Economy of Namibia

Economy of Namibia
Currency	Namibian dollar (NAD); South African rand (ZAR);
Fixed exchange rates	1 NAD = 1 ZAR
Fiscal year	1 April – 31 March
Trade organisations	AU, AfCFTA, WTO, SADC, SACU
Country group	Developing/Emerging; Upper-middle income economy;
Statistics
Population	3,022,401 (2023)
GDP	N$227,8 billion, +10.8% (nominal, 2023); N$151,4 billion, +4.2% (real [constant 2015 prices], 2023);
GDP per capita	N$75,381 (nominal, 2023);
GDP by sector	Primary sector: 20.2%; Secondary sector: 17.8%; Tertiary sector: 54.2%; (2023, excludes taxes on products);
Inflation (CPI)	5.9% (2023 Average Annual Inflation Rate)
Gini coefficient	59.1 high (2015, World Bank)
Human Development Index	0.610 medium (2021) (139th); 0.399 low IHDI (2021);
Labour force	1.09 million (2018)*;
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 South Africa 20.6%; Botswana 19.2%; China 9.8%; Zambia 8.1%; United Arab Emirates 6.7%; Canada 5.3%; ;
Imports	N$129.0 billion (2022)
Import goods	petroleum oils; chemicals, vehicles, civil engineering & contractors equipment
Main import partners	Sep 2023 Imports South Africa 40.2% United Arab Emirates 12.3% China 7.8% India 7.6% United States 4.1%
FDI stock	N$147,520 billion inflow stock as at Jun 2023;
Current account	−N$2.498 billion (Jun 2023)
Public finances
Government debt	62.5% of GDP (2023/24)
Revenues	N$81.069 billion (2023/24)
Expenses	N$76.960 billion (2022/23)
Foreign reserves	N$53.752 billion (30 September 2023)
	Main data source: CIA World Fact Book ; 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.

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