Overview: 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, lack of job skills, and barriers to movement into higher-paying fields. Inputs and outputs thus do not move smoothly into the most productive employments, and the effectiveness of the market is further lowered by international constraints on dealings with South Africa. The main strength of the economy lies in its rich mineral resources, which provide two-thirds of exports. Average growth of 2% in output in recent years falls far short of the level needed to cut into the high unemployment level.

GDP: $83.5 billion, per capita $2,380; real growth rate 3.2% (1988)

Inflation rate (consumer prices): 14.67% (1989)

Unemployment rate: 22% (1988); blacks 25-30%, up to 50% in homelands (1988 est.)

Budget: revenues $24.3 billion; expenditures $27.3 billion, including capital expenditures of $NA billion (FY91)

Exports: $21.5 billion (f.o.b., 1988 est.); commodities--gold 40%, minerals and metals 23%, food 6%, chemicals 3%; partners--FRG, Japan, UK, US, other EC, Hong Kong

Imports: $18.5 billion (c.i.f., 1989 est.); commodities--machinery 27%, chemicals 11%, vehicles and aircraft 11%, textiles, scientific instruments, base metals; partners--US, FRG, Japan, UK, France, Italy, Switzerland

External debt: $21.2 billion (1988 est.)

Industrial production: growth rate 5.6% (1988)

Electricity: 34,941,000 kW capacity; 158,000 million kWh produced, 4,100 kWh per capita (1989)

Industries: mining (world's largest producer of diamonds, gold, chrome), automobile assembly, metalworking, machinery, textile, iron and steel, chemical, fertilizer, foodstuffs

Agriculture: accounts for 6% 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

Aid: NA

Currency: rand (plural--rand); 1 rand (R) = 100 cents

Exchange rates: rand (R) per US$1--2.5555 (January 1990), 2.6166 (1989), 2.2611 (1988), 2.0350 (1987), 2.2685 (1986), 2.1911 (1985)

Fiscal year: 1 April-31 March

NOTE: The information regarding South Africa on this page is re-published from the 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of South Africa Economy 1990 information contained here. All suggestions for corrections of any errors about South Africa Economy 1990 should be addressed to the CIA.