Abstract
This Selected Economic Issues paper examines economic development in South Africa during 1995–96. The paper highlights that in 1995, the economy of South Africa grew by 3.3 percent, the third consecutive year of economic growth, and it is expected to grow between 3½ and 4 percent in 1996. Some aspects of the unemployment problem are addressed in this paper. The paper also focuses on the implications for policy of the steps taken in 1994 and 1995 to establish an outward-oriented economy, after many years of effective autarky.
VII. Mining Taxation
1. Introduction and background
The taxation of the mining industry has been the subject of several reviews over the last decade, notably a comprehensive review by the 1987 Commission of Inquiry into the Tax Structure (the Margo report) and the subsequent report by the Technical Committee on Mining Taxation (the Marais Committee) in 1988. The Minerals Act of 1991 introduced a number of important changes to the structure of the mining industry, particularly with regard to the treatment of mineral rights. A major government review of minerals and mining policy is now refocussing attention on the system of mineral rights and mining taxation, with the aim of establishing a new policy framework for the mining industry.
This review occurs in a context of decline in the gold industry: annual gold production has dropped from around 670-680 tons in the mid-1980s to a current level of just more than 520 tons and employment has fallen by 25-30 percent from a peak of more than 560,000 in 1987 to a current level of around 400,000. A significant part of gold production is marginally viable at current gold prices, investment has declined sharply, and the conditions necessary for investment in an expansion of productive capacity—reportedly a gold price of US$600 per fine ounce—are unlikely to be realized in the near future. In sum, the gold mining industry is considered to have moved into a “mature” phase during the last decade, and despite substantial underground reserves, is facing the prospect of entering into a “declining” phase in the next. Other sectors of the mining industry—notably coal and platinum production—have flourished. However, it is the drop in gold production, which has set the tone for debates concerning mining policy.
This chapter outlines the key features of the mining taxation system, including some of the major changes in recent years, and assesses the main arguments in the ongoing debate over mineral tax policy. In particular it seeks to address two issues: (i) was the decision taken in 1991 to forfeit a charge on the right to mine minerals consistent with the new Government’s strategy of promoting a more outward-oriented economy; and (ii) are there structural features peculiar to mining which justify a separate structure of income taxation. The Chapter argues that there is a strong case for reforming the taxation of the mining sector, to reduce the distortions in the allocation of resources and facilitate the structural change toward nonmineral export production. It leaves open the question of whether the reform of mining taxation should be revenue neutral or result in higher revenue for the Government, but there would generally be a preference for the former given the Government’s commitment to avoid any higher increase in the tax burden.
2. Mineral rights
There are four basic categories of mineral rights: (i) mineral rights with respect to tribal land (owned by the state or the relevant tribes); (ii) mineral rights owned by the state; (iii) mineral rights owned by the mining companies; and (iv) mineral rights owned by the surface owners, in those instances Where mineral rights have not been severed from the ownership of the land. 1/ The Department of Energy and Mineral Affairs estimates that approximately two thirds of the prospecting licenses (by surface area) are for mineral rights held by the private sector.
However, prior to passage of the 1991 Minerals Act, ownership of mineral rights did not confer the right to mine precious stones, precious metals, or oil: those rights were vested in the state. 2/ To mine such minerals a mining company had, in addition to securing the mineral right, to obtain a government lease. The lease in turn specified a profit sharing arrangement which was calculated according to a formula, very similar to that of the current gold tax formula.
In early 1988, the Marais Committee 3/ recommended that future mining projects should not be subject to mine leases and that the existing leases should be phased out. It acknowledged that minerals constituted part of the national patrimony—and that therefore there were grounds for compensation to be paid to the state for extraction—but believed that the “objectives of ensuring continued investment in mining and maintaining the industry’s international competitiveness should enjoy priority over the patrimony argument.” 4/ More specifically, the committee argued that as “the mineral resource base…must be actively maintained through exploration and investment…it is unwise to discourage this process by imposing additional taxes [over-and-above income tax].” 5/
The initial response of the Government of the day to this recommendation was not favorable. The 1989/90 Budget Review makes clear that the Government was “very conscious of the fact that the mines were reducing the country’s mineral wealth” 6/ and should therefore bear an additional taxation burden. The Government was also concerned that the revenue loss resulting would be unacceptably high, 1/ and opposed any proposal whereby this “forfeiture of revenue would be recovered from other sectors.” 2/ The Review did recognize, however, that if the Minerals Bill was enacted unchanged, the state would no longer be entitled to mining leases in those cases where it did not hold the mining rights. Under such circumstances, the Review indicated that it would be necessary to investigate alternative taxes or levies on the mining sector to replace the lease payments and to consider the possibility of extending those levies to include all metals and minerals and not just the precious metals (and stones) covered by the existing lease payment system.
The 1991 Minerals Act did not incorporate the relevant clauses of previous Acts, 3/ which had vested in the state the right to mine precious stones, precious metals and oil, and consequently the legal basis for the lease consideration system was removed. However, in light of concerns about the weakened financial position of the gold mining industry and the need to encourage development of new mines, the Government decided not to introduce a new levy or tax to replace the lease consideration, and the Budgets subsequent to the Marais Committee report sought to alleviate the burden of taxation on the mining sector further along the lines recommended in that report.
The statements of the African National Congress (ANC) on mining policy during the transition period to a Government of National Unity created much controversy. One of the central tenets of the ANC’s mineral policy was that “the mineral wealth beneath the soil is the national heritage of all South Africans, including future generations,” and consequently “users must pay rent to the ‘people’ or state to deplete [them]”. 4/ To this extent, therefore, its position was virtually indistinguishable from that set out in the 1989/90 Budget Review. Where the ANC policy differed markedly from that of the previous Government was on the proposed mechanism for achieving this goal. Rather than seek to reinstate government control over the right to mine, the ANC proposed the “return of mineral rights to the democratic Government.” 5/ In part, this policy reflected a concern that private ownership of mineral rights was causing suboptimal exploration and development of the country’s mineral reserves. The ANC position suggested that the existing system of privately owned mineral rights provided no incentive to mining companies to develop their stock of mineral rights, while denying other interested parties, in particular foreign investors, access to those rights—the so-called “freezing” of mineral rights. 1/
Despite the assurances by the ANC that security and continuity of tenure for mineral exploration and mining would be guaranteed under a system of public ownership of mineral rights, much of the criticism of the ANC proposal has focused on its impact on investor confidence. The Chamber of Mines argued that private ownership of mineral rights provides the necessary security of tenure to encourage investors to commit the substantial resources required to explore and develop mineral bodies, and that government assurances of security of tenure would be inadequate for this purpose.
In the absence of convincing evidence that private ownership of mineral rights results in a socially suboptimal exploration and development of the country’s mineral reserves, the case for private ownership on the grounds of security of tenure seems sound. The central issue of mineral rights, therefore, revolves around the case for imposing a charge on mining companies for the extraction of a nonrenewable resource.
3. Gold and the economy
Removing the charge on mining companies for extracting a nonrenewable resource is equivalent to subsidizing the mining industry, because it represents a transfer to the mining companies, free of charge, of a rent on part of the country’s patrimony, namely its mineral wealth. The majority opinion in the Marais Committee believed that the strategic status of the mining sector, gold mining in particular, justified this subsidy, notwithstanding the consequent switch in the relative tax burden from the mining sector to the nonmining sector and the replacement of a relatively efficient tax instrument 2/—a tax on rent—with less efficient tax instruments. It is clear from the 1989/90 Budget Review that the Government of the day was very concerned about these tax policy implications.
The view that the mining sector holds a special status in the economy was not new and remains influential. 1/ The introduction to the recent discussion document on mining policy states: “the centrality of the mining industry to South Africa’s economy is a common point of departure for all parties… it is widely recognized that, because the industry is a cornerstone of the South African economy… any changes that may take place will have far reaching ramifications.” 2/ The ANC Minerals and Energy Policy Discussion Document reflects a similar perspective. This mode of thought immediately establishes a prima facie case for providing special assistance to the mining sector, especially in the context of a gold mining industry under pressure.
But it is not clear that this implication is well founded. In the past, the mining sector, gold mining in particular, was an engine of growth of the economy. For much of the period since the 1960s, the Government pursued an inward-looking growth strategy. Once the early opportunities for growth from import substitution had been exhausted, the economy, hampered by the weak competitiveness of the nonmining export sector, relied increasingly on the mining sector to maintain the momentum of economic growth, by relieving the balance of payments constraint, and by providing a source of employment.
The mining industry remains an important sector in the economy. Although mining production now accounts for only 9-10 percent of GDP, and makes a negligible contribution to government revenue—less than 2 percent of total revenue—mining exports are still approximately 40-50 percent of total exports. 3/ However, since the early 1980s it has become increasingly clear that the mining sector is unable to maintain the role of the engine of growth, nor can it support the employment generation required to address the unemployment problems of the economy. 4/ The prospects for the future are no more promising: gold mining is confronted with a trend deterioration in production levels and a weak gold price; the prospects for the nongold mining sector are brighter, but the contribution to employment from that sector is expected to be modest as production has become increasingly capital-intensive. Partly in recognition of the waning ability of the mining sector to maintain the momentum of economic growth and employment generation, the Government has begun the process of shifting toward a more outward-oriented economic strategy since the late 1980s.
This change in growth strategy, however, has an important bearing on the policy to forfeit a charge on the extraction of nonrenewable resources. The paramount importance of ensuring “continued investment in mining and maintaining the industry’s international competitiveness” is not synonymous with the development of a dynamic outward-oriented economy, and may even be detrimental to it, particularly if pursued through the tax system. Artificial support of the mining sector delays a shift in the structure of relative prices in favor of the production of nonmining exportables, impedes efforts to reduce the tax burden on other sectors of the economy, and embodies the use of less efficient tax instruments.
In summary, the switch in growth strategy essentially removes the basis for providing a subsidy to the mining sector. Consequently, the rationale for terminating the lease payment system—at least the failure to impose a replacement levy—is considerably diminished and so there may be a strong case for reconsidering the orderly introduction of some form of levy on the right to mine, as proposed by the Government of the day in 1989 and, more recently, by the ANC.
There are a number of issues related to the appropriate form of such a levy and these are discussed in greater detail in Appendix I. However, there are some basic principles that should be taken into account. First, the levy on the right to mine should be considered as a factor payment for the use of a nonrenewable resource. The state must take into consideration the opportunity cost of extracting the mineral resource when setting the levy on the right to mine. Second, the state must ensure that the structure of the levy does not leave it bearing an inappropriate share of the risk in the mining venture and to the extent that the Government wishes introduce a risk-sharing arrangement into the levy structure, it should ensure that an appropriate price is charged for bearing a portion of the risk. Third, the levy structure should aim to minimize sovereign risk borne by the private mine proprietors, that is, the risk that the state will alter the fiscal arrangements after commitments have been made to mineral exploration and development.
For these reasons, it is argued that a severance tax should play an important role in the levy on the right to mine. The severance tax may be supplemented by profit based charges but the latter should not be relied upon as a major part of the levy on the right to mine.
4. Mining taxation
We now consider the merit of arguments suggesting that characteristics inherent in the mining process—notably risk—form a basis for a separate structure of taxation distinct from that for nonmining activities. The arguments presented in favor of a separate tax structure are not based on claims for subsidies, but suggest that were, mining activities taxed on the same basis as nonmining activities—through the standard corporate tax structure—they would be disadvantaged because they are subject to substantially greater risk than nonmining activities.
This issue arises because the mining sector is eligible for a system of accelerated depreciation allowances—the redemption allowance, the capital allowance, and the ring system—which is markedly different from that available to nonmining companies. Furthermore, gold mines are subject to a formula tax, rather than the standard rate of corporate tax. These two features of the mining tax system have generated much debate.
a. Accelerated depreciation allowances
The tax system provides for an extreme form of accelerated depreciation allowance in the mining industry: the redemption allowance allows eligible 1/ capital expenditure to be deducted in full against income in the year of assessment in which such expenditure occurs. The deduction is, however, subject to Sections 36(7E) and 36(7F) of the Income Tax Act—the “ring fencing” provisions. 2/ Section 36 (7E) restricts the deduction of the redemption allowance to taxable income from mining operations, with the balance carried forward to subsequent years. For all new mines developed after 1984, Section 36(7F) further restricts the deduction of capital expenditure on a mine to the taxable income of that mine. In 1990, the Government introduced a partial relaxation of the ring fencing system. Section 36(7G) allows 25 percent of an existing mine’s taxable income to be available for write-off against the development of a new mine.
In addition to the redemption allowance, some mines are eligible for a capital allowance. The capital allowance provides for the redemption allowance to be carried forward with interest. There are three basic categories of mines eligible for capital allowances: (i) post-1973 mines are eligible for a capital allowance of 10 percent; (ii) “other deep level” mines are eligible for a capital allowance of 10 percent; and (iii) post-1990 mines, eligible for a capital allowance of 12 percent.
The mining industry has vigorously defended the redemption allowance. First, it has argued that a system of accelerated depreciation allowances is essential for the mining industry to compensate the mining industry for the high risks associated with its mining activities. These risks come in a number of forms: (i) the geology of South Africa’s mineral reserves, particularly its gold reserves: the reserves are at great depth, which not only greatly enhances the costs associated with mine development but also increases the risk of mine failure post exploration; (ii) the long lead times until a project comes on stream; and (iii) the risks associated with operating in volatile commodity markets. Second, it has been argued that although the immediate redemption of capital expenditure is an extreme form of accelerated depreciation, it has the advantage of simplicity. In particular, it avoids the difficulty of having to distinguish between capital expenditure and current expenditure in a mining operation. 1/
The case against the system of redemption and capital allowances was argued eloquently in a dissenting opinion in the Marais Committee report. 2/ The opinion argued that the retention of a system of accelerated depreciation allowances ran contrary to the trend in international tax reform to move away from such incentives. The move away from accelerated depreciation allowances, the opinion argued, was driven by evidence that tax incentives for capital expenditure tended to promote “the quantity of investment at the expense of its quality” and “biased economic activity toward capital intensity.” The overall impact was not to enhance economic performance but merely to depress effective rates of corporate tax far below the statutory rate.
The Margo Commission focused more closely on the distortions arising from the ring fencing system, and the consequent damage done to the efficient allocation of resources. Nevertheless, despite the costs associated with the ring-fencing system, it was clear to the commission that it was a necessary evil as long as the system of accelerated depreciation remained in place. The commission argued that the most effective way of addressing the distortions created by the accelerated depreciation allowance and ring fencing systems was to abolish the redemption allowance and replace it with ordinary depreciation allowances granted to other branches of the economy. Once the redemption allowance was abolished, the ring fencing system could safely be abolished as well. 1/
Clearly, as recognized by the Marais Committee, the issue of accelerated depreciation allowances turns on whether the mines are subject to special risks and, more importantly, the appropriate policy response to such risks. This issue will be addressed following a discussion of the special tax treatment of the gold sector.
b. The gold tax formula
The tax rate payable by a gold mine on its taxable income—profits—is determined by the following formula:
where a and b are fixed parameters and x is the ratio of taxable income to revenue. The parameter b, currently set at 5 percent, defines the tax threshold, below which profits are not taxed (the “tax tunnel”). Parameter a is linked to the standard rate of corporate tax. 2/ As is clear from the above, the gold tax formula is progressive and provides a tax incentive to mine marginal ore bodies (see chart 17). 3/
Advocates of a switch to a flat rate tax, the Margo Commission included, have argued that the gold tax formula is flawed because it breaches the principle of tax neutrality and introduces an undesirable incentive to mine marginal ores.
South Africa: GOLD TAX FORMULA
Citation: IMF Staff Country Reports 1996, 064; 10.5089/9781451840926.002.A007
The Marais Committee, however, rejected recommendations to replace the formula tax with a flat rate tax, arguing as follows:
(i) the inducement to mine marginal ores, far from being undesirable, is an essential feature of the gold tax formula. It argued that the inducement was in the best interest of the country because it increases mine output in the long run and extends the lives of the country’s mines.
(ii) The formula has the benefit of providing a degree of burden sharing, both between mines, with richer mines paying a higher rate of tax, and between the industry and the Government, with the Government receiving a share of the windfall profits during a commodity boom and providing tax relief to the industry when commodity prices weaken. The latter breach of the principle of tax neutrality was considered necessary because of the high risks associated with gold mining.
