Economy Of South Africa
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Economy overview
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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.
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GDP
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purchasing power parity - $456.7 billion (2004 est.)
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GDP - real growth rate
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1.9% (2004 est.)
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GDP - per capita
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purchasing power parity - $10,700 (2004 est.)
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GDP - composition by sector
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agriculture: 3.8%
industry: 31%
services: 65.2% (2004 est.)
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Investment gross fixed
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16% of GDP (2004 est.)
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Population below poverty line
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50% (2000 est.)
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Household income or consumption by percentage share
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lowest 10%: 1.1%
highest 10%: 45.9% (1994)
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Distribution of family income - Gini index
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59.3 (1993-94)
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Inflation rate consumer prices
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5.9% (2004 est.)
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Labor force
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16.35 million economically active (2004 est.)
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Labor force by occupation
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agriculture 30%, industry 25%, services 45% (1999 est.)
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Unemployment rate
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31% (includes workers no longer looking for employment) (2004 est.)
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Budget
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revenues: $37.48 billion
expenditures: $41.46 billion, including capital expenditures of $NA billion (2004 est.)
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Public debt
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38.2% of GDP (2004 est.)
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Agriculture products
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corn, wheat, sugarcane, fruits, vegetables; beef, poultry, mutton, wool, dairy products
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Industries
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mining (world's largest producer of platinum, gold, chromium), automobile assembly, metalworking, machinery, textile, iron and steel, chemicals, fertilizer, foodstuffs
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Industrial production growth rate
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5% (2004 est.)
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Electricity production
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195.6 billion kWh (2001)
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Electricity production by source
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fossil fuel: 93.5%
hydro: 1.1%
other: 0% (2001)
nuclear: 5.5%
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Electricity consumption
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181.2 billion kWh (2001)
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Electricity exports
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6.91 billion kWh (2001)
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Electricity imports
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6.2 billion kWh (2001)
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Oil production
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196,200 bbl/day (2001 est.)
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Oil consumption
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460,000 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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7.84 million bbl (1 January 2002)
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Natural gas production
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1.8 billion cu m (2001 est.)
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Natural gas consumption
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1.8 billion cu m (2001 est.)
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Natural gas exports
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0 cu m (2001 est.)
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Natural gas imports
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0 cu m (2001 est.)
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Natural gas proved reserves
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14.16 million cu m (1 January 2002)
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Current account balance
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$-1.234 billion (2004 est.)
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Exports
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$36.77 billion f.o.b. (2004 est.)
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Exports commodities
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gold, diamonds, platinum, other metals and minerals, machinery and equipment (1998 est.)
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Exports partners
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UK 12.6%, US 12.4%, Japan 9.2%, Germany 8.1%, China 4.7%, Italy 4.4% (2003)
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Imports
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$33.89 billion f.o.b. (2003 est.)
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Imports commodities
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machinery and equipment, chemicals, petroleum products, scientific instruments, foodstuffs (2000 est.)
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Imports partners
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Germany 16.6%, UK 8.5%, US 8.2%, Japan 5.9%, China 5.9%, Saudi Arabia 5.2%, France 5% (2003)
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Reserves of foreign exchange gold
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$7.972 billion (2004 est.)
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Debt external
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$25.9 billion (2004 est.)
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Economic aid recipient
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$487.5 million (2000)
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Currency
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rand (ZAR)
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Currency code
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ZAR
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Exchange rates
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rand per US dollar - 7.5648 (2003), 10.5407 (2002), 8.6092 (2001), 6.9398 (2000), 6.1095 (1999)
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Fiscal year
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1 April - 31 March
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This information was reproduced in part from the CIA World Fact book.
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