In-Depth Analysis
Namibia
Namibia is a small economy with an overreliance on certain key exports, namely diamonds, copper and fish. Relatively large fiscal deficits since 2009 and challenges in narrowing the shortfall have caused rapidly rising government external debt levels. The country has low political risk, characterised by regular, peaceful, democratic elections.
The much-anticipated economic rebound is expected to materialise in 2019, although at a weaker pace than earlier thought. The retail and wholesale trade sectors are having a tougher time adjusting to the fiscal consolidation and tighter credit conditions than we had anticipated they would. However, the construction industry has bounced back strongly in H1 2018 after a deep and protracted slump, aided by a US$218bn-worth African Development Bank loan which supports government capital expenditure. The mining industry continues to perform robustly, following a dip in production in 2016, thanks to strong output in the diamond and uranium mining subindustries. (Source: Namibia Quarterly Update, December 2018)
Macroeconomic Data
(2018)
|
Fiscal Balance (as a % of GDP) |
-5.7 |
|
Consumer Price Index (% change y-o-y, avg) |
4.4 |
|
Current Account Balance (as a % of GDP) |
-3.9 |
|
Real GDP (annual % change) |
-0.4 |
|
GDP per capital, US$ |
5,227.7 |
|
Import Cover (months) |
4.3 |
|
Population, million |
2.6 |
| Total External Debt (as a % of GDP) |
66.6 |