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South Africa » Introduction
Basic Economic Facts
GDP composition by Sector
By UN classification South Africa is a middle-income country with an abundant supply of resources, well-developed financial, legal, communications, energy, and transport sectors, a stock exchange (the JSE Securities Exchange), that ranks among the 10 largest in the world, and a modern infrastructure supporting an efficient distribution of goods to major urban centres throughout the region. South Africa's per capita GDP, corrected for purchasing power parity, positions the country as one of the 50 wealthiest in the world. In many respects, South Africa is developed; however, this development is significantly localised around 4 areas, namely: Cape Town, Port Elizabeth, Durban, and Pretoria-Johannesburg. Beyond these 4 economic centres, development is marginal and poverty still reigns despite Government strategies.
However, key marginal areas are experiencing rapid growth recently. Such areas include: Mossel Bay to Plettenberg Bay; Rustenburg area; Nelspruit area; Bloemfontein; Cape West Coast; KZN North Coast amongst others. Large income gaps and a dual economy designate South Africa as developing; South Africa has one of the highest rates of income inequality in the world. Consecutive growth rates in the last ten years are helping lower unemployment; however, the economy still has a ways to go, and daunting economic problems remain.
The Rand, the world's most actively traded emerging market currency, has joined an elite club of 15 currencies the Continuous linked settlement (CLS) where forex transactions are settled immediately, lowering the risks of transacting across time zones. Refugees from poorer neighbouring countries abound with immigrants from the DRC, Mozambique, Zimbabwe, Malawi and many others representing a large portion of the informal sector.
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