Namibia
Namibia is a small economy with an overreliance on certain key exports, namely diamonds, copper and fish. Relatively large fiscal deficits since 2009 and challenges in narrowing the shortfall have caused rapidly rising government external debt levels. The country has low political risk, characterised by regular, peaceful, democratic elections.
In 2018 Namibia recorded a real GDP contraction for the second straight year. Diamond and uranium production are to be lower in 2019 due to the closure of some mines, while service sector is expected to continue to have a tough time adjusting to fiscal consolidation, deteriorating real disposable incomes and tighter credit conditions. The twin deficits are moving in the right direction, but face significant downside risks, such as weaker demand for commodity exports due to a global economic slowdown, currency weakness that could raise the costs of imports and the government debt servicing and volatile customs revenues due to vulnerable regional growth. (Source: Namibia Quarterly Update, March 2019)
Macroeconomic Data
(2018)
|
Fiscal Balance (as a % of GDP) |
-6.1 |
|
Consumer Price Index (% change y-o-y, avg) |
4.3 |
|
Current Account Balance (as a % of GDP) |
-3.5 |
|
Real GDP (annual % change) |
-0.3 |
|
GDP per capital, US$ |
5,384 |
|
Import Cover (months) |
4.8 |
|
Population, million |
2.6 |
| Total External Debt (as a % of GDP) |
65.3 |