Capital City: Pretoria
	It is %T:%M %A in Pretoria

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Economic trends

South Africa is the economic giant in the African continent, contributing nearly 40% to the continent’s total GDP. In the manufacturing sector, 75 out of the 100 main African companies belong to South African. From early 1990s the government has set the direction of economic policies to achieve a sustained economic growth; redressing the socio-economic disparities created by apartheid. The GDP growth rate was 5.1% in 2005, 5.0% in 2006 and is estimated at 4.7% in 2007. Continued growth in the building and construction sector as well as rise in the domestic demand is expected to support GDP growth of 4% in 2008, as per IMF forecasts. Inflation is expected to remain within the target range of 6-7% in 2007-08. Because of the weak US dollar and growing foreign direct investment (FDI), the rand has strengthened. However, unemployment (touching nearly 30% of the country’s active population) and AIDS (infecting nearly 12% of the population) are major concerns for the economic development of the country.

Main branches of industry

South Africa has rich mineral resources. It is the world's largest producer and exporter of gold & platinum and the 5th largest producer of diamonds in the world. The country produces 70% of the world platinum and also has 60% of the global coal reserves. The country's diverse manufacturing industry is a world leader in several specialized sectors, which includes railway rolling stock, synthetic fuels, and mining equipment and machinery. The services sector is flourishing (66% of the GDP). Agriculture represents only 3% of the GDP but employs 30% of the country’s active population. South Africa is the 6th largest producer of wine in the world. South Africa has a sophisticated financial structure with a large and active stock exchange that ranks 17th in the world in terms of total market capitalization.

International trade

South Africa is very much open to international trade. The share of foreign trade in country’s GDP is nearly 60%. A fairly strong global demand and high commodity prices will help boost exports in 2007-8. The top three export partners of South Africa are: Japan, the United Kingdom, and the USA. Commodities mainly exported are precious stones & pearls, iron & steel, mineral fuels & oils, vehicles, and machinery. The top three import partners are: Germany, China and the U.S.A. South Africa mainly imports: manufactured goods (machinery, electric and electronic equipment, etc.), hydrocarbons (oil, gas, etc.), and vehicles.