| About South Africa | ||
| Economy | ||
| Economic growth | ||
| South Africa has the most advanced economy on the African continent. Since 1999 its annual economic growth rate averaged 3.5% and according to the South African Reserve Bank, there is no sign of this period of expansion coming to an end. Its major strengths include its physical and economic infrastructure, natural mineral and metal resources, a growing manufacturing sector, and strong growth potential in the tourism, higher value-added manufacturing and service industries. Four main metropolitan areas dominate economic activity within the country: Johannesburg and its surrounds (Gauteng province), the coastal Durban/Pinetown areas (KwaZulu-Natal), the Cape Peninsula (which includes Cape Town), and the Eastern Cape's Port Elizabeth/Uitenhage area. | ||
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| Industry sectors | ||
| Mining is South Africa’s largest industry sector followed by manufacturing, oil and gas, chemicals, agriculture and tourism. The clothing and textiles, financial services and banking sectors have shown significant growth in recent years. South Africa is globally recognised as being a leading supplier of a variety of minerals and mineral products that are exported to as many as 87 countries. Each year, approximately 55 different minerals are produced from more than 700 mining facilities, with gold, platinum group elements, coal and diamonds dominating exports and revenue earnings. The conference and exhibition industry especially in Johannesburg and Cape Town created 246 000 new jobs and earned South Africa a 2.5% share of the global market for this industry. | ||
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| Gateway to Africa | ||
| South Africa is the economic powerhouse of Africa, with a gross domestic product (GDP) four times that of its southern African neighbours and comprising around 25% of the entire continent's GDP. With its sophisticated infrastructure and modern transport network, South Africa is at the same time the gateway to Africa, providing access to an extended market of more than 180-million people south of the Equator. South Africa was the largest investor into the rest of Africa between 1990 and 2000, according to a 2003 report by LiquidAfrica Research, with investment amounting to some $12.5-billion over the decade. South Africa plays a leading role in most of southern Africa's economies. |
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| Investment | ||
| South Africa offers a stable political system, robust institutions, modern infrastructure, upward growth rate, strong investment ratings ... and opportunities for Africa. It was rated the most competitive economy in the sub-Saharan region and the most attractive country in Africa to invest in by the World Economic Forum's 2004 annual Global Competitiveness Index. Since 1994 the government of South Africa has taken steps to make the country more open to foreign investment. In 1997 a national investment agency called Investment South Africa was tasked with the promotion of investment at a national and provincial level. There is no restriction on the extent or type of foreign investment in South Africa. | ||
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