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Economy of Namibia vs Zambia compared: GDP & Debt

Updated on by Georank team

Namibia has a GDP of $13.4B compared to $25.3B for Zambia, ranking 147/197 and 116/197 by economy size, respectively.

Namibia has $9.05B in government debt (67.7% of GDP), compared to $29.1B (114.9% of GDP) in Zambia.

Namibia vs Zambia GDP by year

Namibia
Zambia
1x
Year GDP, current $
Namibia Zambia
2024 $13,372,354,512 $25,303,185,342
2023 $12,408,271,449 $27,577,956,471
2022 $12,569,449,123 $29,163,782,140
2021 $12,402,486,184 $22,096,416,932
2020 $10,583,748,542 $18,137,764,931
2019 $12,541,928,303 $23,308,667,781
2018 $13,682,019,076 $26,311,507,274
2017 $12,895,153,371 $25,873,601,261
2016 $10,722,018,732 $20,958,412,538
2015 $11,335,161,084 $21,251,216,799
2014 $12,435,430,970 $27,141,023,558
2013 $12,043,307,277 $28,037,239,463
2012 $13,042,053,592 $25,503,060,420
2011 $12,523,359,441 $23,459,515,276
2010 $11,431,412,421 $20,265,559,484
2009 $8,938,847,189 $15,328,342,304
2008 $8,607,431,497 $17,910,858,638
2007 $8,839,536,476 $14,056,957,976
2006 $8,001,779,551 $12,756,858,899
2005 $7,248,374,838 $8,331,870,169
2004 $6,609,205,995 $6,221,110,219
2003 $4,926,439,384 $4,901,869,764
2002 $3,349,169,826 $4,193,850,445
2001 $3,557,341,215 $4,094,441,301
2000 $3,922,232,165 $3,600,632,111
1999 $3,868,551,730 $3,404,284,891
1998 $3,873,109,866 $3,537,741,942
1997 $4,154,989,950 $4,303,288,480
1996 $3,989,163,197 $3,597,220,962
1995 $3,978,514,206 $3,806,983,413
1994 $3,666,503,530 $3,656,806,166
1993 $3,251,188,833 $3,273,505,344
1992 $3,429,521,699 $3,182,810,841
1991 $2,996,869,281 $3,376,806,697
1990 $2,789,921,854 $3,288,381,797
1989 $2,535,135,798 $3,994,673,161
1988 $2,495,094,746 $3,728,878,149
1987 $2,300,068,217 $2,265,250,972
1986 $1,809,048,527 $1,664,413,508
1985 $1,608,237,350 $2,252,454,500
1984 $1,951,260,038 $2,719,518,933
1983 $2,297,400,688 $3,321,048,451
1982 $2,118,710,248 $3,871,117,093
1981 $2,249,908,578 $4,008,126,497
1980 $2,421,990,338 $3,884,530,854
1979 - $3,353,445,378
1978 - $2,811,032,473
1977 - $2,515,296,940
1976 - $2,742,859,263
1975 - $2,442,672,141
1974 - $2,910,981,262
1973 - $2,434,255,237
1972 - $1,872,416,680
1971 - $1,653,259,341
1970 - $1,788,779,285
1969 - $1,926,399,230
1968 - $1,573,739,371
1967 - $1,340,639,464
1966 - $1,238,999,505
1965 - $1,061,199,576
1964 - $822,639,671
1963 - $704,339,719
1962 - $679,279,729
1961 - $682,359,727
1960 - $698,739,721

