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