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MACRO-ECONOMIC PICTURE........................................................................................ 85
South Africa at a glance........................................................................... 85
LEADING INDICATORS....................................................................................................... 86
Local indicators................................................................................................................. 86
Major indicators, 1955–2008.................................................................. 86
Current account surplus/deficit as proportion of GDP,
1955–2008.............................................................................................. 87
Further major indicators, 1993–2009.................................................... 88
Key indicators and forecasts, 2005–11................................................. 88
International comparisons.............................................................................................. 89
Key economic indicators and forecasts, selected countries............... 89
Spending, savings, and trade as proportion of GDP,
selected countries, 2007........................................................................ 90
ECONOMIC PROFILE.......................................................................................................... 91
Gross domestic product.................................................................................................... 91
Real growth and income levels and trends, 1961–2008..................... 91
Real total gross domestic product, 1961–2008.................................... 92
Real annual economic growth, 1961–2008.......................................... 93
Real GDP and personal disposable income per capita,
1961–2008.............................................................................................. 93
Real GDP per head, 1965–2008.............................................................. 94
Gross national income per capita, selected countries, 2007............... 94
Income and rankings, selected countries, 2007.................................... 95
Gross national income per capita, 2007, using purchasing
power parity, selected countries.......................................................... 96
GDP per capita average annual growth, 1990–2005.......................... 96
Structure of GDP........................................................................................................... 97
Breakdown of gross value added by industry (proportions),
1951–2008.............................................................................................. 97
Breakdown of gross value added by industry, 1951 and 2008...... 100
Provincial and local economies................................................................................ 101
Provincial economies..................................................................................... 101
Gross domestic product (GDP) by province, 2006–2011................. 101
GDP per head by province, 1996–2008.............................................. 101
Regional GDP by province and industry (actual numbers),
2007....................................................................................................... 102
Regional GDP by province and industry, 2007 (proportions).......... 103
Regional GDP and GDP growth, 2007................................................. 108
Average annual economic growth, 1996–2007................................. 108
Economic growth of urban areas................................................................ 109
Economic indicators for 19 major urban areas................................. 109
Inflation and interest rates............................................................................................ 111
Inflation and interest rates, 1976–2008.............................................. 111
Inflation rates, 1976–2008.................................................................... 112
Interest rates, 1976–2008...................................................................... 112
CPI headline, 2009.................................................................................. 113
Components of CPI, 2009..................................................................... 114
CPI by province and area, 2009........................................................... 114
Group and product inflation for all urban areas, 2009..................... 115
Repurchase (repo) rate, dates of change............................................. 117
Saving................................................................................................................................. 118
Personal saving, household debt, and gross domestic
saving, 1960–2008.............................................................................. 118
Gross domestic saving, 1960–2008...................................................... 119
Investment......................................................................................................................... 120
Real gross fixed capital formation (GFCF), 1960–2008.................. 120
Investment (GFCF) as a proportion of GDP, 1960–2008................ 121
Annual increase/decrease in investment, 1960–2008...................... 122
Investment by type of investment, 1998–2008................................ 122
Investment by type of investment (proportions), 1998 and 2008. 123
Investment by type of investor, 1960–2008...................................... 123
Private investment as proportion of total investment,
1960–2008........................................................................................... 125
GFCF by kind of economic activity, 1960–2008.............................. 126
Foreign investment..................................................................................................... 126
Inward investment............................................................................................... 126
Foreign liabilities (foreign investment in South Africa),
1956–2005........................................................................................... 126
Foreign liabilities (foreign investment in South Africa),
1996–2007........................................................................................... 127
Foreign direct investment inflows, 1994–2008.................................. 127
Foreign liabilities (foreign investment in South Africa)
by region at 31 December 2007........................................................ 128
Foreign direct investment (FDI) in South Africa by kind of
economic activity as a proportion of total foreign direct
investment, 1997 and 2007............................................................... 129
Outward investment............................................................................................. 129
Foreign assets (South African investment in other
countries), 1975–2007........................................................................ 129
South Africa’s foreign assets by region at 31 December 2007........ 130
International comparisons.................................................................................. 131
FDI flows (inward) as proportion of GFCF,
selected countries, 2005–2007.......................................................... 131
FDI stock as proportion of GDP, selected countries, 1990–2007... 132
The exchange rate........................................................................................................... 133
The rand/euro and rand/pound exchange rate,
1990–2008........................................................................................... 133
The value of the rand in euros and pounds, 1990–2008................. 133
The rand/dollar and real effective exchange rates, 1970–2008..... 134
The value of the rand in dollars, 1970–2008..................................... 135
Weighting of 13 currencies in the ‘basket’ against which
the rand is measured........................................................................... 136
Trade.................................................................................................................................. 136
South Africa’s chief trading partners, 2008........................................ 136
South Africa’s trade with the world, 2008........................................... 137
Imports to South Africa, 2008 (proportions)...................................... 138
Exports from South Africa, 2008 (proportions)................................. 138
Structure of exports and imports, 1990–2008................................... 139