To the extent that the first argument pertains to the need to subsidize the development of sub-economic projects in the gold mining industry, the argument has been addressed—and rejected—above. And was recognized by the Margo Commission, subsidies to mine marginal ores introduce an undesirable distortion into the extraction profile of a mineral reserve, inhibiting flexibility of mine production. 1/
The case for providing a degree of burden-sharing requires more careful consideration, as some recognition by the tax system that the geology of some mines makes them substantially more profitable than others has some superficial attraction. However, the superior “profitability” of favorably located mines reflects the fact that these mines have access to “high- rent” minerals. The corporate tax is not the appropriate fiscal instrument for addressing the issue of differential mineral rents. Other instruments need to be developed, primarily in the context of the contract negotiated between the state and the mining companies regarding the right to mine.
The prominence of the “ability-to-pay” arguments in the Marais Committee report clearly also reflected pressing concerns that the shift to a flat rate tax would have substantial negative financial effects on low grade, low margin mines. These concerns will, if anything, have intensified in the intervening period. However, the appropriate response to these concerns is not provide support through tax expenditure. Rather, if support is deemed to be warranted it should, as proposed by the Margo Commission, be provided through a system of grants which would enable the Government to target aid to the gold-mining sector accurately and effectively.
There remains the case for providing some degree of burden sharing between the Government and the mining industry, particularly with respect to the risk that some deposits might not live up to expectations. Clearly, the fact that the gold tax formula is restricted to gold mining 1/ carries the implication that gold mining is subject to special risks that do not apply to nongold mining. 2/ However, the fundamental argument is the same as that for the accelerated depreciation allowances: the mining industry is subject to special risks, which should be shared with the Government. It is this case that is considered next.
5. Risk insurance
The risk argument of the mining industry merits closer attention, because it has played a key role in the mining taxation debate. Two sets of risks need to be distinguished. Firstly, the risks pertaining to investment in individual mines. As noted above these are fundamentally risks related to the geology of the mineral reserves. Secondly, there are the risks confronting the industry as a whole. These include not only the risks associated with operating in a volatile commodity market, but also risks related to security of tenure and the stability of the fiscal regime. For both the enterprise and the industry risks, three principal issues need to be considered: (i) what is the appropriate policy response to the risks, and should government bear a portion of the risk, as it does implicitly through the current tax regime? (ii) if so, what price should the government charge investors in the mining industry for providing insurance cover? and (iii) is the corporate tax system—in particular its system of accelerated depreciation allowances—the appropriate instrument for providing such insurance?
With respect to the industry risk, the case is relatively straightforward. There would appear to be fairly general agreement that the problem of volatile commodity markets is not unique to the mining industry and that risks arising from this source do not therefore constitute a strong case for a special mining tax regime to absorb some of the risk. Indeed, there is evidence that the private sector is generally better able to manage this risk than the public sector (See Collier and Gunning, 1996).
The risks associated with security of tenure and the stability of the mining fiscal regime, clearly lie within the domain of government policy, but the appropriate response is not to compensate the mining industry for such risks but rather to seek to minimize them. In this light, there would appear to be a strong case for retaining the current system of mineral rights combined with a mechanism to ensure an adequate return to both the state and the mining company for the depletion of the country’s mineral resource. Historically, the fiscal regime has not performed this function well; it has undergone a number of sizable changes in the past—e.g., the use of mining surcharges and the introduction of the ring fencing system in the early 1980s—as governments attempted ex-post to capture an adequate share of the mineral rents generated by mining activities. Such ex-post adjustments to the fiscal regime are clearly undesirable as they raise the risks associated with investment in the mining industry. To minimize the risk of such upheavals, the fiscal regime should ensure that it provides for adequate compensation across a wide range of contingent states at the outset.
The issues with respect to the appropriate response to mine-specific risk are more difficult, but again it is not clear that it is in the best interest of the economy for the Government to bear a portion of this risk of a mining venture. A number of factors need to be taken into consideration:
The risks associated with a mining venture can be diversified by the private sector. While the risks of an individual mining venture may be high, the risks associated with a portfolio of mining investments are likely to be substantially lower, and the risks associated with a portfolio of investments of which mining is but a component will be lower still. Thus, the risk that should be of concern to policy is not the risk at the level of an individual mine, but the residual risk that remains after such mine-specific risks have been as fully diversified as possible (through the financing structures of such mines). Government’s attempts to transfer some of the nonresidual mine-specific risk to itself, may not therefore be an appropriate policy response to such risks. Firstly, the Government may be less well positioned to diversify or adapt flexibly to the risks that it is taking on than the private investors to which it is providing insurance. Secondly, the provision of insurance may induce the private sector to adopt investments that are less well adapted to the conditions confronting the economy. There should therefore generally be a prima facie case against the state providing risk insurance to private investors, particularly if potential investors—both domestic and foreign—in mines have access to a full range of financial instruments through which they can diversify such mine-specific risks.
If the Government is persuaded that there is a case for intervening to address the residual—i.e., nondiversifiable—risks associated with investment in a particular sector of the economy, it will need to consider carefully the price that it will charge for providing that insurance. It’s own ability to diversify the risks that it is taking on will be important factors in determining the appropriate price. Given the relative characteristics of the Government and the type of investor attracted to large scale mining ventures, it is highly likely that the price that the Government would have to charge investors in the mining sector to adequately compensate it for providing insurance for mining activities would render that insurance unattractive.
As with all policy interventions, the possibility of unintended effects of publicly provided insurance for mining activities must also be considered. For example, even if one could argue that the gold tax formula addressed residual risks in gold mining, this formula clearly has effects additional to this, namely, it subsidizes the exploitation of marginal ores, an effect that, as argued above, is undesirable from an efficiency standpoint. And given that South Africa is still a large producer relative to world markets in a number of mineral markets, one of the unintended effects to which careful consideration should be given is its impact on the world prices of the commodities concerned. 1/
Finally, as noted above, the corporate tax system is not an appropriate instrument for addressing such residual risks. The function of the corporate tax system is to levy a tax on corporate income in the economy in a manner that minimizes, to the extent possible, distortions in the inter-sectoral allocation of resources. One of the great weaknesses of many systems of mineral taxation—including that in South Africa—is that a multiplicity of objectives have been loaded onto a single instrument, the corporate tax. 2/ As a result, it is difficult to identify the effective tax rate on corporate income in the mining sector, especially the gold mining sector, because the rate of corporate tax includes: (i) the implicit charge that the Government is levying on the mining sector for the extraction of a nonrenewable resource; (ii) the adjustment to that levy for the implicit price the government is charging for providing risk insurance; and (iii) a tax on corporate income which should adhere to the principle of tax neutrality. In general, the corporate tax should be relieved of the burden of providing a levy on the extraction of a nonrenewable resource and the associated risk insurance (if any), and that other fiscal instruments should be developed to address these issues.
6. Summary and conclusion
The evolution of the debate on the system of mining taxation can be summarized as follows:
a. The state’s claim on the right to mine was forfeited in the early 1990s, despite a general agreement that the mineral resources formed part of the patrimony of the country. It was forfeited because it was believed that this claim should be subordinated to the need to encourage the development of the gold mining industry. These arguments were given an added urgency by the difficulties that the gold mining industry had confronted since the mid-1980s.
But the arguments in favor of forfeiting the patrimony over mineral resources are rooted in a view of the economy that is now out of date and inconsistent with the government’s strategy to develop an outward-oriented economy. The Government should reconsider the orderly introduction of some form of levy on the right to mine. Issues that the Government will have to consider with respect to the appropriate form of such a levy are discussed in Annex I.
b. The retention of the gold formula tax rested on two arguments: (i) that it was appropriate to provide an inducement to mine marginal ores; and (ii) that the formula allowed the Government to both take into account the ability to pay of different mines and share some of the risks of gold mining more generally. Underlying the decision to retain the formula tax was a concern about the impact of a move to a flat rate tax on the financial position of existing marginal mines.
Neither of the two arguments is particularly convincing and if support to marginal mines is merited, it should not be provided through the tax system, but rather through a system of grants, which would enable the Government to target the aid accurately and transparently. The Government should consider abolishing the current gold formula tax and applies the standard rate of corporate tax to the gold-mining sector.
c. The arguments for retaining the system of accelerated depreciation allowances—the redemption allowance, capital allowance, and the ring fencing system—rested on the belief that the Government should bear some of the special risks associated with mining activities.
This chapter has argued that it is not necessarily appropriate for the Government to attempt to modify the risk characteristics of activities in an economy even in the case of nondiversifiable, or residual risks. However, if the Government believes that there is a case for providing some form of insurance to investors in the mining industry to cover this sort of risk, then it should ensure that the insurance it is providing is priced appropriately. Finally, the paper has pointed out that, whatever the case for providing insurance to investors in the mining industry, the corporate tax system is not the appropriate vehicle for doing so. Rather, the appropriate instruments should be developed in the context of the contract between the Government and mining companies governing the right to mine. Therefore, the Government should consider abolishing the system of accelerated depreciation allowances—the redemption allowance, capital allowance, and the ring fencing system—for the mining sector, and replacing them with a system of depreciation allowances, which would ensure intersectoral neutrality.
Given the prominent role that the mining industry has played in the South African economy, the decision to embark on an economic strategy which does not have the mining sector as its focal point clearly represents a significant break with the past. There is clearly the temptation to keep a “foot in both camps.” Such a stance will be unsustainable if it results in continued distortions in the tax system to support and prolong mining activity artificially. Nevertheless, it is also clear that concerns about the transition away from a mining-based economy will be difficult to assuage while the nonmining sector has difficulties competing internationally, hence has a limited capacity to address the unemployment problem. A strategy to promote growth and employment in the nonmining economy would both greatly facilitate, and be reinforced by, the reform of the mining taxation system.
Implementation of a Levy on the Right to Mine
One of the weaknesses of the fiscal regime for the mining sector has been that the distinction between mineral taxation and mineral pricing policies has not been adequately delineated. Mineral tax policy should be separated conceptually from the state’s role as a guardian of a national resource, with decisions about natural resource pricing policy and associated risk sharing arrangements that arise when Government negotiates with a mining company over the right to mine a nonrenewable resource handled through a separate set df fiscal instruments.
The institutional framework for the separation of tax policy and mineral policy was in place with the lease payment system prior to the 1991 Minerals Act and remains substantially intact, because the Government continues to negotiate with mining companies over the right to extract minerals on government-owned mineral rights.
This section reviews briefly some of the basic principles that the Government should take into account when considering appropriate instruments to capture the levy on the right to mine, and reviews some of the pros and cons of profit-based instruments versus production-based severance taxes. The review suggests that the old lease payment formula, which was based on a profit sharing arrangement, may not have been optimal. 1/
The levy on the right to mine must fulfill a number of functions: (i) it must ensure that an appropriate price is paid for the mineral resource; (ii) it must reflect a decision on an appropriate risk-sharing arrangement (if any) that it will enter into with a mining company, and the price that it will charge for bearing a portion of the risk; and (iii) the levy structure should attempt to reduce sovereign risk, i.e., the risk that the Government will alter the fiscal arrangements after the investor has made a commitment to invest in mineral exploration or development. Clearly, sovereign risk is a much broader issue than the structure of the levy on the right to mine. However, an appropriately designed levy, which provides a reasonable prospect of a stable contract between the state and resource owners with respect to the extraction of mineral resources, will make an important contribution to reducing sovereign risk.
Analysis of the opportunity cost of the extraction of a mineral ore body is important to establish the reservation price that the Government would want to place on the mineral resource. 2/ The structure of the levy should also ensure that the government is not left bearing an inappropriate share of the risk involved in mining ventures. This latter point is important, because pure profit-sharing arrangements, such as the lease payment system, run the risk that the natural resource endowment will be extracted without significant positive payments being made to the state for the extraction of a nonrenewable resource.
In practice, it is unlikely that a single fiscal instrument will efficiently capture both the appropriate price for the resource and the risk sharing element. In general multiple fiscal instruments will be needed. Two such instrument warrant attention here:
1. The resource rent tax
The lease payment system—and to a lesser extent the gold formula tax—approximate closely to a resource rent tax (RRT). 2/ Recent literature on mining taxation has identified a number of problems with a RRT: (i) it is a high risk instrument, because it only provides a return to the state if a project yields above normal rates of return; international experience with RRTs suggests that they have not been successful in generating revenue 3/—the experience of the lease payment system would tend to support that contention; (ii) the revenue stream, if any, is back-ended; and (iii) an RRT, used by itself, does not provide a framework for assessing the opportunity cost of proceeding with a project. For these reasons, it is argued that profit-based taxes such as the resource rent tax should not be relied upon as a major part of the levy on the right to mine, although it could be retained as an element of the levy if the Government believes it necessary to provide some form of risk sharing.
2. Royalty payments (“severance taxes”)
A royalty or severance tax is a specific or ad valorem duty levied on the volume or value of resources extracted. Severance taxes have been severely criticized by the mining industry on the grounds that they raise the marginal cost of extraction and may therefore discourage development of marginal projects, by making them submarginal.
Royalty payments have a number of attractive features, in addition to being easy to administer. Firstly, it is important to bear in mind that the levy on the right to mine is a factor payment charged by the Government for the extraction of a nonrenewable resource. As such the levy should serve an important role in determining whether an investment should proceed or not—that is a resource should be left in the ground if mining companies are not prepared to pay the price reflecting the state’s opportunity cost of extraction; there is no rationale for providing the resource for free. A royalty payment performs these functions well. Secondly, the royalty payment ensures that the state receives a minimum payment for the extraction of a mineral resource, and that it receives it relatively early in the development of a mining project (as soon as production commences). Thirdly, a regular stream of payments to the state is likely to enhance the stability of the fiscal regime governing the mining sector, and may therefore be in the interests of the mining companies, who have expressed serious concern about the adverse impact of an unstable fiscal regime. Lastly, as long as the royalty payment is not unduly high, the present value of the efficiency costs associated with severance taxes is likely to be small.
For the above reasons, it is argued that a severance tax should play an important role in the levy on the right to mine. The rates of royalties cannot be prescribed as a general rule, as they will depend, inter alia, on the perceptions of profitability and other fiscal aspects of the levy. However, international experience with royalty rates for gold, as well as the existing practice on leases for state-owned mineral rights, would suggest royalty rates ranging in the region of 3-6 percent of gross revenue. The rates of royalty may vary across leases and could have stepped rates triggered by higher commodity prices. Finally, the price mechanism used to determine the liability under the royalty should be transparent.
