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Namibia Business Report

General information
Source: The World Factbook - Central Intelligence Agency
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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)
52/180

Medium 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/A
Namibia 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.

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