Essay On South African Economy

South Africa

Overview

South Africa is the second largest economy in Africa, and the thirty-third largest economy globally. The country is has an abundance of natural resources such as platinum, gold, chromium and iron. In addition, South Africa’s energy sector is critical to its economy. South Africa relies heavily on its coal mining industry, and uses coal to meet most of its energy needs. South Africa is apart of the BRICS (Brazil, Russia, India, China and South Africa), and as a result it is well integrated into the global economy. In recent years, the government has stressed the importance of boosting economic growth and cutting unemployment, its two most pressing issues. In 2010, South Africa hosted the World Cup, which helped the construction industry, lowered unemployment, and improved infrastructure. The world cup has an

South Africa was added in 2010, and it turns out there are many glaring similarities between the five countries. While numerically the numbers aren’t always that similar, the five countries encounter incredibly similar trends. While there are commonalities between the five countries, there are also differences between the five economies.

While their GDP trends are the same, the make up of their GDPs are quite different. The services industry makes up around 65% of South Africa’s GDP, which is similar to Brazil, whereas other BRICS countries balance industry, agriculture, and manufacturing.

Another BRICS statistic that is consistent is export volume. As you can see, South Africa lags behind the other countries numerically, but the trends are similar. Unfortunately, South Africa’s lack of exports contributes to its comparably low GDP. This is due partially to the political instability of South Africa, but it also relates to South Africa’s resources versus those of the