South Africa: Tax Summary as of April 1, 1996
(All amounts in South African rand)
South Africa: Tax Summary as of April 1, 1996
(All amounts in South African rand)
| Tax | Nature of Tax | Exemptions and Deductions | Rates | ||||
|---|---|---|---|---|---|---|---|
| 1. | Taxes on Income, profits, and capital gains | ||||||
| 1.1 | Individual income tax | Central government tax charged on taxable income received by or accrued to a person from any source within or deemed to be within South Africa. Taxable Income is assessed as gross income less exemptions and deductions. | Exemptions include (i) the first R 2,000 of any taxable interest; (ii) dividends excluding dividends paid by building societies, fixed property companies, or unit portfolios; (iii) benefits payable under the Unemployment Act, and (iv) leave gratuities on retirement/retrenchment up to ft 30,000. | A single scale of rates applies to all individuals. Tax is reduced by tax rebates. which depend on taxpayer age. The tax rebate of a person under the age of 65 is R 2,660. There is an additional rebates for those 65 years of age and older of R 2,500. Taking into account tax rebates, the following average income tax rates apply to a person under 65 years of age: | |||
| Income Tax Act No. 58 of 1962 as amended. | Receipts or accruals of a capital nature are generally excluded frost gross income. Capital gains derived from asset transactions deemed to be made with the purpose of asking a profit are included in gross Income. | Deductions are allowed for (i) annual contributions to pension and retirement funds (the greater of R 1,750 or 7 1/2 % of pensionable income); (ii) retirement annuity fund contributions (the greater of R 1,750 or ft 3,500 leas allowable pension contributions or 15 % of non-pensionable income), (iii) medical expenses (with deduction ceilings depending on age); and (iv) donations to certain educational institutions. | |||||
| Wage and salary earners are subject to withholding tax at source (PAYE) stay have to submit income tax returns at the end of the tax year. Persons whose income consists almost entirely of remuneration and of which the amount, after some deductions, does not exceed R 50,000 are subject to Standard Income Tax on employees (SITE) under the PAYE system; SITE payers are not required to submit income tax returns. In the case of other individuals, tax levied on their taxable income in the tax year; provisional payments are effected in two half yearly installments. However, certain provisional taxpayers may make a third “topping up” payment six months after the end of their tax year. | Taxable annual | Marginal | Average | ||||
| income | tax rates | tax rates | |||||
| (In rand) | (In percent) | (In percent) | |||||
| 0 – 15,000 | 17 | 0 | |||||
| 15,001 – 20,000 | 19 | 0.0–4.2 | |||||
| 20,001 – 30,000 | 21 | 4.2–9.8 | |||||
| 30,001 – 40,000 | 30 | 9.8–14.8 | |||||
| 40,001 – 60,000 | 41 | 14.8–23.6 | |||||
| 60,001 – 80,000 | 43 | 23.6–28.5 | |||||
| 80,001 – 100,000 | 44 | 28.5–31.6 | |||||
| 100,001 and above | 45 | 31.6–… | |||||
| The tax year runs from the first day of March to the last day of February. | In FT 1996/97, transition levies were abolished. | ||||||
| In respect of others than individuals and companies, there is a similar scale of marginal rates, but no rebates are granted. | |||||||
| 1.2. | Corporate taxes | Corporate income tax is a central government tax levied on the taxable income of any company registered in South Africa and on the taxable income of foreign companies generated in South Africa. Taxable income is defined as gross income, other than capital receipts and exempt Income, less allowable deductions and loss offsets. | Deductions include normal operating costs, interest, end depreciation allowances but exclude dividends and capital expenditures. | a. Non-gold mining companies: 35 % of taxable income derived within South Africa. | |||
| Income tax act No. 58 of 1962 as amended. | The year of assessment is the accounting year. Companies (other than gold Mining companies) are required to sake three provisional tax payments In respect of each year of assessment, vis., the first within six months after the commencement of the year of assessment, the second at the end of such year, and the third within a period of six months from the close of such year | Depreciation allowances of non-mining companies vary according to type of asset, life expectancy, and intensity of type of assets. Generally, the straight-line method is used. Special depreciation allowances include initial allowances ranging from 10 % (certain housing projects) to 40 % (aircraft). Farming machinery may be written of at 50, 30, and 20 % over three years. | b. Gold mining companies: Formula-based tax rata according to: | ||||
| (a) Where the company is not exempt from the secondary tax on companies (STC): | |||||||
| y = n91 any[255/x], or | |||||||
| (b) where the company is exempt from the STC: | |||||||
| y = 58 - [290/x] | |||||||
| Exporters are allowed to deduct a percentage of the marketing expenditure incurred by the taxpayer during a year. An assessed loss can be carried forward indefinitely but can not be carried backward. | where y is the tax rate and x is the profit-to-revenue ratio; e.g., a gold mine with a profit-to- tax revenue ratio of 10 % faces a corporate tax rate of 25.5 %. Gold mines were given the option to switch to the non-gold mining company tax system by August 31, 1993, but none did. Nonmining income is taxed at 42 %. | ||||||
| Comprehensive agreements for the avoidance of double taxation on the same income are in force with 29 countries. | Capital expenditures by all types of mines are allowable as a deduction from income in the year of assessment in which they are incurred, limited, however to the annual mining working profit. Unredeemed balance ranks for redemption against future mining working profit. Cost of land, mineral rights, mining rights, servitude, etc., are not deductible. | c. Oil extrection companies: 61 %. | |||||
| Limited agreements for the avoidance of double taxation on profits derived from sea or air transport are also in force with 10 countries. Gold mining companies are subject to special tax provisions. | d. Long-term insurance companies: If taxable income is determined under section 28, 45 %. If taxable Income is determined under section 29, 35 % in respect to income derived from company policies and 30 % in respect of income derived from policies held by individuals. | ||||||
| In FY 1994/95, taxable company incomes exceeding R 50,000 before the off-setting of any assessed loss brought forward are subject to a levy of 5 %. | |||||||
| e. Retirement fund industry: a temporary (for fiscal year 1996/97) tax of 17 % was Imposed with effect from March 1, 1996 on the gross interest and net rental income of retirement funds. | |||||||
| 1.3. | Secondary tax on companies (STC) | A central government tax payable on the net amount of dividends, i.e. the excess of dividends declared by the company over dividends accrued to the company. | Exemptions Include dividend payments of fixed property companies as defined in section 1 of the Unit Trust Control Act. These dividends are taxed in the hands of the recipient. Dividends in specie deriving from unbundling operations are also exempt from STC. Dividends paid out of profits earned in South Africa by foreign companies are exempt (see section 1.5). | Rate was lowered with effect from March 13, 1996 from 25 to 12.5 %. | |||
| Income Tax Act No. 58 of 1962 as amended | |||||||
| 1.4. | Non-resident shareholders’ tax. (NRST) | Abolished with effect from October 1, 1995. | |||||
| Income Tax Act No. 58 of 1962 as amended. | |||||||
| 1.5 | Tax on foreign branches | A central government tax on income derived from South African sources on companies that are effectively managed from outside South Africa. | Interest income earned by foreign companies is exempt if the company does not operate in South Africa. | 40 %. | |||
| 2. | Social security contributions | ||||||
| 2.1. | Unemployment Insurance contributions | A contribution collected by unemployment Insurance funds. | Not payable for employees earning more than R 63,648 per year. Also excluded from unemployment Insurance are domestic servants, homeworkers, and temporary workers who are employed for less than 8 hours or less than one full working day in any calendar year. | Employee and employer contributions of 1.0 % of insured’s earnings. | |||
| 2.2. | Work Injury insurance contributions | A compulsory insurance scheme. | Not payable by employees earning more than R 33,068 per year. Also excluded are domestic servants and casual workers. | Insurance premia vary with risk. | |||
| 3. | Taxes on payroll and workforce | ||||||
| 3.1. | Payroll tax | A tax levied by Regional Service Councils. | A tax levied by Regional Service Councils on remuneration paid by employer or employee. Some Regional Service Councils grant discounts of 15, 20, or 25 % to farming enterprises. | Ranges from 0.25 to 0.38 % depending on Regional Service Council. | |||
| Regional Service Councils Act. | |||||||
| 4. | Taxes on property | ||||||
| 4.1. | Property tax | A local tax payable on the capital value of land and improvements. | Method of valuation and rates differ across local governments. Rebates of up to 40 % are provided for different classes of property. | Rates differ across local governments and depend on valuation methods. | |||
| 4.2. | Estate duty | A central government tax payable on the estate of an individual. Property includes life insurance proceeds, pension or provident fund benefits, and donations made in contemplation of death. | Deductions include funeral and estate administration expenses, as well as outstanding debts of deceased. A single deduction of R 1,000,000 is applicable. | Raised with effect from March 14, 1996 from 15 to 25 %. | |||
| Estate Duty Act No. 45 of 1955. | |||||||
| 4.3. | Donations tax | A central government tax payable by the donor on the cumulative value of property donated by residents. | Donations by public companies and donations to charitable, educational or ecclesiastical Institutions are exempted (with effect from October 1, 1996 donations to the Bible Society will no longer qualify as a donation). Also, annual exemption limits of R 5,000 and R 25,000 (with effect from 1997 year of assessment) apply for legal and natural persons, respectively. | Raised with effect from March 14, 1996 from 15 to 25 %. | |||
| Income Tax Act (No. 58 of 1962) | |||||||
| 4.4 | Transfer Duty | A tax payable on the purchase consideration of fair value (whichever is the greater) of transfer a of Immovable property. | Exemption limits of R 24,000 for unimproved property and R 60,000 for property with dwelling. | For natural persons, 1 % on the first R 60,000 plus 5 % on the value in excess of R 60,000 but under R 250,000 plus 8 % on amount in excess of R 250,000. For other persons or trusts, 10 % of total value of property. | |||
| (Transfer Duty Act No. 40 of 1949) | |||||||
| 4.5. | Marketable securities tax | A tax payable on the purchase of marketable securities by a stockbroker on behalf of any person. | Lowered with effect from April 1, 1996 from 1 % to 0.5 %. | ||||
| 5. | Domestic taxes on goods and services | ||||||
| 5.1. | Value-added tax (VAT) | A central government tax levied on the sale of goods and services. VAT is collected at single rate, is consumption-type (allows full and immediate tax credit on capital goods), is based on destination principle (exports are zero-rated and imports are taxed), and uses invoiced-based credits method (VAT is calculated on calculated and purchases separately, and tax is paid on difference between VAT on sales and VAT on purchases adequately supported by invoices). | Main zero-ratings include (i) exports; (ii) several unprocessed food items including brown bread, maize meal, milk, eggs, fruit, and vegetables; (iii) petrol and diesel; (iv) several agricultural Inputs Including seeds, feed, and fertilizers; and (v) international transport services. Main exemptions include: (1) residential rents; (ii) passenger transport; and (iii) educational services. | 14 %. | |||
| Value Added Tax Act, No. 89 of 1991. | All fee-based financial services, except certain premium on life policies, contributions to retirement funds, and unit trust charges are subject to VAT with effect from October 1, 1996. | ||||||
| 5.2. | Turnover tax | A tax on turnover levied by Regional Service Councils. | Exemptions: (1) religious, charitable and educational institutions; (ii) non-profit organizations engaged in nature conversation or animal protection; (iii) amateur sport clubs; and (iv) letting of accommodation to employees. | Ranges from 0.1 to 0.2 %. | |||
| Regional Services Councils Act. | |||||||
| 5.3. | Excise duties | Central government taxes payable by the manufacturer or importer of certain commodities. Most are specific, though some ad valorem rates exist. | A rebate is granted on dutiable goods that are used by government, provincial administrations, diplomatic representatives, etc., and on taxable goods used by producers in the manufacture of taxable goods for Industrial or commercial purposes. | Beer (excluding sorghum beer): 88 cents per liter. | |||
| Customs and Excise Act No. 91 of 1964 as amended. | Sorghum beer: 5.5 cents per liter. | ||||||
| Sorghum powder: 25 cents per kilogram. | |||||||
| Unfortified wine: 42.5 cents per liter. | |||||||
| Fortified wine: 92 cents per liter. | |||||||
| Sparkling wine: 118 cents per liter. | |||||||
| Spirits: 2,260 cents per liter absolute alcohol. | |||||||
| Other fermented drinks: 81 cents per liter. | |||||||
| Cold drinks and mineral water: 14 cents per liter. | |||||||
| Cigarettes: 52 cents per 10 grams. | |||||||
| Cigarette tobacco: 65 cents per 50 grams. | |||||||
| Pipe tobacco and cigars: 460 cents per kilogram. | |||||||
| 5.4. | Fuel levy | A central government levy on the sale of petrol and diesel. | Petrol: 66 cents per liter. | ||||
| Customs and Excise Act No. 91 of 1964 as amended. | Diesel: 58 cents per liter. | ||||||
| Present rate is 0.75 %. Tax to be abolished with effect from October 1, 1996 (see VAT above). | |||||||
| 5.5. | levy on financial services | A central government tax levied on certain transactions or 50 % of the minimum share capital and unimpaired reserve funds of financial institutions. | Exemptions: (1) government pension funds; (ii) private pension funds where interest per quarter does not exceed R 125,000; (iii) stabilization account of SADF group life insurance scheme; (iv) Interest received by pension fund from other pension fund, Insurer or unit trust. | ||||
| Income tax act No. 58 of 1962 as amended. | |||||||
| 5.6. | Motor vehicle taxes | A tax levied on all private motorcars, station wagons, and similar dual purpose motor vehicles. Motorcycles are not subject to the duty. | Rate no longer depends on local content, nor on type and also of motor vehicle. | 3.5 % of the wholesale price of the motor vehicle. | |||
| All specific excise duties were abolished on September 1, 1995. | |||||||
| 6. | Taxes on International trade transactions | ||||||
| 6.1. | Customs duties | ||||||
| Customs and Excise Act No. 91 of 1964 as amended. | A three-column tariff schedule based on the Brussels nomenclature with general, most favored nation, and preferential rates of duty. Preferential treatment it given to goods from the United Kingdom and in some cases, goods from Canada and Ireland. There is a Custom Union with Botswana, Lesotho, and Swaziland. | Rebates are allowed for certain goods used in manufacture by approved industrial or by particular institutions and bodies. | There are 35 ad valorem rates, and 2,865 tariff lines with either formula, specific, or other types of duties. Import duties vary widely. | ||||
| Most duties are assessed ad valorem at c.i.f. value but there are a number of specific duties. | |||||||
| 6.2. | Import surcharges | Abolished with effect from October 1. 1993. | |||||
| 7. | Other taxes | ||||||
| 7.1. | Stamp duties | ||||||
| Stamp Duties Act. | Ad valorem or specific taxes payable on a wide range of legal documents such as agreements, bills of exchange, bonds, fixed deposit receipts, leases, marketable securities, transfer deeds, etc. | Most securities issued by certain public corporations and public authorities are exempt from stamp duty on issue and transfers. Where marketable securities tax is chargeable brokers’ notes do not attract stamp duty. | Rates of stamp duty vary for different Instruments and also for a particular instrument. Examples are: R 2 for agreements; 5 cents per R 100 for bills of exchange; 10 cents per R 200 per annum on fixed deposit receipts; end 0.5 cents per R 100 on registration of share certificates. | ||||
| With effect from June 1, 1996, rate on debit entries posted to banks, credit cards, and other special accounts to be raised from 15 cents to 20 cents, and maximum rate on installment agreements be set at R 100 for values over R 200,000. | |||||||
South Africa: Tax Summary as of April 1, 1996
(All amounts in South African rand)
| Tax | Nature of Tax | Exemptions and Deductions | Rates | ||||
|---|---|---|---|---|---|---|---|
| 1. | Taxes on Income, profits, and capital gains | ||||||
| 1.1 | Individual income tax | Central government tax charged on taxable income received by or accrued to a person from any source within or deemed to be within South Africa. Taxable Income is assessed as gross income less exemptions and deductions. | Exemptions include (i) the first R 2,000 of any taxable interest; (ii) dividends excluding dividends paid by building societies, fixed property companies, or unit portfolios; (iii) benefits payable under the Unemployment Act, and (iv) leave gratuities on retirement/retrenchment up to ft 30,000. | A single scale of rates applies to all individuals. Tax is reduced by tax rebates. which depend on taxpayer age. The tax rebate of a person under the age of 65 is R 2,660. There is an additional rebates for those 65 years of age and older of R 2,500. Taking into account tax rebates, the following average income tax rates apply to a person under 65 years of age: | |||
| Income Tax Act No. 58 of 1962 as amended. | Receipts or accruals of a capital nature are generally excluded frost gross income. Capital gains derived from asset transactions deemed to be made with the purpose of asking a profit are included in gross Income. | Deductions are allowed for (i) annual contributions to pension and retirement funds (the greater of R 1,750 or 7 1/2 % of pensionable income); (ii) retirement annuity fund contributions (the greater of R 1,750 or ft 3,500 leas allowable pension contributions or 15 % of non-pensionable income), (iii) medical expenses (with deduction ceilings depending on age); and (iv) donations to certain educational institutions. | |||||
