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 world's worst inequality of income distribution.
The Namibian economy is closely linked to South Africa with the
Namibian dollar pegged one-to-one to the South African rand.
Privatization of several enterprises in coming years may stimulate
long-run foreign investment. Increased fish production and mining of
zinc, copper, uranium, and silver spurred growth in 2003-06.
GDP (purchasing power parity):
$15.04 billion (2006 est.)
GDP (official exchange rate):
$5.304 billion (2006 est.)
GDP - real growth rate:
4.1% (2006 est.)
GDP - per capita (PPP):
$7,400 (2006 est.)
GDP - composition by sector: agriculture: 11.8% industry: 30.2% services: 58.1% (2006 est.)
Labor force: 653,000 (2006 est.)
Labor force - by occupation: agriculture: 47% industry: 20% services: 33% (1999 est.)
Unemployment rate: 5.3% (2006 est.)