... account tables indicate the developments in different activities of the economy in order to determine the growth in the gross domestic product and the per capita income. Namibia's GDP contracted by -1.4% in 2019 due to poor performance in the agriculture, mining and construction sectors. Namibia's president, Hage Geingob, will remain in power in 2021-25, as will the ruling quasi-socialist SWAPO Party. In interviews held with media houses in Namibia, Eunice Ajambo, Economist and Development Coordination officer for the UN in Namibia … Rich alluvial diamond deposits make Namibia a … Tax Alert 3/2020 - Namibia The Minister of Finance, honourable Iipumbu Shiimi, issued the first phase of the economic stimulus and relief package (“the package”) on 1 April 2020 in collaboration with all stakeholders, private sector, development partners and non-state actors. In 2020 tourism-related value added is expected to reach N$26.4 billion (11.7% of overall GDP) and employment generation is likely to be above 123,000 jobs (16.4% of total employment). Inflation rate in Namibia 2025. The Human Development Report 2020, released by the UNDP on 15 December, ranked the country, with a GNI per capita of US$9 357 (2017 PPP), at 129 on the Human Development … MEDIUM TERM EXPENDITURE FRAMEWORK . According to Bruce Hansen, managing director at Simonis Storm, after eleven quarters of negative GDP growth since 2016 in the second quarter of 2020, the Namibian economy contracted by 11.1% and is estimated to contract by 7.8% by the end of 2020. Namibia GDP to Shrink Most Since 1991 Independence This Year By . We at Fitch Solutions expect Namibian real GDP to shrink by 6.2% in 2020. Namibia is a higher middle income country with an estimated annual GDP per capita of US$5,828 but has extreme inequalities in income distribution and standard of living. Meanwhile, the Bank of Namibia (BoN) has cut its policy rate by a … INTERNATIONAL – Namibia's economy is projected to gradually emerge from recession in 2020 with a moderate growth rate of about 0.8 percent and about 1.3 … Namibia - Gross domestic product in current prices 10.25 (billion US dollars) in 2020 In 2020, GDP for Namibia was 10.25 billion US dollars. GDP per capita is gross domestic product divided by midyear population. Namibia’s economy is heavily dependent on the extraction and processing of minerals for export. However, the public finances are in a dire state owing to high pre-coronavirus (Covid-19) crisis levels of borrowing, with the severe financial and economic impact of the pandemic lingering into 2021, despite an economic recovery in line with global growth. The government has rolled out a support package consisting mostly of wage subsidies and acceleration of tax refunds of 3.3% of the forecast 2020 GDP, in addition to loan guarantees of around 1.3% of GDP. Namibia’s economy has continued to face significant headwinds, with real output contracting by a further 1.4% in 2019. Namibia gdp per capita for 2018 was $5,495, a 3.62% increase from 2017. The tide has also turned for most countries that expected positive figures. Namibia gdp for 2019 was $12.37B, a 8.08% decline from 2018. The GDP per capita, still rather high at $10,476 in 2017, registered a decline of 2.9%. Namibia gdp for 2018 was $13.45B, a 5.59% increase from 2017. After experi-encing average annual growth of 4.4 per-cent between 1991 and 2015, the economy fell into recession in 2016 and has since struggled to recover. Namibia gdp per capita for … Unemployment rate in Namibia 2020. Namibia’s economy climbed back into the moderately free category in 2020 after a two-year absence. FOR THE 2019/2020 . Namibia's economy is likely to expand this year, driven by growth in the mining sector, after a projected 1.7% contraction in 2019, central bank governor Ipumbi Shiimi said on Wednesday. It leads the list of countries by income inequality with a Gini coefficient of 59.7 (CIA) and 74.3 (UN), respectively. Bank of Namibia Act, 2020 (Act 1 of 2020) By laws issued under Bank of Namibia Act; Currencies and Exchanges Act, 1933. With a GDP per capita of $18,496, Gabon is regarded as Africa’s fourth-richest country. Namibia gdp per capita for 2019 was $4,957, a 9.79% decline from 2018. Key View At Fitch Solutions, we forecast that Namibia’s current account deficit will narrow from a revised 2.4% of GDP in 2018 to 1.7% in 2019 due to falling imports. Nedbank