dhoek
telephone: [264] (61) 295-8500
FAX: [264] (61) 295-8603

Flag description:

a wide red stripe edged by narrow white stripes divides the flag
diagonally from lower hoist corner to upper fly corner; the upper
hoist-side triangle is blue and charged with a yellow, 12-rayed
sunburst; the lower fly-side triangle is green

Economy
Namibia

Economy - overview:

The economy is heavily dependent on the extraction and processing of
minerals for export. Mining accounts for 8% of GDP, but provides
more than 50% of foreign exchange earnings. 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 one of the world's most unequal income distributions.
The Namibian economy is closely linked to South Africa with the
Namibian dollar pegged one-to-one to the South African rand.
Increased payments from the Southern African Customs Union (SACU)
put Namibia's budget into surplus in 2007 for the first time since
independence, but SACU payments will decline after 2008 as part of a
new revenue sharing formula. Increased fish production and mining of
zinc, copper, uranium, and silver spurred growth in 2003-07, but
growth in recent years was undercut by poor fish catches and high
costs for metal inputs.

GDP (purchasing power parity):

$10.69 billion (2007 est.)

GDP (official exchange rate):

$7.4 billion (2007 est.)

GDP - real growth rate:

3.6% (2007 est.)

GDP - per capita (PPP):

$5,200 (2007 est.)

GDP - composition by sector:

agriculture: 10.6%
industry: 35.4%
services: 53.9% (2007 est.)

Labor force:

660,000 (2007 est.)

Labor force - by occupation:

agriculture: 47%
industry: 20%
services: 33% (1999 est.)

Unemployment rate:

5.2% (2007 est.)

Population below poverty line:

the UNDP's 2005 Human Development Report indicated that 34.9% of the
population live on $1 per day and 55.8% live on $2 per day

Household