South Africa Economy

Working abroad sounds like an adventure to many people. However, South Africa job search requires more than just the obvious South Africa CV writing and translation, it requires thorough preparation. You will experience problems that probably did not even come to your mind when you decided to get jobs in South Africa.

Do not take too lightly the influence a work in South Africa can have on the effect of your adventure! For instance, you will experience the different immigration rules and practices, strange job application procedures, unfamiliar job candidate selection criteria and out of the ordinary management culture.

art_warning South Africa EconomyMost visits to South Africa are trouble-free but you should be aware of the global risk of indiscriminate international terrorist attacks, which could be against civilian targets, including places frequented by foreigners.

South Africa economy - overview: South Africa is a middle-income, emerging market with an abundant supply of natural resources; well-developed financial, legal, communications, energy, and transport sectors; a stock exchange that is 18th largest in the world; and modern infrastructure supporting an efficient distribution of goods to major urban centers throughout the region.

Growth was robust from 2004 to 2007 as South Africa reaped the benefits of macroeconomic stability and a global commodities boom, but began to slow in the second half of 2008 due to the global financial crisis' impact on commodity prices and demand. However, unemployment remains high and outdated infrastructure has constrained growth. At the end of 2007, South Africa began to experience an electricity crisis because state power supplier Eskom suffered supply problems with aged plants, necessitating "load-shedding" cuts to residents and businesses in the major cities.

Daunting economic problems remain from the apartheid era - especially poverty, lack of economic empowerment among the disadvantaged groups, and a shortage of public transportation. South Africa economic policy is fiscally conservative but pragmatic, focusing on controlling inflation, maintaining a budget surplus, and using state-owned enterprises to deliver basic services to low-income areas as a means to increase job growth and household income.

The current government largely follows the these prudent policies, but must contend with the impact of the global crisis and is facing growing pressure from special interest groups to use state-owned enterprises to deliver basic services to low-income areas and to increase job growth.

Labor force - by occupation: agriculture 9%, industry 26%, services 65% (2007 est.); agriculture 30%, industry 25%, services 45% (1999 est.)

Unemployment rate: 23.9% (2011 est.), 21.7% (2008 est.); 37% (includes workers no longer looking for employment) (2001 est.)

Natural resources: gold, chromium, antimony, coal, iron ore, manganese, nickel, phosphates, tin, uranium, gem diamonds, platinum, copper, vanadium, salt, natural gas

Industries: mining (world's largest producer of platinum, gold, chromium), automobile assembly, metalworking, machinery, textile, iron and steel, chemicals, fertilizer, foodstuffs

SouthAfricaCurrency South Africa EconomyCurrency: Rand (ZAR; symbol R) = 100 cents. Notes are in denominations of R200, 100, 50, 20 and 10. Coins are in denominations of R5, 2 and 1, and 50, 20, 10 and 5 cents.

Credit/Debit Cards and ATMs: MasterCard and Visa are preferred. American Express and Diners Club are also widely accepted. ATMs are available all over the towns and cities including shopping malls and petrol stations, and accept all international debit and credit cards. Almost all hotels, shops and restaurants, and even national parks and game reserves, accept credit cards. They are not accepted at petrol stations, however. Petrol must always be paid for with cash.

Traveler’s Cheques: Valid at banks, hotels, restaurants and some tourist-orientated shops. To avoid additional exchange rate charges, travelers are advised to take traveler’s cheques in Pounds Sterling or US Dollars.

Exchange rates: Rand (ZAR) per US dollar - 7.164 (2011 est.), 7.32 (2010 est.), 8.42 (2009), 7.9576 (2008), 7.05 (2007), 6.7649 (2006), 6.3593 (2005), 6.4597 (2004), 10.54 (2002), 8.61 (2001), 6.94 (2000), 6.11 (1999), 5.53 (1998)

Inflation rate (consumer prices): 5% (2011 est.), 11.3% (2008 est.)

Other South Africa Economy Info

We hope that your South Africa job search has been successful and you will get South Africa visa too. So, if your South Africa cover letter and South Africa CV are ready, you may distribute them to your prospective employers and start preparing for a South Africa job interview.

In addition, on the international info, job search, visa, work permit, cover letter, CV & resume, job interview and dress code pages you will find many useful tips for overseas job seekers.

Good luck with the South Africa economy info!


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