South African GDP (Gross Domestic Product)
South African economy is the second-largest economy after Egypt in Africa. However, South Africa is the most advanced country in technology, education, industry, production of goods and services. South Africa has the largest gold and diamond reserves. South Africa is rich in natural resources.
It is also rich in Platinum, chromium. Manganese, titanium, gold, vanadium iron ore, cobalt, phosphate, and uranium etc. The mining sector is the most advanced and developed in the country. The South African mining sector is started after the discovery of diamonds in 1867. This country is produced 76% kyanite of all world production.
Another share is chromium 54%, gold 19%, iron ore 2%, etc. in South Africa agriculture sector is contributing around 4% to employment. The manufacturing sector is contributing around 13% of employment. Its currency is called the South African rand (ZAR, R). its fiscal year starts from 1 April to 31 March. By the year 2019, Its total population is around 58,775,000.
The inflation rate is around 3.3% by the year 2020. The population below the poverty line is 16.6% by the year 2016. In the human development index, its score is 0.709 by the year 2019 and rank is 114th. By the year 2019, its labor force is 23,072,331.
When we discuss labour force by occupation, agriculture is 4.6%, industry 23.5%, and services are 71.8%.
Its foreign reserves are $50.71 billion by the year 2017
South African GDP
By the year 2020, its total GDP (nominal) is $283 billion and GDP (PPP) is $711 billion. Its GDP rank is 43rd (nominal) and 32nd (PPP). Its GDP growth rate is 3.5% in 2021. Its GDP per capita is $4,735 (nominal) in 2020 and $11,910 (PPP) in 2020. Its GDP per capita rank is 94th. When we discuss GDP by sector, agriculture is 2.8%, the industry is 29.7% and services is 67.5%.
South African main industry is mining and its includes, platinum, metal, gold, chromium, etc. others are automobile, technology, metalworking, steel, iron, machinery, chemicals ship repairs, etc.
By the year 2017, its total exports are $108 billion. Its main exports goods are gold, diamonds, iron ore, metals, electronics, fruits, agriculture, etc. its main export partners are China, the united states, Germany, India, etc.
By the year 2017, its total imports are $81.9 billion. Its main import goods are machinery, chemicals, petroleums, and foodstuffs. Its main import partners are China, Germany, the united states, India, Saudi Arabia japan, etc.
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