Economic overview Namibia, in 36 editions.

The economy is heavily dependent on the mining industry to extract and process minerals for export. Mining accounts for almost 35% 30% of GDP, agriculture and fisheries 10-15%, and manufacturing about 5%. GDP. Namibia is the fourth-largest exporter of nonfuel minerals in Africa and the world's fifth-largest producer of uranium. Alluvial diamond deposits are among the richest in the world, making Namibia a primary source for gem-quality diamonds. Namibia also produces large quantities of lead, zinc, tin, silver, and tungsten, and it has substantial resources of coal. More than half the population depends on agriculture (largely subsistence agriculture) for its livelihood.

The economy is heavily dependent on the mining industry to extract and
process minerals for export. Mining accounts for almost 30% 25% of GDP. Namibia
is the fourth-largest exporter of nonfuel minerals in Africa and the world's
fifth-largest producer of uranium. Alluvial diamond deposits are among the
richest in the world, making Namibia a primary source for gem-quality
diamonds. Namibia also produces large quantities of lead, zinc, tin, silver,
and tungsten, and it has substantial resources of coal. More than half the
population depends on agriculture (largely subsistence agriculture) for its
livelihood.

The economy is heavily dependent on the mining industry to extract and
process minerals for export. Mining accounts for almost 25% of GDP. Namibia
is the fourth-largest exporter of nonfuel minerals in Africa and the world's
fifth-largest producer of uranium. Alluvial diamond deposits are among the
richest in the world, making Namibia a primary source for gem-quality
diamonds. Namibia also produces large quantities of lead, zinc, tin, silver,
and tungsten, and it has substantial resources of coal. tungsten. More than half the
population depends on agriculture (largely
subsistence agriculture) for its
livelihood.

The economy is heavily dependent on the mining industry to extract and
process minerals for export. Mining accounts for almost 25% of GDP. Namibia
Namibia is the fourth-largest exporter of nonfuel minerals in Africa
and the world's
fifth-largest producer of uranium. Alluvial diamond
deposits are among the
richest in the world, making Namibia a primary
source for gem-quality
diamonds. Namibia also produces large
quantities of lead, zinc, tin, silver,
and tungsten. More than half
the population depends on agriculture (largely
subsistence
agriculture) for its livelihood.

The economy is heavily dependent on the mining industry to
extract and
process minerals for export. Mining accounts for almost
25% of GDP.
Namibia is the fourth-largest exporter of nonfuel minerals
in Africa
and the world's fifth-largest producer of uranium. Alluvial diamond
diamond deposits are among the richest in the world, making Namibia a primary
primary source for gem-quality diamonds. Namibia also produces large
quantities of lead, zinc, tin, silver, and tungsten. More than half
the population depends on agriculture (largely subsistence
agriculture) for its livelihood. Namibia must import some of its food.

The economy is heavily dependent on the mining industry to
extract extraction and process processing of minerals for export. Mining accounts
for almost
25% of GDP. Namibia is the fourth-largest exporter of
nonfuel minerals
in Africa and the world's fifth-largest producer of uranium. Alluvial
uranium. Rich alluvial diamond deposits are among the richest in the world, making make Namibia a
primary
source for gem-quality diamonds. Namibia also produces large
quantities of lead, zinc, tin, silver, and tungsten. More than half
the population depends on agriculture (largely subsistence
agriculture) for its livelihood. Namibia must import some of its
food.

The economy is heavily dependent on the
extraction
and processing of minerals for export. Mining accounts
for almost 25%
of GDP. Namibia is the fourth-largest exporter of
nonfuel minerals in
Africa and the world's fifth-largest producer of
uranium. Rich
alluvial diamond deposits make Namibia a primary
source for
gem-quality diamonds. Namibia also produces large
quantities of lead,
zinc, tin, silver, and tungsten. More than half
Half of the population depends on
agriculture (largely subsistence
agriculture) for its livelihood.
Namibia must import some of its
food.

The economy is heavily dependent on the extraction
and processing of minerals for export. Mining accounts for almost 25%
20% of GDP.
Namibia is the fourth-largest exporter of nonfuel minerals in
Africa
and the world's fifth-largest producer of uranium. Rich
alluvial
diamond deposits make Namibia a primary source for
gem-quality
diamonds. Namibia also produces large quantities of lead,
zinc, tin,
silver, and tungsten. Half of the population depends on
agriculture
(largely subsistence agriculture) for its livelihood.
Namibia must
import some of its food. Although per capita GDP is three to six times
the per capita GDP of Africa's poorest countries, the majority of
Namibia's people live in pronounced poverty because of the great
inequality of income distribution and the large amounts going to
foreigners. The Namibian economy has close links to South Africa.

