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 2021 and 2022

Capital City	Windhoek
Country size:	825 615 km2
GDP at current prices:	R206.2 billion (2023)
Population:	2,641,857 (2023)
Independence Day	21 March
Website	www.gov.na
GDP per capita:	R68,522
Real economic growth rate:	-0.6%
Annual inflation rate:	3.7%
Merchandise imports (intra-SACU Trade):	R51.4 billion
Merchandise exports (intra-SACU Trade):	R22.7 billion
Imports to the Rest of the World	R144.1 billion (2023)
Exports to the Rest of the World	R104.0 billion (2023)

Economic Performance 2021

In Namibia, nominal GDP was recorded at a N$181.6 billion in 2021 up from N$174.9 billion in 2020. GDP is forecast at N$195.1 billion in 2022. Growth in Namibia is estimated to have contracted by 7.9 percent in 2020, amid the pandemics shock. 

With respect to the external sector, Namibia’s current account recorded a surplus of N$4.9 billion (2.1 percent of GDP) in 2020 (mainly driven by subdued domestic demand amid the pandemic shock). This was attributable to a waning trade deficit against the backdrop of subdued domestic demand amid the pandemic. Conversely, in 2021 the current account posted a deficit as the merchandise trade deficit widened coupled with declining secondary income flows. The deficit thus stood at N$16.5 billion in 2021 (9.1 percent of GDP) owing to rising imports against sluggish exports.

However, the economy is estimated to have grown by 2.9 percent in 2021 and expected to post a moderate growth of 3.7 percent in 2022 and 2023 respectively. Growth predictions are assumed on the expectations of strong output mainly in the primary and secondary industries, while growth in tertiary industries is estimated to remain muted over the medium-term.