Labour costs are low, but not nearly as low as in most other emerging markets, and the cost of the transport, communications and general living is much higher. South Africa - Gross Domestic Product - Country Data Human Capital Flight: Stratification, Globalization, and the Challenges to Tertiary Education in Africa; South African Institute for Race Relations, South Africa Survey 2006/2007. The Trade and Development Agency also has been actively involved in funding feasibility studies and identifying investment opportunities in South Africa for U.S. businesses. List of South African provinces by gross domestic product Large component manufacturers with bases in the country are Arvin Exhaust, Bloxwitch, Corning and Senior Flexonics. Available: https://www.statista.com/statistics/370513/gross-domestic-product-gdp-in-south-africa/, South Africa: Gross domestic product (GDP) in current prices from 1988 to 2028, Immediate access to statistics, forecasts & reports, Gross domestic product (GDP) in South Africa 2028, Gross domestic product (GDP) growth rate in South Africa 2028, Forecast: revenue motor vehicle manufacture South Africa 2010-2020, Industry revenue of manufacture of parts and accessories for motor vehicles and their engines in South Africa 2011-2023, Industry revenue of manufacture of basic iron and steel in South Africa 2011-2023, Forecast: revenue plastic product manufacture South Africa 2010-2020, Industry revenue of manufacture of structural metal products in South Africa 2011-2023, Industry revenue of property owning and letting in South Africa 2011-2023, Industry revenue of business and management consultancy activities in South Africa 2011-2023, Industry revenue of architectural and engineering activities and related technical consultancy in South Africa 2011-2023, Industry revenue of restaurants, bars and canteens in South Africa 2011-2023, Industry revenue of hotels, camping sites and other provision of short-stay accommodation in South Africa 2011-2023, Industry revenue of retail sale of motor vehicles in South Africa 2011-2023, Industry revenue of retail trade in non-specialised stores with food, beverages and tobacco predominating in South Africa 2011-2023, Industry revenue of retail sale of automotive fuel in South Africa 2011-2023, Industry revenue of retail trade in textiles, clothing, footwear and leather goods in South Africa 2011-2023, Industry revenue of retail trade in food, beverages and tobacco in specialised stores in South Africa 2011-2023, Value of U.S. merchandise trade with South Africa 2000-2011, South Africa's number of people employed by gold mining 2011-2021, Income from supporting transport services in South Africa by type 2013-2016, Consumer spending in South Africa Q1 2016- Q3 2022, by quarter, Number of overnight tourists in South Africa from 2012 to 2021, Tourists to South Africa by leading non-African countries in 2021, Share of South African HIV positive respondents with internal stigma 2014, Pet food sales value in South Africa 2014-2016, Japanese outward FDI flows to South Africa 2012-2021, Year-on-year percentage change in freight payload in South Africa March-November 2019, Share of South African HIV positive who feared select stigma/discrimination 2014, Spirits market of South Africa: value 2006/2007-2014/2015, by category, Export of commodities from South Africa 2021, Value of leading imports to South Africa 2019, Year-on-year percentage change in freight income South Africa March-November 2019, PC keyboard market revenue in Kenya 2016-2021, Government integrity sub-score of Tunisia on the Economic Freedom Index 2000-2020, Industry revenue of wholesale of hides, skins and leather in Slovakia 2012-2025, Industry revenue of activities of employment placement agencies in Bulgaria 2012-2025, South Africa: Gross domestic product (GDP) in current prices from 1988 to 2028 (in billion U.S. dollars), Find your information in our database containing over 20,000 reports. [131] A scorecard is used by the department to measure compliance with the BEE requirements, and is used for public procurement, public-private partnerships, sale of state-owned enterprises, when licenses are applied for, and for any other relevant economic activity. The situation may have started to change however, with 2005 seeing the largest single FDI into South Africa when Barclays bought a majority share in local bank Absa Group Limited. Black Economic Empowerment policies have been credited with creating a class of Black South Africans with a level of wealth on the same order of magnitude as very rich White South Africans. South Africa GDP - Gross Domestic Product 2016 - countryeconomy.com . The results of the survey indicate that skilled Whites are strongly opposed to this policy and the arguments advanced in support of it, due to the negative impact it has had on South Africa. Gross domestic product (GDP) distribution across economic sectors South Africa 2021. South Africa also exported ZAR 30.3billion worth of auto components in 2006. 