A national forest inventory completed in 2004 enabled the development of preliminary forest resource accounts for Namibia. The total woody resources volume was estimated at 257 million m3. Forest products used for fuel, poles, timber and non-timber were included in the accounts, but charcoal production on private land was excluded. Forest use directly contributed some 3 per cent of the gross national product, N$1 billion (US$160 million), and the total direct and indirect economic impact of forest use in the broader economy was some N$1.8 billion (US$288 million). The standing forest assets had an estimated capital value of N$19 billion (US$304 million), comparable with the values for fish, minerals and wildlife. On a national level, stocks are underused. However, some localised over-harvesting occurs, which might be ameliorated through community forest management and trade in products, but capture of resource rent by government should be restricted to commercial forest use.