Economy of Namibia
Windhoek, the capital and economic centre of Namibia | |
| Currency |
|
|---|---|
| 1 NAD = 1 ZAR | |
| 1 April – 31 March | |
Trade organisations | AU, AfCFTA, WTO, SADC, SACU |
Country group |
|
| Statistics | |
| Population | 3,022,401 (2023) |
| GDP |
|
GDP per capita |
|
GDP by sector |
|
| 5.9% (2023 Average Annual Inflation Rate) | |
| 59.1 high (2015, World Bank) | |
Labour force |
|
| Unemployment | 33.4% (2018) |
Main industries | meatpacking, fish processing, dairy products, pasta, beverages; mining (diamonds, lead, zinc, tin, silver, tungsten, uranium, copper) |
| External | |
| Exports | N$97.4 billion (2022) |
Export goods | diamonds, copper, gold, zinc, lead, uranium; cattle, white fish and mollusks |
Main export partners | Sep 2023 Exports
|
| Imports | N$129.0 billion (2022) |
Import goods | petroleum oils; chemicals, vehicles, civil engineering & contractors equipment |
Main import partners | Sep 2023 Imports
|
FDI stock |
|
| −N$2.498 billion (Jun 2023) | |
| Public finances | |
| 62.5% of GDP (2023/24) | |
| N$53.752 billion (30 September 2023) | |
| Revenues | N$81.069 billion (2023/24) |
| Expenses | N$76.960 billion (2022/23) |
All values, unless otherwise stated, are in US dollars. | |
The economy of Namibia has a modern market sector, which produces most of the country's wealth, and a traditional subsistence sector. Although the majority of the population engages in subsistence agriculture and herding, Namibia has more than 200,000 skilled workers and a considerable number of well-trained professionals and managerials.