The principal occupations are livestock raising (primarily cattle, Karakul sheep, and goats), and subsistence agriculture, which, because of scanty rainfall, is largely confined to the north. Gross domestic product (GDP) in 1999 was $3.1 billion, or $1,810 per person. Industry, principally mining, contributes the largest portion of the GDP, 33 percent in 1999. Namibia has some of the richest diamond fields in the world. Nearly all diamonds extracted are of gem quality. Gem-quality diamond output in 1999 was 2 million carats. Other important mineral products include uranium, copper, tin, lead, silver, vanadium, tungsten, and salt. The waters off Namibia’s coast are rich in marine life, which thrives in the cold waters of the Benguela Current. Because of overfishing, the catch has dropped since the early 1970s; the catch in 1997 was 291,164 metric tons. Mackerel, pilchard, hakes, and anchovies were the principal species caught.

Nominally Namibia is a lower-middle-income economy with a per capita gross domestic product (GDP) that is significantly above average for countries in sub-Saharan Africa. But that summary is misleading. Only one-quarter of all Namibians and only one-sixth of black Namibians have adequate incomes; up to two-thirds live in abject poverty with limited access to public services. Economic growth remains problematic because of a shrinking productive sector, lack of capital stock, and severe world market problems for base metals and uranium oxide. Furthermore, the prudent fiscal policy instituted by the government after independence means that, unless foreign assistance commitments rapidly turn into large actual inflows and private external investment in mining, manufacturing, and fishing emerges, the one segment of the GDP that grew rapidly in the 1980s will decline. Superimposed on these factors are near-stagnant wage employment and the collapse of the local economy that arose owing to the presence of South African troops and, later, UNTAG units in the northern towns.

The economy is heavily dependent on the extraction and processing of minerals for export. Mining accounts for 20% of GDP. Namibia is the fourth-largest exporter of nonfuel minerals in Africa and the world's fifth-largest producer of uranium. Rich alluvial diamond deposits make Namibia a primary source for gem-quality diamonds. Namibia also produces large quantities of lead, zinc, tin, silver, and tungsten. Half of the population depends on agriculture (largely subsistence agriculture) for its livelihood. Namibia must import some of its food. Although per capita GDP is four times the per capita GDP of Africa's poorer countries, the majority of Namibia's people live in pronounced poverty because of large-scale unemployment, the great inequality of income distribution, and the large amount of wealth going to foreigners. The Namibian economy has close links to South Africa. GDP growth in 2000 was led by gains in the diamond and fish sectors. Agreement has been reached on the privatization of several more enterprises in coming years, which should stimulate long-run foreign investment. Growth in 2001 could be 5.5% provided the world economy remains stable.