In other methods such as IMF, WB, and CIA using nominal methods in 2007, 2007, and 2008,
(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.)|
|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 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. It leads the list of countries by income inequality with a Gini coefficient of 70.7 (CIA) and 74.3 (UN), 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.
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.