| Wage and salary earners are subject to withholding tax at source (PAYE) stay have to submit income tax returns at the end of the tax year. Persons whose income consists almost entirely of remuneration and of which the amount, after some deductions, does not exceed R 50,000 are subject to Standard Income Tax on employees (SITE) under the PAYE system; SITE payers are not required to submit income tax returns. In the case of other individuals, tax levied on their taxable income in the tax year; provisional payments are effected in two half yearly installments. However, certain provisional taxpayers may make a third “topping up” payment six months after the end of their tax year. | Taxable annual | Marginal | Average | ||||
| income | tax rates | tax rates | |||||
| (In rand) | (In percent) | (In percent) | |||||
| 0 – 15,000 | 17 | 0 | |||||
| 15,001 – 20,000 | 19 | 0.0–4.2 | |||||
| 20,001 – 30,000 | 21 | 4.2–9.8 | |||||
| 30,001 – 40,000 | 30 | 9.8–14.8 | |||||
| 40,001 – 60,000 | 41 | 14.8–23.6 | |||||
| 60,001 – 80,000 | 43 | 23.6–28.5 | |||||
| 80,001 – 100,000 | 44 | 28.5–31.6 | |||||
| 100,001 and above | 45 | 31.6–… | |||||
| The tax year runs from the first day of March to the last day of February. | In FT 1996/97, transition levies were abolished. | ||||||
| In respect of others than individuals and companies, there is a similar scale of marginal rates, but no rebates are granted. | |||||||
| 1.2. | Corporate taxes | Corporate income tax is a central government tax levied on the taxable income of any company registered in South Africa and on the taxable income of foreign companies generated in South Africa. Taxable income is defined as gross income, other than capital receipts and exempt Income, less allowable deductions and loss offsets. | Deductions include normal operating costs, interest, end depreciation allowances but exclude dividends and capital expenditures. | a. Non-gold mining companies: 35 % of taxable income derived within South Africa. | |||
| Income tax act No. 58 of 1962 as amended. | The year of assessment is the accounting year. Companies (other than gold Mining companies) are required to sake three provisional tax payments In respect of each year of assessment, vis., the first within six months after the commencement of the year of assessment, the second at the end of such year, and the third within a period of six months from the close of such year | Depreciation allowances of non-mining companies vary according to type of asset, life expectancy, and intensity of type of assets. Generally, the straight-line method is used. Special depreciation allowances include initial allowances ranging from 10 % (certain housing projects) to 40 % (aircraft). Farming machinery may be written of at 50, 30, and 20 % over three years. | b. Gold mining companies: Formula-based tax rata according to: | ||||
| (a) Where the company is not exempt from the secondary tax on companies (STC): | |||||||
| y = n91 any[255/x], or | |||||||
| (b) where the company is exempt from the STC: | |||||||
| y = 58 - [290/x] | |||||||
| Exporters are allowed to deduct a percentage of the marketing expenditure incurred by the taxpayer during a year. An assessed loss can be carried forward indefinitely but can not be carried backward. | where y is the tax rate and x is the profit-to-revenue ratio; e.g., a gold mine with a profit-to- tax revenue ratio of 10 % faces a corporate tax rate of 25.5 %. Gold mines were given the option to switch to the non-gold mining company tax system by August 31, 1993, but none did. Nonmining income is taxed at 42 %. | ||||||
| Comprehensive agreements for the avoidance of double taxation on the same income are in force with 29 countries. | Capital expenditures by all types of mines are allowable as a deduction from income in the year of assessment in which they are incurred, limited, however to the annual mining working profit. Unredeemed balance ranks for redemption against future mining working profit. Cost of land, mineral rights, mining rights, servitude, etc., are not deductible. | c. Oil extrection companies: 61 %. | |||||
| Limited agreements for the avoidance of double taxation on profits derived from sea or air transport are also in force with 10 countries. Gold mining companies are subject to special tax provisions. | d. Long-term insurance companies: If taxable income is determined under section 28, 45 %. If taxable Income is determined under section 29, 35 % in respect to income derived from company policies and 30 % in respect of income derived from policies held by individuals. | ||||||
| In FY 1994/95, taxable company incomes exceeding R 50,000 before the off-setting of any assessed loss brought forward are subject to a levy of 5 %. | |||||||
| e. Retirement fund industry: a temporary (for fiscal year 1996/97) tax of 17 % was Imposed with effect from March 1, 1996 on the gross interest and net rental income of retirement funds. | |||||||
| 1.3. | Secondary tax on companies (STC) | A central government tax payable on the net amount of dividends, i.e. the excess of dividends declared by the company over dividends accrued to the company. | Exemptions Include dividend payments of fixed property companies as defined in section 1 of the Unit Trust Control Act. These dividends are taxed in the hands of the recipient. Dividends in specie deriving from unbundling operations are also exempt from STC. Dividends paid out of profits earned in South Africa by foreign companies are exempt (see section 1.5). | Rate was lowered with effect from March 13, 1996 from 25 to 12.5 %. | |||
| Income Tax Act No. 58 of 1962 as amended | |||||||
| 1.4. | Non-resident shareholders’ tax. (NRST) | Abolished with effect from October 1, 1995. | |||||
| Income Tax Act No. 58 of 1962 as amended. | |||||||
| 1.5 | Tax on foreign branches | A central government tax on income derived from South African sources on companies that are effectively managed from outside South Africa. | Interest income earned by foreign companies is exempt if the company does not operate in South Africa. | 40 %. | |||
| 2. | Social security contributions | ||||||
| 2.1. | Unemployment Insurance contributions | A contribution collected by unemployment Insurance funds. | Not payable for employees earning more than R 63,648 per year. Also excluded from unemployment Insurance are domestic servants, homeworkers, and temporary workers who are employed for less than 8 hours or less than one full working day in any calendar year. | Employee and employer contributions of 1.0 % of insured’s earnings. | |||
| 2.2. | Work Injury insurance contributions | A compulsory insurance scheme. | Not payable by employees earning more than R 33,068 per year. Also excluded are domestic servants and casual workers. | Insurance premia vary with risk. | |||
| 3. | Taxes on payroll and workforce | ||||||
| 3.1. | Payroll tax | A tax levied by Regional Service Councils. | A tax levied by Regional Service Councils on remuneration paid by employer or employee. Some Regional Service Councils grant discounts of 15, 20, or 25 % to farming enterprises. | Ranges from 0.25 to 0.38 % depending on Regional Service Council. | |||
| Regional Service Councils Act. | |||||||
| 4. | Taxes on property | ||||||
| 4.1. | Property tax | A local tax payable on the capital value of land and improvements. | Method of valuation and rates differ across local governments. Rebates of up to 40 % are provided for different classes of property. | Rates differ across local governments and depend on valuation methods. | |||
| 4.2. | Estate duty | A central government tax payable on the estate of an individual. Property includes life insurance proceeds, pension or provident fund benefits, and donations made in contemplation of death. | Deductions include funeral and estate administration expenses, as well as outstanding debts of deceased. A single deduction of R 1,000,000 is applicable. | Raised with effect from March 14, 1996 from 15 to 25 %. | |||
| Estate Duty Act No. 45 of 1955. | |||||||
| 4.3. | Donations tax | A central government tax payable by the donor on the cumulative value of property donated by residents. | Donations by public companies and donations to charitable, educational or ecclesiastical Institutions are exempted (with effect from October 1, 1996 donations to the Bible Society will no longer qualify as a donation). Also, annual exemption limits of R 5,000 and R 25,000 (with effect from 1997 year of assessment) apply for legal and natural persons, respectively. | Raised with effect from March 14, 1996 from 15 to 25 %. | |||
| Income Tax Act (No. 58 of 1962) | |||||||
| 4.4 | Transfer Duty | A tax payable on the purchase consideration of fair value (whichever is the greater) of transfer a of Immovable property. | Exemption limits of R 24,000 for unimproved property and R 60,000 for property with dwelling. | For natural persons, 1 % on the first R 60,000 plus 5 % on the value in excess of R 60,000 but under R 250,000 plus 8 % on amount in excess of R 250,000. For other persons or trusts, 10 % of total value of property. | |||
| (Transfer Duty Act No. 40 of 1949) | |||||||
| 4.5. | Marketable securities tax | A tax payable on the purchase of marketable securities by a stockbroker on behalf of any person. | Lowered with effect from April 1, 1996 from 1 % to 0.5 %. | ||||
| 5. | Domestic taxes on goods and services | ||||||
| 5.1. | Value-added tax (VAT) | A central government tax levied on the sale of goods and services. VAT is collected at single rate, is consumption-type (allows full and immediate tax credit on capital goods), is based on destination principle (exports are zero-rated and imports are taxed), and uses invoiced-based credits method (VAT is calculated on calculated and purchases separately, and tax is paid on difference between VAT on sales and VAT on purchases adequately supported by invoices). | Main zero-ratings include (i) exports; (ii) several unprocessed food items including brown bread, maize meal, milk, eggs, fruit, and vegetables; (iii) petrol and diesel; (iv) several agricultural Inputs Including seeds, feed, and fertilizers; and (v) international transport services. Main exemptions include: (1) residential rents; (ii) passenger transport; and (iii) educational services. | 14 %. | |||
| Value Added Tax Act, No. 89 of 1991. | All fee-based financial services, except certain premium on life policies, contributions to retirement funds, and unit trust charges are subject to VAT with effect from October 1, 1996. | ||||||
| 5.2. | Turnover tax | A tax on turnover levied by Regional Service Councils. | Exemptions: (1) religious, charitable and educational institutions; (ii) non-profit organizations engaged in nature conversation or animal protection; (iii) amateur sport clubs; and (iv) letting of accommodation to employees. | Ranges from 0.1 to 0.2 %. | |||
| Regional Services Councils Act. | |||||||
| 5.3. | Excise duties | Central government taxes payable by the manufacturer or importer of certain commodities. Most are specific, though some ad valorem rates exist. | A rebate is granted on dutiable goods that are used by government, provincial administrations, diplomatic representatives, etc., and on taxable goods used by producers in the manufacture of taxable goods for Industrial or commercial purposes. | Beer (excluding sorghum beer): 88 cents per liter. | |||
| Customs and Excise Act No. 91 of 1964 as amended. | Sorghum beer: 5.5 cents per liter. | ||||||
| Sorghum powder: 25 cents per kilogram. | |||||||
| Unfortified wine: 42.5 cents per liter. | |||||||
| Fortified wine: 92 cents per liter. | |||||||
| Sparkling wine: 118 cents per liter. | |||||||
| Spirits: 2,260 cents per liter absolute alcohol. | |||||||
| Other fermented drinks: 81 cents per liter. | |||||||
| Cold drinks and mineral water: 14 cents per liter. | |||||||
| Cigarettes: 52 cents per 10 grams. | |||||||
| Cigarette tobacco: 65 cents per 50 grams. | |||||||
| Pipe tobacco and cigars: 460 cents per kilogram. | |||||||
| 5.4. | Fuel levy | A central government levy on the sale of petrol and diesel. | Petrol: 66 cents per liter. | ||||
| Customs and Excise Act No. 91 of 1964 as amended. | Diesel: 58 cents per liter. | ||||||
| Present rate is 0.75 %. Tax to be abolished with effect from October 1, 1996 (see VAT above). | |||||||
| 5.5. | levy on financial services | A central government tax levied on certain transactions or 50 % of the minimum share capital and unimpaired reserve funds of financial institutions. | Exemptions: (1) government pension funds; (ii) private pension funds where interest per quarter does not exceed R 125,000; (iii) stabilization account of SADF group life insurance scheme; (iv) Interest received by pension fund from other pension fund, Insurer or unit trust. | ||||
| Income tax act No. 58 of 1962 as amended. | |||||||
| 5.6. | Motor vehicle taxes | A tax levied on all private motorcars, station wagons, and similar dual purpose motor vehicles. Motorcycles are not subject to the duty. | Rate no longer depends on local content, nor on type and also of motor vehicle. | 3.5 % of the wholesale price of the motor vehicle. | |||
| All specific excise duties were abolished on September 1, 1995. | |||||||
| 6. | Taxes on International trade transactions | ||||||
| 6.1. | Customs duties | ||||||
| Customs and Excise Act No. 91 of 1964 as amended. | A three-column tariff schedule based on the Brussels nomenclature with general, most favored nation, and preferential rates of duty. Preferential treatment it given to goods from the United Kingdom and in some cases, goods from Canada and Ireland. There is a Custom Union with Botswana, Lesotho, and Swaziland. | Rebates are allowed for certain goods used in manufacture by approved industrial or by particular institutions and bodies. | There are 35 ad valorem rates, and 2,865 tariff lines with either formula, specific, or other types of duties. Import duties vary widely. | ||||
| Most duties are assessed ad valorem at c.i.f. value but there are a number of specific duties. | |||||||
| 6.2. | Import surcharges | Abolished with effect from October 1. 1993. | |||||
| 7. | Other taxes | ||||||
| 7.1. | Stamp duties | ||||||
| Stamp Duties Act. | Ad valorem or specific taxes payable on a wide range of legal documents such as agreements, bills of exchange, bonds, fixed deposit receipts, leases, marketable securities, transfer deeds, etc. | Most securities issued by certain public corporations and public authorities are exempt from stamp duty on issue and transfers. Where marketable securities tax is chargeable brokers’ notes do not attract stamp duty. | Rates of stamp duty vary for different Instruments and also for a particular instrument. Examples are: R 2 for agreements; 5 cents per R 100 for bills of exchange; 10 cents per R 200 per annum on fixed deposit receipts; end 0.5 cents per R 100 on registration of share certificates. | ||||
| With effect from June 1, 1996, rate on debit entries posted to banks, credit cards, and other special accounts to be raised from 15 cents to 20 cents, and maximum rate on installment agreements be set at R 100 for values over R 200,000. | |||||||
South Africa - Exchange Arrangements
A full description of South Africa’s exchange arrangements as of March 31, 1995 is given in Exchange Arrangements and Exchange Restrictions, Annual Report, 1995. With the abolishment of the financial rand system on March 13, 1995, South Africa eliminated its last restriction subject to approval under Article VIII of the Fund’s Articles of Agreement.
Other changes in the exchange system in 1995 and early 1996 include:
Payments for invisible:
August 23, 1995: Indicative annual limits on allowances for travelers to other than neighboring countries were raised as follows: (i) for tourism, from R 23,00 to R 25,00 for adults and R 11,500 to R 12,500 for children; and (ii) for business travel, from R 34,000 to R 38,000.
December 7, 1995: Limits on other service payments were raised, including on subscriptions to societies, club memberships, and director fees.
A administrative changes affecting purchases of travel allowances and export declaration forms were completed in June 1995 and March 1996.
Nonresident Accounts:
The abolishment of the financial rand system led to the elimination of restrictions on nonresident accounts and on emigrant blocked accounts.
Capital Restrictions on Residents:
On July 13, the Government announced that insurance companies, pension funds, and unit trusts would be permitted to invest abroad by way of swap arrangements providing foreign investors part of their existing asset portfolios in exchange for foreign assets.
On January 23, 1996, the Government announced an extension of the asset swap dispensation, permitting the above-mentioned institutions to acquire up to 10 per cent of the Government’s £100 million Euro-sterling issue launched on the same day.
The South Africa Reserve Banks (SARB) Role in the Forward Market:
On July 13, 1995, the Reserve Bank announced its intention to withdraw from short-term transactions in the forward market for other than financial transactions. It will continue to participate in regular export/import transactions from time to time on its own initiative. The requirement for exporters to obtain forward cover was also abolished.
South Africa: Expenditure on GDP, 1992–95
Contribution to GDP growth.
South Africa: Expenditure on GDP, 1992–95
| 1995 | 1992 | 1993 | 1994 | 1995 | 1994 | 1995 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Billions of rand | Percent of ODP | III | IV | I | 11 | III | IV | |||||||
| (At current prices) | (Annual percent change at 1990 prices) | (Seasonally adjusted at annual rates) | ||||||||||||
| Private consumption | 294.9 | 60.9 | −1.4 | 0.3 | 3.1 | 4.9 | 3.9 | 5.4 | 4.1 | 5.7 | 6.4 | 5.0 | ||
| Public consumption | 99.3 | 20.5 | 1.5 | 2.9 | 4.2 | 0.3 | 1.3 | 0.6 | −2.1 | 0.4 | 2.1 | 2.2 | ||
| Gross fixed investment | 81.8 | 16.9 | −5.3 | −2.8 | 8.7 | 10.4 | 13.6 | 18.3 | 8.2 | 7.8 | 7.6 | 4.0 | ||
| Final demand | 476.0 | 98.2 | −1.6 | 0.3 | 4.3 | 4.9 | 5.1 | 6.7 | 3.5 | 5.0 | 5.7 | 4.2 | ||
| Inventory demand 1/ | 11.9 | 2.5 | 0.5 | 0.9 | 1.6 | 1.1 | 4.6 | 2.7 | 1.0 | 2.3 | −3.8 | −0.8 | ||
| Statistical discrepancy 1/ | −1.4 | −0.3 | −0.4 | 0.0 | 0.6 | −0.4 | 0.4 | 0.2 | −1.9 | −0.0 | −0.5 | 1.2 | ||
| Domestic demand | 486.4 | 100.4 | −1.5 | 1.3 | 6.7 | 5.6 | 10.3 | 9.6 | 2.5 | 7.2 | 1.2 | 4.6 | ||
| Exports of goods and nonfactor services | 117.9 | 24.3 | 1.1 | 6.0 | 0.3 | 8.1 | 20.8 | 6.6 | 25.5 | −15.3 | 23.1 | −12.2 | ||
| Imports of goods and nonfactor services | 119.7 | 24.7 | 5.3 | 7.0 | 16.1 | 17.1 | 51.2 | 18.6 | 28.9 | 0.3 | 15.2 | −6.2 | ||
| Foreign balance 1/ | −1.8 | −0.4 | −0.8 | 0.1 | −3.6 | −2.2 | −5.4 | −2.9 | −0.7 | −4.7 | 1.8 | −1.8 | ||
| GDP at market prices | 484.6 | 100.0 | −2.2 | 1.3 | 2.7 | 3.3 | 4.2 | 6.5 | 1.7 | 2.2 | 3.0 | 2.7 | ||
Contribution to GDP growth.
