The economy of Namibia has a modern market sector, which produces most of the country's wealth, and a traditional subsistence sector. Although the majority of the population engages in subsistence agriculture and herding, Namibia has more than 200,000 skilled workers and a considerable number of well-trained professionals and managerials. Namibia is a higher-middle-income country with an annual GDP per capita of N$79,431 in 2022.
Top Sectors in Namibia
Mining and energy in Namibia
Mining and quarrying have been at the forefront of Namibia’s consistent growth over the last 40 years. Despite economic diversification in other sectors, the mining sector has maintained strong contributions to annual GDP figures. Diamond production increased over 45% in 2022 thanks to Debmarine Namibia, who produced a record 1.725 million carats, with the Benguela Gem producing 480,000 carats. Diamond production totaled 2.2 million carats in 2022, generating over N$14 billion in export earnings. Namibia is the fourth-largest exporter of nonfuel minerals in Africa, the world's fourth-largest producer of uranium, and the producer of large quantities of lead, zinc, tin, silver, and tungsten. Namibia has two uranium mines that are capable of providing 10% of the world mining output.
Agriculture in Namibia
About half of the population depends on agriculture (largely subsistence agriculture) for its livelihood, but Namibia must still import some of its food. Although per capita GDP is five times the per capita GDP of Africa's poorest countries, the majority of Namibia's people live in rural areas and exist on a subsistence way of life. In recent years, the utilization of residual biomass that results from the control of woody plant encroachment has gained traction. In 2022, Namibia was the seventh largest exporter of charcoal globally, with total export volumes of over 280,000 tonnes and revenues of USD 75 million.
Fishing in Namibia
The clean, cold South Atlantic waters off the coast of Namibia are home to some of the richest fishing grounds in the world, with the potential for sustainable yields of 1.5 million tonnes per year. Commercial fishing and fish processing is the fastest-growing sector of the Namibian economy in terms of employment, export earnings, and contribution to GDP. The main species found in abundance off Namibia are pilchards (sardines), anchovy, hake, and horse mackerel. There also are smaller but significant quantities of sole, squid, deep-sea crab, rock lobster, and tuna.
Tourism in Namibia
Tourism is a major contributor (14.5%) to Namibia's GDP, creating tens of thousands of jobs (18.2% of all employment) directly or indirectly and servicing over a million tourists per annum. The country is among the prime destinations in Africa and is known for ecotourism which features Namibia's extensive wildlife. There are many lodges and reserves to accommodate eco-tourists. In addition, extreme sports such as sandboarding, skydiving and 4x4ing have become popular, and many cities have companies that provide tours. The most visited places include the Caprivi Strip, Fish River Canyon, Sossusvlei, the Skeleton Coast Park, Sesriem, Etosha Pan and the coastal towns of Swakopmund, Walvis Bay and Lüderitz.
20 Nov 2024
03 Dec 2024
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