economy of south africa -south africa is the largest economy on the african continent. it accounts...

ECONOMY OF SOUTH AFRICA

Economy of South Africa

-South Africa is the largest economy on the African continent. It accounts for 24% of the African GDP.

-GDP= $524 billion

-GDP per capita= $10,500

-GDP Growth Rate= 4.6% in 2010.

-South Africa has a mixed to market cconomy

Economy of South Africa: Industries

-Main Industries: Mining Automobile assembly Metal working machinery textiles

-World’s largest producer of gold, platinum, and chromium.

-Agriculture- they produce enough food to actually export to other countries

--Service Industries- Banking, telecommunications, tourism. Largest part of economy!

Economy of South Africa: Imports and Exports

Imports- Machinery and equipment, petroleum products, chemicals

Import Partners- Germany, China, U.S.

Exports- Gold, diamonds, platinum and other metals and minerals

Export Partners- Japan, U.S., Germany

Economy of South Africa: Problems

-24% unemployment (1 in 4)

-High crime rate in certain areas

-Income inequality- Whites still hold the vast majority of wealth, while other groups live in relative poverty.

“Brain Drain”- Skilled , educated professionals leaving South Africa for other, more prosperous areas of the world. This leaves S.A. with fewer highly educated people develop and manage new and existing industries.