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/namibia/zambia | CC BY

GDP per capita in Namibia vs Zambia by year

Namibia
GDP per capita

GDP per capita, PPP
Zambia
GDP per capita

GDP per capita, PPP
1x
Year Current $
Namibia Zambia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $4,413 $11,687 $1,187 $4,215
2023 $4,188 $11,251 $1,331 $4,077
2022 $4,350 $10,663 $1,447 $3,841
2021 $4,413 $9,709 $1,127 $3,503
2020 $3,879 $9,354 $952 $3,157
2019 $4,732 $9,609 $1,259 $3,361
2018 $5,309 $9,854 $1,464 $3,442
2017 $5,144 $9,888 $1,483 $3,392
2016 $4,396 $10,200 $1,239 $3,313
2015 $4,774 $10,466 $1,296 $3,337
2014 $5,378 $10,365 $1,707 $3,441
2013 $5,347 $9,699 $1,821 $3,477
2012 $5,943 $9,364 $1,710 $3,324
2011 $5,835 $9,002 $1,625 $3,228
2010 $5,418 $8,538 $1,451 $3,098
2009 $4,303 $8,079 $1,136 $2,872
2008 $4,205 $8,125 $1,376 $2,708
2007 $4,379 $7,875 $1,119 $2,555
2006 $4,017 $7,374 $1,052 $2,378
2005 $3,686 $6,767 $711 $2,213
2004 $3,403 $6,480 $549 $2,068
2003 $2,569 $5,693 $446 $1,942
2002 $1,772 $5,433 $394 $1,837
2001 $1,916 $5,196 $397 $1,785
2000 $2,157 $5,129 $359 $1,709
1999 $2,178 $4,961 $350 $1,654
1998 $2,235 $4,852 $373 $1,601
1997 $2,460 $4,764 $466 $1,631
1996 $2,423 $4,612 $400 $1,585
1995 $2,483 $4,509 $433 $1,501
1994 $2,356 $4,376 $426 $1,464
1993 $2,155 $4,345 $391 $1,607
1992 $2,347 $4,452 $389 $1,505
1991 $2,117 $4,192 $423 $1,534
1990 $2,037 $3,875 $422 $1,522
1989 $1,967 - $526 -
1988 $2,063 - $504 -
1987 $1,969 - $315 -
1986 $1,599 - $238.2 -
1985 $1,466 - $332 -
1984 $1,830 - $413 -
1983 $2,214 - $520 -
1982 $2,097 - $627 -
1981 $2,267 - $670 -
1980 $2,468 - $669 -
1979 - - $595 -
1978 - - $514 -
1977 - - $474 -
1976 - - $533 -
1975 - - $490 -
1974 - - $601 -
1973 - - $518 -
1972 - - $410 -
1971 - - $372 -
1970 - - $414 -
1969 - - $459 -
1968 - - $387 -
1967 - - $341 -
1966 - - $325 -
1965 - - $287.4 -
1964 - - $230 -
1963 - - $203.2 -
1962 - - $202.3 -
1961 - - $209.7 -
1960 - - $221.6 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/namibia/zambia | CC BY

Namibia's GDP per capita is $4,413, ranking 126/197, compared to $1,187 in Zambia, ranking 169/197. Adjusted for purchasing power (GDP per capita PPP), Namibia ranks 128th at $11,687, while Zambia ranks 166th at $4,215.

Economic indicators

Namibia Zambia
Gross domestic product
$13.4B
2024
$25.3B
2024
GDP rank
147/197
2024
116/197
2024
GDP growth
3.71%
2023-2024
3.82%
2023-2024
GDP per capita
$4,413
2024
$1,187
2024
GDP per capita rank
126/197
2024
169/197
2024
GDP per capita, PPP
$11,687
2024
$4,215
2024
GDP per capita PPP rank
128/197
2024
166/197
2024
Government debt
$9.05B
2024
$29.1B
2024
Debt-to-GDP ratio
67.7%
2024
114.9%
2024
Government debt per person
$2,988
2024
$1,365
2024
Government debt per person rank
100/185
2024
134/185
2024
Average annual personal income after taxes
$6,197
2026
$1,349
2026
Market capitalization of domestic companies
$2.48B
2024
$7.77B
2024
Income share by richest 10%
47.2%
2015
39.1%
2022
Income share by poorest 10%
1%
2015
1.5%
2022
Government expenditure, % of GDP
39.9%
2024
25.5%
2024
Consumer prices inflation
4.2%
2023-2024
15%
2023-2024
Central bank interest rate
6.5%
2025
14.3%
2025
Unemployment rate
19.9%
2018
5.86%
2023
Population
3173089
22697916

