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.

GDP:
purchasing power parity - $13.85 billion (2003 est.)

GDP - real growth rate:
3.3% (2003 est.)

GDP - per capita:
purchasing power parity - $7,200 (2003 est.)

GDP - composition by sector:
agriculture: 11.5%
industry: 29.8%
services: 58.7% (2003 est.)

Investment (gross fixed):
19.8% of GDP (2003)

Population below poverty line:
50% (2002 est.)

Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA

Distribution of family income - Gini index:
70 (2003)

Inflation rate (consumer prices):
7.3% (2003)

Labor force:
760,000 (2003)

Labor force - by occupation:
agriculture 47%, industry 20%, services 33% (1999 est.)

Unemployment rate:
35% (1998)

Budget:
revenues: $1.434 billion
expenditures: $1.62 billion, including capital expenditures of $NA
(2003)

Public debt:
35.6% of GDP (2003)

Agriculture - products:
millet, sorghum, peanuts; livestock; fi