The economy is heavily dependent on the extraction
extraction and processing of minerals for export. Mining accounts
for 20% of GDP.
Namibia is the fourth-largest exporter of nonfuel
minerals in Africa
and the world's fifth-largest producer of
uranium. Rich alluvial
diamond deposits make Namibia a primary
source for gem-quality
diamonds. Namibia also produces large
quantities of lead, zinc, tin,
silver, and tungsten. Half of the
population depends on agriculture
(largely subsistence agriculture)
for its livelihood. Namibia must
import some of its food. Although
per capita GDP is three to six times
the per capita GDP of Africa's poorest poorer
countries, the majority of
Namibia's people live in pronounced
poverty because of the great
inequality of income distribution and
the large amounts going to
foreigners. The Namibian economy has
close links to South Africa.

The economy is heavily dependent on the
extraction and processing of minerals for export. Mining accounts
for 20% of GDP. Namibia is the fourth-largest exporter of nonfuel
minerals in Africa and the world's fifth-largest producer of
uranium. Rich alluvial diamond deposits make Namibia a primary
source for gem-quality diamonds. Namibia also produces large
quantities of lead, zinc, tin, silver, and tungsten. Half of the
population depends on agriculture (largely subsistence agriculture)
for its livelihood. Namibia must import some of its food. Although
per capita GDP is three four times the per capita GDP of Africa's poorer
countries, the majority of Namibia's people live in pronounced
poverty because of large-scale unemployment, the great inequality of income distribution distribution, and
the large amounts amount of wealth going to foreigners. The Namibian economy has
close links to South Africa. GDP growth should improve in 2000-01, because of gains in the diamond and fish sectors. Agreement has been reached on the privatization of several more enterprises in coming years, which should stimulate long-run foreign investment.

The economy is heavily dependent on the extraction and processing of minerals for export. Mining accounts for 20% of GDP. Namibia is the fourth-largest exporter of nonfuel minerals in Africa and the world's fifth-largest producer of uranium. Rich alluvial diamond deposits make Namibia a primary source for gem-quality diamonds. Namibia also produces large quantities of lead, zinc, tin, silver, and tungsten. Half of the population depends on agriculture (largely subsistence agriculture) for its livelihood. Namibia must import some of its food. Although per capita GDP is four times the per capita GDP of Africa's poorer countries, the majority of Namibia's people live in pronounced poverty because of large-scale unemployment, the great inequality of income distribution, and the large amount of wealth going to foreigners. The Namibian economy has close links to South Africa. GDP growth should improve in 2000-01, because of 2000 was led by gains in the diamond and fish sectors. Agreement has been reached on the privatization of several more enterprises in coming years, which should stimulate long-run foreign investment. Growth in 2001 could be 5.5% provided the world economy remains stable.

The economy is heavily dependent on the extraction and processing of minerals for export. Mining accounts for 20% of GDP. Namibia is the fourth-largest exporter of nonfuel minerals in Africa and the world's fifth-largest producer of uranium. Rich alluvial diamond deposits make Namibia a primary source for gem-quality diamonds. Namibia also produces large quantities of lead, zinc, tin, silver, and tungsten. Half About half of the population depends on agriculture (largely subsistence agriculture) for its livelihood. Namibia must import some of its food. Although per capita GDP is four five times the per capita GDP of Africa's poorer poorest countries, the majority of Namibia's people live in pronounced poverty because of large-scale unemployment, the great inequality of income distribution, and the large amount of wealth going to foreigners. The Namibian economy has close links to South Africa. GDP growth in 2000 was led by gains in the diamond and fish sectors. Agreement has been reached on the privatization of several more enterprises in coming years, which should stimulate long-run foreign investment. Growth in 2001 could be 5.5% provided the world economy remains stable.

