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The economy of South Africa is the largest economy in Africa, it is a mixed economy, emerging market, and upper-middle-income economy, one of only eight such countries in Africa. [ 30 ] [ 31 ] [ 32 ] The economy is the most industrialised, technologically advanced, and diversified in Africa. [ 33 ]
South Africa's population of 64 million is about 8% white, official data shows. The statistics show that the percentage of Black people increases as the job level goes down to senior, professional ...
The energy crisis has significantly limited economic growth in South Africa thereby preventing the country from resolving high rates of unemployment. [ 27 ] [ 125 ] The power shortage is estimated to have reduced economic growth in 2021 by 3% thereby costing the country an estimated 350,000 potential new jobs for that year alone. [ 27 ]
Countries in Africa are sorted according to data from the International Monetary Fund. [1] The figures presented here do not take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the exchange rates of the country's currency . [ 2 ]
In South Africa, this idea is known as the first (capitalist, high-profit industries) and second (underdeveloped) economies. [6] The first economy contributes to the majority of South Africa's wealth and is integrated within the world economy. The second economy consists of low-skilled and outdated jobs.
The economy of the Western Cape in South Africa is dominated by the city of Cape Town, which accounted for 72% of the Western Cape's economic activity in 2016. [7] The single largest contributor to the region's economy is the financial and business services sector, followed by manufacturing.
Almost 90% of South Africa's exports to the rest of Africa go to the SADC economies. In 2018, South Africa exported and imported goods to and from the rest of Africa to the value of US$25 billion and US$11.5 billion, respectively. Intra-Africa exports account for 26% of South Africa's total exports and imports for 12% of total imports for 2018.
The cities Johannesburg, Midrand and Pretoria, which are all economic powerhouses, and Vanderbijlpark, which is an industrial powerhouse, [10] are all in Gauteng. Gauteng is home to the Johannesburg Stock Exchange, [11] the largest stock exchange in Africa, as well as the head offices of over 140 local and international banks. [7]