Namibia Economic Outlook

Following sluggish growth of 0.2% in 2016, the economy recovered in 2017, with real GDP growth estimated at 0.8%. The main growth drivers were agriculture and forestry—which benefitted from a favorable rainy season—and diamond mining, electricity, and water. Wholesale and retail trade, education, and services underperformed, reflecting depressed demand from external trading partners, particularly Angola. In 2018, continued signals of a stronger recovery in agriculture and mining are projected to facilitate 2.6% GDP growth. A boost in uranium mining is expected as new mines achieve full production capacity. The small open commodity-driven economy will continue to be permeable to exogenous external shocks, conditioning macroeconomic stability.

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Key Facts

Capital: Windhoek
Area: 824,000 sq km
Total Population 2017: 2.6 Million
Urban Population 2017: 73.50%
Female Population 2017: 49.70%
GDP: US$ 10.2 Billion
GNI Per Capita 2015: US$ 5,210
Inflation Rate: 6.00%
Crude Birth Rate (per 1000): 28.50%
Human Development Index (rank / 188): 125
Human Development Index (scale 0 to 1): 0.640
Membership Date: 06/05/1991
Cumulative Approvals (1967-2016): UA 637.4 Million

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Southern Africa Regional Development and Business Delivery Office

African Development Bank Group
339 Witch-Hazel Avenue
Highveld Ext. 78
Centurion, South Africa

Tel: +27 12 003 6900