Per capita GDP growth less than 1%

2011-01-24 15:04

South Africa’s per capita gross domestic product (GDP) grew at an annual average rate of less than one percent between 1970 and 2008, the SA Institute of Race Relations said today.

Compared to a number of countries around the world, South Africa’s growth rate over the period was a low 0.6% a year, according to the institute’s South Africa Survey 2009/10.

Over the same period China managed 7.9% a year, Botswana 5.9, Indonesia 4.3, India 3.6 and Ireland 3.5.

The United Kingdom and United States achieved 1.9% each per year over the period.

Researcher Marius Roodt said the real GDP per capita of an economy is often used as an indicator of the average living standard of individuals in the country, and economic growth is therefore often seen as indicating an increase in the average standard of living.

He noted that in February last year Finance Minister Pravin Gordhan said to achieve five million jobs over 10 years, South Africa needed growth of over 6% a year.

The National Treasury forecast that between 2010 and 2014 the economic growth of the country would be between 3% and 4.4%.

Roodt said it was vital that the country’s economy managed to achieve high growth rates.

“An increase in the wealth of the average South African will ensure that the country remains politically, socially, and economically stable.”?

Join the conversation! encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions. publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Inside News24

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.