Namibia/Economy

Economy of Namibia

An overview of key economic indicators. Select a category for detailed trends, charts, and insights.

Explore Economic Domains

Growth & Output

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GDP (USD)
$12.4B(2023)
GDP PPP (USD)
$33.2B(2023)
GDP per Capita (USD)
$4,168(2023)
GDP Growth (inflation-adjusted)
4.2%(2023)
Inflation (CPI Annual %)
4.2%(2024)

Trade & Finance

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Exports (as share of GDP)
43.4%(2023)
Imports (as share of GDP)
66.2%(2023)
FDI Inflows (as share of GDP)
18.6%(2023)
Remittance Inflow (USD)
$87.7M(2023)
Tax Revenue (as share of GDP)
27.2%(2022)

Labor & Income

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Unemployment Rate
19.1%(2024)
Employment in Services
62.2%(2023)
Poverty Rate
17.4%(2015)
GINI Index
59.1(2015)
GNI per Capita (USD)
$4,280(2023)

Energy & Environment

Coming Soon
Energy Use per Capita
692 kg oil eq.(2022)
Renewable Energy Consumption (%)
30%(2021)

Economic Snapshot Overview

A summary of key economic indicators for Namibia

  • 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 in Purchasing Power Parity (PPP) terms is estimated at $33.23B, reflecting the population's domestic purchasing power. The economy demonstrates solid growth, expanding at a rate of 4.2%
    2023
    , while managing moderate inflation, with a CPI of 4.2%
    2024
    .
  • On the global stage, the nation's trade and financial dynamics reveal a complex interplay of factors. The nation runs a trade deficit, with exports at 43.4% of GDP and imports at 66.2%
    2023
    . Foreign Direct Investment (FDI) inflows are significant, constituting 18.58% of the economy
    2023
    . This performance positions the country 3rd globally out of 186 nations, indicating its relative attractiveness to foreign capital. Additionally, personal remittances received amount to a substantial $87.67M annually
    2023
    , highlighting the economic importance of its diaspora. The government's fiscal position is supported by a strong tax base, with tax revenue accounting for 27.2% of GDP
    2022
    .
  • The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $4,280
    2023
    . Globally, this ranks the nation 118th out of 190 in terms of GNI per capita, providing a clear measure of its national wealth relative to others. The country faces significant labor market challenges, with an unemployment rate of 19.1%
    2024
    . The services sector is a primary driver of the labor market, accounting for 62.2% of total employment
    2023
    . Poverty remains a key issue, with 17.4% of the population living below the national poverty line
    2015
    . Income inequality is a major concern, as reflected by a high Gini index of 59.1
    2015
    .
  • On the environment and energy front, energy consumption per capita is 692.461 kg of oil equivalent
    2022
    . There is a growing focus on sustainability, with renewable energy accounting for 30.0% of consumption
    2021
    . Its commitment to clean energy places it 111th among 190 countries for its share of renewable energy consumption.

Key Economic Insights

Macroeconomic Health

Maintaining a balance between growth, inflation, and employment is the central challenge for economic policymakers.

Trade & Investment Profile

A highly open, export-oriented economy that is deeply integrated into global markets and attractive to foreign capital.

Social Equity & Distribution

Distributing the benefits of economic growth equitably is crucial for social cohesion and long-term stability.

Energy & Sustainability

Transitioning to a sustainable energy model is critical for mitigating climate risk and ensuring long-term energy security.

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.