Namibia Economy

Namibia is located in the southwest coast of Africa. Theeconomy of Namibia is largely dependent on industrial sectors like mining, fishery, and tourism. Namibia is rich in natural resources like diamonds, gold, silver, uranium, zinc, copper, lead, tin, granite, marble etc.
Namibia is one of the leading diamond producers in the world. Diamond Mining contributes almost one third of the GDP(Gross Domestic Products) of Namibia.Agriculture contributes a small part of Namibia’s GDP(Gross Domestic Products), nevertheless, most of the job opportunities in Namibia are observed in this sector.

Major agricultural products include peanuts, millet, sorghum etc.Major industries in Namibia include mining industry, fishing industry, meat processing and dairy products industry.The energy sector in Namibia is principally dependent on oil and natural gas, specifically coal and iron ore.
Mining accounts for 20% of country’s GDP.The tourism industry also plays an important role behind the growth of Namibian economy.

Some important facts:
In 2003, GDP: $4.7 billion.
In 2006,GDP(official exchange rate): $5.329 billion and GDP – real growth rate: 4.6%
Currency of Namibia:
The official currency of Namibia is Namibian dollar (NAD)
Currency exchange rate:
1 US Dollar is equal to 7.29330 Namibia Dollar and 1 Namibia Dollar (NAD) is equal to 0.13711 US Dollar (USD) as on Monday, September 10, 2007

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Last Updated on : 25th June 2013