south africa gross domestic product

The supplier and the South African government has been widely criticised for failing to adequately plan for and construct sufficient electrical generating capacity,[144] although ultimately the government has admitted that it was at fault for refusing to approve funding for investment in infrastructure. Please create an employee account to be able to mark statistics as favorites. South Africa is a popular tourist destination, with around 860,000 arrivals per month (March 2008) of which around 210,000 is from outside the African continent. Real gross domestic product (measured by production) increased by 3,1% in the second quarter of 2019, following a decrease of 3,1% in the first quarter of 2019. and over 1Mio. [89] Companies producing in South Africa can take advantage of the low production costs and the access to new markets as a result of trade agreements with the European Union and the Southern African Development Community.[89]. South Africa is one of the world's leading mining and mineral-processing countries. [5] On the whole, PPP per capita figures are more narrowly spread than nominal GDP per capita figures.[6]. [124], In a case of reverse brain drain a net 359,000 high-skilled South Africans have returned to South Africa from foreign work assignments over a five-year period from 2008 to 2013. [131], The government's Black Economic Empowerment policies have drawn criticism from the Development Bank of Southern Africa for focusing "almost exclusively on promoting individual ownership by black people (which) does little to address broader economic disparities, though the rich may become more diverse." 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. The Gross Domestic Product (GDP) in South Africa was worth 405.87 billion US dollars in 2022, according to official data from the World Bank. Data on South Africa across agriculture,development,economy,education,energy,environment,finance,government,health,innovation and technology,jobs,society. The report notes, however, that the region's assessment has improved slowly since 1980. [111] Unemployment has increased substantially since the African National Congress came to power in 1994, increasing from 15.6% in 1995 to 30.3% in 2001. [111] The unemployment rate has fuelled crime, inequality and social unrest. [Online]. Current Price Gross Domestic Product in South Africa Rand, Quarterly, Seasonally Adjusted Q1 1960 to Q4 2022 (Apr 20) Nominal Gross Domestic Product for South Africa Domestic Currency, Quarterly Not Seasonally Adjusted Q1 1993 to Q1 2023 (Jun 26) Seasonally Adjusted Q1 1993 to Q1 2023 (Jun 26) [116] There is some evidence that households view paid employment and social grants as substitutes at the margin: households that lose a pension-eligible member subsequently report increased labour force participation. 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. The number of South Africans living below the poverty line, identified according to Apartheid-era social categories, was calculated in one study as 56% "black", 27% "coloured", 9% "Indian", and 2% "white". South Africa: Distribution of gross domestic product (GDP) across economic sectors from 2011 to 2021 Share of GDP Agriculture Industry Services 2011 2012 2013 2014 2015 2016 2017 2018. Nigeria GDP Summary Forecast Stats Download The Gross Domestic Product (GDP) in Nigeria was worth 477.39 billion US dollars in 2022, according to official data from the World Bank. [78] The sector continues to face problems, with increased foreign competition and crime being two of the major challenges for the industry. The South African Local Economic Development Network values the informal economy at 28% of SA's GDP. [166] At present, blacks contribute some 50% of total government transfers, while receiving roughly 80%. Some proposals have included wage subsidies for people being trained, a minimum wage differentiated by age, and extended periods of probation for young workers. Gross Domestic Product by Expenditure in Constant Prices: Private Final Consumption Expenditure for South Africa. "South Africa: Gross domestic product (GDP) in current prices from 1988 to 2028 (in billion U.S. [171] It pays a maximum of R1,780 (as of July 2019)[172] to people who reach pension age without access to private pensions. 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. GDP by Country Latest official GDP figures published by the World Bank. . Telkom assumed an obligation to facilitate network modernisation and expansion into the unserved areas. This was acknowledged in 2010 by Deputy President Kgalema Motlanthe, at the first meeting of the BEE Advisory Council, when he said, "The story of black economic empowerment in the last 15 years has been a story dominated by a few individuals benefiting a lot." The Gross Domestic Product (GDP) in Zimbabwe was worth 20.68 billion US dollars in 2022, according to official data from the World Bank. 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. [108] The poorest have limited access to economic opportunities and basic services. Furthermore, the government's affirmative action policy was identified as another factor influencing the emigration of skilled White South Africans. [138] UNFPA South Africa is one such promoter of these policies and programs. [150] South Africa has an estimated total water capacity of 38 billion cubic metres, but will need 65 billion by 2025 if the economy is to keep on growing. [94] According to the World Travel & Tourism Council, travel and tourism directly contributed ZAR102 billion to South African GDP in 2012 and supports 10.3% of jobs in the country. [47] After 1994 resources have been rapidly reallocated to black households: while approximately 40% of aggregate social spending was directed to whites and 43% to blacks in the mid-1980s, by the