Economy
Namibia
Budget
revenues
$4.415 billion (2023 est.)
expenditures
$4.779 billion (2023 est.)
Exports
Exports 2022
$5.361 billion (2022 est.)
Exports 2023
$5.729 billion (2023 est.)
Exports 2024
$5.887 billion (2024 est.)
Imports
Imports 2022
$7.43 billion (2022 est.)
Imports 2023
$8.443 billion (2023 est.)
Imports 2024
$9.199 billion (2024 est.)
Industries
mining, tourism, fishing, agriculture
Labor force
1.131 million (2024 est.)
Public debt
Public debt 2019
4.64% of GDP (2019 est.)
Remittances
Remittances 2022
0.7% of GDP (2022 est.)
Remittances 2023
1% of GDP (2023 est.)
Remittances 2024
1.1% of GDP (2024 est.)
Exchange rates
Currency
Namibian dollars (NAD) per US dollar -
Exchange rates 2020
16.463 (2020 est.)
Exchange rates 2021
14.779 (2021 est.)
Exchange rates 2022
16.356 (2022 est.)
Exchange rates 2023
18.446 (2023 est.)
Exchange rates 2024
18.329 (2024 est.)
Economic overview
a Sub-Saharan economy classified as upper middle-income and export-oriented; rich in natural resources; expansion of the Walvis Bay port to enhance trade; significant potential for renewable energy generation and energy self-sufficiency; a prominent destination for nature-based tourism; rich in natural resources; facing a shortage of skilled labor
Unemployment rate
Unemployment rate 2022
19.7% (2022 est.)
Unemployment rate 2023
19.4% (2023 est.)
Unemployment rate 2024
19.2% (2024 est.)
Exports - partners
South Africa 27%, China 12%, Botswana 8%, Belgium 7%, France 5% (2023)
Imports - partners
South Africa 36%, China 9%, India 7%, UAE 4%, USA 3% (2023)
Real GDP per capita
Real GDP per capita 2022
$10,000 (2022 est.)
Real GDP per capita 2023
$10,100 (2023 est.)
Real GDP per capita 2024
$10,300 (2024 est.)
Real GDP growth rate
Real GDP growth rate 2022
5.4% (2022 est.)
Real GDP growth rate 2023
4.4% (2023 est.)
Real GDP growth rate 2024
3.7% (2024 est.)
Agricultural products
root vegetables, milk, maize, beef, grapes, onions, wheat, fruits, pulses, vegetables (2023)
Exports - commodities
gold, diamonds, radioactive chemicals, fish, refined petroleum (2023)
Imports - commodities
refined petroleum, copper ore, ships, electricity, trucks (2023)
Current account balance
Current account balance 2022
-$1.605 billion (2022 est.)
Current account balance 2023
-$1.893 billion (2023 est.)
Current account balance 2024
-$2.055 billion (2024 est.)
Taxes and other revenues
33% (of GDP) (2023 est.)
GDP (official exchange rate)
$13.372 billion (2024 est.)
GDP - composition, by end use
household consumption
79.3% (2024 est.)
government consumption
21.5% (2024 est.)
investment in inventories
1.9% (2024 est.)
investment in fixed capital
23.7% (2024 est.)
exports of goods and services
41.6% (2024 est.)
imports of goods and services
-68% (2024 est.)
Population below poverty line
17.4% (2015 est.)
Inflation rate (consumer prices)
Inflation rate (consumer prices) 2022
6.1% (2022 est.)
Inflation rate (consumer prices) 2023
5.9% (2023 est.)
Inflation rate (consumer prices) 2024
4.2% (2024 est.)
Industrial production growth rate
1% (2024 est.)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2022
$28.761 billion (2022 est.)
Real GDP (purchasing power parity) 2023
$30.039 billion (2023 est.)
Real GDP (purchasing power parity) 2024
$31.154 billion (2024 est.)
Youth unemployment rate (ages 15-24)
male
36.7% (2024 est.)
total
37.3% (2024 est.)
female
38% (2024 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2022
$2.803 billion (2022 est.)
Reserves of foreign exchange and gold 2023
$2.956 billion (2023 est.)
Reserves of foreign exchange and gold 2024
$3.356 billion (2024 est.)
GDP - composition, by sector of origin
industry
28.9% (2024 est.)
services
54.5% (2024 est.)
agriculture
7.3% (2024 est.)
Household income or consumption by percentage share
lowest 10%
1% (2015 est.)
highest 10%
47.2% (2015 est.)
Gini Index coefficient - distribution of family income
Gini Index coefficient - distribution of family income 2015
59.1 (2015 est.)