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 and Africa, the world's fifth-largest producer of uranium. Rich alluvial diamond deposits make Namibia a primary source for gem-quality diamonds. Namibia also produces uranium, and the producer of large quantities of lead, zinc, tin, silver, and tungsten. About The mining sector employs only about 3% of the population while about half of the population depends on agriculture (largely subsistence agriculture) agriculture for its livelihood. Namibia must import some normally imports about 50% of its food. Although per capita GDP is five times the cereal requirements; in drought years food shortages are a major problem in rural areas. A high per capita GDP of Africa's poorest countries, GDP, relative to the majority of Namibia's people live in pronounced poverty because of large-scale unemployment, region, hides the great inequality of income distribution, and the large amount distribution; nearly one-third of wealth going Namibians had annual incomes of less than $1400 in constant 1994 dollars, according to foreigners. a 1993 study. The Namibian economy has close links is closely linked to South Africa. Agreement has been reached on Africa with the privatization Namibian dollar pegged to the South African rand. Privatization of several more enterprises in coming years, which should years may stimulate long-run foreign investment.

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 $1400 $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.

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. 2003-04.

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 world's worst 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. distribution. The Namibian economy is closely linked to South Africa with the Namibian dollar pegged one-to-one to the South African rand. Privatization of several enterprises in coming years may stimulate long-run foreign investment. Mining Increased fish production and mining of zinc, copper, uranium, and silver and increased fish production led spurred growth in 2003-04. 2003-05.

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 world's worst inequality of income distribution. The Namibian economy is closely linked to South Africa with the Namibian dollar pegged one-to-one to the South African rand. Privatization of several enterprises in coming years may stimulate long-run foreign investment. Increased fish production and mining of zinc, copper, uranium, and silver spurred growth in 2003-05. 2003-06.

The economy is heavily dependent on the extraction and processing of minerals for export. Mining accounts for 20% 8% of GDP. 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 worst inequality of most unequal income distribution. distributions. The Namibian economy is closely linked to South Africa with the Namibian dollar pegged one-to-one to the South African rand. Privatization of several enterprises Increased payments from the Southern African Customs Union (SACU) put Namibia's budget into surplus in coming years may stimulate long-run foreign investment. 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 2003-06. 2003-07, but growth in recent years was undercut by poor fish catches and high costs for metal inputs.

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 35-40% 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. distributions, as shown by Namibia's GINI coefficient. The Namibian economy is closely linked to South Africa with the Namibian dollar pegged one-to-one to the South African rand. Increased payments Until 2010, Namibia drew 40% of its budget revenues from the Southern African Customs Union (SACU) (SACU). Increased payments from SACU put Namibia's budget into surplus in 2007 for the first time since independence, but independence. SACU payments allotments to Namibia increased in 2009, but will decline after 2008 as part of a new revenue sharing formula. drop for 2010 and 2011 because South Africa went into recession during the global economic crisis, reducing overall SACU income. Increased fish production and mining of zinc, copper, uranium, and silver spurred growth in 2003-07, 2003-08, but growth in recent years was undercut by poor fish catches and high catches, higher costs for metal inputs. of producing metals, and the global recession.

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 fourth-largest producer of uranium. It also produces large quantities of lead, zinc, tin, silver, zinc and tungsten. is a small producer of gold and other minerals. The mining sector employs only about 3% of the population while about 35-40% 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, as shown by Namibia's 70.7 GINI coefficient. The Namibian economy is closely linked to South Africa with the Namibian dollar pegged one-to-one to the South African rand. Until 2010, Namibia drew 40% of its budget revenues from the Southern African Customs Union (SACU). Increased payments from SACU put Namibia's budget into surplus in 2007 for the first time since independence. SACU allotments to Namibia increased in 2009, but will drop for 2010 and 2011 because South Africa went into recession during the global economic crisis, reducing overall SACU income. Increased fish production and mining of zinc, copper, uranium, and silver uranium spurred growth in 2003-08, but growth in recent years was undercut by poor fish catches, a dramatic decline in demand for diamonds, higher costs of producing metals, and the global recession. A rebound in diamond and uranium prices in 2010 provided a significant boost to Namibia's mining sector. Copper mines, which closed in 2008, are slated to reopen in 2011.

