In-Depth Analysis
Namibia
The economy is small with an overreliance on certain key exports, namely diamonds, uranium, and fish. Relatively large fiscal deficits since 2009 have caused rapidly rising government external debt levels and slipping credit ratings. Rock-bottom diamond sales and quiet airport lobbies amid the Covid-19 crisis were major blows to the economy in H1 2020.
We now estimate an 8.1% contraction in real GDP for 2020 and a relatively weak recovery of 3.8% in 2021. The economic recovery will be supported by the lifting of Covid-19 restrictions and base effects, but constrained by a slow bounce-back in services activity. On the political side, the growing Fishrot scandal combined with frustration over the protracted economic depression is progressively driving support for the ruling Swapo party to record-lows. (Source: Namibia Quarterly Update, January 2021)
Macroeconomic Data
(2020)
|
Fiscal Balance (as a % of GDP) |
-10.4 |
|
Consumer Price Index (% change y-o-y, avg) |
2.2 |
|
Current Account Balance (as a % of GDP) |
0.1 |
|
Real GDP (annual % change) |
-8.1 |
|
GDP per capita, US$ |
4,125.3 |
|
Import Cover (months) |
5.1 |
|
Population, million |
2.5 |
| Total External Debt (as a % of GDP) |
76.8 |