commodities:
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foodstuffs; petroleum
products and fuel, machinery and equipment, chemicals |
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Imports - partners:
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US 50%, EU 31% (2001)
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Reserves of foreign exchange and gold:
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$360 million (2004
est.) |
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Debt - external:
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$1.136 billion (2004
est.) |
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Economic aid - recipient:
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ODA $160 million
(2000 est.)
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Currency:
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Namibian dollar
(NAD); South African rand (ZAR) |
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Currency code:
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NAD; ZAR |
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Exchange rates:
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Namibian dollars per
US dollar - 6.4597 (2004), 7.5648 (2003), 10.5407 (2002), 8.6092
(2001), 6.9398 (2000)
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Fiscal year:
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1 April - 31 March
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