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 world's fourth-largest producer of uranium. It also produces large quantities of zinc and is a small producer of gold and other minerals. The mining sector employs only about 3% of the population while about 35-40% of the population depends on subsistence agriculture for its livelihood. population. 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, as shown by Namibia's 70.7 GINI coefficient. The Namibian economy is closely linked to South Africa with the Namibian dollar pegged one-to-one to the South African rand. Until 2010, Namibia drew 40% of its budget revenues from the Southern African Customs Union (SACU). Increased payments from SACU put Namibia's budget into surplus in 2007 for the first time since independence. SACU allotments to Namibia increased in 2009, but will drop for dropped in 2010 and 2011 because South Africa went into recession during of the global economic crisis, recession, reducing Namibia's overall SACU income. Increased fish production and mining of zinc, copper, and uranium spurred growth in 2003-08, but growth in recent years was undercut by poor fish catches, a dramatic decline in demand for diamonds, higher costs of producing metals, and the global recession. A rebound in diamond and uranium prices in 2010 and the reopening of copper mines in 2011 provided a significant boost to Namibia's mining sector. Copper mines, which closed in 2008, are slated The Namibian economy expects to reopen benefit from large investment projects in 2011. its mining sector. Expecting higher global uranium prices, Namibia plans to double its uranium exports by 2015, as well as increase its diamond output.

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. Marine diamond mining is becoming increasingly important as the terrestrial diamond supply has dwindled. Namibia is the world's fourth-largest producer of uranium. It also produces large quantities of zinc and is a small producer of gold and other minerals. The mining sector employs only about 3% of the population. 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, as shown by Namibia's 70.7 Namibia''s 59.7 GINI coefficient. The Namibian economy is closely linked to South Africa with the Namibian dollar pegged one-to-one to the South African rand. Until 2010, Namibia drew 40% receives 30%-40% of its budget revenues from the Southern African Customs Union (SACU). Increased payments from SACU put Namibia's budget into surplus Volatility in 2007 for the first time since independence. size of Namibia''s annual SACU allotments allotment complicates budget planning. Namibia''s economy remains vulnerable to Namibia increased in 2009, but dropped volatility in 2010 and 2011 because of the global recession, reducing Namibia's overall SACU income. Increased fish production and mining price of zinc, copper, and uranium spurred growth in 2003-08, but growth in recent years was undercut by poor fish catches, a dramatic decline in demand for diamonds, higher costs uranium. The rising cost of producing metals, and mining diamonds, increasingly from the global recession. A rebound in diamond and uranium prices in 2010 sea, has reduced profit margins. Namibian authorities recognize these issues and have emphasized the reopening of copper mines in 2011 provided a significant boost to Namibia's mining sector. The Namibian economy expects to benefit from large investment projects in its mining sector. Expecting higher global uranium prices, Namibia plans need to double its uranium exports by 2015, as well as increase its diamond output. higher value raw materials, manufacturing, and services, especially in the logistics and transportation sectors.

The economy is heavily dependent on the extraction and processing of minerals for export. Mining accounts for 8% 11.5% of GDP, but provides more than 50% of foreign exchange earnings. Rich alluvial diamond deposits make Namibia a primary source for gem-quality diamonds. Marine diamond mining is becoming increasingly important as the terrestrial diamond supply has dwindled. Namibia is the world's fourth-largest producer of uranium. It also produces large quantities of zinc and is a small producer of gold and other minerals. The mining sector and quarrying sectors employs only about 3% 1.8% of the population. 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, as shown by Namibia''s Namibia's 59.7 GINI coefficient. The Namibian economy is closely linked to South Africa with the Namibian dollar pegged one-to-one to the South African rand. Namibia receives 30%-40% of its revenues from the Southern African Customs Union (SACU). Volatility in the size of Namibia''s Namibia's annual SACU allotment complicates budget planning. Namibia''s Namibia's economy remains vulnerable to volatility in the price of uranium. uranium and other commodities. The rising cost of mining diamonds, increasingly from the sea, has reduced profit margins. Namibian authorities recognize these issues and have emphasized the need to increase higher value raw materials, manufacturing, and services, especially in the logistics and transportation sectors.

