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- Economy_of_South_Africa abstract "The economy of South Africa is the largest in Africa ahead of Nigeria, it accounts for 24% of its gross domestic product in terms of purchasing power parity, and is ranked as an upper-middle income economy by the World Bank; this makes the country one of only four countries in Africa in this category (the others being Botswana, Gabon and Mauritius). Since 1996, at the end of over twelve years of international sanctions, South Africa's Gross Domestic Product has since almost tripled to $400 billion, and foreign exchange reserves have increased from $3 billion to nearly $50 billion; creating a growing and sizable African middle class, within two decades of establishing democracy and ending apartheid.According to official estimates, a quarter of the population is unemployed, According to a 2013 Goldman Sachs report, that number increases to 35% when including people who have given up looking for work. A quarter of South Africans live on less than US $1.25 a day.South Africa has a comparative advantage in the production of agriculture, mining and manufacturing products relating to these sectors. South Africa has shifted from a primary and secondary economy in the mid-twentieth century to an economy driven primarily by the tertiary sector in the present day which accounts for an estimated 65% of GDP or $230 billion in nominal GDP terms. 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, transportation, and wholesale and retail trade.The unemployment rate is very high, at more than 25%, and the poor have limited access to economic opportunities and basic services. Poverty also remains a major problem. In 2002, according to one estimate, 62% of Black Africans, 29% of Coloureds, 11% of Asians, and 4% of Whites lived in poverty.The high levels of unemployment and inequality are considered by the government and most South Africans to be the most salient economic problems facing the country. These issues, and others linked to them such as crime, have in turn hurt investment and growth, consequently having a negative feedback effect on employment. Crime is considered a major or very severe constraint on investment by 30% of enterprises in South Africa, putting crime among the four most frequently mentioned constraints.South Africa, unlike other emerging markets, has struggled through the late 2000s recession, and the recovery has been largely led by private and public consumption growth, while export volumes and private investment have yet to fully recover. The long-term potential growth rate of South Africa under the current policy environment has been estimated at 3.5%. Per capita GDP growth has proved mediocre, though improving, growing by 1.6% a year from 1994 to 2009, and by 2.2% over the 2000–09 decade, compared to world growth of 3.1% over the same period.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.At the end of the 18th century, the British gained control of the colony. This led to the Great Trek, spreading farming deeper into the mainland, as well as the establishment of the independent Boer Republics of Transvaal and the Orange Free State.In 1870 diamonds were discovered in Kimberley, while in 1886 some of the world's largest gold deposits were discovered in the Witwatersrand region of Transvaal, quickly transforming the economy into a resource-dominated one. The British gained control as a result of the Boer War. The country also entered a period of industrialisation during this time, including the organisation of the first South African trade unions.The country soon started putting laws distinguishing between different races in place. In 1948 the National Party won the national elections, and immediately started implementing an even stricter race-based policy named Apartheid, effectively dividing the economy into a privileged white one, and an impoverished black one. The policy was widely criticised and led to crippling sanctions being placed against the country in the 1980s.South Africa held its first multi-racial elections in 1994, leaving the newly elected African National Congress (ANC) government the daunting task of trying to restore order to an economy harmed by sanctions, while also integrating the previously disadvantaged segment of the population into it. The 1994 government inherited an economy wracked by long years of internal conflict and external sanctions.The government refrained from resorting to economic populism. Inflation was brought down, public finances were stabilised, and some foreign capital was attracted. However, growth was still subpar. At the start of 2000, then President Thabo Mbeki vowed to promote economic growth and foreign investment by relaxing restrictive labour laws, stepping up the pace of privatisation, and cutting unneeded governmental spending. His policies face strong opposition from organised labour. From 2004 onward economic growth picked up significantly; both employment and capital formation increased.In April 2009, amid fears that South Africa would soon join much of the rest of the world in the late-2000s recession, Reserve Bank Governor Tito Mboweni and Finance Minister Trevor Manuel differed on the matter: whereas Manuel foresaw a quarter of economic growth, Mboweni predicted further decline: "technically," he said, "that's a recession." In 2009 the Nobel Prize winning economist Joseph Stiglitz warned South Africa that inflation targeting should be a secondary concern amid the global financial crisis of 2007–2009.".
- Economy_of_South_Africa thumbnail Johannesburg_CBD.jpg?width=300.
- Economy_of_South_Africa wikiPageExternalLink Summary.
- Economy_of_South_Africa wikiPageExternalLink sddsdata?openagent.
- Economy_of_South_Africa wikiPageExternalLink www.statssa.gov.za.
- Economy_of_South_Africa wikiPageExternalLink www.taxlibrary.co.za.
- Economy_of_South_Africa wikiPageID "27372".
- Economy_of_South_Africa wikiPageRevisionID "606658462".
- Economy_of_South_Africa aid "ODA $19 billion, 0.2% of GDP".
- Economy_of_South_Africa caption "Johannesburg, the economic capital of South Africa".
- Economy_of_South_Africa cashMoney South_African_rand.
- Economy_of_South_Africa cianame "sf".
