105 years old, since 1910.
24 September 2017

Republc of South Africa

Overview

Diversity is a key feature of South Africa, where 11 languages are recognised as official, where community leaders include rabbis and chieftains, rugby players and returned exiles, where traditional healers ply their trade around the corner from stockbrokers and where housing ranges from mud huts to palatial homes with swimming pools.

South Africa has one of the continent `s biggest economies, though this went into recession in May 2009 following a sharp slowdown in the mining and manufacturing sectors. The construction industry, on the other hand, benefited from a huge programme of government investment ahead of the 2010 World Cup. South Africa is, along with China, Brazil, Russia and India, a member of the BRICS club of emerging world economic powerhouses.

Economic Performance 2015

South Africa's economy as measured by nominal GDP at market prices was estimated at R3 991 billion in 2015 compared to R3 797 billion in 2014. The economy recorded a slow growth of 1.3 per cent in 2015 compared to 1.5 per cent in 2014 and 2.2 per cent in 2013. The slow growth in real GDP was reflected in transport and communications; general government and agriculture sectors that recorded weaker growth rates. The largest industries, as measured by their nominal value added in 2015, were finance, real estate and business services accounting for 20.9 per cent of total value added, followed by general government accounting for 17.4 per cent of total value added.

In 2015, the annual inflation rate eased to 4.6 per cent compared to 6.1 per cent in 2014. The fall in the annual inflation rate was mainly due to the fall in the prices in food & non-alcoholic beverages, and transport categories which accounts for 15.41 per cent and 16.43 per cent of the overall inflation basket, respectively.

Economic Indicators 2015

Country size

1 219 090 km2

GDP at current prices:

R3 991 billion

Population:

54 956 900

GDP per capita:

R72 620

Real economic growth rate:

1.3%

Annual inflation rate:

4.6%

Merchandise imports:

R1 088 billion

Merchandise exports:

R1 036 billion

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