South Africa: Expenditure on GDP, 1992–95
| 1995 | 1992 | 1993 | 1994 | 1995 | 1994 | 1995 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Billions of rand | Percent of ODP | III | IV | I | 11 | III | IV | |||||||
| (At current prices) | (Annual percent change at 1990 prices) | (Seasonally adjusted at annual rates) | ||||||||||||
| Private consumption | 294.9 | 60.9 | −1.4 | 0.3 | 3.1 | 4.9 | 3.9 | 5.4 | 4.1 | 5.7 | 6.4 | 5.0 | ||
| Public consumption | 99.3 | 20.5 | 1.5 | 2.9 | 4.2 | 0.3 | 1.3 | 0.6 | −2.1 | 0.4 | 2.1 | 2.2 | ||
| Gross fixed investment | 81.8 | 16.9 | −5.3 | −2.8 | 8.7 | 10.4 | 13.6 | 18.3 | 8.2 | 7.8 | 7.6 | 4.0 | ||
| Final demand | 476.0 | 98.2 | −1.6 | 0.3 | 4.3 | 4.9 | 5.1 | 6.7 | 3.5 | 5.0 | 5.7 | 4.2 | ||
| Inventory demand 1/ | 11.9 | 2.5 | 0.5 | 0.9 | 1.6 | 1.1 | 4.6 | 2.7 | 1.0 | 2.3 | −3.8 | −0.8 | ||
| Statistical discrepancy 1/ | −1.4 | −0.3 | −0.4 | 0.0 | 0.6 | −0.4 | 0.4 | 0.2 | −1.9 | −0.0 | −0.5 | 1.2 | ||
| Domestic demand | 486.4 | 100.4 | −1.5 | 1.3 | 6.7 | 5.6 | 10.3 | 9.6 | 2.5 | 7.2 | 1.2 | 4.6 | ||
| Exports of goods and nonfactor services | 117.9 | 24.3 | 1.1 | 6.0 | 0.3 | 8.1 | 20.8 | 6.6 | 25.5 | −15.3 | 23.1 | −12.2 | ||
| Imports of goods and nonfactor services | 119.7 | 24.7 | 5.3 | 7.0 | 16.1 | 17.1 | 51.2 | 18.6 | 28.9 | 0.3 | 15.2 | −6.2 | ||
| Foreign balance 1/ | −1.8 | −0.4 | −0.8 | 0.1 | −3.6 | −2.2 | −5.4 | −2.9 | −0.7 | −4.7 | 1.8 | −1.8 | ||
| GDP at market prices | 484.6 | 100.0 | −2.2 | 1.3 | 2.7 | 3.3 | 4.2 | 6.5 | 1.7 | 2.2 | 3.0 | 2.7 | ||
Contribution to GDP growth.
South Africa: Gross Fixed Investment and Capital Stock, 1992–95
Including transfer costs.
Finance, insurance, real estate, and business services.
End of period.
General Government plus four departmental enterprises (Community Development Fund, Government Motor Transport Trading Government Printing Works, National Housing Fund).
South Africa: Gross Fixed Investment and Capital Stock, 1992–95
| 1995 | 1992 | 1993 | 1994 | 1995 | 1994 | 1995 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Share of total | III | IV | I | II | III | IV | |||||||
| (Annual percentage change; at 1990 prices) | (Seasonally adjusted at annual rates) | ||||||||||||
| Total gross investment | 100.0 | −5.3 | −2.8 | 8.7 | 10.4 | 13.6 | 18.3 | 8.2 | 7.8 | 7.6 | 4.0 | ||
| By type of organization | |||||||||||||
| Private enterprises 1/ | 74.6 | −2.4 | −1.6 | 13.3 | 13.3 | 29.1 | 26.8 | 5.2 | 8.4 | 8.7 | 3.8 | ||
| Public corporations | 13.2 | −6.4 | −13.4 | −2.1 | 15.2 | 5.5 | 7.5 | 44.0 | 10.1 | 8.0 | 6.2 | ||
| Public authorities | 12.1 | −15.4 | 2.6 | −1.8 | −8.3 | −35.3 | −12.7 | −3.7 | 1.7 | 0.4 | 2.3 | ||
| By sector | |||||||||||||
| Mining | 9.3 | −18.7 | −27.4 | 19.8 | 8.6 | 29.5 | 27.6 | −18.2 | 17.5 | 12.2 | −17.8 | ||
| Manufacturing | 28.2 | −6.0 | 5.1 | 9.9 | 21.3 | 43.3 | 42.4 | 20.2 | 5.6 | 10.8 | 8.7 | ||
| Financial services 1/ 2/ | 23.3 | −2.8 | −0.1 | 10.7 | 8.3 | 18.2 | 12.3 | 5.5 | 5.9 | 4.2 | 4.1 | ||
| Community, social, and personal services | 11.1 | 6.2 | 1.8 | −0.7 | −7.8 | −20.7 | −19.3 | −10.3 | 7.5 | 2.3 | 5.0 | ||
| Other sectors | 28.2 | −5.3 | −3.8 | 7.5 | 11.3 | 1.1 | 19.2 | 18.5 | 8.6 | 7.9 | 6.8 | ||
| By type of assets | |||||||||||||
| Residential building | 10.2 | 4.9 | −2.3 | 2.0 | 0.1 | −3.2 | 1.2 | 1.8 | −1.9 | 3.1 | −2.3 | ||
| Nonresidential building | 9.8 | −17.7 | −6.7 | −1.1 | −4.0 | −12.5 | −8.3 | −6.0 | 2.6 | 8.5 | 9.9 | ||
| Construction works | 13.6 | −21.0 | −10.6 | −3.0 | −0.2 | −20.6 | −8.8 | −11.2 | 5.5 | 9.1 | −7.8 | ||
| Transport equipment | 13.7 | −8.4 | −7.0 | 6.1 | 13.7 | 21.8 | 16.7 | 13.0 | 11.8 | 7.0 | 10.8 | ||
| Machinery and other equipment | 49.3 | 7.7 | 3.2 | 18.4 | 19.9 | 38.3 | 40.9 | 12.9 | 10.6 | 11.6 | 5.1 | ||
| Transfer costs | 3.5 | 0.7 | 1.3 | 15.9 | −1.0 | 24.7 | 15.3 | −15.3 | 7.4 | −31.4 | 13.1 | ||
| Real fixed capital stock 3/ | 100.0 | 0.6 | 0.5 | 0.9 | 1.3 | ||||||||
| By type of organization | |||||||||||||
| Private enterprises 1/ | 48.9 | 1.2 | 1.0 | 1.8 | 2.6 | ||||||||
| Public corporations | 20.6 | 7.8 | −2.3 | −2.3 | −1.7 | ||||||||
| Public authorities 4/ | 30.5 | −5.0 | 1.7 | 1.6 | 1.4 | ||||||||
| By sector | |||||||||||||
| Mining | 8.1 | 0.1 | −2.0 | −1.0 | −0.5 | ||||||||
| Manufacturing | 13.4 | 2.5 | 2.8 | 3.2 | 4.6 | ||||||||
| Financial services 1/2/ | 20.4 | 0.8 | 0.7 | 1.3 | 1.7 | ||||||||
| Community, social, and personal services | 27.5 | 2.1 | 2.0 | 1.9 | 1.7 | ||||||||
| Other sectors | 30.7 | −1.2 | −1.2 | −0.8 | −0.2 | ||||||||
| Memorandum Item: | |||||||||||||
| Net domestic fixed investment (in percent of GDP) | 1.9 | 1.4 | 2.6 | 3.8 | |||||||||
Including transfer costs.
Finance, insurance, real estate, and business services.
End of period.
General Government plus four departmental enterprises (Community Development Fund, Government Motor Transport Trading Government Printing Works, National Housing Fund).
South Africa: Gross Fixed Investment and Capital Stock, 1992–95
| 1995 | 1992 | 1993 | 1994 | 1995 | 1994 | 1995 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Share of total | III | IV | I | II | III | IV | |||||||
| (Annual percentage change; at 1990 prices) | (Seasonally adjusted at annual rates) | ||||||||||||
| Total gross investment | 100.0 | −5.3 | −2.8 | 8.7 | 10.4 | 13.6 | 18.3 | 8.2 | 7.8 | 7.6 | 4.0 | ||
| By type of organization | |||||||||||||
| Private enterprises 1/ | 74.6 | −2.4 | −1.6 | 13.3 | 13.3 | 29.1 | 26.8 | 5.2 | 8.4 | 8.7 | 3.8 | ||
| Public corporations | 13.2 | −6.4 | −13.4 | −2.1 | 15.2 | 5.5 | 7.5 | 44.0 | 10.1 | 8.0 | 6.2 | ||
| Public authorities | 12.1 | −15.4 | 2.6 | −1.8 | −8.3 | −35.3 | −12.7 | −3.7 | 1.7 | 0.4 | 2.3 | ||
| By sector | |||||||||||||
| Mining | 9.3 | −18.7 | −27.4 | 19.8 | 8.6 | 29.5 | 27.6 | −18.2 | 17.5 | 12.2 | −17.8 | ||
| Manufacturing | 28.2 | −6.0 | 5.1 | 9.9 | 21.3 | 43.3 | 42.4 | 20.2 | 5.6 | 10.8 | 8.7 | ||
| Financial services 1/ 2/ | 23.3 | −2.8 | −0.1 | 10.7 | 8.3 | 18.2 | 12.3 | 5.5 | 5.9 | 4.2 | 4.1 | ||
| Community, social, and personal services | 11.1 | 6.2 | 1.8 | −0.7 | −7.8 | −20.7 | −19.3 | −10.3 | 7.5 | 2.3 | 5.0 | ||
| Other sectors | 28.2 | −5.3 | −3.8 | 7.5 | 11.3 | 1.1 | 19.2 | 18.5 | 8.6 | 7.9 | 6.8 | ||
| By type of assets | |||||||||||||
| Residential building | 10.2 | 4.9 | −2.3 | 2.0 | 0.1 | −3.2 | 1.2 | 1.8 | −1.9 | 3.1 | −2.3 | ||
| Nonresidential building | 9.8 | −17.7 | −6.7 | −1.1 | −4.0 | −12.5 | −8.3 | −6.0 | 2.6 | 8.5 | 9.9 | ||
| Construction works | 13.6 | −21.0 | −10.6 | −3.0 | −0.2 | −20.6 | −8.8 | −11.2 | 5.5 | 9.1 | −7.8 | ||
| Transport equipment | 13.7 | −8.4 | −7.0 | 6.1 | 13.7 | 21.8 | 16.7 | 13.0 | 11.8 | 7.0 | 10.8 | ||
| Machinery and other equipment | 49.3 | 7.7 | 3.2 | 18.4 | 19.9 | 38.3 | 40.9 | 12.9 | 10.6 | 11.6 | 5.1 | ||
| Transfer costs | 3.5 | 0.7 | 1.3 | 15.9 | −1.0 | 24.7 | 15.3 | −15.3 | 7.4 | −31.4 | 13.1 | ||
| Real fixed capital stock 3/ | 100.0 | 0.6 | 0.5 | 0.9 | 1.3 | ||||||||
| By type of organization | |||||||||||||
| Private enterprises 1/ | 48.9 | 1.2 | 1.0 | 1.8 | 2.6 | ||||||||
| Public corporations | 20.6 | 7.8 | −2.3 | −2.3 | −1.7 | ||||||||
| Public authorities 4/ | 30.5 | −5.0 | 1.7 | 1.6 | 1.4 | ||||||||
| By sector | |||||||||||||
| Mining | 8.1 | 0.1 | −2.0 | −1.0 | −0.5 | ||||||||
| Manufacturing | 13.4 | 2.5 | 2.8 | 3.2 | 4.6 | ||||||||
| Financial services 1/2/ | 20.4 | 0.8 | 0.7 | 1.3 | 1.7 | ||||||||
| Community, social, and personal services | 27.5 | 2.1 | 2.0 | 1.9 | 1.7 | ||||||||
| Other sectors | 30.7 | −1.2 | −1.2 | −0.8 | −0.2 | ||||||||
| Memorandum Item: | |||||||||||||
| Net domestic fixed investment (in percent of GDP) | 1.9 | 1.4 | 2.6 | 3.8 | |||||||||
Including transfer costs.
Finance, insurance, real estate, and business services.
End of period.
General Government plus four departmental enterprises (Community Development Fund, Government Motor Transport Trading Government Printing Works, National Housing Fund).
South Africa: Financing of Domestic Investment, 1990–95
(In percent of GDP at market price)
South Africa: Financing of Domestic Investment, 1990–95
(In percent of GDP at market price)
| 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | |||
|---|---|---|---|---|---|---|---|---|
| Total Investment | 17.6 | 16.9 | 15.9 | 15.7 | 17.7 | 19.3 | ||
| Fixed investment | 19.6 | 17.8 | 16.6 | 15.5 | 16.0 | 16.9 | ||
| Private enterprises | 12.9 | 11.9 | 11.4 | 10.8 | 11.7 | 12.6 | ||
| Public corporations | 3.2 | 2.8 | 2.6 | 2.1 | 2.0 | 2.1 | ||
| Public authorities | 3.5 | 3.1 | 2.6 | 2.5 | 2.4 | 2.1 | ||
| Change in inventories | −2.0 | −0.9 | −0.8 | 0.2 | 1.7 | 2.5 | ||
| Domestic saving | 19.5 | 18.9 | 17.0 | 17.2 | 17.2 | 16.7 | ||
| General government saving | 1.2 | 0.3 | −4.0 | −4.9 | −4.0 | −3.0 | ||
| Private saving | 18.4 | 18.6 | 21.0 | 22.0 | 21.2 | 19.7 | ||
| Personal saving | 4.0 | 4.5 | 5.9 | 6.5 | 6.0 | 4.8 | ||
| Corporate saving | 14.4 | 14.2 | 15.0 | 15.5 | 15.2 | 15.0 | ||
| Foreign saving | −1.9 | −2.0 | −1.2 | −1.5 | 0.5 | 2.6 | ||
| Memorandum Item: | ||||||||
| Provision for depreciation | 15.6 | 15.1 | 14.7 | 14.1 | 13.7 | 13.6 | ||
South Africa: Financing of Domestic Investment, 1990–95
(In percent of GDP at market price)
| 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | |||
|---|---|---|---|---|---|---|---|---|
| Total Investment | 17.6 | 16.9 | 15.9 | 15.7 | 17.7 | 19.3 | ||
| Fixed investment | 19.6 | 17.8 | 16.6 | 15.5 | 16.0 | 16.9 | ||
| Private enterprises | 12.9 | 11.9 | 11.4 | 10.8 | 11.7 | 12.6 | ||
| Public corporations | 3.2 | 2.8 | 2.6 | 2.1 | 2.0 | 2.1 | ||
| Public authorities | 3.5 | 3.1 | 2.6 | 2.5 | 2.4 | 2.1 | ||
| Change in inventories | −2.0 | −0.9 | −0.8 | 0.2 | 1.7 | 2.5 | ||
| Domestic saving | 19.5 | 18.9 | 17.0 | 17.2 | 17.2 | 16.7 | ||
| General government saving | 1.2 | 0.3 | −4.0 | −4.9 | −4.0 | −3.0 | ||
| Private saving | 18.4 | 18.6 | 21.0 | 22.0 | 21.2 | 19.7 | ||
| Personal saving | 4.0 | 4.5 | 5.9 | 6.5 | 6.0 | 4.8 | ||
| Corporate saving | 14.4 | 14.2 | 15.0 | 15.5 | 15.2 | 15.0 | ||
| Foreign saving | −1.9 | −2.0 | −1.2 | −1.5 | 0.5 | 2.6 | ||
| Memorandum Item: | ||||||||
| Provision for depreciation | 15.6 | 15.1 | 14.7 | 14.1 | 13.7 | 13.6 | ||
South Africa: Personal Income and Expenditure, 1992–95
After provision for depreciation and inventory adjustment.
After adjustment for net renumeration paid to non-residents.
Income from property, current transfers (gross), less direct taxes.
