South Africa:
Economy

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Other pages in this profile of South Africa:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition 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 17th largest in the world; and modern infrastructure supporting an efficient distribution of goods to major urban centers throughout the region. Growth has been robust since 2004, as South Africa has reaped the benefits of macroeconomic stability and a global commodities boom. However, unemployment remains high and outdated infrastructure has constrained growth. At the end of 2007, South Africa began to experience an electricity crisis because state power supplier Eskom suffered supply problems with aged plants, necessitating "load-shedding" cuts 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 African economic policy is fiscally conservative but pragmatic, focusing on controlling inflation, maintaining a budget surplus, and using state-owned enterprises to deliver basic services to low-income areas as a means to increase job growth and household income.
GDP (purchasing power parity)	Definition - World rank and map $467.1 billion (2007 est.)
GDP (official exchange rate)	Definition $282.6 billion (2007 est.)
GDP - real growth rate	Definition - World rank and map 5.1% (2007 est.)
GDP - per capita	Definition - World rank and map $9,800 (2007 est.)
GDP - composition by sector	Definition agriculture: 3.2% industry: 31.3% services: 65.5% (2007 est.)
Labor force	Definition 20.49 million economically active (2007 est.)
Labor force - by occupation	Definition agriculture: 9% industry: 26% services: 65% (2007 est.)
Unemployment rate	Definition - World rank and map 24.3% (2007 est.)
Population below poverty line	Definition 50% (2000 est.)
Household income or consumption by percentage share	Definition lowest 10%: 1.4% highest 10%: 44.7% (2000)
Distribution of family income - Gini index	Definition - World rank and map 65 (2005)
Inflation rate (consumer prices)	Definition - World rank and map 7.1% (2007 est.)
Investment (gross fixed)	Definition - World rank and map 20.6% of GDP (2007 est.)
Budget	Definition revenues: $68.2 billion expenditures: $66.7 billion (2007 est.)
Public debt	Definition - World rank and map 31.3% of GDP (2007 est.)
Agriculture - products	Definition corn, wheat, sugarcane, fruits, vegetables; beef, poultry, mutton, wool, dairy products
Industries	Definition 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	Definition - World rank and map 4.4% (2007 est.)
Electricity - production	Definition - World rank and map 264 billion kWh (2007)
Electricity - consumption	Definition - World rank and map 241.4 billion kWh (2007)
Electricity - consumption per capita	Definition - World rank and map 5,513.2 kWh (2007)
Electricity - exports	Definition 13.42 billion kWh (2005)
Electricity - imports	Definition 11.32 billion kWh (2007)
Oil - production	Definition - World rank and map 200,000 bbl/day (2006 est.)
Oil - consumption	Definition - World rank and map 519,000 bbl/day (2006 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 11.9 bbl/day (2006 est.)
Oil - exports	Definition - World rank and map 217,700 bbl/day (2004)
Oil - imports	Definition - World rank and map 319,000 bbl/day (2006 est.)
Oil - proved reserves	Definition - World rank and map 15 million bbl (1 January 2007 est.)
Natural gas - production	Definition - World rank and map 2.11 billion cu m (2005 est.)
Natural gas - consumption	Definition - World rank and map 2.11 billion cu m (2005 est.)
Natural gas - consumption per capita	Definition - World rank and map 48 cu m (2005 est.)
Natural gas - exports	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - imports	Definition - World rank and map 0 cu m (2005)
Natural gas - proved reserves	Definition - World rank and map 27.16 million cu m (1 January 2006 est.)
Current account balance	Definition - World rank and map -$20.56 billion (2007 est.)
Exports	Definition - World rank and map $76.27 billion f.o.b. (2007 est.)
Exports - commodities	Definition gold, diamonds, platinum, other metals and minerals, machinery and equipment
Exports - partners	Definition US 12.1%, Japan 10.1%, China 8.6%, UK 8.4%, Germany 6.5%, Italy 4.9% (2006)
Imports	Definition - World rank and map $82.12 billion f.o.b. (2007 est.)
Imports - commodities	Definition machinery and equipment, chemicals, petroleum products, scientific instruments, foodstuffs
Imports - partners	Definition Germany 12.2%, China 9.5%, US 6.9%, Japan 5.8%, Saudi Arabia 5.4%, UK 5.3%, Iran 4.1% (2006)
Reserves of foreign exchange and gold	Definition - World rank and map $32.98 billion (31 December 2007)
Debt - external	Definition - World rank and map $39.71 billion (31 December 2007)
Stock of direct foreign investment - at home	Definition $93.47 billion (2007 est.)
Stock of direct foreign investment - abroad	Definition $53.93 billion (2007 est.)
Market value of publicly traded shares	Definition $842 billion (January 2008)
Economic aid - recipient	Definition $700 million (2005)
Currency (code)	Definition rand (ZAR)
Exchange rates	Definition rand per US dollar - 7.05 (2007), 6.7649 (2006), 6.3593 (2005), 6.4597 (2004), 7.5648 (2003)
Fiscal year	Definition 1 April - 31 March

South Africa: Economy

South Africa:
Economy