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 Indicators 2024¹

Capital City	Windhoek
Country size	825 615 km2
GDP at current prices (2024)	R245.1 billion
Population (2025)	3,022,401
Independence Day	21 March
Website	www.gov.na
GDP per capita	R91,194
Real economic growth rate (2024)	3.7%
Annual inflation rate (2025)	3.5%
Merchandise imports (intra-SACU Trade) (2024)	R60.3 billion
Merchandise exports (intra-SACU Trade) (2024)	R40.6 billion
Imports to the Rest of the World (2024)	R162.7 billion
Exports to the Rest of the World (2024)	R119.9 billion

¹ The Source of data for Real GDP growth and Inflation are Member States Economic Background Papers submitted in May 2024, to support the calculation of the 2024/25FY Revenue Shares. GDP per capita is a result of the Secretariat calculations (i.e., GDP per capita =GDP/Popn)

Economic Performance 2024

1. In 2023, Namibian’s economy grew by 4.4 percent-a deceleration from the 5.4 percent expansion recorded in 2022. This performance was primarily attributable to slower growth in both the primary and secondary industries. During 2023/34, the central bank maintained a relatively tight monetary policy stance to anchor inflation expectations, while fiscal policy remained accommodative to support growth. The annual inflation rate was recorded at 5.9 percent, a slight decrease from the 6.1 percent observed in 2022 primarily driven by significant price increases in the food and non-alcoholic beverages category.
2. The economy is projected to grow by 3.7 percent in 2024 based and is projected to grow further by 4.5 percent on average over the MTEF period - growth which is expected to remain broad-based albeit sluggish due to a depressed diamond sector.