- Economy_of_South_Africa country "South Africa".
- Economy_of_South_Africa credit "*Standard & Poor's:".
- Economy_of_South_Africa credit "A".
- Economy_of_South_Africa credit "A3".
- Economy_of_South_Africa credit "BBB+".
- Economy_of_South_Africa credit "Outlook: Stable *Fitch:".
- Economy_of_South_Africa credit "Outlook: Stable *Moody's:".
- Economy_of_South_Africa credit "Outlook: Stable".
- Economy_of_South_Africa debt "43.3".
- Economy_of_South_Africa edbr "39".
- Economy_of_South_Africa expenses "1.165E11".
- Economy_of_South_Africa exportGoods "gold, diamonds, platinum, other metals and minerals, machinery and equipment".
- Economy_of_South_Africa exportPartners "14.5".
- Economy_of_South_Africa exportPartners "4.1".
- Economy_of_South_Africa exportPartners "4.5".
- Economy_of_South_Africa exportPartners "5.5".
- Economy_of_South_Africa exportPartners "5.7".
- Economy_of_South_Africa exportPartners "7.9".
- Economy_of_South_Africa exports "1.012E11".
- Economy_of_South_Africa fdi "7.36E10".
- Economy_of_South_Africa gdp "$390.9 billion $585.6 billion".
- Economy_of_South_Africa grossExternalDebt "4.766E10".
- Economy_of_South_Africa growth "+2.6%".
- Economy_of_South_Africa hasPhotoCollection Economy_of_South_Africa.
- Economy_of_South_Africa importGoods "machinery and equipment, chemicals, petroleum products, scientific instruments, foodstuffs".
- Economy_of_South_Africa importPartners "10.1".
- Economy_of_South_Africa importPartners "14.9".
- Economy_of_South_Africa importPartners "4.5".
- Economy_of_South_Africa importPartners "4.6".
- Economy_of_South_Africa importPartners "7.2".
- Economy_of_South_Africa importPartners "7.3".
- Economy_of_South_Africa imports "1.068E11".
- Economy_of_South_Africa industries "mining , gold, chromium, automobile assembly, metalworking, machinery, textiles, iron and steel, chemicals, fertiliser, foodstuffs, commercial ship repair".
- Economy_of_South_Africa inflation "5.0".
- Economy_of_South_Africa labour "17890000".
- Economy_of_South_Africa occupations "agriculture: 9%, industry: 26%, services: 65%".
- Economy_of_South_Africa organs "WTO, G-20, SACU and others".
- Economy_of_South_Africa perCapita "$8,078 $11,035".
- Economy_of_South_Africa poverty "31.3".
- Economy_of_South_Africa rank "28".
- Economy_of_South_Africa reserves "5.498E10".
- Economy_of_South_Africa revenue "9.527E10".
- Economy_of_South_Africa sectors "agriculture 2.5%, industry 31.6%, services 65.9%".
- Economy_of_South_Africa spelling "Oxford".
- Economy_of_South_Africa unemployment "25.2".
- Economy_of_South_Africa width "270".
- Economy_of_South_Africa year "--04-01".
- Economy_of_South_Africa subject Category:African_Union_member_economies.
- Economy_of_South_Africa subject Category:Economy_of_South_Africa.
- Economy_of_South_Africa subject Category:World_Trade_Organization_member_economies.
- Economy_of_South_Africa comment "The economy of South Africa is the largest in Africa ahead of Nigeria, it accounts for 24% of its gross domestic product in terms of purchasing power parity, and is ranked as an upper-middle income economy by the World Bank; this makes the country one of only four countries in Africa in this category (the others being Botswana, Gabon and Mauritius).".
- Economy_of_South_Africa label "Economia da África do Sul".
- Economy_of_South_Africa label "Economy of South Africa".
- Economy_of_South_Africa label "Economía de Sudáfrica".
- Economy_of_South_Africa label "Gospodarka Republiki Południowej Afryki".
- Economy_of_South_Africa label "Wirtschaft Südafrikas".
- Economy_of_South_Africa label "Économie de l'Afrique du Sud".
- Economy_of_South_Africa label "Экономика Южно-Африканской Республики".
- Economy_of_South_Africa sameAs Wirtschaft_Südafrikas.
- Economy_of_South_Africa sameAs Economía_de_Sudáfrica.
- Economy_of_South_Africa sameAs Économie_de_l'Afrique_du_Sud.
- Economy_of_South_Africa sameAs Gospodarka_Republiki_Południowej_Afryki.
- Economy_of_South_Africa sameAs Economia_da_África_do_Sul.
- Economy_of_South_Africa sameAs Q944487.
- Economy_of_South_Africa sameAs Q944487.
- Economy_of_South_Africa wasDerivedFrom Economy_of_South_Africa?oldid=606658462.
- Economy_of_South_Africa depiction Johannesburg_CBD.jpg.
- Economy_of_South_Africa homepage www.statssa.gov.za.
- Economy_of_South_Africa isPrimaryTopicOf Economy_of_South_Africa.