Inflation rate in Namibia 2024

The inflation rate in Namibia increased by about one percentage point from 4.29 percent in 2018 to 4.8 percent in 2019. It is projected to remain around 5.5 percent through 2024, significantly lower than the 2002 peak of 12.72 percent.

Namibia’s historical context

Prior to 1990, Namibia was under apartheid South Africa control, and before World War I, the country was a German colony and even suffered a genocide. Given this turbulent oppression, it is expected that social and economic residual ramifications would follow. Namibia’s inflation rate went through a volatile period during the 1990’s and early 2000’s where it reached around twelve percent several times. Over the past decade, Namibia’s inflation rate has largely declined.

Namibia’s successful growth

Similarly, Namibia’s gross domestic product (GDP) remained under five billion U.S. dollars through the 1990’s. Since then, the country’s GDP has grown to about 14 billion U.S. dollars as of 2019 and will continue to grow through the upcoming years. Namibia’s increasing economic success is in part linked to developing its services industry. Today, the services sector is responsible for employing about 60 percent of the country’s working population. A well-developed services industry is usually a sign of a similarly well-developed economy. The services sector includes the growing tourist industry with an expanding focus on ecotourism, centered around the country’s endangered wildlife.

Namibia: Inflation rate from 1994 to 2024

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Source

Release date

October 2019

Region

Africa

Survey time period

1994 to 2018

Supplementary notes

* Estimate.

Figures have been rounded.

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