South Africa: Personal Income and Expenditure, 1992–95
| 1995 | 1992 | 1993 | 1994 | 1995 | 1994 | 1995 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Billions of rand | III | IV | I | II | III | IV | |||||||
| (Annual percentage change: at market prices) | (Seasonally adjusted at annual rates) | ||||||||||||
| Personal disposable Income 1/ | 302068 | 16.6 | 12.0 | 11.2 | 10.9 | 14.2 | 14.1 | 11.3 | 10.3 | 4.6 | 6.4 | ||
| Remuneration of employees 2/ | 256256 | 13.1 | 11.0 | 10.2 | 11.7 | 9.0 | 8.0 | 15.5 | 15.0 | 8.2 | 6.3 | ||
| Other 3/ | 45812 | 43.5 | 18.0 | 16.7 | 6.9 | 47.6 | 51.1 | −7.3 | −12.0 | −13.9 | 7.1 | ||
| Private consumption | 294895 | 14.1 | 10.7 | 12.1 | 13.5 | 15.5 | 16.9 | 13.5 | 14.7 | 7.7 | 8.7 | ||
| Durables | 28001 | 5.4 | 10.6 | 9.6 | 19.4 | 4.7 | 7.7 | 35.1 | 31.8 | 17.6 | 6.5 | ||
| Semi-durables | 46301 | 10.1 | 12.8 | 10.9 | 12.3 | 10.8 | 13.0 | 17.7 | 8.2 | 12.9 | 7.2 | ||
| Nondurables | 140312 | 16.1 | 10.0 | 14.3 | 12.5 | 24.9 | 21.5 | 3.9 | 14.2 | 1.6 | 13.1 | ||
| Services | 80281 | 16.1 | 10.6 | 9.9 | 14.1 | 6.5 | 14.1 | 22.8 | 14.l | 12.5 | 2.9 | ||
| Transfer to General government and abroad | 1142 | −9.9 | 12.5 | 46.7 | 69.2 | −66.2 | 596.3 | 53.9 | 62.0 | 7.6 | 179.6 | ||
| (As a percent of personal disposable income) | |||||||||||||
| Personal saving | 6031 | 4.1 | 5.2 | 4.4 | 2.0 | 4.4 | 3.7 | 3.3 | 2.3 | 1.6 | 0.9 | ||
| Memorandum items | (Annual percentage change: at market prices) | (Seasonally adjusted at annual rates) | |||||||||||
| Private consumption (1990 prices) | 169719 | −1.4 | 0.3 | 3.1 | 4.9 | 3.9 | 5.4 | 4.1 | 5.7 | 6.4 | 5.0 | ||
| Durables | 16704 | −4.7 | −1.3 | 2.1 | 9.0 | 2.6 | 6.8 | 11.0 | 16.6 | 6.6 | 11.5 | ||
| Semi-durables | 30261 | 0.4 | 2.9 | 5.4 | 6.1 | 7.3 | 8.0 | 6.0 | 5.4 | 5.0 | 2.1 | ||
| Nondurables | 74845 | −3.4 | −0.1 | 3.4 | 4.3 | 3.8 | 5.3 | 1.1 | 5.2 | 8.1 | 5.8 | ||
| Services | 47909 | 1.9 | −0.0 | 1.5 | 3.8 | 2.4 | 3.5 | 5.5 | 3.1 | 4.4 | 3.5 | ||
After provision for depreciation and inventory adjustment.
After adjustment for net renumeration paid to non-residents.
Income from property, current transfers (gross), less direct taxes.
South Africa: Personal Income and Expenditure, 1992–95
| 1995 | 1992 | 1993 | 1994 | 1995 | 1994 | 1995 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Billions of rand | III | IV | I | II | III | IV | |||||||
| (Annual percentage change: at market prices) | (Seasonally adjusted at annual rates) | ||||||||||||
| Personal disposable Income 1/ | 302068 | 16.6 | 12.0 | 11.2 | 10.9 | 14.2 | 14.1 | 11.3 | 10.3 | 4.6 | 6.4 | ||
| Remuneration of employees 2/ | 256256 | 13.1 | 11.0 | 10.2 | 11.7 | 9.0 | 8.0 | 15.5 | 15.0 | 8.2 | 6.3 | ||
| Other 3/ | 45812 | 43.5 | 18.0 | 16.7 | 6.9 | 47.6 | 51.1 | −7.3 | −12.0 | −13.9 | 7.1 | ||
| Private consumption | 294895 | 14.1 | 10.7 | 12.1 | 13.5 | 15.5 | 16.9 | 13.5 | 14.7 | 7.7 | 8.7 | ||
| Durables | 28001 | 5.4 | 10.6 | 9.6 | 19.4 | 4.7 | 7.7 | 35.1 | 31.8 | 17.6 | 6.5 | ||
| Semi-durables | 46301 | 10.1 | 12.8 | 10.9 | 12.3 | 10.8 | 13.0 | 17.7 | 8.2 | 12.9 | 7.2 | ||
| Nondurables | 140312 | 16.1 | 10.0 | 14.3 | 12.5 | 24.9 | 21.5 | 3.9 | 14.2 | 1.6 | 13.1 | ||
| Services | 80281 | 16.1 | 10.6 | 9.9 | 14.1 | 6.5 | 14.1 | 22.8 | 14.l | 12.5 | 2.9 | ||
| Transfer to General government and abroad | 1142 | −9.9 | 12.5 | 46.7 | 69.2 | −66.2 | 596.3 | 53.9 | 62.0 | 7.6 | 179.6 | ||
| (As a percent of personal disposable income) | |||||||||||||
| Personal saving | 6031 | 4.1 | 5.2 | 4.4 | 2.0 | 4.4 | 3.7 | 3.3 | 2.3 | 1.6 | 0.9 | ||
| Memorandum items | (Annual percentage change: at market prices) | (Seasonally adjusted at annual rates) | |||||||||||
| Private consumption (1990 prices) | 169719 | −1.4 | 0.3 | 3.1 | 4.9 | 3.9 | 5.4 | 4.1 | 5.7 | 6.4 | 5.0 | ||
| Durables | 16704 | −4.7 | −1.3 | 2.1 | 9.0 | 2.6 | 6.8 | 11.0 | 16.6 | 6.6 | 11.5 | ||
| Semi-durables | 30261 | 0.4 | 2.9 | 5.4 | 6.1 | 7.3 | 8.0 | 6.0 | 5.4 | 5.0 | 2.1 | ||
| Nondurables | 74845 | −3.4 | −0.1 | 3.4 | 4.3 | 3.8 | 5.3 | 1.1 | 5.2 | 8.1 | 5.8 | ||
| Services | 47909 | 1.9 | −0.0 | 1.5 | 3.8 | 2.4 | 3.5 | 5.5 | 3.1 | 4.4 | 3.5 | ||
After provision for depreciation and inventory adjustment.
After adjustment for net renumeration paid to non-residents.
Income from property, current transfers (gross), less direct taxes.
South Africa: Real Gross Domestic Product at Factor Cost, 1992–95
South Africa: Real Gross Domestic Product at Factor Cost, 1992–95
| 1995 | 1992 | 1993 | 1994 | 1995 | 1994 | 1995 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Billions of rand | Percent of total | III | IV | I | II | III | IV | ||||||
| (At current prices) | (Annual percentage change; at 1990 prices) | (Seasonally adjusted at annual rates) | |||||||||||
| Primary sector | 52.1 | 12.1 | −8.9 | 8.7 | 2.3 | −7.8 | 4.4 | 9.9 | −12.4 | −22.1 | −17.1 | 1.0 | |
| Agriculture, forestry, and fishing | 18.8 | 4.4 | −27.3 | 24.0 | 12.0 | −14.9 | 11.4 | 27.8 | −15.6 | −42.2 | −49.8 | −2.4 | |
| Mining and quarrying | 33.3 | 7.7 | 1.7 | 2.3 | −2.5 | −3.6 | 0.6 | 0.4 | −10.4 | −7.5 | 6.2 | 2.5 | |
| Industry sector | 135.9 | 31.6 | −3.1 | 0.0 | 2.6 | 6.4 | 6.0 | 8.6 | 6.3 | 8.4 | 7.2 | −1.5 | |
| Manufacturing | 104.5 | 24.3 | −3.3 | 0.2 | 2.5 | 7.6 | 7.5 | 11.0 | 7.0 | 10.0 | 8.6 | −2.8 | |
| Construction | 13.6 | 3.2 | −6.2 | −6.8 | 1.2 | 1.8 | 1.1 | 1.2 | 2.3 | 1.8 | 2.0 | 1.7 | |
| Electricity, gas, and water | 17.8 | 4.1 | 0.5 | 4.0 | 3.7 | 3.3 | 2.0 | 1.7 | 5.0 | 4.0 | 3.0 | 3.4 | |
| Sevice sector | 242.5 | 56.3 | −0.1 | 0.6 | 2.5 | 3.6 | 2.7 | 3.6 | 2.7 | 4.8 | 4.4 | 4.0 | |
| Wholesale and retail trade, and catering | 70.1 | 16.3 | −2.3 | 0.5 | 3.9 | 6.1 | 3.8 | 6.3 | 2.7 | 9.0 | 8.4 | 9.2 | |
| Transport, storage, and communication | 32.7 | 7.6 | 1.9 | 2.4 | 3.7 | 4.7 | 1.8 | 2.0 | 6.4 | 7.3 | 6.1 | 3.7 | |
| Finance, insurance, real estate, and business services | 56.9 | 13.2 | −0.2 | 0.1 | 2.6 | 3.9 | 3.9 | 4.6 | 3.4 | 4.2 | 4.0 | 2.5 | |
| General government and other services | 101.9 | 23.7 | 1.1 | 0.4 | 0.9 | 1.0 | 1.3 | 1.6 | 0.7 | 0.7 | 0.7 | 0.7 | |
| GDP at factor cost | 430.4 | 100.0 | −2.4 | 1.6 | 2.5 | 2.8 | 4.0 | 6.1 | 1.4 | 1.6 | 2.1 | 1.7 | |
| Memorandum item | |||||||||||||
| GDP excluding primary sectors | 378.3 | 87.9 | −1.2 | 0.4 | 2.5 | 4.7 | 3.9 | 5.5 | 4.0 | 6.1 | 5.5 | 1.8 | |
South Africa: Real Gross Domestic Product at Factor Cost, 1992–95
| 1995 | 1992 | 1993 | 1994 | 1995 | 1994 | 1995 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Billions of rand | Percent of total | III | IV | I | II | III | IV | ||||||
| (At current prices) | (Annual percentage change; at 1990 prices) | (Seasonally adjusted at annual rates) | |||||||||||
| Primary sector | 52.1 | 12.1 | −8.9 | 8.7 | 2.3 | −7.8 | 4.4 | 9.9 | −12.4 | −22.1 | −17.1 | 1.0 | |
| Agriculture, forestry, and fishing | 18.8 | 4.4 | −27.3 | 24.0 | 12.0 | −14.9 | 11.4 | 27.8 | −15.6 | −42.2 | −49.8 | −2.4 | |
| Mining and quarrying | 33.3 | 7.7 | 1.7 | 2.3 | −2.5 | −3.6 | 0.6 | 0.4 | −10.4 | −7.5 | 6.2 | 2.5 | |
| Industry sector | 135.9 | 31.6 | −3.1 | 0.0 | 2.6 | 6.4 | 6.0 | 8.6 | 6.3 | 8.4 | 7.2 | −1.5 | |
| Manufacturing | 104.5 | 24.3 | −3.3 | 0.2 | 2.5 | 7.6 | 7.5 | 11.0 | 7.0 | 10.0 | 8.6 | −2.8 | |
| Construction | 13.6 | 3.2 | −6.2 | −6.8 | 1.2 | 1.8 | 1.1 | 1.2 | 2.3 | 1.8 | 2.0 | 1.7 | |
| Electricity, gas, and water | 17.8 | 4.1 | 0.5 | 4.0 | 3.7 | 3.3 | 2.0 | 1.7 | 5.0 | 4.0 | 3.0 | 3.4 | |
| Sevice sector | 242.5 | 56.3 | −0.1 | 0.6 | 2.5 | 3.6 | 2.7 | 3.6 | 2.7 | 4.8 | 4.4 | 4.0 | |
| Wholesale and retail trade, and catering | 70.1 | 16.3 | −2.3 | 0.5 | 3.9 | 6.1 | 3.8 | 6.3 | 2.7 | 9.0 | 8.4 | 9.2 | |
| Transport, storage, and communication | 32.7 | 7.6 | 1.9 | 2.4 | 3.7 | 4.7 | 1.8 | 2.0 | 6.4 | 7.3 | 6.1 | 3.7 | |
| Finance, insurance, real estate, and business services | 56.9 | 13.2 | −0.2 | 0.1 | 2.6 | 3.9 | 3.9 | 4.6 | 3.4 | 4.2 | 4.0 | 2.5 | |
| General government and other services | 101.9 | 23.7 | 1.1 | 0.4 | 0.9 | 1.0 | 1.3 | 1.6 | 0.7 | 0.7 | 0.7 | 0.7 | |
| GDP at factor cost | 430.4 | 100.0 | −2.4 | 1.6 | 2.5 | 2.8 | 4.0 | 6.1 | 1.4 | 1.6 | 2.1 | 1.7 | |
| Memorandum item | |||||||||||||
| GDP excluding primary sectors | 378.3 | 87.9 | −1.2 | 0.4 | 2.5 | 4.7 | 3.9 | 5.5 | 4.0 | 6.1 | 5.5 | 1.8 | |
South Africa: Indicators of Mining and Quarrying Activity, 1988–95
In 1990.
South Africa: Indicators of Mining and Quarrying Activity, 1988–95
| Weights 1/ | 1988 | 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Annual percentage change) | ||||||||||||
| Production volume | 100.0 | 2.9 | −2.4 | −1.9 | −0.9 | 0.4 | 3.0 | −1.5 | −1.7 | |||
| Gold | 45.8 | 2.5 | −2.4 | −1.2 | −0.7 | 2.0 | 1.0 | −6.5 | −9.2 | |||
| Nongold | 54.2 | 3.3 | −2.2 | −2.7 | −1.1 | −0.9 | 4.7 | 2.6 | 5.0 | |||
| Of which: | ||||||||||||
| Coal | 19.7 | 3.0 | −2.4 | −2.4 | 1.3 | −1.8 | 4.3 | 6.6 | 3.6 | |||
| Platinium | 12.4 | 2.9 | 1.5 | 6.1 | −0.1 | 7.8 | 15.2 | −6.5 | 11.9 | |||
| Diamonds | 4.2 | −5.6 | 6.2 | −2.7 | −0.6 | 14.6 | −8.5 | 6.2 | −18.1 | |||
| Copper | 2.7 | −8.3 | 7.8 | −3.0 | 5.1 | −8.7 | −0.4 | 1.8 | −1.8 | |||
| Iron ore | 2.6 | 15.7 | 18.3 | 4.8 | −5.2 | −0.5 | 5.6 | 13.6 | 3.1 | |||
| Manganese | 2.0 | 22.7 | 27.0 | −6.6 | −28.9 | −21.6 | 1.1 | 13.8 | 11.2 | |||
| Chrome | 1.2 | 9.9 | 16.6 | −6.7 | 3.8 | −29.8 | −15.6 | 26.8 | 42.5 | |||
| Gross fixed investment at 1990 prices | 9.3 | 3.2 | −6.2 | −6.8 | −18.7 | −27.4 | 19.8 | 8.6 | ||||
| Fixed capital stock at 1990 prices | 5.3 | 4.3 | 3.1 | 2.1 | 0.1 | −2.0 | −1.0 | −0.5 | ||||
| Employment | 100.0 | −4.0 | −3.5 | −2.0 | −5.7 | −6.9 | −7.6 | 9.3 | … | |||
| Gold | 69.8 | −5.0 | −2.6 | −7.4 | 11.9 | −23.5 | −5.6 | 1.7 | … | |||
| Nongold | 30.2 | −1.4 | −5.9 | 13.3 | −46.5 | 73.2 | −12.0 | 26.5 | … | |||
| Wage bill | 100.0 | 14.6 | 13.1 | 14.5 | 8.4 | 4.9 | −0.2 | 16.2 | … | |||
| Gold | 64.2 | 14.0 | 10.1 | 9.4 | 4.1 | 0.9 | 4.0 | 5.5 | … | |||
| Nongold | 35.8 | 16.1 | 20.0 | 25.1 | 16.0 | 11.3 | −6.2 | 33.5 | … | |||
| (In percent) | ||||||||||||
| Memorandum items: | ||||||||||||
| Share in total capital stock at 1990 prices | 8.1 | 8.4 | 8.5 | 8.6 | 8.6 | 8.4 | 8.2 | 8.1 | ||||
| Share in total nonagricultural aoploymant | 14.6 | 14.3 | 14.0 | 13.2 | 12.4 | 11.8 | 11.7 | … | ||||
| Share in real GDP at factor cost | 10.1 | 9.7 | 9.7 | 9.6 | 10.0 | 10.1 | 9.6 | 9.0 | ||||
In 1990.
