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South Africa Country Report SOUTH AFRICA COUNTRY REPORT Prince Muraguri, Simón Ortiz and David Soler MAY 2018 TABLE OF CONTENTS CHAPTER 1: COUNTRY OVERVIEW ................................................................................................ 6 Background ............................................................................................................................... 6 A Chronology of Key Events in South Africa .......................................................................... 7 CHAPTER 2 - POPULATION AND EMPLOYMENT .......................................................................... 13 Demographic Profile ............................................................................................................... 13 Population ............................................................................................................................... 15 Population Growth Rate ...................................................................................................... 15 Population Facts .................................................................................................................. 16 Population by City ............................................................................................................... 17 Population Composition by Sex .......................................................................................... 17 Age Structure .......................................................................................................................... 18 Dependency Ratios .................................................................................................................. 19 Languages ................................................................................................................................ 21 Immigration ............................................................................................................................. 21 Labour Force and Employment ............................................................................................... 22 Total Labour Force .............................................................................................................. 22 Male vs Female Labour Force ............................................................................................. 23 Labour Force Participation Rate .......................................................................................... 23 Unemployment Rate ........................................................................................................... 24 Employment by Industry ..................................................................................................... 25 Employment by Occupation ................................................................................................ 26 Employment By Province .................................................................................................... 26 Unemployment By Province ................................................................................................ 27 CHAPTER 3: GROSS DOMESTIC PRODUCT ................................................................................... 28 Economy Overview ................................................................................................................. 28 Gross Domestic Product .......................................................................................................... 29 GDP Value .......................................................................................................................... 29 GDP Growth Rate ............................................................................................................... 30 Other Descriptors of the Gross Domestic Product .............................................................. 32 GDP By Activity ................................................................................................................. 34 National Accounts - Components of the Gross Domestic Product by Expenditure Approach ............................................................................................................................................. 36 CHAPTER 4: TRADE ................................................................................................................ 40 Trade Overview ....................................................................................................................... 40 Exports .................................................................................................................................... 41 Main Export Products.......................................................................................................... 41 Main Export Partners .......................................................................................................... 42 Value of exports of goods and services ............................................................................... 42 Percentage changes in exports of goods and services ......................................................... 43 Value of exports as a percentage of GDP ............................................................................ 43 Imports .................................................................................................................................... 44 Main Import Products.......................................................................................................... 44 Main Import Partners .......................................................................................................... 44 Value of Imports of goods and services .............................................................................. 45 Percentage changes in exports of goods and services ......................................................... 45 Imports as a percentage of GDP .......................................................................................... 46 South Africa Trade With the European Union ........................................................................ 46 Current Account ...................................................................................................................... 47 Capital Account ....................................................................................................................... 48 CHAPTER 5: GOVERNMENT FINANCES ........................................................................................ 49 Revenues ................................................................................................................................. 49 Total Government Revenue ................................................................................................ 49 Revenue as a percentage of GDP ........................................................................................ 49 Expenditure ............................................................................................................................. 50 General Government Expenditure ...................................................................................... 50 Expenditure as a Percentage of GDP ................................................................................... 50 Comparing Revenue and Expenditure .................................................................................... 51 Government Borrowing .......................................................................................................... 51 Net Government Debt ......................................................................................................... 51 Debt as a percentage of GDP .............................................................................................. 52 Net Government Borrowing / Lending ................................................................................ 52 CHAPTER 5: FINANCIAL MARKETS ............................................................................................... 53 Capital Markets ....................................................................................................................... 53 Main Stock Market Index Performance (JSE Index) .......................................................... 53 Stock Market Capitalization in South Africa ...................................................................... 53 Market Capitalization as a percentage of GDP ................................................................... 54 Number of Listed Companies ............................................................................................. 54 Total Value of Stock Traded ................................................................................................ 55 Stock traded as a percentage of GDP .................................................................................. 55 Turnover Ratio ..................................................................................................................... 56 Domestic and Foreign Ownership of Asset in the Johannesburg Stock Exchange ............. 57 Ownership of top 25 Companies in JSE .............................................................................. 57 Money Markets ....................................................................................................................... 58 CHAPTER 6: DOING BUSINESS IN SOUTH AFRICA ....................................................................... 59 Political Overview ...................................................................................................................
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