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South Africa Economy 1996
Many of the white one-seventh of the South African population enjoy incomes,
material comforts, and health and educational standards equal to those of
Western Europe. In contrast, most of the remaining population suffers from
the poverty patterns of the Third World, including unemployment and lack of
job skills. The main strength of the economy lies in its rich mineral
resources, which provide two-thirds of exports. Economic developments for
the remainder of the 1990s will be driven largely by the new government's
attempts to improve black living conditions, to set the country on an
aggressive export-led growth path, and to cut back the enormous numbers of
unemployed. The economy in recent years has absorbed less than 5% of the
more than 300,000 workers entering the labor force annually. Local
economists estimate that the economy must grow between 5% and 6% in real
terms annually to absorb all of the new entrants, much less reduce the
accumulated total.
GDP - purchasing power parity - $194.3 billion (1994 est.)
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National product real growth rate:
-
National product per capita:
-
Inflation rate (consumer prices):
32.6% (1994 est.); an additional 11% underemployment
$34 billion, including capital expenditures of $2.5 billion (FY93/94 est.)
$25.3 billion (f.o.b., 1994)
gold 27%, other minerals and metals 20%-25%, food 5%, chemicals 3%
Italy, Japan, US, Germany, UK, other EU countries, Hong Kong
$21.4 billion (f.o.b., 1994)
machinery 32%, transport equipment 15%, chemicals 11%, oil, textiles,
scientific instruments
Germany, US, Japan, UK, Italy
growth rate NA%; accounts for about 40% of GDP
mining (world's largest producer of platinum, gold, chromium), automobile
assembly, metalworking, machinery, textile, iron and steel, chemical,
fertilizer, foodstuffs
accounts for about 5% of GDP and 30% of labor force; diversified
agriculture, with emphasis on livestock; products - cattle, poultry, sheep,
wool, milk, beef, corn, wheat, sugarcane, fruits, vegetables;
self-sufficient in food
transshipment center for heroin and cocaine; cocaine consumption on the
rise; world's largest market for illicit methaqualone, usually imported
illegally from India through various east African countries
many aid packages for the new government are still being prepared; current
aid pledges include US $600 million over 3 years; UK $150 million over 3
years; Australia $21 million over 3 years; Japan $1.3 billion over 2 years
rand (R) per US$1 - 3.5389 (January 1995), 3.5490 (1994), 3.2636 (1993),
2.8497 (1992), 2.7563 (1991), 2.5863 (1990)
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