Economy of South Africa
South Africa is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, South Africa may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, South Africa exports around $91.05 billion and imports roughly $99.55 billion. 27.5% of population in the country are unemployed. The total number of unemployed people in South Africa is 15,784,566. In South Africa, 31.3% of the population lives below the poverty line. The percentage of citizens living below the poverty line in South Africa is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 5.4% of GDP. The Gini Index of the country is 62.5. South Africa is experiencing bad inequality. The gap between the richest and poorest citizens in this country is plainly obvious and highly significant, resulting in a dramatically different standard of living for rich and poor citizens. South Africa has a Human Development Index (HDI) of 0.658. South Africa has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The Global Peace Index (GPI) for South Africa is 2.376. The strength of legal rights index for South Africa is 5. Overall, it is considered to be rather inadequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders to some degree; credit information may be sufficient, but hardly available, or, the oppoiste case, available but not sufficient.
Currency
The currency of South Africa is South African rand. The plural form of the word South African rand is rands. The symbol used for this currency is R, and it is abbreviated as ZAR. The South African rand is divided into Cent; there are 100 in one rand.
Credit rating
The depth of credit information index for South Africa is 7, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, South Africa has a credit rating score of BBB-, and the prospects of this rating are stable. According to the Fitch credit-rating agency, South Africa has a credit rating score of BBB, and the prospects of this rating are stable. According to the Moody's credit-rating agency, South Africa has a credit rating score of Baa2, and the prospects of this rating are stable.
Central bank
In South Africa, the institution that manages the state's currency, money supply, and interest rates is called South African Reserve Bank. The average deposit interest rate offered by local banks in South Africa is 5.8%.
Public debt
South Africa has a government debt of 43.3% of the country's Gross Domestic Product (GDP), as assessed in 2012.
Tax information
The corporate tax in South Africa is set at 28%. Personal income tax ranges from 0% to 41%, depending on your specific situation and income level. VAT in South Africa is 14%.
Finances
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in South Africa is $707097 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in South Africa was last recorded at $12 million. PPP in South Africa is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in South Africa is 366,060 billion. Based on this statistic, South Africa is considered to have a large economy. Countries with large economies support a wide variety of industries and businesses, providing ample opportunities for investment. Large economies support a substantial financial sector, making it easy to organize investments and financial transactions. It should be very easy to find good opportunities for investment in South Africa. The Gross Domestic Product (GDP) per capita in South Africa was last recorded at $6 million. The average citizen in South Africa has very high wealth. Countries with very high wealth per capita have an extended life expectancy and very high standard of living. Highly skilled workers can be found in many industries, and labor is very expensive in these countries. Countries with very high wealth offer opportunities for safe investments, as they are often supported by a diverse and thriving financial sector. GDP Annual Growth Rate in South Africa averaged 1.4% in 2014. According to this percentage, South Africa is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of South Africa.
Industry
Major industries in the country are mining (world's largest producer of platinum, gold, chromium), automobile assembly, metalworking, machinery, textiles, iron and steel, chemicals, fertilizer, foodstuffs, commercial ship repair. The total labor force of South Africa is 22,040,780 people, wherein 27.5% of population in the country are unemployed. The total number of unemployed people in South Africa is 15,784,566. The Industrial Production growth rate of South Africa is 0.9%.To read more about industrial information within South Africa click on industry of South Africa.
Agriculture
There are 147609 km2 of arable land in South Africa, and it comprises 12% of the country's total territory. There are 157246 km2 of cultivated land in South Africa. The country's major agricultural crops and products are corn, wheat, sugarcane, fruits, vegetables, beef, poultry, mutton, wool, dairy products.To read more about agriculture click on agriculture of South Africa.