North America
Central & South America
Europe
Africa
Asia & Middle East
Southeast Asia & Oceania
Namibia Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
2,533,224 (July 2018 est.)GDP (PPP)
$26.6 billion (2017 est.)Mining accounts for about 12.5% of GDP, but provides more than 50% of foreign exchange earnings. Rich alluvial diamond deposits make Namibia a primary source for gem-quality diamonds. Marine diamond mining is increasingly important as the terrestrial diamond supply has dwindled.
GDP growth rate
-0.8% (2017 est.)Namibia is one of the world’s largest producers of uranium. The Chinese-owned Husab uranium mine began producing uranium ore in 2017, and is expected to reach full production in August 2018 and produce 15 million pounds of uranium a year. Namibia also produces large quantities of zinc and is a smaller producer of gold and copper. Namibia's economy remains vulnerable to world commodity price fluctuations and drought.
GDP (PPP) per capita
$11,200 (2017 est.)A high per capita GDP, relative to the region, obscures one of the world's most unequal income distributions; the current government has prioritized exploring wealth redistribution schemes while trying to maintain a pro-business environment.
Local currency
Namibian dollar (NAD)Pegged one-to-one to the South African rand.
Financial stability (Public debt)
41.3% of GDP (2017 est.)Namibia receives 30%-40% of its revenues from the Southern African Customs Union (SACU); volatility in the size of Namibia's annual SACU allotment and global mineral prices complicates budget planning.
Inflation
6.1% (2017 est.)Namibia normally imports about 50% of its cereal requirements, therefore it remains vulnerable to world commodity price fluctuations and drought.
Language
Oshiwambo languages 49.7%, Nama/Damara 11%, Kavango languages 10.4%, Afrikaans 9.4%, English (official) 2.3%English is the official language but the common language of most of the population is Afrikaans.
Corruption perception index (Source: Transparency International)
52/180Medium to high though among the lowest in Africa.
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
15%Import VAT is payable on the greater of the free on board (FOB) value plus 10% or the market value.
Corporate Tax
32%Registered manufacturers (for the first ten years of registration): 18% Diamond mining companies: 55% Other mining companies: 37.5% Long-term insurers (gross investment income): 12.8% Petroleum companies: 35%
Duties
N/ANamibia is a member of the Southern African Customs Union (SACU), and customs duties are not levied on intra-SACU trade (i.e. between Botswana, Lesotho, Namibia, South Africa, and Swaziland). Customs duties are payable according to the Common Customs Tariff of SACU on imports from outside SACU.
Are you interested in Namibia business?
Visit our Explore Opportunities page and connect with thousands of companies in Africa that are looking for a partner abroad.
Exports from Africa are in great demand from all over the world, you just need to find the right Africa opportunity for your business.
Whether you are looking for Namibia export, Namibia import, or to invest in Namibia, you can use Globartis for doing business in Namibia.
You can look for Namibian companies or for companies in Windhoek, the capital city and one of the best places for Africa opportunity in business.
Join now for free and start doing business in Africa!
Find partners for your Africa business on Globartis!