Page last updated on February 5, 2013
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. 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 an electricity crisis and the subsequent global financial crisis' impact on commodity prices and demand. GDP fell nearly 2% in 2009 but recovered in 2010-12. Unemployment remains high, at nearly one-quarter of the work force, and outdated infrastructure has constrained growth. State power supplier Eskom encountered problems with aging plants and meeting electricity demand necessitating "load-shedding" cuts in 2007 and 2008 to residents and businesses in the major cities. 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 economic policy focuses on controlling inflation, however, the country has had significant budget deficits that hamper its ability to deal with pressing economic problems. The current government 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.
GDP (purchasing power parity):
$578.6 billion (2012 est.)
country comparison to the world: 26
$564 billion (2011 est.)
$546.9 billion (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP country ranks ]
GDP (official exchange rate):
$390.9 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
2.6% (2012 est.)
country comparison to the world: 126
3.1% (2011 est.)
2.9% (2010 est.)
[see also:
GDP - real growth rate country ranks ]
GDP - per capita:
$11,300 (2012 est.)
country comparison to the world: 107
$11,100 (2011 est.)
$10,900 (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP - per capita country ranks ]
GDP - composition by sector:
agriculture: 2.4%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
32.1%
services:
64.9% (2012 est.)
Labor force:
17.89 million (2012 est.)
country comparison to the world: 35
[see also: Labor force country ranks ]
Labor force - by occupation:
agriculture: 9%
[see also: Labor force - by occupation - agriculture country ranks ]
industry:
26%
services:
65% (2007 est.)
Unemployment rate:
24.4% (2012 est.)
country comparison to the world: 170
24.9% (2011 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%: 1.2%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
51.7% (2009 est.)
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):
19.5% of GDP (2012 est.)
country comparison to the world: 107
[see also: Investment (gross fixed) country ranks ]
Budget:
revenues: $95.27 billion
[see also: Budget revenues country ranks ]
expenditures:
$116.5 billion (2012 est.)
Taxes and other revenues:
24.4% of GDP (2012 est.)
country comparison to the world: 130
[see also: Taxes and other revenues country ranks ]
Budget surplus (+) or deficit (-):
-5.4% of GDP (2012 est.)
country comparison to the world: 164
[see also: Budget surplus (+) or deficit (-) country ranks ]
Public debt:
43.3% of GDP (2012 est.)
country comparison to the world: 81
38.6% of GDP (2011 est.)
[see also:
Public debt country ranks ]
Inflation rate (consumer prices):
5.2% (2012 est.)
country comparison to the world: 143
5% (2011 est.)
[see also:
Inflation rate (consumer prices) country ranks ]
Central bank discount rate:
7% (31 December 2009)
country comparison to the world: 18
11.5% (31 December 2008)
[see also:
Central bank discount rate country ranks ]
Commercial bank prime lending rate:
8.8% (31 December 2012 est.)
country comparison to the world: 104
9% (31 December 2011 est.)
[see also:
Commercial bank prime lending rate country ranks ]
Stock of narrow money:
$117 billion (31 December 2012 est.)
country comparison to the world: 32
$117.3 billion (31 December 2011 est.)
[see also:
Stock of narrow money country ranks ]
Stock of broad money:
$277 billion (31 December 2011 est.)
country comparison to the world: 35
$314.1 billion (31 December 2010 est.)
[see also:
Stock of broad money country ranks ]
Stock of domestic credit:
$287.9 billion (31 December 2012 est.)
country comparison to the world: 36
$284.7 billion (31 December 2011 est.)
[see also:
Stock of domestic credit country ranks ]
Market value of publicly traded shares:
$855.7 billion (31 December 2011)
country comparison to the world: 16
$1.013 trillion (31 December 2010)
$704.8 billion (31 December 2009)
[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:
2.5% (2011 est.)
country comparison to the world: 115
[see also: Industrial production growth rate country ranks ]
Current account balance:
-$21.33 billion (2012 est.)
country comparison to the world: 183
-$13.68 billion (2011 est.)
[see also:
Current account balance country ranks ]
Exports:
$101.2 billion (2012 est.)
country comparison to the world: 40
$102.9 billion (2011 est.)
[see also:
Exports country ranks ]
Exports - commodities:
gold, diamonds, platinum, other metals and minerals, machinery and equipment
Exports - partners:
China 12.7%, US 8.6%, Japan 7.9%, Germany 6%, UK 4.1% (2011)
Imports:
$106.8 billion (2012 est.)
country comparison to the world: 34
$100.4 billion (2011 est.)
[see also:
Imports country ranks ]
Imports - commodities:
machinery and equipment, chemicals, petroleum products, scientific instruments, foodstuffs
Imports - partners:
China 14.3%, Germany 10.7%, US 8%, Japan 4.7%, Saudi Arabia 4.5%, India 4%, UK 4% (2011)
Reserves of foreign exchange and gold:
$54.98 billion (31 December 2012 est.)
country comparison to the world: 32
