Economy Of Namibia
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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.
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GDP
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purchasing power parity - $13.85 billion (2004 est.)
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GDP - real growth rate
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3.3% (2004 est.)
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GDP - per capita
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purchasing power parity - $7,200 (2004 est.)
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GDP - composition by sector
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agriculture: 11.5%
industry: 29.8%
services: 58.7% (2004 est.)
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Investment gross fixed
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19.8% 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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7.3% (2004 est.)
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Labor force
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760,000 (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: $1.434 billion
expenditures: $1.62 billion, including capital expenditures of $NA (2004 est.)
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Public debt
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35.6% 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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26.95 million kWh (2001)
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Electricity production by source
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NA
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Electricity consumption
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603.1 million kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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578 million kWh; note - electricity supplied by South Africa (2001)
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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 (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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0 bbl (1 January 2002)
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Natural gas production
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Natural gas consumption
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Natural gas exports
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Natural gas imports
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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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$123 million (2004 est.)
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Exports
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$1.09 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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$1.371 billion f.o.b. (2003 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 gold
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$325.2 million (2004 est.)
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Debt external
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$1.04 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 - 7.5648 (2003), 10.5407 (2002), 8.6092 (2001), 6.9398 (2000), 6.1095 (1999)
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Fiscal year
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1 April - 31 March
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This information was reproduced in part from the CIA World Fact book.
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