grew most this quarter
Q4 2025
What Capital tracks. GDP, inflation, the repo rate, capital flow. The pulse of the economy.
gross domestic product · Q4 2025
N$72.0 bn
What the country produced in three months. Real growth: −0.5% year on year, the first quarter of contraction in 2025.
2025 quarterly nominal gdp
66.2 · 65.2 · 66.4 · 72.0 N$ bn
Country anchor Mining · N$10.1 bn
real growth, year on year
−0.5%
Q1 +3.1% · Q2 +1.9% · Q3 +2.6% · Q4 −0.5%
Quarter’s mover Information · +8.4% YoY
shrank this quarter
What we made, by sector
Mining 15.6%
Wholesale & retail 13.7%
Manufacturing 10.9%
Public admin 9.1%
Financial services 10.0%
Other 40.7%
Shares are of all industries at basic prices (N$65.1 bn). GDP at market prices includes N$6.8 bn in net taxes on products.
Top sectors Q4 2025
Inflation, year on year
2.1%
5-month low
Headline CPI fell for five straight months to March 2026, the lowest since July 2020. Source: NSA monthly CPI bulletins.
Monetary · rate & currency
BoN held the repo rate at 6.50% across five meetings since the October 2025 cut. NAD/USD pegged at par to ZAR. Capital flow turned negative in Q4 2025 from a Q3 net inflow of +N$8.1 bn.
Across the currents
Capital
Nominal GDP up to N$72 bn, but real output shrank year-on-year for the first time in 2025. Inflation, not growth, moved the headline.
Trade
Mining anchors both: 16% of Q4 2025 output, 27% of March exports.
Labour
Manufacturing and trade together carry roughly a quarter of output, both labour-heavy. A real contraction puts pressure on hours worked.
Earth
Mining and agriculture together contributed N$14.4 bn of output. The country's ground and water remain the largest single source of value.
People
Per-capita quarterly output around N$26,000 at market prices, before tax, distribution, and the household-versus-business split.
March 2026
What Trade tracks. Goods crossing Namibia’s borders. What was sold, what was bought, who with.
trade balance
−N$2.3 bn
Deficit. For every N$100 sold to the world, N$117 was spent buying back.
exports
N$13.2 bn
Top buyer
China
China
imports
N$15.5 bn
Top source
South Africa
South Africa
Top export markets
ChinaUranium
26.7%
South AfricaNon-monetary gold
16.1%
SpainFish
10.9%
ZambiaNickel ores
9.5%
CanadaNickel ores
,
Top import sources
Bahrain, Oman, KuwaitPetroleum oils
16.3%
South Africa, IndiaCommercial vehicles
6.3%
ZambiaNickel ores
5.4%
South Africa, JapanPersonal vehicles
2.8%
China, South AfricaCivil engineering
2.3%
What we sold, by type
Uranium 26.7%
Gold 16.1%
Fish 10.9%
Nickel 9.5%
Other 36.8%
What we bought, by type
Petroleum 16.3%
Vehicles, c. 6.3%
Nickel 5.4%
Vehicles, p. 2.8%
Other 69.2%
sold more than we bought
bought more than we sold
Across the currents
Capital
The deficit pulls on FX reserves and the rand-pegged Namibian dollar.
Trade
Imports outpaced exports by 17%. Uranium and gold did most of the surplus work; petroleum and vehicles, most of the deficit.
Labour
Petroleum imports mean fuel-pricing pressure on transport, retail and household budgets.
Earth
Surplus driven by uranium, gold, fish, what comes from below ground or out of the sea.
People
Wage zones in Erongo and Karas held by mining and fishing strength; urban households absorb the fuel-cost pass-through.
coming soon
Labour.
Namibians at work. Joining a future issue.
Q1 2026
What Earth tracks. Mining, agriculture, fisheries, water. Namibia’s ground, sea, and land.
earth output · q1 2026
556k carats
Diamonds, the most-tracked Earth indicator. Down 12% year on year as Debmarine maintenance hit output.
Diamonds (k carats): 631 · 492 · 500 · 459 · 556
uranium · langer heinrich
1.07m lbs U₃O₈
Country anchor Paladin Energy
gold · otjikoto
24,529 oz
Quarter’s mover B2Gold · −53% YoY
What the country yielded
Mixed cadences: Langer Heinrich uranium and B2Gold gold reported quarterly per company filings. Diamonds aggregated from De Beers quarterly. Beef exports per Meatco. Dam capacity is national average, derived from NamWater weekly bulletins.
Langer Heinrich uranium ramp
1.23m
lbs U₃O₈ Q4
+65% across 2025
Paladin Energy’s Langer Heinrich mine ramped from 745k lbs U₃O₈ in Q1 2025 to 1.23m lbs in Q4 2025. Husab and Rössing produce privately (Chinese state-owned). Source: Paladin Energy quarterly activities reports.
Across the currents
Capital
Mining contributed 15.6% of Q4 2025 GDP at basic prices, the country’s single largest sector.
Trade
The four Earth tier-1 commodities (uranium, gold, diamonds, fish) accounted for ~64% of March 2026 export earnings.
Labour
Otjikoto's open-pit closure ends a labour-heavy production phase. Langer Heinrich's ramp-up adds Erongo employment.
Earth
The country's ground and water remain the foundation. Mining + agriculture + fishing together contributed N$15.6 bn of Q4 2025 output.
People
Erongo and Karas regional wages anchored by mining. Beef exports support communal-area cattle producers, the EU quota matters most.
coming soon
People.
Demographics, urbanisation, and migration. Joining a future issue.
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