South Africa: Indicators of Mining and Quarrying Activity, 1988–95
| Weights 1/ | 1988 | 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Annual percentage change) | ||||||||||||
| Production volume | 100.0 | 2.9 | −2.4 | −1.9 | −0.9 | 0.4 | 3.0 | −1.5 | −1.7 | |||
| Gold | 45.8 | 2.5 | −2.4 | −1.2 | −0.7 | 2.0 | 1.0 | −6.5 | −9.2 | |||
| Nongold | 54.2 | 3.3 | −2.2 | −2.7 | −1.1 | −0.9 | 4.7 | 2.6 | 5.0 | |||
| Of which: | ||||||||||||
| Coal | 19.7 | 3.0 | −2.4 | −2.4 | 1.3 | −1.8 | 4.3 | 6.6 | 3.6 | |||
| Platinium | 12.4 | 2.9 | 1.5 | 6.1 | −0.1 | 7.8 | 15.2 | −6.5 | 11.9 | |||
| Diamonds | 4.2 | −5.6 | 6.2 | −2.7 | −0.6 | 14.6 | −8.5 | 6.2 | −18.1 | |||
| Copper | 2.7 | −8.3 | 7.8 | −3.0 | 5.1 | −8.7 | −0.4 | 1.8 | −1.8 | |||
| Iron ore | 2.6 | 15.7 | 18.3 | 4.8 | −5.2 | −0.5 | 5.6 | 13.6 | 3.1 | |||
| Manganese | 2.0 | 22.7 | 27.0 | −6.6 | −28.9 | −21.6 | 1.1 | 13.8 | 11.2 | |||
| Chrome | 1.2 | 9.9 | 16.6 | −6.7 | 3.8 | −29.8 | −15.6 | 26.8 | 42.5 | |||
| Gross fixed investment at 1990 prices | 9.3 | 3.2 | −6.2 | −6.8 | −18.7 | −27.4 | 19.8 | 8.6 | ||||
| Fixed capital stock at 1990 prices | 5.3 | 4.3 | 3.1 | 2.1 | 0.1 | −2.0 | −1.0 | −0.5 | ||||
| Employment | 100.0 | −4.0 | −3.5 | −2.0 | −5.7 | −6.9 | −7.6 | 9.3 | … | |||
| Gold | 69.8 | −5.0 | −2.6 | −7.4 | 11.9 | −23.5 | −5.6 | 1.7 | … | |||
| Nongold | 30.2 | −1.4 | −5.9 | 13.3 | −46.5 | 73.2 | −12.0 | 26.5 | … | |||
| Wage bill | 100.0 | 14.6 | 13.1 | 14.5 | 8.4 | 4.9 | −0.2 | 16.2 | … | |||
| Gold | 64.2 | 14.0 | 10.1 | 9.4 | 4.1 | 0.9 | 4.0 | 5.5 | … | |||
| Nongold | 35.8 | 16.1 | 20.0 | 25.1 | 16.0 | 11.3 | −6.2 | 33.5 | … | |||
| (In percent) | ||||||||||||
| Memorandum items: | ||||||||||||
| Share in total capital stock at 1990 prices | 8.1 | 8.4 | 8.5 | 8.6 | 8.6 | 8.4 | 8.2 | 8.1 | ||||
| Share in total nonagricultural aoploymant | 14.6 | 14.3 | 14.0 | 13.2 | 12.4 | 11.8 | 11.7 | … | ||||
| Share in real GDP at factor cost | 10.1 | 9.7 | 9.7 | 9.6 | 10.0 | 10.1 | 9.6 | 9.0 | ||||
In 1990.
South Africa: Indicators of Manufacturing Activity, 1990–95
South Africa: Indicators of Manufacturing Activity, 1990–95
| 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | 1994 | 1995 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| III | IV | I | II | III | IV | ||||||||
| (Annual percentage changes) | (Seasonally adjusted at annual rates: period average) | ||||||||||||
| Production volume | −0.4 | −3.6 | −3.0 | −0.2 | 2.7 | 7.4 | 17.5 | 10.4 | 8.3 | 13.8 | −6.3 | −4.8 | |
| Durable goods | −3.2 | −5.1 | −6.2 | −1.7 | 3.5 | 10.2 | 16.5 | 25.2 | 7.8 | 20.3 | −12.2 | −2.3 | |
| Nondurable goods | 1.8 | −2.5 | −0.8 | 0.9 | 2.2 | 5.5 | 18.1 | 1.6 | 8.3 | 9.3 | −1.7 | −6.5 | |
| Sales (at 1990 price) | −0.5 | −3.5 | −4.0 | −0.8 | 2.3 | 7.1 | 12.3 | 14.5 | 5.0 | 8.6 | −3.0 | 4.6 | |
| New orders (at 1990 prices) | −5.2 | −5.4 | −4.2 | −0.6 | 7.3 | 7.2 | 30.2 | 30.7 | −22.6 | 22.3 | −3.9 | 4.0 | |
| Unfilled orders (at 1990 prices) | −7.1 | −16.7 | 1.2 | −0.9 | 12.6 | 2.6 | 41.1 | 36.6 | −14.1 | −5.2 | −19.6 | −7.6 | |
| Gross fixed Investment (at 1990 prices) | 13.8 | −11.7 | −6.0 | 5.1 | 9.9 | 21.3 | 43.3 | 42.4 | 20.2 | 5.6 | 10.8 | 8.7 | |
| Net fixed investment (at 1990 prices) | 85.5 | −27.8 | −15.5 | 17.8 | 17.1 | 47.8 | … | … | … | … | … | … | |
| Unit labor coats | 15.7 | 14.8 | 15.9 | 9.0 | 7.9 | … | −2.0 | 3.4 | −4.5 | 18.9 | … | … | |
| Production prices | −7.1 | −16.7 | 1.2 | −0.9 | 12.6 | 2.6 | 12.3 | 7.9 | 13.1 | 10.1 | 5.8 | 9.2 | |
| Labor productivity | — | −1.0 | 0.1 | 2.1 | 2.7 | … | 12.7 | 7.4 | 10.5 | 11.8 | … | … | |
| (In percent) | |||||||||||||
| Capacity utilization | 81.9 | 81.0 | 78.5 | 77.9 | 80.0 | … | 80.0 | 81.8 | 83.3 | 83.7 | 83.4 | … | |
| Durable goods | 81.5 | 78.2 | 75.1 | 74.8 | 78.5 | … | 77.8 | 81.4 | 83.1 | 84.0 | 83.4 | … | |
| Nondurable goods | 81.8 | 83.0 | 81.0 | 80.3 | 81.5 | … | 82.1 | 83.0 | 83.5 | 83.5 | 83.6 | … | |
South Africa: Indicators of Manufacturing Activity, 1990–95
| 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | 1994 | 1995 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| III | IV | I | II | III | IV | ||||||||
| (Annual percentage changes) | (Seasonally adjusted at annual rates: period average) | ||||||||||||
| Production volume | −0.4 | −3.6 | −3.0 | −0.2 | 2.7 | 7.4 | 17.5 | 10.4 | 8.3 | 13.8 | −6.3 | −4.8 | |
| Durable goods | −3.2 | −5.1 | −6.2 | −1.7 | 3.5 | 10.2 | 16.5 | 25.2 | 7.8 | 20.3 | −12.2 | −2.3 | |
| Nondurable goods | 1.8 | −2.5 | −0.8 | 0.9 | 2.2 | 5.5 | 18.1 | 1.6 | 8.3 | 9.3 | −1.7 | −6.5 | |
| Sales (at 1990 price) | −0.5 | −3.5 | −4.0 | −0.8 | 2.3 | 7.1 | 12.3 | 14.5 | 5.0 | 8.6 | −3.0 | 4.6 | |
| New orders (at 1990 prices) | −5.2 | −5.4 | −4.2 | −0.6 | 7.3 | 7.2 | 30.2 | 30.7 | −22.6 | 22.3 | −3.9 | 4.0 | |
| Unfilled orders (at 1990 prices) | −7.1 | −16.7 | 1.2 | −0.9 | 12.6 | 2.6 | 41.1 | 36.6 | −14.1 | −5.2 | −19.6 | −7.6 | |
| Gross fixed Investment (at 1990 prices) | 13.8 | −11.7 | −6.0 | 5.1 | 9.9 | 21.3 | 43.3 | 42.4 | 20.2 | 5.6 | 10.8 | 8.7 | |
| Net fixed investment (at 1990 prices) | 85.5 | −27.8 | −15.5 | 17.8 | 17.1 | 47.8 | … | … | … | … | … | … | |
| Unit labor coats | 15.7 | 14.8 | 15.9 | 9.0 | 7.9 | … | −2.0 | 3.4 | −4.5 | 18.9 | … | … | |
| Production prices | −7.1 | −16.7 | 1.2 | −0.9 | 12.6 | 2.6 | 12.3 | 7.9 | 13.1 | 10.1 | 5.8 | 9.2 | |
| Labor productivity | — | −1.0 | 0.1 | 2.1 | 2.7 | … | 12.7 | 7.4 | 10.5 | 11.8 | … | … | |
| (In percent) | |||||||||||||
| Capacity utilization | 81.9 | 81.0 | 78.5 | 77.9 | 80.0 | … | 80.0 | 81.8 | 83.3 | 83.7 | 83.4 | … | |
| Durable goods | 81.5 | 78.2 | 75.1 | 74.8 | 78.5 | … | 77.8 | 81.4 | 83.1 | 84.0 | 83.4 | … | |
| Nondurable goods | 81.8 | 83.0 | 81.0 | 80.3 | 81.5 | … | 82.1 | 83.0 | 83.5 | 83.5 | 83.6 | … | |
South Africa: Nonagricultural Employment, 1988–95
(1990 = 100)
Central Government, local authorities, provincial administrations, statutory bodies, and national and independent states (TVBC).
Transnet and the Department of Posts and Telecommunications.
Includes Electricity Supply Commission, Boards of Control, and universities.
South Africa: Nonagricultural Employment, 1988–95
(1990 = 100)
| Public Authorities 1/ | Private sector | |||||||
|---|---|---|---|---|---|---|---|---|
| General govt. |
Business enterprises 2/ |
Total | Mining | Manufacturing | Total 3/ | Grand total |
||
| 1988 | 95.9 | 105.7 | 97.2 | 103.7 | 100.4 | 100.6 | 99.5 | |
| 1989 | 98.6 | 102.2 | 99.0 | 102.4 | 100.4 | 100.9 | 100.3 | |
| 1990 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | |
| 1991 | 103.2 | 98.5 | 102.4 | 92.7 | 97.4 | 96.3 | 98.2 | |
| 1992 | 105.3 | 94.5 | 103.6 | 85.3 | 94.3 | 92.8 | 96.1 | |
| 1993 | 106.1 | 82.4 | 102.3 | 79.6 | 92.3 | 90.3 | 94.0 | |
| 1994 | 107.6 | 76.8 | 102.8 | 78.0 | 92.2 | 89.1 | 93.3 | |
| (End of quarter: seasonally adjusted) | ||||||||
| 1990 | ||||||||
| I | 99.2 | 101.4 | 99.6 | 101.8 | 100.6 | 101.2 | 100.7 | |
| II | 100.0 | 99.7 | 100.0 | 101.4 | 100.1 | 100.5 | 100.3 | |
| III | 100.1 | 99.7 | 100.0 | 98.6 | 99.6 | 99.8 | 99.8 | |
| IV | 100.7 | 99.3 | 100.4 | 96.2 | 98.9 | 98.6 | 99.1 | |
| 1991 | ||||||||
| I | 102.6 | 99.2 | 102.0 | 93.9 | 98.0 | 97.3 | 98.8 | |
| II | 102.7 | 98.5 | 102.0 | 92.5 | 97.5 | 96.4 | 98.1 | |
| III | 103.0 | 98.8 | 102.3 | 92.2 | 97.0 | 96.0 | 97.9 | |
| IV | 104.4 | 97.6 | 103.3 | 91.0 | 96.3 | 95.5 | 97.9 | |
| 1992 | ||||||||
| I | 104.3 | 96.7 | 103.1 | 87.8 | 95.3 | 94.1 | 96.9 | |
| II | 104.1 | 95.5 | 102.8 | 85.2 | 94.5 | 93.3 | 96.3 | |
| III | 105.5 | 94.0 | 103.7 | 83.7 | 93.5 | 92.1 | 95.7 | |
| IV | 107.3 | 91.7 | 104.8 | 82.5 | 93.7 | 91.6 | 95.7 | |
| 1993 | ||||||||
| I | 106.9 | 86.7 | 103.7 | 80.8 | 93.1 | 91.3 | 95.1 | |
| II | 104.4 | 83.9 | 101.2 | 78.7 | 92.3 | 90.6 | 93.9 | |
| III | 105.4 | 80.3 | 101.4 | 78.7 | 91.8 | 90.1 | 93.6 | |
| IV | 107.6 | 78.9 | 103.0 | 78.1 | 90.2 | 89.3 | 93.5 | |
| 1994 | ||||||||
| I | 107.6 | 77.6 | 102.9 | 78.3 | 91.6 | 88.9 | 93.2 | |
| II | 105.7 | 76.6 | 101.2 | 78.4 | 92.0. | 88.9 | 92.7 | |
| III | 107.2 | 75.8 | 102.3 | 77.3 | 92.8 | 89.1 | 93.2 | |
| IV | 110.0 | 77.0 | 104.9 | 77.9 | 92.6 | 89.5 | 94.2 | |
| 1995 | ||||||||
| I | 108.7 | 77.1 | 103.8 | 77.2 | 92.5 | 89.7 | 94.0 | |
| II | 106.2 | 77.3 | 102.0 | 76.5 | 93.2 | 89.9 | 93.7 | |
Central Government, local authorities, provincial administrations, statutory bodies, and national and independent states (TVBC).
Transnet and the Department of Posts and Telecommunications.
Includes Electricity Supply Commission, Boards of Control, and universities.
South Africa: Nonagricultural Employment, 1988–95
(1990 = 100)
| Public Authorities 1/ | Private sector | |||||||
|---|---|---|---|---|---|---|---|---|
| General govt. |
Business enterprises 2/ |
Total | Mining | Manufacturing | Total 3/ | Grand total |
||
| 1988 | 95.9 | 105.7 | 97.2 | 103.7 | 100.4 | 100.6 | 99.5 | |
| 1989 | 98.6 | 102.2 | 99.0 | 102.4 | 100.4 | 100.9 | 100.3 | |
| 1990 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | |
| 1991 | 103.2 | 98.5 | 102.4 | 92.7 | 97.4 | 96.3 | 98.2 | |
| 1992 | 105.3 | 94.5 | 103.6 | 85.3 | 94.3 | 92.8 | 96.1 | |
| 1993 | 106.1 | 82.4 | 102.3 | 79.6 | 92.3 | 90.3 | 94.0 | |
| 1994 | 107.6 | 76.8 | 102.8 | 78.0 | 92.2 | 89.1 | 93.3 | |
| (End of quarter: seasonally adjusted) | ||||||||
| 1990 | ||||||||
| I | 99.2 | 101.4 | 99.6 | 101.8 | 100.6 | 101.2 | 100.7 | |
| II | 100.0 | 99.7 | 100.0 | 101.4 | 100.1 | 100.5 | 100.3 | |
| III | 100.1 | 99.7 | 100.0 | 98.6 | 99.6 | 99.8 | 99.8 | |
| IV | 100.7 | 99.3 | 100.4 | 96.2 | 98.9 | 98.6 | 99.1 | |
| 1991 | ||||||||
| I | 102.6 | 99.2 | 102.0 | 93.9 | 98.0 | 97.3 | 98.8 | |
| II | 102.7 | 98.5 | 102.0 | 92.5 | 97.5 | 96.4 | 98.1 | |
| III | 103.0 | 98.8 | 102.3 | 92.2 | 97.0 | 96.0 | 97.9 | |
| IV | 104.4 | 97.6 | 103.3 | 91.0 | 96.3 | 95.5 | 97.9 | |
| 1992 | ||||||||
| I | 104.3 | 96.7 | 103.1 | 87.8 | 95.3 | 94.1 | 96.9 | |
| II | 104.1 | 95.5 | 102.8 | 85.2 | 94.5 | 93.3 | 96.3 | |
| III | 105.5 | 94.0 | 103.7 | 83.7 | 93.5 | 92.1 | 95.7 | |
| IV | 107.3 | 91.7 | 104.8 | 82.5 | 93.7 | 91.6 | 95.7 | |
| 1993 | ||||||||
| I | 106.9 | 86.7 | 103.7 | 80.8 | 93.1 | 91.3 | 95.1 | |
| II | 104.4 | 83.9 | 101.2 | 78.7 | 92.3 | 90.6 | 93.9 | |
| III | 105.4 | 80.3 | 101.4 | 78.7 | 91.8 | 90.1 | 93.6 | |
| IV | 107.6 | 78.9 | 103.0 | 78.1 | 90.2 | 89.3 | 93.5 | |
| 1994 | ||||||||
| I | 107.6 | 77.6 | 102.9 | 78.3 | 91.6 | 88.9 | 93.2 | |
| II | 105.7 | 76.6 | 101.2 | 78.4 | 92.0. | 88.9 | 92.7 | |
| III | 107.2 | 75.8 | 102.3 | 77.3 | 92.8 | 89.1 | 93.2 | |
| IV | 110.0 | 77.0 | 104.9 | 77.9 | 92.6 | 89.5 | 94.2 | |
| 1995 | ||||||||
| I | 108.7 | 77.1 | 103.8 | 77.2 | 92.5 | 89.7 | 94.0 | |
| II | 106.2 | 77.3 | 102.0 | 76.5 | 93.2 | 89.9 | 93.7 | |
Central Government, local authorities, provincial administrations, statutory bodies, and national and independent states (TVBC).