Spending and national debt comparison by year

Namibia
Spending

Debt
Zambia
Spending

Debt
1x
Year % of GDP
Namibia Zambia
Government spending Government debt Government spending Government debt
2024 39.9% 67.7% 25.5% 114.9%
2023 37% 67.2% 27.4% 129.1%
2022 36.6% 69.4% 28.2% 99.5%
2021 39.3% 69.6% 30.5% 111%
2020 41.5% 64.3% 34% 140%
2019 37.4% 57.6% 29.8% 103.3%
2018 36.3% 48.7% 27.7% 81.2%
2017 38.1% 43.8% 25% 66.6%
2016 41.8% 45.8% 23.9% 61.2%
2015 43.7% 42.1% 27.6% 61.9%
2014 41.8% 27.6% 24.3% 33.9%
2013 38.3% 26.1% 24% 25.9%
2012 35% 24.6% 21.9% 24.9%
2011 38.5% 27.4% 19.5% 20.8%
2010 33.5% 16.3% 18.1% 18.9%
2009 32% 15.9% 17.8% 20.5%
2008 28.4% 19.1% 19.5% 19.2%
2007 26.1% 19.4% 19.9% 21.9%
2006 27.4% 26.1% 19.7% 25%
2005 27.7% 26.9% 22.5% 75.7%
2004 28.4% 29.2% 23.3% 129.9%
2003 31.1% 27.1% 27.3% 159.5%
2002 29.8% 22.2% 27.6% 180.2%
2001 30.7% 24.4% 28% 210.2%
2000 30.1% 20.9% 21.4% 261%
1999 31.8% 21.8% - -
1998 31.3% 19.6% - -
1997 30.9% 17.7% - -
1996 30.4% 18.7% - -
1995 29.6% 18% - -
1994 28.7% 16.4% - -
1993 32.4% 17.2% - -
1992 32.8% 14.1% - -
1991 33% 11.8% - -
1990 30.2% 12.9% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1990–1992, retrieved 2026-02-20).

GeoRank.org/economy/namibia/zambia | CC BY

In 2024, Namibia's government spending was $5.34B, accounting for 39.9% of its GDP, while Zambia spent $6.45B, or 25.5% of GDP.

Debt-to-GDP ratio is 67.7% in Namibia and 114.9% in Zambia, ranking 61/185 and 13/185, respectively.

Government deficit by year

Deficit/surplus
Namibia

Zambia
1x
Year Deficit/surplus, % of GDP
Namibia Zambia
2024 -3.59% -3.32%
2023 -3.14% -5.48%
2022 -6.33% -7.82%
2021 -8.68% -8.13%
2020 -8.07% -13.8%
2019 -5.49% -9.41%
2018 -5.09% -8.31%
2017 -4.99% -7.5%
2016 -9.3% -5.69%
2015 -8.3% -8.88%
2014 -6.44% -5.43%
2013 -4.69% -6.4%
2012 -3.1% -3.16%
2011 -7.09% -1.78%
2010 -4.98% -2.43%
2009 -0.4% -2.06%
2008 3.48% -0.67%
2007 6.01% -1.04%
2006 3.41% 16.9%
2005 -0.31% -2.37%
2004 -2.67% -2.51%
2003 -4.47% -5.31%
2002 -1.38% -4.5%
2001 -2.01% -5.89%
2000 -0.79% 1.16%
1999 -1.88% -
1998 -2.76% -
1997 -2.38% -
1996 -3.7% -
1995 -1.74% -
1994 -0.57% -
1993 -2.73% -
1992 -2.55% -
1991 -1.59% -
1990 1.08% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/namibia/zambia | CC BY

In 2024, Namibia's government deficit, the difference between spending and revenue, was $480M, equivalent to 3.59% of GDP. This compares to Zambia's deficit of $840M, or 3.32% of GDP.

Over the past 25 years, Namibia recorded a fiscal deficit in 22 of those years, while Zambia ran a deficit in 23 years. On average, Namibia posted an annual deficit equal to 3.54% of GDP, compared to deficit of 4.15% of GDP for Zambia.

Inflation comparison by year

Inflation
Namibia

Zambia
1x
Year Consumer prices inflation
Namibia Zambia
2024 4.2% 15%
2023 5.9% 10.9%
2022 6.1% 11%
2021 3.6% 22%
2020 2.2% 15.7%
2019 3.7% 9.2%
2018 4.3% 7.5%
2017 6.1% 6.6%
2016 6.7% 17.9%
2015 3.4% 10.1%
2014 5.3% 7.8%
2013 5.6% 7%
2012 6.7% 6.6%
2011 5% 8.7%
2010 4.9% 8.5%
2009 9.5% 13.4%
2008 9.1% 12.4%
2007 6.5% 10.7%
2006 5% 9%
2005 2.3% 18.3%
2004 4.1% 18%
2003 7.2% 21.4%
2002 12.7% 22.2%
2001 10.2% 21.4%
2000 10.2% 24.1%
1999 9.4% 23.9%
1998 6.6% 22.7%
1997 9.7% 21.4%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20).

