Essay About Official Currency Of South Africa And Sub-Saharan Africa’S Gdp

South Africa Gdp
South Africa’s GDP in 2010 is about $363B B which is < 1% of World’s total GDP which is not very significant where as it is about 34% of Sub-Saharan Africa’s GDP which is significant. As you can see in the chart on the right GDP has been steadily increasing except in 2009 it took a slight dip due to US recession and global market meltdown. The Business activity mainly service oriented at 67% and Industries about 34% and agriculture at 2%. The per capita in 2010 was about $10,551 INFLATION Inflation in 2010 runs at 4.3%. As you can see on the chart inflation was at 12% in 2008 but came down heavily in 2009 and 2010. This is because the Central bank of SA did 500 basis points of increases in interest rates between June 2006 and June 2008 to tame the inflation. Economic slowdown and dip in GDP also reasoned for lower inflation. Rand is the official currency of South Africa and it is currently about 8.5 Rand per Dollar. Prime Interest Rate is about 9% EXPORTS South Africa’s primary exports include gold, diamonds, platinum, other metals, minerals, machinery and equipment. Exports were up $86B in 2010 compared to $68 B in 2009 IMPORTS Primary imports include machinery and equipment, chemicals, petroleum products, scientific instruments, and food materials Imports were up $82B in 2010 compared to $70 B in 2009 China is both the largest exporter and importer of South Africa at almost 12 % of the trade. If a foreign company owns at least 10% of the investment in a company then