105 years old, since 1910.
24 May 2017

Republic of Namibia

Overview

Namibia, a large and sparsely populated country on Africa`s south-west coast, has enjoyed stability since gaining independence in 1990 after a long struggle against rule by South Africa. Namibia achieved independence in 1990 after a bush war of almost 25 years. Inter-racial reconciliation encouraged the country`s white people to remain and they still play a major role in farming and other economic sectors.

Deserts occupy much of the country; their dunes take on shapes and colours according to the elements. The country also boasts game-rich grasslands and a semi-arid Central Plateau, large tracts of which are given over to livestock farming.

Economic Performance 2015

Namibia's nominal GDP at market prices was estimated at R147.3 billion in 2015 compared to R139.3 billion in 2014. The economy recorded a slow growth of 5.7 per cent in 2015 compared to 6.3 per cent in 2014 and 5.7 per cent in 2013. The slow growth in real GDP was reflected in all industries that recorded weaker growth rates. The primary industries contracted by 3.1 per cent while the secondary and tertiary industries recorded slow growth rates of 8.0 per cent and 5.9 per cent, respectively. The largest industries, as measured by their nominal value added in 2015, were general government accounting for 23.6 per cent of total value added, followed by wholesale, retail, hotel and restaurants accounting for 14.0 per cent of total value added.

In 2015, the annual inflation rate eased to 3.4 per cent compared to 5.4 per cent in 2014. The fall in the annual inflation rate was mainly due to the fall in the prices in food & non-alcoholic beverages, and transport categories which accounts for 16.45 per cent and 14.28 per cent of the overall inflation basket, respectively.

Economic Indicators 2015

Country size

825 615 km2

GDP at current prices:

R108.3 billion

Population:

2 280 716

GDP per capita:

R64 592

Real economic growth rate:

5.7%

Annual inflation rate:

3.4%

Merchandise imports:

R97.6 billion

Merchandise exports:

R58.4 billion

Feeds

New Era
The Namibian Economist
The Namibian