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THE ECONOMIC OVERVIEW

In this section we look at Namibia’s economy. Our main imports and exports.
And how each sector contributes towards Namibia’s GDP. 

Economic Overview

  • Nominal GDP: N$ 227.8 bn;

  • GDP growth (2023) at 4.2% (World Bank, Bank of Namibia)

  • Namibia recorded a Real GDP growth of 4.16% in 2023 — primarily driven by the mining and quarrying sectors (Diamonds, Uranium, Gold, Zinc,exploration Investment, etc) 

  • Net Foreign Direct Investment (FDI) inflow totalled N$48.2billion—the highest on record;

  • Namibia’s GDP per capita now stands at N$ 51,230.00 (2023);

  • The Namibian economy is largely Import-driven, with key imports including  petroleum oils and oils obtained from bituminous minerals,  motor vehicles and copper ores and concentrates.

Exports

 

Imports

   

NAMIBIA’S ECONOMIC OVERVIEW

  • Namibia’s economy has continued its recovery momentum, recording real GDP growth of 3.7% in 2024 and nominal GDP growth of 7.08%. This marks the fourth consecutive year of positive economic growth, following the prolonged recession experienced between 2016 and 2020. The sustained expansion reflects improving economic activity across key sectors and signals strengthening macroeconomic stability.

  • The Namibian dollar (N$) is pegged one to one (1:1) to the South African Rand (ZAR).

  • Despite global and domestic economic challenges, Namibia’s financial system has remained stable, sound, and resilient.

  • Namibia’s financial system operates smoothly within the Common Monetary Area (CMA), which includes countries in the South African Customs Union (SACU), such as Botswana, eSwatini, South Africa, and Lesotho. This allows for a free flow of capital and financial resources across these nations, enhancing regional economic integration. 

  • The mining sector has been the largest contributor to GDP growth, but agriculture remains essential, providing livelihoods for much of the population, even though it only contributes around 5% to GDP. Agriculture, particularly livestock and horticulture, faces significant challenges due to unpredictable rainfall patterns, worsened by climate phenomena like El Niño.

GDP GROWTH RATE - A 5-YEAR OVERVIEW

Namibia recorded a Real GDP growth of 4.16% in 2023. Primarily driven by the mining and quarrying sectors, which saw higher production of diamonds, uranium, and other commodities, as well as expanded exploration activities, including in oil and gas.

SECTOR PERCENTAGE CONTRIBUTIONS TO NOMINAL GDP (ANNUAL)

NAMIBIA TRADE HIGHLIGHTS (NAD)

  • Namibian Exports to the world have generally increased over the years, rising from N$68 billion in 2019 to N$119 billion in 2024.

  • Namibian Imports from the world  have also increased, from N$89.7 billion in 2019 to N$161.5 billion in 2024.

  • The trade balance remains negative, indicating a persistent trade deficit.

NAMIBIA TRADE HIGHLIGHTS (NAD)

In 2024, Namibia's top imported commodities 

included refined petroleum (15.5%), copper ores (4.9%),
and goods and special-purpose vehicles (3.3%). Nickel ores and civil engineering equipment accounted for 2.7% and 2.6%, respectively.

NET FDI INFLOWS – NAD

TOTAL FDI FROM 2021 TO 2023 = N$ 77.8bn

Only N$ 33bn is attributable to oil and gas (45%)

FDI as % of Nominal GDP: 19% (2023)

NAMIBIA FOREIGN DIRECT INVESTMENT (FDI) STOCK BY COUNTRY

In Namibia, China holds the largest share of FDI stock at 30%, followed by South Africa at 22.3%. 

 

Over the past years, China has consistently maintained its position as the leading holder of FDI stock in Namibia. 

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