Exports from South Africa, 1990–2008 (proportions)..................... 140
Imports to South Africa, 1990–2008 (proportions).......................... 140
Growth in export and import value, 1990–2007............................... 141
Growth in real value of exports, 1960–2004...................................... 142
Exports of goods and services as a proportion of GDP,
selected countries, 1995 and 2007................................................... 142
Average London gold price, 1946–2008............................................. 143
Brent crude oil and platinum prices, 1981–2008............................... 145
Oil price, 1981–2008............................................................................... 146
PUBLIC FINANCE................................................................................................................ 146
Revenue and taxation..................................................................................................... 146
All tax revenues........................................................................................................... 146
Total tax revenue, 2002/03–2007/08.................................................. 146
National revenues....................................................................................................... 147
Government finance as a proportion of GDP, 1976–2012.............. 147
Income tax as a proportion of GDP, 1976–2012.............................. 148
Composition of national tax revenue, selected years,
1984/85–2009/10............................................................................... 148
Tax revenue by main source, 1994/95 and 2007/08........................ 149
Tax revenue by main source as proportion of GDP,
1994/95 and 2007/08......................................................................... 149
Number of registered taxpayers, 2002/03–2007/08......................... 150
Maximum marginal tax rates, 2002/03–2007/08............................. 150
Individual taxpayers............................................................................................ 151
Number of taxpayers, 2002/03–2007/08........................................... 151
Summary of taxable income and tax assessed, 2002/03–
2005/06................................................................................................. 151
Taxable income and tax assessed by income group
(numbers), 2003 and 2006................................................................ 152
Taxable income and tax assessed by income group
(proportions), 2003 and 2006........................................................... 153
Taxable income and tax assessed by age group, and sex,
2003 and 2006..................................................................................... 154
Tax assessed by economic activity, 2003 and 2006........................ 155
Tax assessed by source of income (proportion of total),
2003–2006........................................................................................... 156
Taxable income and tax assessed by province, 2003 and 2006.... 157
Corporate taxpayers............................................................................................ 158
Taxable income and tax assessed by sector and economic
activity, 2003 and 2006..................................................................... 158
Tax assessments, 2002/03–2007/08................................................... 160
Provincial and local revenues................................................................................... 160
Provincial and local government tax revenue, 2002/03–2007/08. 160
International comparisons........................................................................................ 161
Top personal income tax rates, selected countries, 1980–2006..... 161
Tax revenue, 2007, and business tax, selected countries,
2007 and 2008..................................................................................... 162
Marginal tax rate, selected countries, 2006–08................................. 163
Budget 2008/2009............................................................................................................ 164
Breakdown of consolidated national and provincial
spending by function and proportion.............................................. 164
Changes in consolidated national and provincial
spending by function over seven years........................................... 165
Breakdown of consolidated national and provincial
spending as a proportion of total spending..................................... 166
Key allocations as proportions of the budget, 2005/06–2011/12.. 167
Major spending components................................................................. 167
Major spending components, 2005/06 and 2009/10
(proportions)......................................................................................... 168
Public sector infrastructure expenditure and estimates,
2005/06–2011/12............................................................................... 168
Key indicators and forecasts, 2005–11............................................... 169
Division of revenue between spheres of government,
2008/09–2011/12............................................................................... 169
Deficit............................................................................................................................ 170
Budget deficit/surplus (actual and projected), 1995/96–2011/12. 170
Budget balance as a proportion of GDP, selected countries,
2009....................................................................................................... 171
Public debt.................................................................................................................... 172
Total debt of government, 1982–2012............................................... 172
Foreign debt as proportion of GDP, 1982–2012................................ 173
Government debt as proportion of GDP, 1982–2012....................... 173
Provincial budgets........................................................................................................... 174
Consolidated budgets................................................................................................. 174
Summary of expenditure outcomes by province,
2007/08–2008/09............................................................................... 174
Provincial own revenue collection, 2007/08–2008/09..................... 174
Provincial personnel expenditure, 2008/09......................................... 175
Provincial education expenditure, 2008/09........................................ 175
Provincial capital expenditure on education, 2008/09..................... 176
Provincial health expenditure, 2008/09............................................... 176
Provincial capital expenditure on health, 2008/09............................ 177
Provincial capital expenditure on health growth,
2007/08–2008/09............................................................................... 177
Municipal finance............................................................................................................ 178
Financial results for all district municipalities........................................................ 178
Operating and capital revenue and expenditure by district
municipality, 2006/07........................................................................ 178
Financial data for six metropolitan and two district municipalities.................. 180
Breakdown of financial outcomes, 2006/07...................................... 180
Income and expenditure, 2008/09–2009/10..................................... 181
Breakdown of capital revenue and expenditure, 2006/07.............. 183
Outstanding consumer debtors, as at 31 December 2006
and 31 December 2007...................................................................... 184
Change in municipal debt, 2006–07.................................................... 184
Breakdown of total municipal debt by metro, 2006 and 2007...... 185
Financial data for the six metropolitans................................................................. 186
Breakdown of operating revenue, 2003/04–2009/10...................... 186
Breakdown of operating expenditure, 2003/04–2009/10............... 187
Metropolitans’ capital budgets, 2003/04–2009/10........................... 188
Summary of key revenue and expenditure trends,
2003/04–2009/10............................................................................... 189
FORECASTS OF KEY ECONOMIC INDICATORS, 2010–13.................................. 190