Annual percentage growth rate of gdp at market prices based on constant local currency. Gdp is the sum of gross value added by all resident producers in the economy plus any product taxes and minus. Namibia gross domestic product gdp growth rate 2014. Nov 20, 2019 this statistic shows the national debt of namibia from 2014 to 2019 in relation to the gross domestic product gdp, with projections up until 2024. The production of namibias 201415 health accounts report is the result of efforts from many. Namibia has maintained robust real gross domestic product gdp growth since the global financial crisis, although in 2014 it was somewhat weaker. The gross domestic product gdp in namibia was worth 15 billion us dollars in 2019, according to official data from the world bank and projections from trading economics. Though namibia real gdp growth fluctuated substantially in recent years, it tended to decrease through 1999 2018 period ending at 0. Namibia statistics agency 2017 0% 20% 40% 60% 80% 100%. International journal of education and research vol.
Annual national account 2014 9 inflation and gdp deflator the period between 2008 and 2014 has witnessed the inflation hovering between 5. The act provide for the development of the national statistics system and provide for its components and objectives. Growth rate of the real gross domestic product gdp from 2014 to 2024 compared to the previous year the statistic shows the growth in real gdp in namibia from 2014 to 2017, with projections up until 2024. Gdp at purchasers prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. President hage geingob was elected to a fiveyear term in 2014. World economics makes available of worlds most comprehensive gdp database covering over countries with historical gdp ppp data from 18702018, building on the lifetimes work of angus maddison. These charts show why namibia doesnt want to be called an upper middle income country. Republic of namibia ministry of health and social services windhoek, september 2017 namibia 201415. Invest in namibia harnessing investment to drive economic. Beyond namibia, cgidd covers 2 countries, 696 subdivisions and 997 major cities.
Furthermore, namibia prepared and submitted its nationally determined contributions ndc in 2015. Namibia national debt in relation to gross domestic. A fiveyear millennium challenge corporation compact ended in september 2014. Namibia gdp annual growth rate 19902019 data 20202022. The report also contains the 2014 human development index hdi.
The namibian economy has recovered from the global economic crisis. Gdp growth in 2017 slowed to about 1%, however, due to contractions in both the construction and mining sectors, as well as an ongoing drought. The current account deficit for namibia grew slightly to 14. In practice, they are usually computed among large. Republic of namibia ministry of environment and tourism. Namibia is heavily dependent on the extraction and processing of minerals for export. Namibia remains one of the most unequal countries in the world, with a consumption gini coefficient of 0. Gross domestic product measuring a nations income 0 august 28, 2014 prof.
Invest in namibia harnessing investment to drive economic recovery october 2017. Pdf this study discusses factors which lead to changes in terms of trade and how terms of trade have an. Namibia gross domestic product gdp growth rate 20142024. Measuring a nations income 1 structure of the course. Introduction the constitution of namibia and the financial laws bestow upon the ministry of finance the core mandate to. Beside those developments, the share of public consumption in gdp is still very large accounting for 27. Namibia is an upper middleincome country with a good track record of macroeconomic management. It is based on the information available at the time it was completed on. It is based on the information available at the time it was completed on january 16, 2014.
An overview of the namibian economy quantum global group. Recovery remains on course despite the winding down of official fiscal stimulus measures. This round of health accounts is the fifth round, and the second round that was. Invest in namibia harnessing investment to drive economic recovery. The namibia country health profiles provide an overview of the situation and trends of priority health problems and the health systems profile, including a description of institutional frameworks, trends in the national response, key issues and challenges.
Tourism is the most competitive economic sector globally. Namibia held off the global economic slowdown, posting growth rates above 5% since 2010. Gross domestic product 2018 millions of ranking economy us dollars mus 127 mauritius 14,220 bfa 128 burkina faso 14,125 mdg 129 madagascar,853 brn brunei darussalam,567. In 2018, namibia s real gross domestic product fell by around 0. Namibia is also currently busy with its fourth national communication nc4 which will be submitted to the unfccc in 2019. The mining sectors contribution to gross domestic product gdp shrunk from about 47 percent in 1978 to 19.
Ppps can be expressed in the currency of either of the countries. Reducing vulnerabilities and building resilience, the 2014 human development report provides a fresh perspective on vulnerability and proposes ways to strengthen resilience. Namibias economy is heavily dependent on the extraction and processing of minerals for export. The annual real gdp growth rate during 200208 was strong, averaging 5. Republic of namibia third biennial update report bur3 to.
