The cornerstones of the economy are the rich
supply of diamonds, other minerals and fish, as well as
large-scale livestock management. It provides good
export earnings and relatively high wealth; Namibia is
considered a middle-income country. At the same time,
the distribution of income is one of the most unequal in
the world. Most of the population is largely outside the
The proportion of poor Namibians has decreased in
recent years, but more than one in four residents are
still considered poor. Most depend on livestock care and
agriculture for self-catering. The white Namibians, who
make up about 6 percent of the population, own most
large companies and farms. However, there is greater
equality among officials.
Major imports by Namibia, covering a full list of top products imported by the country and trade value for each product category.
Independent Namibia has invested in education and
health care to level the conditions for citizens, and is
trying to increase blacks' share of and participation in
the formal economy. Employers - both private and public
- must have a plan to improve the financial conditions
of the "previously disadvantaged". The black
entrepreneurs have also increased and the level of
education has been increased. A black Namibian middle
class has emerged in the cities.
The government is also trying to create a favorable
investment climate and encourage new industry. The large
dependence on raw materials makes Namibia sensitive to
fluctuations in world market prices and to the whims of
the weather. During the 1990s, fishing and processing of
fishery products increased sharply. Later, diamond
grinding and some manufacturing of textiles and clothing
have been added.
But developments are slow, despite the fact that
Namibia has better credit ratings and less corruption
problems than many other countries in the region.
Contributing causes are a small domestic market and a
shortage of educated labor. It has proved difficult to
create new jobs. The high unemployment makes it
difficult to lose weight in the oversized state
The global financial crisis of 2008-2009 caused a
severe setback. Diamond export revenues more than halved
and growth stopped. However, the recovery was good in
2010, due to both improved world market situation and
government investment. Growth has been at just over 5
per cent a year since then, favored by major
construction projects as well as investments in the
Abbreviationfinder.org: Check this abbreviation website to find three letter ISO codes for all countries in the world, including NAM which represents the country of Namibia. Check findjobdescriptions to learn more about Namibia.
The economy is strongly linked to South Africa. The
Namibian dollar has the same value as the South African
rand and interest rates as well as inflation are
The United States, Germany and Japan are the most
important bilateral donors.
Government debt grew in 2010–2012 and is now at just
over a quarter of gross domestic product (GDP), which
means that the debt burden is still quite manageable.
FACTS - FINANCE
GDP per person
US $ 5,931 (2018)
US $ 14,522 million (2018)
-0.1 percent (2018)
Agriculture's share of GDP
7.2 percent (2018)
Manufacturing industry's share of GDP
10.1 percent (2018)
The service sector's share of GDP
57.7 percent (2018)
4.8 percent (2019)
Government debt's share of GDP
45.8 percent (2018)
Assistance per person
US $ 74 (2017)
Geingob takes over as prime minister
A few days after Swapo's party congress, President Pohamba re-furnishes the
government. Minister of Trade and Industry Hage Geingob becomes new prime
minister after Nahas Angula, who may quit after eight years in the post.
Hage Geingob becomes presidential candidate
At Swapo's party congress, Trade and Industry Minister Hage Geingob is
re-elected as vice chairman. He thus appears as likely candidate for Swapo ahead
of the 2014 presidential election, when the incumbent President Hifikepunye
Pohamba is not allowed to stand in the Constitution.
Election appeal is rejected
The Supreme Court rejects the opposition's complaint regarding the 2009
elections. The Court finds that mistakes were made but claims that it did not
affect the final result.