Monday, July 1, 2024

Namibia Economy 7-1-24

Nominal GDP $12.647B, Per capita GDP $4,785.68, Population 2,604,172, Debt to GDP 68.5%, Inflation 16.8%, Unemployment 19.63%, Labor force participation rate men 63.7% women 55.8%, Land area  318,261 sq miles, Arable land 1%, Agricultural land 47%, Urban 53% Rural 47%, Exports $6.18B Imports $7.97B Trade Deficit 1.79B.

The top exports of Namibia are Diamonds ($1.09B), Gold ($860M), Radioactive Chemicals ($571M), Special Purpose Ships ($356M), and Refined Petroleum ($341M), exporting mostly to South Africa ($1.75B), Botswana ($672M), China ($628M), Zambia ($279M), and France ($272M).

The top imports of Namibia are Refined Petroleum ($1.22B), Special Purpose Ships ($445M), Copper Ore ($283M), Delivery Trucks ($252M), and Electricity ($235M), importing mostly from South Africa ($3.3B), China ($575M), Nigeria ($433M), India ($355M), and United Arab Emirates ($296M).

https://oec.world/en/profile/country/nam

After years of growth, Namibia's economy has been in ongoing recession since 2016. Factors include the sinking price of diamonds and other mineral exports and a decline in industrial and agricultural production due to a lack of competitiveness and a series of droughts.

Norb Leahy, Dunwoody GA Tea Party Leader

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