When looking at South Africa’s history, it is easy to notice a shift in the country’s economy. In the earlier days, South Africas Economy was focused around the primary sectors. When looking at the current happenings in 2015, the situation has changed quite dramatically.
The focus was put on the primary sectors, because South Africa has quite a large fund of minerals. The resources were available and the country was favourable for agricultural activities. Throughout the years, there have been a shift from a primary sector based economy to a tertiary sector based economy. Today, we observe more retail and wholesale business in South Africas Economy. These businesses were responsible for driving South Africas Economy for about the last 25 years.
Currently, South Africa is moving towards a knowledge-based economy. Where E-Commerce and Technology enjoy a lot of focus and attention. It is only standard for South Africa to move towards an economy that is based on the new and changing economic environment. This will keep South Africa in a favourable position and up to date with the world’s trends.
South Africas Economy is currently the largest economy in Africa. Even though the country may face some obstacles, the economy still remains full of promises. The legislation and legal framework of the country is also to international norms and are up to standard when measured against world leading countries.
South Africa has managed to attain economic growth from an apartheid regime to the South Africa we know today. With the integration of South Africa into the global market, it was unavoidable that the country would also be affected by the economic crisis in 2008.
Another thing that makes South Africas Economy unique is that the economy of our country is very diverse. There are more than 5 key sectors that make a contribution to the Gross Domestic Product (GDP) of South Africa. These sectors include the following:
- Finance (18.5%).
- Government services (14.5%).
- Wholesale (13.2%).
- Manufacturing (11.5%).
- Mining (8.4%).
- Transport (7.4%).
- Personal services (6.4%).
- Construction (4.8%).
- Agriculture (4%).
- Electricity (2.8%).
- Other (8.5%).
It is clear to see that finance is the one factor that has the largest contribution to the GDP of South Africa. The government’s contribution is not that far behind and comes in second, just before wholesale and retail trade. A large part of our economy is exportation. The exporting of agricultural products is one of the best known exported products of South Africa. South Africa also produces some of the best wines in the world.
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There might be some negative talk about South Africas Economy, but it is still developing. When the rest of the world said that we will struggle to host the 2010 soccer world cup, we proved them wrong. When given enough time, South Africa will show the whole world again what it is capable of.