Economy (Namibia)
=================


     Overview:
         The economy is heavily dependent on the mining industry to extract and
         process minerals for export. Mining accounts for almost 25% of GDP. Namibia
         is the fourth-largest exporter of nonfuel minerals in Africa and the world's
         fifth-largest producer of uranium. Alluvial diamond deposits are among the
         richest in the world, making Namibia a primary source for gem-quality
         diamonds. Namibia also produces large quantities of lead, zinc, tin, silver,
         and tungsten, and it has substantial resources of coal. More than half the
         population depends on agriculture (largely subsistence agriculture) for its
         livelihood.
     GDP:
         exchange rate conversion - $2 billion, per capita $1,400; real growth rate
         5.1% (1991 est.)
     Inflation rate (consumer prices):
         17% (1991 - Windhoek)
     Unemployment rate:
         over 25% (1991)
     Budget:
         revenues $864 million; expenditures $1,112 million, including capital
         expenditures of $144 million (FY 92)
     Exports:
         $1,021 million (f.o.b., 1989)
       commodities:
         uranium, diamonds, zinc, copper, cattle, processed fish, karakul skins
       partners:
         Switzerland, South Africa, FRG, Japan
     Imports:
         $894 million (f.o.b., 1989)
       commodities:
         foodstuffs, petroleum products and fuel, machinery and equipment
       partners:
         South Africa, FRG, US, Switzerland
     External debt:
         about $250 million; under a 1971 International Court of Justice (ICJ)
         ruling, Namibia may not be liable for debt incurred during its colonial
         period
     Industrial production:
         growth rate - 6% (1990 est.); accounts for 35% of GDP, including mining
     Electricity:
         490,000 kW capacity; 1,290 million kWh produced, 850 kWh per capita (1991)
     Industries:
         meatpacking, fish processing, dairy products, mining (copper, lead, zinc,
         diamond, uranium)
     Agriculture:
         mostly subsistence farming; livestock raising major source of cash income;
         crops - millet, sorghum, peanuts; fish catch potential of over 1 million
         metric tons not being fulfilled, 1988 catch reaching only 384,000 metric
         tons; not self-sufficient in food
     Economic aid:
         Western (non-US) countries, ODA and OOF bilateral commitments (1970-87),
         $47.2 million
     Currency:
         South African rand (plural - rand); 1 South African rand (R) = 100 cents
     Exchange rates:
         South African rand (R) per US$1 - 2.8809 (March 1992), 2.7653 (1991), 2.5863
         (1990), 2.6166 (1989), 2.2611 (1988), 2.0350 (1987), 2.2685 (1986)
     Fiscal year:
         1 April - 31 March