Namibia - CountryWatch

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Economic Overview Economic Overview Economic Overview Economic Overview Overview Namibia is a sparsely populated, mostly desert country in southwestern Africa. The nation's economy is highly dependent on the minerals sector, which accounts for more than 50 percent of foreign exchange earnings. Namibia has enjoyed macroeconomic stability since independence in 1990 due to the implementation of market-oriented reforms. Sound macroeconomic policies and high mineral prices have supported Namibia's solid growth in recent years, with a substantial external account surplus and an improved fiscal position. However, the capital-intensive mineral sector and limited opportunity in the non-mining sector have resulted in high unemployment (over 30 percent) and income inequality. Moreover, the still high HIV/AIDS rate and low school enrollment continue to undermine productivity capacity. After several years of strong performance, Namibia's economic growth slowed in 2008 and turned negative in 2009, reflecting a downturn in the mining sector as a result of the global economic crisis. In response to the crisis, the government implemented fiscal stimulus to support economic activity and limit the impact on the economy. Economic growth was expected to recover in 2010 underpinned by a rebound in the mining sector with the global economic recovery. Because of revenue shortfalls and increased spending, however, the fiscal balance shifted into deficit. Until 2010, Namibia drew 40 percent of its budget revenues from the Southern African Customs Union. SACU allotments declined in 2010 and 2011 due to the recession, reducing Namibia's overall SACU income. However, economic growth was still strong overall in 2010, thanks in part to a rebound in diamond and uranium prices. The reopening of copper mines in 2011 gave the country's mining sector a boost that helped offset some difficulties in the sector early in the year. The first quarter of 2011 was robust for the country as the diamond mining and their processing continued to record significant growth. But a lull in mining activity and severe flooding in the north contributed to a slowdown in growth overall for the year. As of mid-June 2012, there was concern that the global downturn could put the brakes on Namibia's economy, but analysts remained optimistic due to increased consumer spending and the government's loose fiscal policy. Growth was projected to be flat in 2012 with inflation expected to remain within single digits. The official unemployment rate and income inequality were high by international standards. Economic Performance Real GDP growth slowed in 2008, and turned to a negative rate in 2009 as a result of the global economic crisis. However, it rebounded in 2010 and 2011. According to CountryWatch estimated calculations for 2011: Real GDP growth rate was: 4.8 percent The fiscal deficit/surplus as percent of GDP (%) was: 1.6 percent 67 Namibia Review 2013
Economic Overview Economic Overview Inflation was measured at: 3.5 percent Updated in 2012 *Please note that the figures in our Economic Performance section are estimates or forecasts based on IMF-based data that are formulated using CountryWatch models of analysis. Supplementary Sources: International Monetary Fund, Reuters and Agence France Presse © Copyright 2013 CountryWatch, Inc. All Rights Reserved. For permission to cite CountryWatch, please email editor@countrywatch.com. For the full CountryWatch offering, please visit www.countrywatch.com. Namibia Review 2013 68
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Review Trade and the Exchange Rate
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Namibia - CountryWatch

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