Flag description:
a large blue triangle with a yellow sunburst fills the upper left
section and an equal green triangle (solid) fills the lower right
section; the triangles are separated by a red stripe that is
contrasted by two narrow white-edge borders
Economy Namibia
Economy - overview:
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.
GDP (purchasing power parity):
$14.76 billion (2004 est.)
GDP - real growth rate:
4.8% (2004 est.)
GDP - per capita:
purchasing power parity - $7,300 (2004 est.)
GDP - composition by sector: agriculture: 11.3% industry: 30.8% services: 57.9% (2004 est.)
Labor force:
840,000 (2004 est.)
Labor force - by occupation:
agriculture 47%, industry 20%, services 33% (1999 est.)
Unemployment rate:
35% (1998)