South Africa

Topics: South Africa, Africa, Gold Pages: 3 (874 words) Published: July 23, 2013
Southen Africa’s Best

South Africans at the moment are worried stiff about the fluctuating health of a heroic icon former President Nelson Mandela but it turns out not only is this troubling them but the growth of their economy. Once a shining star in terms of accelerating growth and being the most developed, South African economy is feeling heat in various of its key economic variables.

A close analysis into what its industries are giving out ,South African industries recorded an estimated total turnover of R1.62trn in the first quarter of 2013‚ which was a 2.7 percent decrease compared with the R1.66trn in the fourth quarter of 2012.Close analysis of this decrease shows that turnover decreased in five of the eight industries. The largest decrease in turnover was recorded for construction (-7.3%)‚ followed by trade (-4.8%)‚ electricity‚ gas and water supply (-2.9%)‚ manufacturing (-2.8%) and transport‚ storage and communication (-1.6%).This shows a general decrease in its major contributors of its economy. The Gross Domestic Product (GDP) annual growth rate year on year slowed to 1.9 for the first quarter of 2013 from 2.5 the last quarter of 2012.South Africa is an export-based country as it is rich in natural resources .It is a leading producer of platinum, gold, chromium and iron. However ,the volume of South African gold exports have fallen in each of the past six quarters. The impact of labour unrest on the gold mining industry was significant, with several gold mining companies being forced to halt operations, as a result of widespread wildcat strikes of unsatisfied workers. Platinum exports are equally under pressure and this has tainted the global perception of South Africa. The past financial year has been unpleasant for Amplats the world’s biggest South African platinum producer. It reported its first operating loss, which was set at R6,3 billion for the year ended 31 December 2012. This represented a precipitous fall off from the previous...
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