Wednesday, July 31, 2013

Rank and economy of Namibia

The rank of Namibia from the poorest of the countries is 89th and from the richest is 115 with national average per capita income using atlas method in 2003.
In other methods such as IMF, WB, and CIA using nominal methods in 2007, 2007, and 2008,
Rank 131st
Currency Namibian dollar (NAD)
(South African Rand)
Fiscal year 1 April - 31 March
Trade organisations WTO, SADC, SACU
GDP $13.764 billion (2009 IMF)
GDP growth -0.739% (2009 IMF)
GDP per capita $6,610 (2009 IMF.)
GDP by sector agriculture: 9.5%, mining: 12.4%, manufacturing: 15.4% (2007)
Inflation (CPI) 7.1% (2011)
below poverty line
34.9% of the population live on $1 per day and 55.8% live on $2 per day
Labour force 820,000 (2005 est.)
Labour force
by occupation
agriculture: 47%, industry: 20%, services: 33% (1999 est.)
Unemployment 52% (Broad Definition) (2008)
Main industries meatpacking, fish processing, dairy products; mining (diamonds, lead, zinc, tin, silver, tungsten, uranium, copper)
Ease of Doing Business Rank 78th 
Exports $2.04 billion f.o.b. (2005 est.)
Export goods diamonds, copper, gold, zinc, lead, uranium; cattle, processed fish, karakul skins
Main export partners South Africa 33.4%, US 4% (2004)
Imports $2.35 billion f.o.b. (2005 est.)
Import goods foodstuffs; petroleum products and fuel, machinery and equipment, chemicals
Main import partners South Africa 85.2%, US (2004)
Public finances
Public debt NAD 17.2 billion (March 2012)
Revenues $1.945 billion (2005)
Expenses $2.039 billion (2005)
Economic aid recipient: ODA, $160 million (2000).


Namibia is a higher middle income country with an estimated annual GDP per capita of US$5,828 but has extreme inequalities in income distribution and standard of living.[6] It leads the list of countries by income inequality with a Gini coefficient of 70.7 (CIA)[7] and 74.3 (UN),[8] respectively.
Since independence, the Namibian Government has pursued free-market economic principles designed to promote commercial development and job creation to bring disadvantaged Namibians into the economic mainstream. To facilitate this goal, the government has actively courted donor assistance and foreign investment. The liberal Foreign Investment Act of 1990 provides guarantees against nationalisation, freedom to remit capital and profits, currency convertibility, and a process for settling disputes equitably. Namibia also is addressing the sensitive issue of agrarian land reform in a pragmatic manner. However, Government runs and owns a number of companies such as Air Namibia, Transnamib and NamPost, most of which need frequent financial assistance to stay afloat.[9][10]
The country's sophisticated formal economy is based on capital-intensive industry and farming. However, Namibia's economy is heavily dependent on the earnings generated from primary commodity exports in a few vital sectors, including minerals, especially diamonds, livestock, and fish. Furthermore, the Namibian economy remains integrated with the economy of South Africa, as the bulk of Namibia's imports originate there.
In 1993, Namibia became a signatory of the General Agreement on Tariffs and Trade (GATT) signatory, and the Minister of Trade and Industry represented Namibia at the Marrakech signing of the Uruguay Round Agreement in April 1994 . Namibia also is a member of the International Monetary Fund and the World Bank, and has acceded to the European Union's Lomé Convention.