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Economy of Namibia

Namibia is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Namibia may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Namibia exports around $5.12 billion and imports roughly $7.08 billion. 23.3% of population in the country are unemployed. The total number of unemployed people in Namibia is 602,958. In Namibia, 28.7% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Namibia is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 6.4% of GDP. The Gini Index of the country is 59.7. Namibia is experiencing inequality. The gap between the richest and poorest citizens in this country is significant and obvious, resulting in a drastically different standard of living for rich and poor citizens. Namibia has a Human Development Index (HDI) of 0.624. Namibia has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The Global Peace Index (GPI) for Namibia is 1.784. Due to strong law enforcement presence and high social responsibility, Namibia is very safe by international standards. The strength of legal rights index for Namibia is 5. Overall, it is considered to be rather inadequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders to some degree; credit information may be sufficient, but hardly available, or, the oppoiste case, available but not sufficient.

Currency

The currency of Namibia is Namibian dollar. The plural form of the word Namibian dollar is dollars. The symbol used for this currency is $, and it is abbreviated as NAD. The Namibian dollar is divided into Cent; there are 100 in one dollar.

Credit rating

The depth of credit information index for Namibia is 7, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the Fitch credit-rating agency, Namibia has a credit rating score of BBB-, and the prospects of this rating are positive.

Central bank

In Namibia, the institution that manages the state's currency, money supply, and interest rates is called Bank of Namibia. The average deposit interest rate offered by local banks in Namibia is 4.2%.

Public debt

Namibia has a government debt of 6.5% of the country's Gross Domestic Product (GDP), as assessed in 2010.

Tax information

The corporate tax in Namibia is set at 33%. Personal income tax ranges from 0% to 37%, depending on your specific situation and income level. VAT in Namibia is 15%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Namibia is $23476 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Namibia was last recorded at $9 million. PPP in Namibia is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Namibia is 12,580 billion. Based on this statistic, Namibia is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Namibia was last recorded at $5 million. The average citizen in Namibia has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Namibia averaged 4.3% in 2014. According to this percentage, Namibia is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well. To read more about financial information click on finances of Namibia.

Industry

Major industries in the country are meatpacking, fish processing, dairy products, pasta, beverages, mining (diamonds, lead, zinc, tin, silver, tungsten, uranium, copper). The total labor force of Namibia is 989,570 people, wherein 23.3% of population in the country are unemployed. The total number of unemployed people in Namibia is 602,958. The Industrial Production growth rate of Namibia is 6.5%.To read more about industrial information within Namibia click on industry of Namibia.

Agriculture

There are 8172 km2 of arable land in Namibia, and it comprises 1% of the country's total territory. There are 8255 km2 of cultivated land in Namibia. The country's major agricultural crops and products are millet, sorghum, peanuts, grapes, livestock, fish.To read more about agriculture click on agriculture of Namibia.