South Africa with BRICS - Did You Know?

December 23, 2010 was an auspicious day, marking the date on which South Africa was formally invited into the economic coalition between Brazil, Russia, India and China (BRIC) to expand the acronym to BRICS.

South Africa´s ascension into BRICS recognises the country´s potential and rightly places it alongside the leading economies of tomorrow.

• South Africa is the world´s 34th largest economy out of 183.
• Home to 6% of Africa´s population, the country accounts for 25% of the continent´s Gross Domestic Product (GDP).
• It´s boasts 45% of Africa´s mineral production and 50% of its purchasing power.
• The road network covers 754000km of which 9600km are surfaced national roads.
• The South African telecommunications market is the largest in Africa both in terms of customers and revenues.
• South Africa has the fourth-largest growing mobile communications market in the world and the largest internet market in Africa.
• Government debt as a percentage of GDP has halved to 22,4% since 2000.
• Private sector investment has grown 5,4% annually over the past decade.
• Manufactured goods represent 50% of exports against only 25% in 1994.
• South Africa led the formation of the New Partnership for Africa´s Development (NEPAD), outlining a course of economic growth and poverty alleviation.
• The country outperforms the BRIC countries in terms of the ease for doing business.
• In terms of competitiveness, Brazil has lost three places to rank 127th, Russia eight places to 123rd and China one place to rank 79th, while India improved one position to 134th place.
• Regionally, South Africa ranks second to Mauritius and ahead of Botswana, Tunisia and Rwanda.
• South Africa ranks second alongside the UK, New Zealand and Hong Kong in securing credit.
• The country has international recognition for its legal rights index and depth of credit information index.
• Companies benefit from a low overall tax rate.

South Africa is one of the most sophisticated and promising emerging markets in the world. The unique combination of a well-developed first-world economic infrastructure, and a rapidly emerging market economy, has given rise to an entrepreneurial and dynamic investment environment with global advantages and opportunities.