Copies of this report are available to the public from. The gross domestic product gdp measures of national income and output for a given countrys economy. The manufacturing sectors contribution to gdp increased from 5. Between 1990 and 2018, namibias hdi value increased 11. Hci and gdp per capita ppp log scale, horizontal axis productivity relative to benchmark of complete education and full health. The total budget deficit stood at fiscal target of 7% of gdp in 201415. This selected issues paper on namibia was prepared by a staff team of the international monetary fund. This report presents the findings of namibias health accounts estimation for the fiscal year april 2014 through march 2015 201415, and analyzes the implications of these findings for key policy decisions. Taxes and royalties from mining account for 25% of its revenue. Background information namibia covers 824,292 sq km and shares its borders with angola, botswana, south africa, zambia and zimbabwe. Rich alluvial diamond deposits make namibia a primary source for gemquality diamonds. The year 2009 witnessed the highest inflation rate of 9. Namibias economy over the past three decades, but growth has not been sufficiently inclusive.
Namibia has come a long way in its tourism development since independence and is relatively a small tourism market in world terms. Learn more about the namibia economy, including the population of namibia, gdp, facts, trade, business, inflation and other data and analysis on its economy from the index of economic freedom. The who representative sagoemoses, dr charles po box 3444 9000 windhoek, namibia telephone. Looking forward, we estimate gdp annual growth rate in namibia to stand at 1. Namibias agricultural sector is still characterised by its dicotomy into a commercial. Economic outlook april 2019 682 kb economic outlook update december 2018 1,1 mb economic outlook july 2018 1,2 mb economic outlook february 2018 1,2 mb economic outlook december 2017 1,2 mb. A purchasing power parity ppp between two countries, a and b, is the ratio of the number of units of country as currency needed to purchase in country a the same quantity of a specific good or service as one unit of country bs currency will purchase in country b. African economic outlook 2014 global value chains and africas industrialisation african development bank development centre of the organisation. Further, namibia s economic growth has slowed down in recent years, mainly as a result of the lingering adverse impact.
Fitch pointed to namibias strong growth potential and record of political stability as key rating strengths. This statistic shows the national debt of namibia from 2014 to 2019 in relation to the gross domestic product gdp, with projections up until 2024. In 2018, namibias real gross domestic product fell. In the longterm, the namibia gdp annual growth rate is projected to trend around 1. The statistic shows the growth in real gdp in namibia from 2014 to 2018, with projections up until 2024. Vote of thanks for launch of the 2011 census basic report by ms. Nam 126 namibia 14,522 world development indicators database, world bank, 23 december 2019 2. Namibia has been politically stable since gaining independence from south africa in 1990. Hdi trends for namibia, botswana and eswatini kingdom of, 19902018 namibias 2018 hdi of 0. The swapo party, a quasisocialist party led by namibias president, hage geingob, will remain in power in 202024. The bulk of the revenue is created by diamond mining, which made up 7. Gdp growth had been moderately good for the past five years, but it dipped in 2018 because of.
Bur in 2014 bur1, the third national communication tnc in 2015 and the second biennial update report bur2 in 2016. Nevertheless, the country continues to be confronted by poverty and high levels of unemployment and inequality. Learn how the world bank group is helping countries with covid19 coronavirus. The ministry has, on overall, excelled in the performance of the set targets and this was done within the resources envelope that was allocated to the vote. Gross domestic product gdp growth accelerated to 5. Overview of inflation and economic growth in namibia 2.
Africa namibia the world factbook central intelligence. Inflation and economic growth in namibia namibia achieved independence on the 21st march 1990. The rating agency noted that, despite the economy narrowly missing a contraction in 2016, namibia is set to see a recovery this year, with real gdp growth accelerating further in 2018. Namibias economy climbed back into the moderately free category in 2020 after a twoyear absence. Nov 20, 2019 the statistic shows the growth in real gdp in namibia from 2014 to 2018, with projections up until 2024. Namibias relatively steady economic growth has, thus, not been enough to deal with the countrys triple challenge of high poverty, inequality, and unemployment. The human capital index hci database provides data at the country level for each of the components of the human capital index as well as for the overall index, disaggregated by gender. Namibia is much admired internationally for its efforts of growing a vigorous and dynamic tourism sector in a sustainable way. Between 1990 and 2018, namibias life expectancy at birth increased 1. The swapo party, a quasisocialist party led by namibia s president, hage geingob, will remain in power in 202024. Data are normalized between and within countries and over time. Namibia economy, politics and gdp growth summary the.
Namibia is much admired internationally for its efforts of growing a. However, the countrys political landscape will fragment following the rise of new opposition parties and as corruption and ideological divides erode swapos former unity. These charts show why namibia doesnt want to be called an. Namibia held off the global economic slowdown, posting growth rates above 5%. Namibia national debt in relation to gross domestic product. Speech of the ambassador for the launch of data center. The gross domestic product gdp is equal to the total expenditures for all final goods and services produced within the country in a stipulated period of time. Furthermore, namibia prepared and submitted its nationally determined. The role of smes in employment creation and economic.1539 731 851 753 126 889 316 365 1300 215 1346 92 344 1137 337 960 692 1053 1511 152 188 1464 1592 366 1045 967 1621 14 1415 682 1199 934 716 1233 950 1074 1465 727 16 155 1306 1443 58 1075 1235 274 1188 617 509 322 459