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Sub Saharan Africa

Namibia

 Flag of Namibia

Map of Namibia Last reviewed: 10 March 2009

Country information

Economy

Basic economic facts

GDP: US$7.781bn (2008 estimate)
Annual growth: 3.9% (2008 estimate)
Inflation: 6.7% (2007 estimate)
Major industries: Mineral production, tourism, fishing, game and cattle ranching.
Major trading partners: South Africa, UK, Spain, Japan, China and USA.

For historical and other reasons, the Namibian economy is dominated by South Africa, with (or through) which 80% of its trade is conducted. It is also unduly dependant on diamonds, uranium and zinc, which provide over half of the country's exports. Major economic challenges facing the government include reducing the public sector budget deficit, increasing efficiency and creating jobs (unemployment is estimated at 35%). A relatively high per capita GDP conceals wide economic disparities, many of which were inherited from apartheid. There are good prospects for economic diversification in fields like tourism, fisheries and manufacturing, but none has the potential on its own to significantly reduce unemployment. The government is encouraging foreign investment in order to develop a diverse economy that alleviates both unemployment and chronic rural poverty.

Land is an important issue. There are some 5000 commercial farmers in the country. Since 1990, the government has purchased farms on the 'willing-buyer willing-seller' principle, and redistributed the land to landless families. In 2004, a new policy to speed up land transfer was announced.

International Monetary Fund - Namibia

World Bank - Namibia

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