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South Africa Economy 2011
https://theodora.com/wfb2011/south_africa/south_africa_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 12, 2011

Economy - overview:
South Africa is a middle-income, emerging market with an abundant supply of natural resources; well-developed financial, legal, communications, energy, and transport sectors; a stock exchange that is the 18th largest in the world; and modern infrastructure supporting a relatively efficient distribution of goods to major urban centers throughout the region. At the end of 2007, South Africa began to experience an electricity crisis. State power supplier Eskom encountered problems with aged plants, necessitating "load-shedding" cuts to residents and businesses in the major cities. Growth was robust from 2004 to 2007 as South Africa reaped the benefits of macroeconomic stability and a global commodities boom, but began to slow in the second half of 2007 due to the electricity crisis and the subsequent global financial crisis' impact on commodity prices and demand. GDP fell nearly 2% in 2009. Unemployment remains high and outdated infrastructure has constrained growth. Daunting economic problems remain from the apartheid era - especially poverty, lack of economic empowerment among the disadvantaged groups, and a shortage of public transportation. South Africa's former economic policy was fiscally conservative, focusing on controlling inflation, and attaining a budget surplus. The current government largely follows the same prudent policies, but must contend with the impact of the global crisis and is facing growing pressure from special interest groups to use state-owned enterprises to deliver basic services to low-income areas and to increase job growth. More than one-quarter of South Africa's population currently receives social grants.

GDP (purchasing power parity):
$527.5 billion (2010 est.)
country comparison to the world: 26

$512.2 billion (2009 est.)
$521.6 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$354.4 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3% (2010 est.)
country comparison to the world: 124

-1.8% (2009 est.)
3.7% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$10,700 (2010 est.)
country comparison to the world: 106

$10,400 (2009 est.)
$10,700 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 3%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 31.2%
[see also: GDP - composition by sector - industry country ranks ]
services: 65.8% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
17.32 million economically active (2009 est.)
country comparison to the world: 34
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 9%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 26%
[see also: Labor force - by occupation - industry country ranks ]
services: 65% (2007 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
23.3% (2010 est.)
country comparison to the world: 174

24% (2009 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
50% (2000 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.3%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 44.7% (2000)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
65 (2005)
country comparison to the world: 2

59.3 (1994)
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
19.9% of GDP (2009 est.)
country comparison to the world: 88
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $103.1 billion
[see also: Budget - revenues country ranks ]
expenditures: $126.2 billion (2009 est.)
[see also: Budget - expenditures country ranks ]

Public debt:
33.2% of GDP (2010 est.)
country comparison to the world: 85

29.7% of GDP (2009 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
4.5% (2010 est.)
country comparison to the world: 133

7.2% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
7% (31 December 2009)
country comparison to the world: 37

11.5% (31 December 2008)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
11.71% (31 December 2009 est.)
country comparison to the world: 44

15.13% (31 December 2008 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$65.87 billion (31 December 2010 est)

$52.04 billion (31 December 2009 est)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$256.2 billion (31 December 2010 est.)

$199.8 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$328.3 billion (31 December 2010 est.)
country comparison to the world: 32

$255.2 billion (31 December 2009 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$704.8 billion (31 December 2009)
country comparison to the world: 18

$491.3 billion (31 December 2008)
$833.5 billion (31 December 2007)
[see also: Market value of publicly traded shares country ranks ]

Agriculture - products:
corn, wheat, sugarcane, fruits, vegetables; beef, poultry, mutton, wool, dairy products

Industries:
mining (world's largest producer of platinum, gold, chromium), automobile assembly, metalworking, machinery, textiles, iron and steel, chemicals, fertilizer, foodstuffs, commercial ship repair

Industrial production growth rate:
3% (2009 est.)
country comparison to the world: 109
[see also: Industrial production growth rate country ranks ]

Electricity - production:
240.3 billion kWh (2007 est.)
country comparison to the world: 16
[see also: Electricity - production country ranks ]

Electricity - consumption:
215.1 billion kWh (2007 est.)
country comparison to the world: 17
[see also: Electricity - consumption country ranks ]

Electricity - exports:
14.16 billion kWh (2008 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
10.57 billion kWh (2008 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
191,000 bbl/day (2009 est.)
country comparison to the world: 43
[see also: Oil - production country ranks ]

Oil - consumption:
579,000 bbl/day (2009 est.)
country comparison to the world: 29
[see also: Oil - consumption country ranks ]

Oil - exports:
128,500 bbl/day (2007 est.)
country comparison to the world: 63
[see also: Oil - exports country ranks ]

Oil - imports:
490,500 bbl/day (2007 est.)
country comparison to the world: 26
[see also: Oil - imports country ranks ]

Oil - proved reserves:
15 million bbl (1 January 2010 est.)
country comparison to the world: 85
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
3.25 billion cu m (2008 est.)
country comparison to the world: 53
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
6.45 billion cu m (2008 est.)
country comparison to the world: 55
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2008 est.)
country comparison to the world: 121
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
3.2 billion cu m (2008 est.)
country comparison to the world: 40
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
27.16 million cu m (1 January 2006 est.)
country comparison to the world: 102
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
-$16.51 billion (2010 est.)
country comparison to the world: 178

-$11.3 billion (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$76.86 billion (2010 est.)
country comparison to the world: 38

$66.54 billion (2009 est.)
[see also: Exports country ranks ]

Exports - commodities:
gold, diamonds, platinum, other metals and minerals, machinery and equipment

Exports - partners:
China 10.34%, US 9.19%, Japan 7.59%, Germany 7.01%, UK 5.54%, Switzerland 4.72% (2009)

Imports:
$77.04 billion (2010 est.)
country comparison to the world: 36

$66.01 billion (2009 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, chemicals, petroleum products, scientific instruments, foodstuffs

Imports - partners:
China 17.21%, Germany 11.24%, US 7.38%, Saudi Arabia 4.87%, Japan 4.67%, Iran 3.95% (2009)

Reserves of foreign exchange and gold:
$45.52 billion (31 December 2010 est.)
country comparison to the world: 25

$39.68 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$80.52 billion (30 June 2010 est.)
country comparison to the world: 43

$73.84 billion (30 June 2009)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$83.08 billion (31 December 2010 est.)
country comparison to the world: 40

$73.61 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$53.38 billion (31 December 2010 est.)
country comparison to the world: 32

$51.58 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
rand (ZAR) per US dollar - 7.38 (2010), 8.4234 (2009), 7.9576 (2008), 7.05 (2007), 6.7649 (2006)


NOTE: The information regarding South Africa on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of South Africa Economy 2011 information contained here. All suggestions for corrections of any errors about South Africa Economy 2011 should be addressed to the CIA.



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