ECONOMY IN SOUTH AFRICA
South Africa’s economy has been completely overhauled since the advent of democracy in the country in 1994. Bold macroeconomic reforms have boosted competitiveness, growing the economy, creating jobs and opening South Africa up to the markets of the world.
Over the years these policies have built up a rock-solid macroeconomic structure. Taxes have been cut, tariffs dropped, the fiscal deficit reined in, inflation curbed and exchange controls relaxed.
South Africa’s key economies include:
- South Africa’s automotive industry, which is a global, turbo-charged engine for the manufacture and export of vehicles and components. The sector accounts for about 10% of South Africa’s manufacturing exports, making it a crucial cog in the economy.
- South Africa’s scenic beauty, magnificent outdoors, sunny climate, cultural diversity and reputation for delivering value for money have made it one of the world’s fastest growing leisure – and business – travel destinations.
- South Africa is a world leader in mining. The country is famous for its abundance of mineral resources, accounting for a significant proportion of world production and reserves, and South African mining companies are key players in the global industry.
- The leader of information and communication technology development in Africa, South Africa is the 20th largest consumer of IT products and services in the world.