late 1990s fully 80% of total social spending was assigned to blacks and less than 10% to whites. South Africa, GDP, Quarterly - Economic Data Series - FRED The GDP per capita is. South Africa has a sophisticated financial structure, with the JSE Limited, the largest stock exchange on the African continent, ranking 17th in the world in terms of total market capitalisation, which is $1,005 Trillion as of August 2020. Gross domestic product 2022 (millions of Ranking Economy US dollars) 196 St. Kitts and Nevis 962 197 St. Vincent and the Grenadines 949 . mining (world's largest producer of platinum group metals, gold, chromium), automobile manufacturing, metalworking, technology, machinery, textiles, iron and steel, IT, chemicals, fertilizer, foodstuffs, manufacturing, commercial ship repair. [146] The government and Eskom are currently planning new power stations, at cost to the South African consumer. - CNN.com", "Statista Mining Industry in South Africa", "South Africa: finance sector's value added to GDP from 2014 to 2020", "Johannesburg Stock ExchangeL Market Data", "16 things businesses hate about South Africa", "Great Trek | South African history | Britannica", "COMMONWEALTH LEADERS AGREE ON SANCTIONS AGAINST SOUTH AFRICA", "Economic Assessment of South Africa 2008: Achieving Accelerated and Shared Growth for South Africa", "South Africa: 2011 Article IV Consultation", "South Africa Economic Update, Focus on Savings, Investment, and Inclusive Growth", "Crime, Justice, and Growth in South Africa: Toward a Plausible Contribution from Criminal Justice to Economic Growth", "South Africa's Zuma accuses protesters of racism after marches", "Zuma tries to reassure investors after South Africa's rating cut", "Junk for South Africa as Fitch Joins S&P in Cut on Politics", "Report for Selected Countries and Subjects", "Historical exchange rates South African Reserve Bank", "Exchange Rate Average (South African Rand, US Dollar) X-Rates", "XE Currency Table: ZAR South African Rand", "Competitiveness of selected South African agricultural products in the European union market", "Gross Domestic Product, First Quarter 2013", "Nationalisation in South Africa: A debate that will persist", "Results-Based Country Strategy Paper, 20082012", "South Africa's coal future looks bright", "AEMFC readies for second mine as losses mount", "South Africa production in 2018, by FAO", http://www.gcis.gov.za/sites/default/files/docs/resourcecentre/pocketguide/013_agriculture.pdf, The CO2 fertilization effect: higher carbohydrate production and retention as biomass and seed yield, "Economic Impacts of Climate Changeon Agriculture and Implications for Food Security in Southern Africa", "Asgisa And Economic Growth: Implications For Skills Development", "South Africa, Jobless growth The Economist", "Automotive in South Africa Key information on the South African motor industry", "Travel & Tourism Economic Impact 2013 South Africa", "JSE Markets' Weekly Statistics 20200821", "Vital part of SA economy still being ignored", "Graduate Training. [98], South Africa's informal sector contributes 8% of the country's GDP and supports 27% of all working people. [175] South Africa does have expertise in the Space industry, and students learning more through the South African SEDS. In July 1996, the US and South Africa signed an investment fund protocol for a $120million OPIC fund to make equity investments in South and Southern Africa. SA's GDP grew by 1.2% in Q4 of 2021 - Stats SA The GDP annualised growth rate slowed down to 0,9% for the first quarter of 2013 (January to March), which was lower than what were expected by . [87] In 2006, the agro-processing sector represented 24.7% of the total manufacturing output. In the same period, foreign exchange reserves increased from US$3 billion to nearly US$50 billion, creating a diversified economy with a growing and sizable middle class, within two decades of ending apartheid. [38], 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 Minister of Finance 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. [75], In 2018, South Africa produced 19.3 million tonnes of sugarcane (14th largest producer in the world), 12.5 million tonnes of maize (12th largest producer in the world) 1.9 million tons of grape (11th largest producer in the world), 1.7 million tons of orange (11th largest producer in the world) and 397 thousand tons of pear (7th largest producer in the world). [71] The country's estimated share of world reserves of platinum group metals amounted to 89%; hafnium, 46%; zirconium, 27%; vanadium, 23%; manganese, 19%; rutile, 18%; fluorspar, 18%; gold, 13%; phosphate rock, 10%; ilmenite, 9%; and nickel, 5%. Nigeria GDP - 2023 Data - 2024 Forecast - 1960-2022 Historical - Chart ICP. The GDP reached an all-time high of 9.4% in September 1967. "The ongoing labour disruptions are harming the South African economy and are affecting the country's image around the globe," the company said in a statement at the time. This led to the Great Trek, spreading farming deeper into the mainland, as well as the establishment of the independent Boer Republics of the Transvaal and the Orange Free State. This includes cellular and internet services from 5G to Gigabit Broadband. 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). In the mid-1990s, nearly two-thirds of unemployed people had never worked for a salary. [35], 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. Profit from the additional features of your individual account. The United Nations Development Program's Human Development Index (HDI) ranked South Africa 110 out of 169 countries in 2010. [143] This indicated a low level of actual economic promotion for women, despite public and international initiative towards the contrary. Please help update this article to reflect recent events or newly available information. PDF Gross domestic product 2022 - World Bank DOI: 10.1504/IJMEF.2023.131914 (Walmart did buy Massmart in 2011), South Africa has been riven by arguments over whether the state should take over mineral resources. [27]:2 Particularity in an economy where a major cause of inequality has been a growing disparity of income within the majority black population divided along lines of employment. South African legislation is strongly geared to promoting gender equality in the workplace. Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. South Africa is an upper-middle-income economy, one of only eight such countries in Africa. [165] Other taxes include a value-added tax and a capital gains tax, with the overall tax burden amounting to 23.4% of total domestic income. [104], The land reform program has been criticised both by farmers' groups and by landless workers, the latter alleging that the pace of change has not been fast enough, and the former alleging anti white racist treatment with threats of genocide, voiced openly on multiple occasions by the ANC, including the former president Zuma, and expressing concerns that a similar situation to Zimbabwe's land reform policy may develop,[105] a fear exacerbated by comments made by former deputy president Phumzile Mlambo-Ngcuka. *Estimate.Values have been rounded to provide a better understanding of the statistic. [58] 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. 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. Scheduled rolling blackouts are a part of daily life. Human Capital Flight: Stratification, Globalization, and the Challenges to Tertiary Education in Africa; South African Institute for Race Relations, South Africa Survey 2006/2007. South Africa's gross domestic product (GDP) for 2021 increased by 4.9% in 2021, compared with a contraction of 6.4% in 2020. Therefore, excluding those who have given up looking for employment. [51] The South African rand lost more than 11% in the week following the cabinet reshuffling. 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. Gross domestic product (GDP) distribution across economic sectors South Africa 2021. South Africa reduce its high dependency on commodity price movements, which do not look favorable for the country in the medium term. Benefit-cost ratios were derived.Findings: Across seven countries, the economic burden of mental health conditions was estimated at between 0.5-1.0% of Gross Domestic Product. CAMNET TV MAIN NEWS - 06-07-2023 | sport - Facebook The policy was widely criticised and led to crippling sanctions being placed against the country in the 1980s.[37]. [111] The 2005 Labour Force Survey found that 40% of unemployed individuals have been unemployed for more than three years, while 59% had never had a job at all. You only have access to basic statistics. Gross Domestic Product (GDP): Formula and How to Use It - Investopedia List of African countries by GDP (nominal) Annual production in 2007 was 535,000 vehicles, out of a global production of 73 million units in the same year. This rate is 6 -tenths of one percent less than the figure of 1.3% published in 2015. For example, South Africa during apartheid ranked high in terms of GDP per capita, but the benefits of this immense wealth and income were not shared . [92] In 2012 South Africa received 9.2 million international arrivals. With high unemployment levels amongst poorer South Africans, xenophobia is prevalent and many South Africans feel resentful of immigrants who are seen to be depriving the native population of jobs, a feeling which has been given credibility by the fact that many South African employers have employed migrants from other countries for lower pay than South African citizens, especially in the construction, tourism, agriculture and domestic service industries. [31], The state-owned enterprises of South Africa play a significant role in the country's economy, with the government owning a share in around 700 SOEs involved in a wide array of important industries. Gross domestic product - Wikipedia Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. As a result of a November 1993 bilateral agreement, the Overseas Private Investment Corporation (OPIC) can assist US investors in the South African market with services such as political risk insurance and loans and loan guarantees. [164], The top rate of personal income tax rate in South Africa is 45%; the corporate tax rate is 27%. 2. british ambassador to zambia. [157] In 2004, 29.8% of all households had an income (at constant 2001 prices) of less than R9,600 per annum, while 10.3% of all households enjoyed an annual income (at constant 2001 prices) of more than R153,601 per annum.[158]. [121] The health sector has been hit particularly hard. List of countries by GDP (PPP) per capita - Wikipedia [50], The following table shows the main economic indicators in 19802022. List of countries by GDP (nominal) - Wikipedia [citation needed], At the end of the 18th century, the British annexed the colony. South Africa - Gross Domestic Product - Country Data South Africa: Gross domestic product (GDP) in current prices from 1988 to 2028 (in billion U.S. dollars) [Graph]. Facts, flags, and maps of African countries. According to Investopedia, the Gross Domestic Product (GDP) provides a country's economic snapshot or scorecard. . Apr 14, 2023 The growth of the real gross domestic product in South Africa was forecast to increase between 2023 and 2028 by in total 1.3 percentage points. STATISTICS SOUTH AFRICA 2 P0441 Gross domestic product, First quarter 2022 Key findings for the first quarter of 2022 Real gross domestic product (measured by production) increased by 1,9%1 in the first quarter of 2022, following an increase of 1,4% in the fourth quarter of 2021.
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