In-Depth Analysis
Namibia
The economy is small with an overreliance on diamonds, uranium, and fish. Relatively large fiscal deficits since 2009 have caused rapidly rising government external debt levels and slipping credit ratings. In the medium term there are planned expansions of existing diamond, gold, and tin mining operations, while mothballed zinc, copper, and uranium mines could also be resuscitated.
Following three consecutive years of economic contraction, the country’s prospects look more positive as growth is expected to recover on the back of new mining activities as well as the expansion of domestic port handling, railroad, mobile network, and power generation capacities. On the political front, corruption scandals continue to weaken Swapo and offer opposition parties an opportunity to capitalise, provided inter-party cooperation improves. (Source: Namibia Quarterly Update, published January 2022)
Macroeconomic Data
(2021)
|
Fiscal Balance (as a % of GDP) |
-8.7 |
|
Consumer Price Index (% change y-o-y, avg) |
3.6 |
|
Current Account Balance (as a % of GDP) |
-7.6 |
|
Real GDP (annual % change) |
-0.6 |
|
GDP per capita, US$ |
4,641.2 |
|
Import Cover (months) |
5.26 |
|
Population, million |
2.6 |
| Total External Debt (as a % of GDP) |
69.4 |