Annual production in 2007 was 535,000 vehicles, out of a global production of 73 million units in the same year. [76] Among the main attractions are the diverse and picturesque landscape, the game reserves and the highly regarded local wines. [94] Only 41% of the population of working age have any kind of job (formal or informal). [136] In the past inequality in South Africa was largely defined along race lines, but it has become increasingly defined by inequality within population groups as the gap between rich and poor within each group has increased substantially. [24] South Africa is an upper-middle-income economy – one of only eight such countries in Africa. 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%). The report notes, however, that the region's assessment has improved slowly since 1980. [124][125], Some predictions show surface water supply could decrease by 60% by the year 2070 in parts of the Western Cape. [95] 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. [54] It is also the world's third largest coal exporter. [26] A quarter of South Africans live on less than US$1.25 a day. [146] It pays a maximum of R1,780 (as of July 2019)[147] to people who reach pension age without access to private pensions. In 2010, two multibillion-dollar deals, one by HSBC to acquire Nedbank and one by Walmart to acquire Massmart Holdings, fell through. Inflation was brought down, public finances were stabilised, and some foreign capital was attracted. By signing up for this email, you are agreeing to news, offers, and information from Encyclopaedia Britannica. 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. [116] UNFPA South Africa is one such promoter of these policies and programs. [90] 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. The country was also ranked fourth for ease of accessing capital, fourth for cost of capital, sixth for its transport infrastructure (at the time considered better than that of China, India, Mexico, Brazil and Poland, but behind that of Korea and Chile), and seventh for foreign direct investment as a percentage of GDP: in 2008 it was over 3% of the GDP. [81] Chief exports include corn, diamonds, fruits, gold, metals and minerals, sugar, and wool. The economy of South Africa is the second largest in Africa. [131][132], The mean per-capita income has risen from R10,741 in 1993 to R24,409 in 2008, but these figures hide large differences in household welfare, both within and across population groups: the average Black income increased from R6,018 in 1993 to R9,718 in 2008; for Coloured households, the increase was from R7,498 to R25,269; for Whites, the increase was from R29,372 to R110,195. 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. [139] Factors that were found to be common among those in the entry-level rich group include being young, entrepreneurial and having some post-secondary education. The economy of Africa consists of the trade, industry, agriculture, and human resources of the continent. The political fragmentation of the continent, however, also became a major constraint to industrial growth, because it created numerous small markets. [citation needed] The government and Eskom are currently planning new power stations, at cost to the South African consumer. [Social Impact]. South Africa is one of the world's leading mining and mineral-processing countries. Since 1996, at the end of over twelve years of international sanctions, South Africa's Gross Domestic Productalmost tripled to peak at $400 billion in 2011, but has since declined to roughly $385 billion in 2019. The economic outlook for Sub-Saharan Africa (SSA) is positive, with growth rising to 5.3% in 2012, and 5.6% in 2013, over the pre-crisis average level of 5%. [27]:12, South Africans in general, regardless of race, hold what would be considered "traditional" stances on gender roles for men and women. [31] 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, raising governmental spending[32] and cutting interest rates sharply from 1998 levels. Consequently, most African countries became saddled with excess industrial capacity, coupled with enormous foreign debts incurred in large part to build this capacity. Exploration has been concentrated north of the Aïr–Ahaggar massifs; there may also be major Saharan reserves to the south. [23] As a manufacturing hub, it is the most industrialized, technologically advanced, and diversified economy on the African continent. [38] 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,[39] compared to world growth of 3.1% over the same period. [54] South Africa also accounted for nearly 5% of the world's polished diamond production by value. [133] While mean income rose about 130% from 1993 to 2008, the median income rose just 15% over the same period, from R4,444 to R5,096, indicating that the increases are being driven by a small number of very large incomes, especially for Whites. [96] According to a study by Dani Rodrik, the shrinkage of the non-mineral tradable sector since the early-1990s and the weakness of the export-oriented manufacturing were more to blame for the low level of employment.[97]. In the same period, foreig… There has been a large degree of human capital flight from South Africa in recent years. 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.[52]. At any poverty line, blacks are very much poorer than coloureds, who are very much poorer than Indians, who are poorer than whites. [56], 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%. Africa - Africa - Economy: With the exception of South Africa and the countries of North Africa, all of which have diversified production systems, the economy of most of Africa can be characterized as underdeveloped.

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