The economic architecture of Namibia is substantial, anchored by a Gross Domestic Product (GDP) of approximately $12.35B
2023
. This places it as the 143rd largest economy out of 191 countries measured, underscoring its significance on the world stage. On a per capita basis, GDP stands at $4.17K
2023
, while its GDP adjusted for Purchasing Power Parity (PPP) is estimated at $33.23B, offering a clearer picture of the population's domestic purchasing power. The economy demonstrates solid, consistent growth, expanding at a healthy rate of 4.2%
2023
, while managing moderate inflation, with a CPI of 4.2%.
2024
On the global stage, Namibia's trade and financial dynamics reveal a complex interplay of international and domestic factors. The nation's economic activity is heavily reliant on foreign goods, running a considerable trade deficit with imports at 66.2% of GDP and exports at 43.4%
2023
. The investment climate attracts significant Foreign Direct Investment (FDI), with inflows constituting 18.58% of the economy
2023
. This performance positions the country 3rd globally out of 186 nations, confirming its status as a competitive destination for foreign capital. Furthermore, personal remittances from its diaspora are a vital component of the economy, amounting to a substantial $87.67M annually
2023
. The government's fiscal position is underpinned by a robust tax base, with tax revenue accounting for 27.2% of GDP, enabling significant public expenditure.
2022
The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $4,280
2023
, ranking the nation 118th out of 190. This figure provides a comprehensive measure of the average income per person, reflecting the nation's overall economic well-being. The country confronts significant labor market challenges, evidenced by a high unemployment rate of 19.1%.
2024
A key feature of the workforce is its concentration in the services sector, which accounts for 62.2% of total employment
2023
. Despite its economic standing, poverty remains a salient issue, with 17.4% of the population living below the national poverty line
2015
. Wealth distribution is a major societal challenge, indicated by a high Gini index of 59.1, pointing to severe income inequality.
2015
In the environmental and energy sectors, the nation's policies and outcomes reflect its developmental priorities. Energy consumption per capita stands at 692.461 kg of oil equivalent
2022
, a metric that often correlates with industrial activity and living standards. A significant commitment to sustainability is evident, with renewable energy accounting for 30.0% of consumption
2021
. This commitment places it 111th among 190 countries, highlighting its relative progress in decarbonization. Total greenhouse gas emissions were last recorded at 12.89K tonnes of CO2 equivalent
2023
, a key factor in its national climate strategy and international obligations.

Key Economic Insights

Macroeconomic Health

Balancing growth, inflation, and employment remains the core challenge for economic stewardship.

Trade & Investment Profile

The orientation towards global trade and foreign investment is a defining feature of the economic landscape.

Social Equity & Distribution

Ensuring equitable distribution of economic gains is fundamental for long-term social and political stability.

Energy & Sustainability

The transition to a sustainable energy framework is paramount for mitigating climate risk and securing future energy needs.

More About This Country

Neighbors & Regional Peers

Note: The information on this page has been compiled from authoritative sources. While every effort is made to ensure accuracy, please note that some figures may not be current or entirely precise.