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South Africa occupied the German colony of South-West Africa during World War I and administered it as a mandate until after World War II, when it annexed the territory. In 1966, the Marxist South-West Africa People's Organization (SWAPO) guerrilla group launched a war of independence for the area that became Namibia, but it was not until 1988 that South Africa agreed to end its administration in accordance with a UN peace plan for the entire region. Namibia has been governed by SWAPO since the country won independence in 1990, though the party has dropped much of its Marxist ideology. Prime Minister Hage GEINGOB was elected president in 2014 in a landslide victory, replacing Hifikepunye POHAMBA who stepped down after serving two terms. SWAPO retained its parliamentary super majority in the 2014 elections and established a system of gender parity in parliamentary positions.

Location

Southern Africa, bordering the South Atlantic Ocean, between Angola and South Africa

Natural Resources

diamonds, copper, uranium, gold, silver, lead, tin, lithium, cadmium, tungsten, zinc, salt, hydropower, fish

Population - distribution

population density is very low, with the largest clustering found in the extreme north-central area along the border with Angola

2128471
Oshivambo languages 48.9%, Nama/Damara 11.3%, Afrikaans 10.4% (common language of most of the population and about 60% of the white population), Otjiherero languages 8.6%, Kavango languages 8.5%, Caprivi languages 4.8%, English (official) 3.4%, other African languages 2.3%, other 1.7%
WINDHOEK (capital) 368,000 (2015)
Conventional long form
Republic of Namibia
Conventional short form
Namibia
Local long form
Republic of Namibia
Local short form
Namibia
presidential republic
Name
Windhoek
Geographic coordinates
22 34 S, 17 05 E
Time difference
UTC+1 (6 hours ahead of Washington, DC, during Standard Time)
Daylight saving time
+1hr, begins first Sunday in September; ends first Sunday in April
has not submitted an ICJ jurisdiction declaration; accepts ICCt jurisdiction
Namibia’s economy is heavily dependent on the extraction and processing of minerals for export. Mining accounts for 11.5% 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. The rising cost of mining diamonds, especially from the sea, combined with increased diamond production in Russia and China, has reduced profit margins. Namibian authorities have emphasized the need to add value to raw materials, do more in-country manufacturing, and exploit the services market, especially in the logistics and transportation sectors.
Inflation
3.406%
Total tax rate (% of commercial profits)
20.7%
Real Interest Rate
7.947%
Manufacturing, value added (% of GDP)
9.066%
Current Account Balance
US$ -1,528,695,550
Labor Force, Total
935,110
Employment in Agriculture
31.40%
Employment in Industry
14.43%
Employment in Services
54.17%
Unemployment Rate
25.59%
Imports of goods and services
US$ 7,805,329,887
Exports of goods and services
US$ 5,069,789,081
Total Merchandise Trade
105.35%
FDI, net inflows
US$ 1,059,869,870
Commercial Service Exports
US$ 911,825,812
millet, sorghum, peanuts, grapes; livestock; fish
meatpacking, fish processing, dairy products, pasta, beverages; mining (diamonds, lead, zinc, tin, silver, tungsten, uranium, copper)
Commodities
diamonds, copper, gold, zinc, lead, uranium; cattle, white fish and mollusks
Partners
Commodities
foodstuffs; petroleum products and fuel, machinery and equipment, chemicals
Partners
Country Risk Rating
B
Political and economic uncertainties and an occasionally difficult business environment can affect corporate payment behavior. Corporate default probability is appreciable.
Business Climate Rating
A4
The business environment is acceptable. Corporate financial information is sometimes neither readily available nor sufficiently reliable. Debt collection is not always efficient and the institutional framework has shortcomings. Intercompany transactions may thus run into appreciable difficulties in the acceptable but occasionally unstable environments rated A4.
  • Considerable mineral resources (diamonds, uranium, copper)
  • Tourism potential
  • Good transport infrastructure
  • Political instability
  • Dependence on the mining sector (50% of exports)
  • Dependence on South Africa
  • Very high unemployment (28%) and high levels of inequality

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