GeoRank.org/economy/namibia/zambia | CC BY

Over the past 28 years, Namibia has recorded an average annual inflation rate of 6.29%, compared with 14.4% in Zambia. In 2024, inflation was 4.2% in Namibia and 15% in Zambia.

Top exports between countries

Namibia
Export category Export value
Raw materials & minerals $187M
Machinery & equipment $147M
Animal & marine products $146M
Chemicals & pharma $53.6M
Metals $51.8M
Textiles & consumer goods $16.6M
Processed food, beverages & tobacco $6.36M
Wood & paper products $325K
Weapons & explosives $207K
Miscellaneous $111K
Zambia
Export category Export value
Raw materials & minerals $112M
Machinery & equipment $11.5M
Processed food, beverages & tobacco $6.89M
Textiles & consumer goods $5.96M
Animal & marine products $1.85M
Metals $1.03M
Weapons & explosives $546K
Chemicals & pharma $533K
Raw agricultural goods $505K
Miscellaneous $34K

Balance of trade

Namibia Zambia
Current account balance
-$1.89M
2024
-$487M
2024
Current account balance ranking
78/190
2024
106/190
2024
Current account balance, % of GDP
-0.01%
2024
-1.93%
2024
Goods imports
$6.77B
2024
$10.1B
2024
Goods exports
$4.67B
2024
$11.4B
2024
Service imports
$2.47B
2024
$1.94B
2024
Service exports
$1.29B
2024
$1.38B
2024
Imports of goods and services, % of GDP
68%
2024
27.6%
2024
Exports of goods and services, % of GDP
41.6%
2024
35%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Namibia Zambia
Economic freedom 60.2 51.9
Economic freedom ranking 95/197 152/197
Property rights 63.1 43.9
Government integrity 51.5 39.3
Judicial effectiveness 67.2 45
Tax burden 66.4 74.3
Government spending 57.1 78.1
Fiscal health 60.5 30.9
Business freedom 58 53.4
Labor freedom 62.7 48.8
Monetary freedom 76.1 66.6
Trade freedom 69.8 62.8
Investment freedom 50 40
Financial freedom 40 40

Economic freedom comparison by year

Namibia
Zambia
1x
Year Economic freedom index
Namibia Zambia
2026 60.2 51.9
2025 58.7 50.9
2024 57.5 48.4
2023 57.7 47.8
2022 59.2 48.7
2021 62.6 50.4
2020 60.9 53.5
2019 58.7 53.6
2018 58.5 54.3
2017 62.5 55.8
2016 61.9 58.8
2015 59.6 58.7
2014 59.4 60.4
2013 60.3 58.7
2012 61.9 58.3
2011 62.7 59.7
2010 62.2 58
2009 62.4 56.6
2008 61.4 56.2
2007 63.5 56.2
2006 60.7 56.8
2005 61.4 55
2004 62.4 54.9
2003 67.3 55.3
2002 65.1 59.6
2001 64.8 59.5
2000 66.7 62.8
1999 66.1 64.2
1998 66.1 62.7
1997 61.6 62.1
1996 - 59.6
1995 - 55.1

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/namibia/zambia | CC BY

The Economic Freedom Index for Namibia is 60.2, ranking 95/197, compared to 51.9 for Zambia, ranking 152/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Namibia Zambia
Services, % of GDP
54.5%
2024
57.2%
2024
Industry, % of GDP
28.9%
2024
35.2%
2024
Agriculture, forestry, and fishing, % of GDP
7.29%
2024
2.83%
2024
GNI, Atlas method
$12.8B
2024
$25.9B
2024
GNI per capita, PPP
$11,300
2024
$3,850
2024
Total reserves including gold
$3.36B
2024
$4.09B
2024
Total reserves ranking
115/177
2024
106/177
2024
Net foreign direct investment
-$1.93M
2024
-$1.32B
2024
Net inflows of foreign direct investment
$1.97B
2024
$2.36B
2024
Net outflows of foreign direct investment
$44.5M
2024
$311M
2024
Servicing debt to the IMF, % of GNI n/a
16.9%
2024
Poverty at national poverty lines
17.4%
2015
60%
2022
Gross capital formation, % of GDP
25.6%
2024
23.8%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/namibia/zambia | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. TradeMap (2024, retrieved 2026-02-08)
  6. International Monetary Fund (IMF) | Public Finances in Modern History (1990–1992, retrieved 2026-02-20)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.