Economy of Namibia

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Economy of Namibia

Post  kosovohp on Tue Nov 30, 2010 1:47 am

Namibia’s economy is tied closely to South Africa’s due to their shared history.[45][46] It consists primarily of mining (12.4% of the gross domestic product in 2007), agriculture (9.5%), and manufacturing (15.4%).[47] In terms of revenue, mining is the biggest contributor to Namibia's economy, accounting for 25% of the country's income.[48] Namibia is the fourth largest exporter of non-fuel minerals in Africa and the world's fourth largest producer of uranium. There has been significant investment in uranium mining and Namibia is set to become the largest exporter of uranium by 2015. The Langer Heinrich uranium mine was opened in 2007.[49] Rich alluvial diamond deposits make Namibia a primary source for gem-quality diamonds.[50] Namibia also produces large quantities of lead, zinc, tin, silver, and tungsten.

Namibia has a high unemployment rate. "Strict unemployment" (people actively seeking a full time job) stood at 20.2% in 2000, 21.9% in 2004 and spiraled to 29,4 per cent in 2008. Under a broader definition (including people that have given up searching for employment) unemployment rose from 36.7% in 2004 to 51.2% in 2008. This estimate considers people in the informal economy as employed. The study that arrived at these results has been hailed "by far superior in scope and quality to any that has been available previously" by Labour and Social Welfare Minister Immanuel Ngatjizeko.[51]

Approximately half the population live below the international poverty line of U.S.$1.25 a day.[52] There is a number of legislative measures in place to alleviate poverty and unemployment. In 2004 a labour act was passed to protect people from job discrimination stemming from pregnancy and HIV/AIDS status. In early 2010 the Government tender board announced that "henceforth 100 per cent of all unskilled and semi-skilled labour must be sourced, without exception, from within Namibia"

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