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Economics
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South Africa has moved up two notches in the World Economic Forum’s annual growth competitiveness index rankings to 32 out of 80, just behind Thailand and ahead of China. The WEF’s Peter Cornelius says the growth competitiveness index (GCI) represents a good estimate of underlying growth prospects for the next five to eight years. Finance Week, 27 November 2002
South Africa's economy is a diversified one, with manufacturing representing the largest sector of the economy, contributing 26% of GDP.
“The structure of the South African economy has changed dramatically over the past few decades. The economy is now far more diversified than it used to be and we are far less reliant on primary goods. Today only 30% of total exports are beneficiated primary goods, and the share of gold exports as a percentage of total exports fell from 22% in 1996 to 14% in 2000 while annual export growth of manufactured goods increased from 20% in 1996 to 24% in 2000. Our export markets are also far more diversified than they ever have been and more diverse than those of most other economies around the world. While Europe is still our biggest trading partner, we are not reliant on only one or two countries or even regions for our export earnings. South Africa: Reasons to Believe
Our Gross Domestic Product is the 26th highest in the world - US$126 billion. Proudly South African
Our Gross Domestic Product exceeds that of four European states – Finland, Portugal, Ireland and Greece
Small businesses in South Africa absorb more than half the people formally employed in the private sector and contribute about 42% of the country’s GDP. Department of Trade & Industry
In the past 15 years, South Africans have become 50% more productive. In the same period, American productivity has improved by 30%. The pace of improvement in South African labor force productivity is among the four highest improvement rates globally. INSIG Magazine, August 2002
We have the fifth most productive labor force in the world, measured in dollar terms.
www.howzitsa.co.za
Since 1992, the return to business owners has been rising faster than levels of remuneration to employees.
This reflects an increase in labor productivity that has outstripped the growth rate of wages. Labor productivity increased by 4, 32% in real terms in 1997, and by 4, 56% in 1998.
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