The economy is heavily dependent on the extraction and processing of minerals for export. Mining accounts for 11.5% of GDP, but provides more than 50% of foreign exchange earnings. Rich alluvial diamond deposits make Namibia a primary source for gem-quality diamonds. Marine diamond mining is becoming increasingly important as the terrestrial diamond supply has dwindled. Namibia is the world's fourth-largest fifth-largest producer of uranium. It also produces large quantities of zinc and is a small smaller producer of gold and other minerals. copper. The mining and quarrying sectors employs only about 1.8% employ less than 2% of the population. 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, as shown by Namibia's 59.7 GINI coefficient. distributions. A five-year, Millennium Challenge Corporation Compact ended in September 2014. As an upper middle income country, Namibia is ineligible for a second Compact. The Namibian economy is closely linked to South Africa with the Namibian dollar pegged one-to-one to the South African rand. Namibia receives 30%-40% of its revenues from the Southern African Customs Union (SACU). Volatility in the size of Namibia's annual SACU allotment complicates budget planning. Namibia's economy remains vulnerable to volatility in the world commodity price of uranium fluctuations, and other commodities. drought. The rising cost of mining diamonds, increasingly from the sea, has reduced profit margins. Namibian authorities recognize these issues and have emphasized the need to increase higher value raw materials, manufacturing, and services, especially in the logistics and transportation sectors.

The economy is heavily dependent on the extraction and processing of minerals for export. Mining accounts for 11.5% of GDP, but provides more than 50% of foreign exchange earnings. Rich alluvial diamond deposits make Namibia a primary source for gem-quality diamonds. Marine diamond mining is becoming increasingly important as the terrestrial diamond supply has dwindled. The rising cost of mining diamonds, increasingly from the sea, combined with increased diamond production in Russia and China, has reduced profit margins. Namibian authorities have emphasized the need to add value to raw materials, do more in-country manufacturing, and exploit the services market, especially in the logistics and transportation sectors.
Namibia is the world's fifth-largest producer of uranium. It The Chinese owned Husab uranium mine in expected to start producing uranium ore in 2017. Once the Husab mine reaches full production, Namibia is expected to become the world’s second-largest producer of uranium. Namibia also produces large quantities of zinc and is a smaller producer of gold and copper. The mining and quarrying sectors employ less than 2% of the population. Namibia's economy remains vulnerable to world commodity price fluctuations, and drought.
Namibia normally imports about 50% of its cereal requirements; in drought years food shortages are can be 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. A priority of the current government is poverty eradication.
A five-year, Millennium Challenge Corporation Compact compact ended in September 2014. As an upper middle income country, Namibia is ineligible for a second Compact. compact. The Namibian economy is closely linked to South Africa with the Namibian dollar pegged one-to-one to the South African rand. Namibia receives 30%-40% of its revenues from the Southern African Customs Union (SACU). Volatility in the size of Namibia's annual SACU allotment complicates budget planning. Namibia's economy remains vulnerable to world commodity price fluctuations, and drought. The rising cost of mining diamonds, increasingly from the sea, has reduced profit margins. Namibian authorities recognize these issues and have emphasized the need to increase higher value raw materials, manufacturing, and services, especially in the logistics and transportation sectors.

The Namibia’s economy is heavily dependent on the extraction and processing of minerals for export. Mining accounts for 11.5% of GDP, but provides more than 50% of foreign exchange earnings. Rich alluvial diamond deposits make Namibia a primary source for gem-quality diamonds. Marine diamond mining is increasingly important as the terrestrial diamond supply has dwindled. The rising cost of mining diamonds, increasingly especially from the sea, combined with increased diamond production in Russia and China, has reduced profit margins. Namibian authorities have emphasized the need to add value to raw materials, do more in-country manufacturing, and exploit the services market, especially in the logistics and transportation sectors.
Namibia is the world's fifth-largest producer of uranium. The Chinese owned Chinese-owned Husab uranium mine in is expected to start producing uranium ore in 2017. Once the Husab mine reaches full production, Namibia is expected to become the world’s second-largest producer of uranium. Namibia also produces large quantities of zinc and is a smaller producer of gold and copper. The mining and quarrying sectors employ 2% of the population. Namibia's economy remains vulnerable to world commodity price fluctuations, fluctuations and drought.
Namibia normally imports about 50% of its cereal requirements; in drought years years, food shortages can be a problem are problematic in rural areas. A high per capita GDP, relative to the region, hides obscures one of the world's most unequal income distributions. A priority of the current government is poverty eradication. Despite a drought, real GDP growth remained strong in 2015 around 5.3% because of construction in the mining and housing sectors coupled with expansionary fiscal policy. GDP growth in 2016 slowed to 1%, however, due to contractions in both the construction and mining sectors, as well as the ongoing drought. Growth is expected to recover modestly in 2017 and 2018.
A five-year, five-year Millennium Challenge Corporation compact ended in September 2014. As an upper middle income country, Namibia is ineligible for a second compact. The Namibian economy is closely linked to South Africa with the Namibian dollar pegged one-to-one to the South African rand. Namibia receives 30%-40% of its revenues from the Southern African Customs Union (SACU). Volatility (SACU); volatility in the size of Namibia's annual SACU allotment and global mineral prices complicates budget planning.

