SA Economy

Basic overview of South Africa's economy

South Africa's Economy

The economy is the system of making, selling and buying things in a country. SA's economy relies on mining, manufacturing, agriculture, tourism and services (banking, retail). SA is Africa's most industrialised country but faces challenges: high unemployment, inequality and poverty.

Example

SA Economic Sectors

• Mining: gold, platinum, diamonds, coal • Manufacturing: cars, processed food, chemicals • Agriculture: fruit, wine, maize, livestock • Tourism: Kruger Park, Cape Town, beaches • Services: banks (Standard Bank, FNB), shops, IT SA GDP: about R6 trillion per year Unemployment: about 33% (very high)

Note

Remember

A strong economy means more jobs, better services and less poverty. SA's economy needs to grow to reduce unemployment. Education and skills development are key — the more skilled our people, the stronger our economy. Every worker and business contributes to the economy.

Key Vocabulary

EconomyThe system of producing, distributing and consuming goods and services

UnemploymentWhen people want to work but cannot find jobs

GDPGross Domestic Product — total value of all goods and services produced

IndustryA type of business activity (mining, manufacturing, tourism)

SASL Avatar

Loading avatar...

1 / 4

Economy

Speed: