Economy of South Africa

Economy of South Africa

Johannesburg, the economic capital of South Africa
Fiscal year	1 April – 31 March (government); 1 March – 28/29 February (corporate & private)
Trade organizations	WTO, G-20, SACU and others
Statistics
GDP	$323.809 billion (2015 est.) (nominal; 35th) $725.004 billion (2015 est.) (PPP; 30th)
GDP rank	35th (nominal) / 30th (PPP)
GDP growth	1.6% (2014), 1.3% (2015), 0.4% (2016e), 1.1% (2017f)
GDP per capita	$5,902 (2015) (nominal; 88th) $13,215 (2015 est.) (PPP; 90th)
GDP by sector	agriculture 2.5%, industry 31.6%, services 65.9% (2011 est.)
Inflation (CPI)	4.4% (January 2015)
Population below poverty line	26.2% (2011 est.)
Labour force	20.994 million (Q1, 2015 est.)
Labour force by occupation	agriculture: 9%, industry: 26%, services: 65% (2007 est.)
Unemployment	27.1% (Q3 2016)
Main industries	mining (world's largest producer of platinum), gold, chromium, automobile assembly, metalworking, machinery, textiles, iron and steel, chemicals, fertiliser, foodstuffs, commercial ship repair
Ease-of-doing-business rank	74th (2017)
External
Exports	$91.047 billion (2014 est.) World Trade Organization (WTO)
Export goods	gold, diamonds, platinum, other metals and minerals, machinery and equipment
Main export partners	China 14.5%  United States 7.9%  Japan 5.7%  Germany 5.5%  India 4.5%  United Kingdom 4.1% (2012 est.)
Imports	$121.940 billion (2014 est.) World Trade Organization (WTO)
Import goods	machinery and equipment, chemicals, petroleum products, scientific instruments, foodstuffs
Main import partners	China 14.9%  Germany 10.1%  United States 7.3%  Saudi Arabia 7.2%  India 4.6%  Japan 4.5% (2012 est.)
FDI stock	$73.6 billion (31 December 2011 est.)
Gross external debt	$47.66 billion (31 December 2011 est.)
Public finances
Public debt	43.3% of GDP (2012 est.)
Revenues	$95.27 billion (2012 est.)
Expenses	$116.5 billion (2012 est.)
Economic aid	ODA $19 billion, 0.2% of GDP (2004)
Credit rating	Standard & Poor's: BBB+ (Domestic) BBB- (Foreign) BBB+ (T&C Assessment) Outlook: Stable Moody's: A3 Outlook: Stable Fitch: BBB+ Outlook: Stable
Foreign reserves	$54.98 billion (31 December 2012 est.)
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars.

$323.809 billion (2015 est.) (nominal; 35th)

$5,902 (2015) (nominal; 88th)

The economy of South Africa is the second largest in Africa, after Nigeria. South Africa accounts for 24 percent of Africa's gross domestic product (PPP), and it is ranked as an upper-middle-income economy by the World Bank – one of only four such countries in Africa (alongside Botswana, Gabon and Mauritius). Since 1996, at the end of over twelve years of international sanctions, South Africa's Gross Domestic Product has almost tripled to $400 billion, and foreign exchange reserves have increased from $3 billion to nearly $50 billion creating a diversified economy with a growing and sizable middle class, within two decades of establishing democracy and ending apartheid. High levels of unemployment, income inequality, growing public debt, political mismanagement, low levels of education, reliable access to electricity, and crime are all serious problems that have negatively impacted the South African economy. In 2016 the top five challenges to doing business in the country were inefficient government bureaucracy, restrictive labour regulations, a shortage of educated workers, political instability, and corruption, whilst the country's strong banking sector was rated as a strongly positive feature of the economy. The nation is amongst the G-20, and is the only African member of the group.

The formal economy of South Africa has its beginnings in the arrival of Dutch settlers in 1652, originally sent by the Dutch East India Company to establish a provisioning station for passing ships. As the colony increased in size, with the arrival of French Huguenots and German citizens, some of the colonists were set free to pursue commercial farming, leading to the dominance of agriculture in the economy.