6 Richest Countries In Africa Today (Ranked) At any poverty line, blacks are very much poorer than coloureds, who are very much poorer than Indians, who are poorer than whites. Contact. South Africa Gross Domestic Product. [166] At present, blacks contribute some 50% of total government transfers, while receiving roughly 80%. The average GDP rate for the period March 1961 to June 2023 is 3.0%. [147][148], Some predictions show surface water supply could decrease by 60% by the year 2070 in parts of the Western Cape. "Greening Land and Agrarian Reform: A Case for Sustainable Agriculture", in. 55 of 1988 (aimed at promoting women's participation in mainly private sector jobs). Among the reasons cited for wishing to leave the country was the declining quality of life and high levels of crime. [112], In July 2014, amidst a national strike by 220,000 metalworkers, General Motors temporarily shut down its vehicle assembly plant, frustrating its plans to build 50,000 cars a year in the country. [50] Fitch Ratings followed suit on Friday 7 April 2017 and cut the country's credit status to the sub-investment grade of BBB-. and over 1Mio. The country's economy is reasonably diversified with key economic sectors including mining, agriculture and fisheries, vehicle manufacturing and assembly, food processing, clothing and textiles, telecommunication, energy, financial and business services, real estate, tourism, manufacturing, IT, transportation, and wholesale and retail trade. Other imports include chemicals, manufactured goods, and petroleum. Gross Domestic Product of South Africa grew 0.7% in 2016 compared to last year. GDP (PPP) means gross domestic product based on purchasing power parity.This article includes a list of countries by their forecast estimated GDP (PPP). [125], Refugees from poorer neighbouring countries include many immigrants from the Democratic Republic of the Congo, Mozambique, Zimbabwe, Malawi and others, representing a large portion of the informal sector. [150] This involves building new dams and ancillary infrastructure, and repairing existing infrastructure. After years of sub-standard maintenance and the South African government's inability to manage strategic resources, the state-owned power supplier Eskom started experiencing deficiency in capacity in the electrical generating and reticulation infrastructure in 2007. source: World Bank 10Y 25Y 50Y MAX Chart Compare Export API Embed South Africa GDP [138] UNFPA South Africa is one such promoter of these policies and programs. Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a specific time . [163] While only 29% of the absolute wealthiest[vague] South Africans are black, this jumps to 50% among the "entry-level" rich (defined as earning more than $4,000 per month). [74], The mining sector has a mix of privately owned and state-controlled mines, the latter including African Exploration Mining and Finance Corporation. South Africa: Gross domestic product (GDP) in current prices from 1988 to 2028 (in billion U.S. dollars) [Graph]. Rank Province . [73], In 2008, South Africa's estimated share of world platinum production amounted to 77%; kyanite and other materials, 55%; chromium, 45%; palladium, 39%; vermiculite, 39%; vanadium, 38%; zirconium, 30%; manganese, 21%; rutile, 20%; ilmenite, 19%; gold, 11%; fluorspar, 6%; aluminium, 2%; antimony, 2%; iron ore, 2%; nickel, 2%; and phosphate rock, 1%. See also: GDP per Capita As the colony increased in size, with the arrival of Huguenots and German colonists, some of the colonists were set free to pursue commercial farming, leading to the dominance of agriculture in the economy. Electricity theft is widespread. [85] The most important agricultural imports, which accounted for over 60% of agricultural import value during the same period, include: cereals, meat, soya-bean oil cake, beverages, soya-bean oil and its fractions, tobacco, palm oil and its fractions, miscellaneous food, spices, coffee, tea, and preserved food. These countries accounted for 75% (by volume) of recent skilled emigration with the UK receiving approximately half of annual skilled South African emigration from 1990 to 1996. (April 7, 2023). South Africa's economy grew by 4.6% in 2021 - Stats SA - Engineering News A country's gross domestic product (GDP) at purchasing power parity (PPP) per capita is the PPP value of all final goods and services produced within an economy in a given year, divided by the average (or mid-year) population for the same year. South Africa GDP Growth Rate 2023 Data - 2024 Forecast - TRADING ECONOMICS The gross domestic product per capita in South Africa was forecast to continuously increase between 2023 and 2028 by in total 575.2 U.S. dollars (+8.87 percent). [113] In the third quarter of 2010, 29.80% of blacks were recorded as unemployed, compared with 22.30% of Coloureds, 8.60 of Asians and 5.10% of Whites. The Gross Domestic Product (GDP) in Zimbabwe was worth 20.68 billion US dollars in 2022, according to official data from the World Bank. Machinery and transportation equipment make up more than one-third of the value of the country's imports. [69] It was the world's 12th largest producer of uranium in 2018.[70]. List of countries by GDP (PPP) per capita - Wikipedia In September 2010, over one-third of South Africa's workforce were out of work, and so were more than half of blacks aged 1534, three times the level than Whites. [102] A study commissioned by the African National Congress recommended against the policy, saying nationalisation would be an "economic disaster. South Africa's GDP expands in fourth-quarter but records big annual [151][153] In 2002, according to one estimate, 62% of Black Africans, 29% of Coloureds, 11% of Asians, and 4% of Whites lived in poverty. Not uncommon in Africa, gender equality seems to be a very cogent problem in the South African workforce. Vehicle exports were in the region of 170,000 units in 2007, exported mainly to Japan (about 29% of the value of total exports), Australia (20%), the UK (12%) and the US (11%). List of African countries. South Africa - Gross domestic product (GDP) per capita 2028 The figures presented here do not take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the exchange rates of the country's currency. [117], Some experts contend that higher wages negotiated by politically powerful trade unions have suppressed job growth.