committed to rebuilding Namibia’s economy 2020-11-10 Staff Reporter. Namibia experienced a deep contraction of 1.1% last year, according to preliminary figures by the Namibia Statistics Agency (NSA). Against the backdrop of a devastating pandemic, the global economy is projected to contract sharply by 3.2 per cent this year, according to the United Nations World Economic Situation and Prospects (WESP) mid-2020 report, released on 13 May 2020. The outlook for the sector over the next four years remains positive and robust. NCPI In May 2020, the annual inflation rate slowed to 2.1 percent from 4.1 percent recorded in May 2019 while on a monthly basis, the inflation increased to 0.4 percent from -0.3 percent recorded in April 2020.. According to the updated IMF forecasts from 14th … Namibia’s economy climbed back into the moderately free category in 2020 after a two-year absence. Namibia’s economy entered 2020 in an already weakened position. Over the last 9 years, GDP per capita in Namibia was decreasing on average by 3.52% each year, although before that, it grew from 1,811 US dollars in 2002 to 6,039 US dollars in 2012. April 28, 2020, 5:05 AM EDT Updated on April 28, 2020, 9:58 AM EDT :51. Namibia gdp for 2017 was $12.74B, a 19.47% … FOR 2020/2021-2022/2023 . Import of goods to Namibia 2019. The downward spiral of Namibia’s economy continued. Over the last 3 years, GDP … The government is pursuing reforms to improve … The latest comprehensive information for - Namibia GDP From Mining - including latest news, historical data table, charts and more. MID-YEAR BUDGET REVIEW . Pre-Covid, Simonis Storm (SS) expected the domestic economy to exit recession in 2020 by growing 0.9%. Republic of Namibia . Economic Overview. AND . "We estimate an 8,5% contraction for the country's economy in 2020 - the deepest in the nation's history," the outlook said. Botswana among the Richest African Countries 2020, With its population estimated fairly above 2 million inhabitants, Botswana is unarguably one of the least populous African countries. What started as a recession in 2016 has reached the epic proportions of a full-fledged depression with eight consecutive quarters of declines in economic growth. overall GDP) and 101,000 jobs (14.9% of total employment). In 2020, GDP per capita for Namibia was 4,052 US dollars. With growth being largely dependent on investments in min-eral extraction and government spending, Real GDP growth is projected to recover to 1.9% in 2020 and 2.4% in 2021, on the back of construction and manufacturing. The COVID-19 pandemic in Namibia is part of the worldwide pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2).The Minister of Health and Social Services, Dr. Kalumbi Shangula, announced on 14 March 2020 that the virus had reached Namibia.A Romanian couple constituted the two first cases and recovered 79 days after their … A detailed view of economic indicators in Namibia, explore the market moving indicators, exchange rate, current credit rating and much more. In brief. The economy has posted negative growth since 2016, with the exception of 2018 when growth of 0.7% was recorded. Botswana; GDP per capita: $17,965. In February this year, the Bank of Namibia said the Namibian economy would grow by at least … Having grown at an average 5.3% between 2010 and 2015, Namibia’s economy entered a recession in 2016 and has since struggled to grow. Namibia's GDP contracted by -1.4% in 2019 due to poor performance in the agriculture, mining and construction sectors. POLICY STATEMENT . Published by H. Plecher, Nov 18, 2020 This statistic shows the share of economic sectors in the gross domestic product (GDP) in Namibia from 2009 to 2019. October 2019 Q220 will mark the lowest point of growth, since the bulk of the nine-week full national … Mining accounts for about 12.5% of GDP, but provides more than 50% of foreign exchange earnings. Overview. Economic disruption caused by the COVID-19 pandemic has pushed East Africa’s growth projection for 2020 down to 1.2 percent, a rate that outstrips other African regions and is forecast to rebound to 3.7 percent in 2021, according to the African Development Bank’s East Africa Regional Economic Outlook 2020. In 2019, the … 5. Youth unemployment rate in Namibia in 2020. COVID-19 (coronavirus) is set to have an unprecedented impact on Namibia’s economy. 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