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
ranks among the 10 largest in the world; and a modern infrastructure
supporting an efficient distribution of goods to major urban centers
throughout the region. However, growth has not been strong enough to
lower South Africa's high unemployment rate; and daunting economic
problems remain from the apartheid era, especially poverty and lack
of economic empowerment among the disadvantaged groups. High crime
and HIV/AIDS infection rates also deter investment. South African
economic policy is fiscally conservative, but pragmatic, focusing on
targeting inflation and liberalizing trade as means to increase job
growth and household income.
GDP:
purchasing power parity - $427.7 billion (2002 est.)
GDP - real growth rate:
3% (2002 est.)
GDP - per capita:
purchasing power parity - $10,000 (2002 est.)
GDP - composition by sector:
agriculture: 4.4%
industry: 28.9%
services: 66.7% (2001)
Population below poverty line:
50% (2000 est.)
Household income or consumption by percentage share:
lowest 10%: 1.1%
highest 10%: 45.9% (1994)
Distribution of family income - Gini index:
59.3 (1993-94)
Inflation rate (consumer prices):
9.9% (2002 est.)
Labor force:
17 million economically active
Labor force - by occupation:
agriculture 30%, industry 25%, services 45% (1999 est.)
Unemployment rate:
37% (includes workers no longer looking for employment) (2001 est.)
Budget:
revenues: $22.6 billion
expenditures: $24.7 billion, including capital expenditures of $NA
billion (FY 02/03)
Industries:
mining (world's largest producer of platinum, gold, chromium),
automobile assembly, metalworking, machinery, textile, iron and
steel, chemicals, fertilizer, foodstuffs
Industrial production growth rate:
3% (2002 est.)
Electricity - production:
195.6 billion kWh (2001)
Electricity - production by source:
fossil fuel: 93.5%
hydro: 1.1%
other: 0% (2001)
nuclear: 5.5%
Electricity - consumption:
181.2 billion kWh (2001)
Electricity - exports:
6.91 billion kWh (2001)
Electricity - imports:
6.2 billion kWh (2001)
Oil - production:
196,200 bbl/day (2001 est.)
Oil - consumption:
460,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Oil - proved reserves:
7.84 million bbl (37257)
Natural gas - production:
1.8 billion cu m (2001 est.)
Natural gas - consumption:
1.8 billion cu m (2001 est.)
Natural gas - exports:
0 cu m (2001 est.)
Natural gas - imports:
0 cu m (2001 est.)
Natural gas - proved reserves:
14.16 million cu m (37257)
Agriculture - products:
corn, wheat, sugarcane, fruits, vegetables; beef, poultry, mutton,
wool, dairy products
Exports:
$31.8 billion f.o.b. (2002 est.)
Exports - commodities:
gold, diamonds, platinum, other metals and minerals, machinery and
equipment (1998 est.)
Exports - partners:
UK 12.8%, US 12.7%, Germany 9%, Japan 8.8%, Italy 5.8% (2002)
Imports:
$26.6 billion f.o.b. (2002 est.)
Imports - commodities:
machinery and equipment, chemicals, petroleum products, scientific
instruments, foodstuffs (2000 est.)
Imports - partners:
Germany 15.4%, US 9.4%, UK 9%, Saudi Arabia 6.9%, Japan 5.8%,
France 5%, China 4.9%, Iran 4.1% (2002)
Debt - external:
$24.7 billion (2002 est.)
Economic aid - recipient:
$487.5 million (2000)
Currency:
rand (ZAR)
Currency code:
ZAR
Exchange rates:
rand per US dollar - 10.54 (2002), 8.61 (2001), 6.94 (2000), 6.11
(1999), 5.53 (1998)
Fiscal year:
1 April - 31 March