{"id":860,"date":"2024-07-11T19:55:07","date_gmt":"2024-07-11T19:55:07","guid":{"rendered":"https:\/\/dirco.gov.za\/paris\/?page_id=860"},"modified":"2025-02-01T09:57:39","modified_gmt":"2025-02-01T09:57:39","slug":"economy","status":"publish","type":"page","link":"https:\/\/dirco.gov.za\/paris\/economy\/","title":{"rendered":"Economy"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"860\" class=\"elementor elementor-860\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"aux-parallax-section elementor-element elementor-element-42ae7d4 e-flex e-con-boxed e-con e-parent\" data-id=\"42ae7d4\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-eccdd36 elementor-widget elementor-widget-hfe-breadcrumbs-widget\" data-id=\"eccdd36\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"hfe-breadcrumbs-widget.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<nav aria-label=\"Breadcrumb\"><ul class=\"hfe-breadcrumbs hfe-breadcrumbs-show-home\"><li class=\"hfe-breadcrumbs-item hfe-breadcrumbs-first\"><span class=\"hfe-breadcrumbs-home-icon\"><\/span><a href=\"https:\/\/dirco.gov.za\/paris\"><span class=\"hfe-breadcrumbs-text\">Home<\/span><\/a><\/li><\/ul><\/nav>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"aux-parallax-section elementor-element elementor-element-6b4edfe e-con-full e-flex e-con e-parent\" data-id=\"6b4edfe\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-b88f27e e-con-full e-flex elementor-invisible e-con e-child\" data-id=\"b88f27e\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeIn&quot;,&quot;animation_delay&quot;:&quot;100&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-cb75591 elementor-widget elementor-widget-image\" data-id=\"cb75591\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1191\" height=\"512\" src=\"https:\/\/dirco.gov.za\/paris\/wp-content\/uploads\/sites\/6\/2024\/11\/Economy.jpg\" class=\"attachment-2048x2048 size-2048x2048 wp-image-1255\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2c1837f elementor-widget elementor-widget-heading\" data-id=\"2c1837f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">SOUTH AFRICAN ECONOMY AT A GLANCE<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-954f580 elementor-widget elementor-widget-text-editor\" data-id=\"954f580\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"color: #ff9900;\"><strong>Gross domestic product<\/strong><\/span><\/p><p>2023: USD 863 billion- USD 373 billion (2024)<\/p><p><span style=\"color: #ff9900;\"><strong>GDP growth<\/strong><\/span><\/p><p>0,6% (2023)<\/p><p><span style=\"color: #ff9900;\"><strong>Inflation<\/strong><\/span><\/p><p>6% (2023)<\/p><p><span style=\"color: #ff9900;\"><strong>External trade<\/strong><\/span><\/p><p>Merchandise exports: USD 147 billion (2023)<\/p><p>Merchandise imports:\u00a0 USD 113 billion (2023)<\/p><p><span style=\"color: #ff9900;\"><strong>Exchange rate<\/strong><\/span><\/p><p>2024 (average): USD 1.00 = ZAR 18<\/p><p><span style=\"color: #ff9900;\"><strong>Population<\/strong><\/span><\/p><p>64 million<\/p><p>39.8 million people in the working-age category<\/p><p>Young population (62% under the age of 35)<\/p><p>Highly urbanised (67.9% of population in 2020)<\/p><p><span style=\"color: #ff9900;\"><strong>Land<\/strong><\/span><\/p><p>Total land area: 1 219 090 km2<\/p><p>Agricultural land: 79.4% of entire land area<\/p><p>Arable land = 9.9%; permanent crops 0.3%; permanent pasture 69.2%; forest 7.6%<\/p><p>16 700 km2 under irrigation<\/p><p><span style=\"color: #ff9900;\"><strong>Mineral resources<\/strong><\/span><\/p><p>Producer of key mining and mineral products (2022):<\/p><p>Platinum group metals: 242 tonnes<\/p><p>Gold: 84 tonnes<\/p><p>Coal: 231.2 million tonnes<\/p><p>Iron ore: 66.3 million tonnes<\/p><p>Manganese: 19 million tonnes<\/p><p>Chrome ore: 19.4 million tonnes<\/p><p>Industrial minerals: 51.3 million tonnes<\/p><p>Diamonds: 10.2 million carats<\/p><p><span style=\"color: #ff9900;\"><strong>Electricity<\/strong><\/span><\/p><p>Total nominal energy generation capacity of 54 million kW (2021\/22)<\/p><p>Mainly coal-fired power stations (circa 73% of generation capacity), but deliberate move to diversify energy mix by introducing renewable energy (solar, wind, other)<\/p><p>Ranked among the world\u2019s top 40 markets on the attractiveness of renewable energy investment and deployment opportunities (EY 2022)<\/p><p><span style=\"color: #ff9900;\"><strong>Transport and logistics<\/strong><\/span><\/p><p>144 airports with paved runways<\/p><p>Railways: 20 986km<\/p><p>Roads: 747 014km (paved: 158 952km)<\/p><p>8 seaports: Durban; Richards Bay; East London; Ngqura; Port Elizabeth; Mossel Bay; Cape<\/p><p>Town; Saldanha Bay<\/p><p>2 of the world\u2019s top container ports: Durban, Cape Town<\/p><p>2 of the world\u2019s largest dry bulk ports: Richards Bay and Saldanha Bay<\/p><p><span style=\"color: #ff9900;\"><strong>Information Technology<\/strong><\/span><\/p><p>Highest number of secure internet servers in Africa<\/p><p>Ranked 3rd in Africa on the Information and Communications Technology Development Index.<\/p><p>In addition to representing South Africa in France, the Embassy also represents South Africa at the two Paris-based international organisations, UNESCO and the OECD.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ea1f60a e-con-full e-flex elementor-invisible e-con e-child\" data-id=\"ea1f60a\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeIn&quot;,&quot;animation_delay&quot;:&quot;100&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d880374 elementor-widget elementor-widget-heading\" data-id=\"d880374\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">PRESENTATION OF THE SOUTH AFRICAN ECONOMY<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cee04ff elementor-widget elementor-widget-text-editor\" data-id=\"cee04ff\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>South Africa\u2019s USD 863 billion economy is the 33rd largest in the world* and represents approximately 12% of the African continent\u2019s total gross domestic product (GDP).<\/p><p>The economy is highly diversified from a sectoral perspective and the most developed and technologically advanced economy on the African continent.<\/p><p>South Africa has one of the most open economies in the world (exports and imports of goods and services collectively represented circa 65% of GDP in 2022), with preferential access to numerous global markets.<\/p><p>Fixed investment activity is spread across all broad sectors of the economy, with the financial services, real estate and business services sector claiming large shares on an annual basis.<\/p><p>The private sector accounted for around 73% of overall fixed investment expenditure, on average, over the past 3 years.<\/p><p>Foreign direct investment (FDI) inflows have increased substantially since the onset of democracy, with FDI stock representing 44.9% of GDP in 2021, as compared to 6.6% in 1994.<\/p><p>* Based on GDP in 2022, PPP valuations<\/p><p><em>Source: South Africa: Replete with opportunities for a better world, Compiled by the Industrial Development Corporation of South Africa (IDC) and InvestSA.<\/em><\/p><p><em><a href=\"http:\/\/www.investsa.gov.za\/\" target=\"_blank\" rel=\"noopener\">http:\/\/www.investsa.gov.za\/<\/a><\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Home SOUTH AFRICAN ECONOMY AT A GLANCE Gross domestic product 2023: USD 863 billion- USD 373 billion (2024) GDP growth 0,6% (2023) Inflation 6% (2023) External trade Merchandise exports: USD 147 billion (2023) Merchandise imports:\u00a0 USD 113 billion (2023) Exchange rate 2024 (average): USD 1.00 = ZAR 18 Population 64 million 39.8 million people in [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"class_list":["post-860","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v27.7) - 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