Namibia’s economy is heavily dependent on the extraction and processing of minerals for export. Mining accounts for 11.5% about 12.5% of GDP, but provides more than 50% of foreign exchange earnings. Rich alluvial diamond deposits make Namibia a primary source for gem-quality diamonds. Marine diamond mining is increasingly important as the terrestrial diamond supply has dwindled. The rising cost of mining diamonds, especially from the sea, combined with increased diamond production in Russia and China, has reduced profit margins. Namibian authorities have emphasized the need to add value to raw materials, do more in-country manufacturing, and exploit the services market, especially in the logistics and transportation sectors.
Namibia is one of the world's fifth-largest producer world’s largest producers of uranium. The Chinese-owned Husab uranium mine is expected to start began producing uranium ore in 2017. Once the Husab mine reaches full production, Namibia 2017, and is expected to become the world’s second-largest producer reach full production in August 2018 and produce 15 million pounds of uranium. uranium a year. Namibia also produces large quantities of zinc and is a smaller producer of gold and copper. Namibia's economy remains vulnerable to world commodity price fluctuations and drought.
Namibia normally imports about 50% of its cereal requirements; in drought years, food shortages are problematic in rural areas. A high per capita GDP, relative to the region, obscures one of the world's most unequal income distributions. A priority of distributions; the current government is poverty eradication. Despite has prioritized exploring wealth redistribution schemes while trying to maintain a drought, real GDP growth remained strong in 2015 around 5.3% because of construction in the mining and housing sectors coupled with expansionary fiscal policy. pro-business environment. GDP growth in 2016 2017 slowed to about 1%, however, due to contractions in both the construction and mining sectors, as well as the an ongoing drought. Growth is expected to recover modestly in 2017 and 2018.
A five-year Millennium Challenge Corporation compact ended in September 2014. As an upper middle income country, Namibia is ineligible for a second compact. The Namibian economy is closely linked to South Africa with the Namibian dollar pegged one-to-one to the South African rand. Namibia receives 30%-40% of its revenues from the Southern African Customs Union (SACU); volatility in the size of Namibia's annual SACU allotment and global mineral prices complicates budget planning.

Namibia’s economy is heavily dependent on the extraction and processing of minerals for export. Mining accounts for about 12.5% of GDP, but provides more than 50% of foreign exchange earnings. Rich alluvial diamond deposits make Namibia a primary source for gem-quality diamonds. Marine diamond mining is increasingly important as the terrestrial diamond supply has dwindled. The rising cost of mining diamonds, especially from the sea, combined with increased diamond production in Russia and China, has reduced profit margins. Namibian authorities have emphasized the need to add value to raw materials, do more in-country manufacturing, and exploit the services market, especially in the logistics and transportation sectors.
Namibia is one of the world’s largest producers of uranium. The Chinese-owned Husab uranium mine began producing uranium ore in 2017, and is expected to reach full production in August 2018 and produce 15 million pounds of uranium a year. Namibia also produces large quantities of zinc and is a smaller producer of gold and copper. Namibia's economy remains vulnerable to world commodity price fluctuations and drought.
Namibia normally imports about 50% of its cereal requirements; in drought years, food shortages are problematic in rural areas. A high per capita GDP, relative to the region, obscures one of the world's most unequal income distributions; the current government has prioritized exploring wealth redistribution schemes while trying to maintain a pro-business environment. GDP growth in 2017 slowed to about 1%, however, due to contractions in both the construction and mining sectors, as well as an ongoing drought. Growth is expected to recover modestly in 2018.
A five-year Millennium Challenge Corporation compact ended in September 2014. As an upper middle income country, Namibia is ineligible for a second compact. The Namibian economy is closely linked to South Africa with the Namibian dollar pegged one-to-one to the South African rand. Namibia receives 30%-40% of its revenues from the Southern African Customs Union (SACU); volatility in the size of Namibia's annual SACU allotment and global mineral prices complicates budget planning.