Transnet and the Department of Posts and Telecommunications.
Includes Electricity Supply Commission, Boards of Control, and universities.
South Africa: Remuneration, Labor Productivity, and Unit Labor Costs in tha Nonagricultural Sector, 1991–95
Seasonally adjusted.
At 1990 prices; daflated by nonagricultural deflator.
South Africa: Remuneration, Labor Productivity, and Unit Labor Costs in tha Nonagricultural Sector, 1991–95
| 1991 | 1992 | 1993 | 1994 | 1994 1/ | 1995 1/ | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| I | II | III | IV | I | II | ||||||||
| (Annual percentage change) | |||||||||||||
| Remuneration per worker | |||||||||||||
| At current prices | |||||||||||||
| Public authorities | 16.7 | 14.8 | 9.2 | 15.3 | 9.1 | 21.8 | 14.8 | 15.9 | 11.7 | −1.2 | |||
| Private sector | 15.4 | 15.2 | 11.2 | 10.2 | 9.6 | 10.4 | 11.4 | 9.4 | 10.4 | 12.9 | |||
| Total | 16.1 | 15.2 | 10.5 | 12.2 | 9.5 | 14.7 | 12.7 | 11.8 | 10.9 | 7.4 | |||
| At constant 1990 prices 2/ | |||||||||||||
| Public authorities | 2.1 | 1.4 | −1.5 | 6.0 | 0.3 | 11.6 | 6.0 | 7.7 | 3.0 | −8.8 | |||
| Private sector | 0.9 | 1.7 | 0.4 | 1.6 | 0.9 | 1.3 | 2.7 | 1.8 | 1.7 | 4.3 | |||
| Total | 1.5 | 1.8 | −0.3 | 3.3 | 0.7 | 5.1 | 4.0 | 4.0 | 2.2 | −0.8 | |||
| Labor productivity | 0.4 | 1.2 | 2.9 | 2.8 | 3.4 | 3.1 | 2.5 | 2.0 | 2.4 | 2.9 | |||
| Unit labor costs | |||||||||||||
| Nominal | 15.7 | 13.8 | 7.4 | 9.0 | 5.9 | 11.2 | 10.0 | 9.6 | 8.3 | 4.4 | |||
| Real 2/ | 1.2 | 0.5 | −3.0 | 0.6 | −2.7 | 2.0 | 1.5 | 1.9 | −0.2 | −3.6 | |||
Seasonally adjusted.
At 1990 prices; daflated by nonagricultural deflator.
South Africa: Remuneration, Labor Productivity, and Unit Labor Costs in tha Nonagricultural Sector, 1991–95
| 1991 | 1992 | 1993 | 1994 | 1994 1/ | 1995 1/ | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| I | II | III | IV | I | II | ||||||||
| (Annual percentage change) | |||||||||||||
| Remuneration per worker | |||||||||||||
| At current prices | |||||||||||||
| Public authorities | 16.7 | 14.8 | 9.2 | 15.3 | 9.1 | 21.8 | 14.8 | 15.9 | 11.7 | −1.2 | |||
| Private sector | 15.4 | 15.2 | 11.2 | 10.2 | 9.6 | 10.4 | 11.4 | 9.4 | 10.4 | 12.9 | |||
| Total | 16.1 | 15.2 | 10.5 | 12.2 | 9.5 | 14.7 | 12.7 | 11.8 | 10.9 | 7.4 | |||
| At constant 1990 prices 2/ | |||||||||||||
| Public authorities | 2.1 | 1.4 | −1.5 | 6.0 | 0.3 | 11.6 | 6.0 | 7.7 | 3.0 | −8.8 | |||
| Private sector | 0.9 | 1.7 | 0.4 | 1.6 | 0.9 | 1.3 | 2.7 | 1.8 | 1.7 | 4.3 | |||
| Total | 1.5 | 1.8 | −0.3 | 3.3 | 0.7 | 5.1 | 4.0 | 4.0 | 2.2 | −0.8 | |||
| Labor productivity | 0.4 | 1.2 | 2.9 | 2.8 | 3.4 | 3.1 | 2.5 | 2.0 | 2.4 | 2.9 | |||
| Unit labor costs | |||||||||||||
| Nominal | 15.7 | 13.8 | 7.4 | 9.0 | 5.9 | 11.2 | 10.0 | 9.6 | 8.3 | 4.4 | |||
| Real 2/ | 1.2 | 0.5 | −3.0 | 0.6 | −2.7 | 2.0 | 1.5 | 1.9 | −0.2 | −3.6 | |||
Seasonally adjusted.
At 1990 prices; daflated by nonagricultural deflator.
South Africa: Price Developments, 1991–95
(Percentage change over the previous period; period average)
The consumer price series uses 1990 weights; the producer price series uses 1985 weights.
South Africa: Price Developments, 1991–95
(Percentage change over the previous period; period average)
| Weight 1/ | 1991 | 1992 | 1993 | 1994 | 1995 | 1994 | 1995 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| I | II | III | IV | I | II | III | IV | ||||||||||
| (Seasonally adjusted at annual rate) | |||||||||||||||||
| Consumer prices | 100.0 | 15.3 | 13.9 | 9.7 | 9.0 | 8.6 | 9.0 | 7.9 | 14.3 | 8.5 | 8.9 | 10.9 | 1.7 | 4.8 | |||
| Goods | 57.9 | 17.0 | 16.3 | 10.4 | 9.4 | 7.4 | 8.4 | 8.9 | 18.1 | 6.7 | 7.1 | 9.9 | −2.7 | 4.0 | |||
| Of which: | |||||||||||||||||
| Food | 19.3 | (19.0) | (24.8) | (7.2) | (13.6) | (8.6) | (13.9) | (18.1) | (39.3) | (8.0) | (5.5) | (11.2) | (−12.6) | (1.4) | |||
| Services | 42.1 | 12.4 | 11.2 | 8.6 | 8.9 | 10.7 | 7.9 | 8.0 | 14.7 | 9.0 | 9.2 | 13.5 | 12.5 | 3.4 | |||
| Of which: | |||||||||||||||||
| Housing | 21.4 | (5.6) | (2.0) | (0.1) | (5.0) | (13.6) | (0.1) | (7.3) | (6.7) | (12.9) | (14.8) | (20.3) | (15.2) | (7.6) | |||
| Producer prices | 100.0 | 11.3 | 8.2 | 6.7 | 8.2 | 9.6 | 10.0 | 10.3 | 13.9 | 5.6 | 14.3 | 10.1 | 2.8 | 7.9 | |||
| Goods produced in | |||||||||||||||||
| South Africa | 80.5 | 12.2 | 9.1 | 6.9 | 8.9 | 9.9 | 10.9 | 9.8 | 13.6 | 7.4 | 13.5 | 10.0 | 3.7 | 9.8 | |||
| Imported goods | 19.5 | 8.4 | 4.1 | 4.9 | 5.5 | 7.6 | 5.3 | 14.1 | 13.8 | −2.1 | 15.5 | 10.5 | −0.5 | 2.8 | |||
| GDP deflator at market prices | 13.5 | 12.4 | 11.1 | 9.5 | 8.7 | 7.6 | 16.6 | 8.1 | 3.8 | 12.1 | 9.4 | 7.8 | 4.2 | ||||
| Memorandum items: | |||||||||||||||||
| Twelve-month rate to end of period | |||||||||||||||||
| Consumer prices | 16.0 | 9.5 | 9.7 | 10.0 | 7.0 | 9.1 | 7.6 | 9.9 | 10.0 | 10.0 | 10.1 | 6.3 | 7.0 | ||||
| Producer prices | 8.3 | 6.9 | 6.3 | 10.3 | 8.8 | 6.3 | 7.9 | 9.8 | 10.3 | 11.1 | 10.4 | 7.8 | 8.8 | ||||
The consumer price series uses 1990 weights; the producer price series uses 1985 weights.
South Africa: Price Developments, 1991–95
(Percentage change over the previous period; period average)
| Weight 1/ | 1991 | 1992 | 1993 | 1994 | 1995 | 1994 | 1995 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| I | II | III | IV | I | II | III | IV | ||||||||||
| (Seasonally adjusted at annual rate) | |||||||||||||||||
| Consumer prices | 100.0 | 15.3 | 13.9 | 9.7 | 9.0 | 8.6 | 9.0 | 7.9 | 14.3 | 8.5 | 8.9 | 10.9 | 1.7 | 4.8 | |||
| Goods | 57.9 | 17.0 | 16.3 | 10.4 | 9.4 | 7.4 | 8.4 | 8.9 | 18.1 | 6.7 | 7.1 | 9.9 | −2.7 | 4.0 | |||
| Of which: | |||||||||||||||||
| Food | 19.3 | (19.0) | (24.8) | (7.2) | (13.6) | (8.6) | (13.9) | (18.1) | (39.3) | (8.0) | (5.5) | (11.2) | (−12.6) | (1.4) | |||
| Services | 42.1 | 12.4 | 11.2 | 8.6 | 8.9 | 10.7 | 7.9 | 8.0 | 14.7 | 9.0 | 9.2 | 13.5 | 12.5 | 3.4 | |||
| Of which: | |||||||||||||||||
| Housing | 21.4 | (5.6) | (2.0) | (0.1) | (5.0) | (13.6) | (0.1) | (7.3) | (6.7) | (12.9) | (14.8) | (20.3) | (15.2) | (7.6) | |||
| Producer prices | 100.0 | 11.3 | 8.2 | 6.7 | 8.2 | 9.6 | 10.0 | 10.3 | 13.9 | 5.6 | 14.3 | 10.1 | 2.8 | 7.9 | |||
| Goods produced in | |||||||||||||||||
| South Africa | 80.5 | 12.2 | 9.1 | 6.9 | 8.9 | 9.9 | 10.9 | 9.8 | 13.6 | 7.4 | 13.5 | 10.0 | 3.7 | 9.8 | |||
| Imported goods | 19.5 | 8.4 | 4.1 | 4.9 | 5.5 | 7.6 | 5.3 | 14.1 | 13.8 | −2.1 | 15.5 | 10.5 | −0.5 | 2.8 | |||
| GDP deflator at market prices | 13.5 | 12.4 | 11.1 | 9.5 | 8.7 | 7.6 | 16.6 | 8.1 | 3.8 | 12.1 | 9.4 | 7.8 | 4.2 | ||||
| Memorandum items: | |||||||||||||||||
| Twelve-month rate to end of period | |||||||||||||||||
| Consumer prices | 16.0 | 9.5 | 9.7 | 10.0 | 7.0 | 9.1 | 7.6 | 9.9 | 10.0 | 10.0 | 10.1 | 6.3 | 7.0 | ||||
| Producer prices | 8.3 | 6.9 | 6.3 | 10.3 | 8.8 | 6.3 | 7.9 | 9.8 | 10.3 | 11.1 | 10.4 | 7.8 | 8.8 | ||||
The consumer price series uses 1990 weights; the producer price series uses 1985 weights.
South Africa: Government Finances, 1991/92–1996/97 1/
National budget; fiscal year begins April 1,
Balance before borrowing plus capital expenditure.
At end of fiscal year.
South Africa: Government Finances, 1991/92–1996/97 1/
| 1991/92 | 1992/93 | 1993/94 | 1994/95 | 1995/96 Budget |
1995/96 Prel. |
1996/96 Budget |
||
|---|---|---|---|---|---|---|---|---|
| (In millions of rand) | ||||||||
| Revenue | 78,700 | 83,864 | 98,145 | 112,188 | 124,063 | 128,285 | 144,688 | |
| Inland Revenue | 64,581 | 66,253 | 77,884 | 92,368 | 103,330 | 106,438 | 120,031 | |
| Income tax | 44,032 | 46,956 | 50,172 | 59,868 | 67,123 | 68,328 | 80,304 | |
| Sales tax/VAT | 18,792 | 17,506 | 25,449 | 29,288 | 32,750 | 32,600 | 36,930 | |
| Other | 1,757 | 1,791 | 2,262 | 3,212 | 3,457 | 5,510 | 2,797 | |
| Customs and Excise | 11,422 | 14,308 | 16,241 | 17,892 | 17,989 | 17,867 | 20,824 | |
| Import duty and surcharge | 4,192 | 4,482 | 5,170 | 5,418 | 5,345 | 5,856 | 6,230 | |
| Excise duty | 3,625 | 4,436 | 4,967 | 5,804 | 6,111 | 6,574 | 6,918 | |
| Fuel levy and Other | 6,365 | 8,374 | 9,194 | 9,919 | 10,423 | 9,327 | 12,039 | |
| SACU payments | −2,760 | −2,984 | −3,089 | −3,249 | −3,890 | −3,890 | −4,363 | |
| Extraordinary Revenue | 834 | 1,105 | 1,435 | 16 | 1,215 | 1,247 | 1,896 | |
| Nontax Revenue | 1,662 | 2,198 | 2,585 | 1,913 | 1,529 | 2,733 | 1,936 | |
| Expenditure | 91,725 | 111,501 | 121,940 | 137,617 | 153,248 | 155,765 | 173,490 | |
| Primary recurrent expenditure | 72,498 | 88,093 | 93,535 | 105,036 | 110,104 | 113,671 | 125,278 | |
| Capital expenditure | 5,341 | 5,879 | 7,577 | 8,348 | 13,651 | 12,882 | 13,768 | |
| Interest payment | 13,886 | 17,530 | 24,233 | 29,493 | 29,213 | 34,445 | ||
| Balance before borrowing | −13,025 | −27,637 | −23,795 | −25,429 | −29,186 | −27,480 | −28,802 | |
| (In percent of GDP) | ||||||||
| Revenue | 24.6 | 24.1 | 24.9 | 25.2 | 24.8 | 25.7 | 25.8 | |
| Inland Revenue | 20.2 | 19.0 | 19.7 | 20.7 | 20.7 | 21.3 | 21.4 | |
| Income tax | 13.8 | 13.5 | 12.7 | 13.4 | 13.4 | 13.7 | 14.3 | |
| Sales tax/VAT | 5.9 | 5.0 | 6.5 | 6.6 | 6.6 | 6.5 | 6.6 | |
| Other | 0.5 | 0.5 | 0.6 | 0.7 | 0.7 | 1.1 | 0.5 | |
| Customs and Excise | 3.6 | 4.1 | 4.1 | 4.0 | 3.6 | 3.6 | 3.7 | |
| Import duty and surcharge | 1.3 | 1.3 | 1.3 | 1.2 | 1.1 | 1.2 | 1.1 | |
| Excise duty | 1.2 | 1.3 | 1.3 | 1.3 | 1.2 | 1.3 | 1.2 | |
| Fule levy and Other | 2.0 | 2.4 | 2.3 | 2.2 | 2.1 | 1.9 | 2.1 | |
| SACU payment | −0.9 | −0.9 | −0.8 | −0.7 | −0.8 | −0.8 | −0.8 | |
| Extraordinary Revenue | 0.3 | 0.3 | 0.4 | … | 0.2 | 0.2 | 0.3 | |
| Nontax Revenue | 0.5 | 0.6 | 0.7 | 0.4 | 0.3 | 0.5 | 0.3 | |
| Expenditure | 28.6 | 32.1 | 30.9 | 30.9 | 30.6 | 31.2 | 30.9 | |
| Primary recurrent expenditure | 22.6 | 25.3 | 23.7 | 23.6 | 22.0 | 22.7 | 22.3 | |
| Capital expenditure | 1.7 | 1.7 | 1.9 | 1.9 | 2.7 | 2.6 | 2.5 | |
| Interest payment | 4.3 | 5.0 | 5.3 | 5.4 | 5.9 | 5.8 | 6.1 | |
| Overall balance | −4.1 | −7.9 | −6.0 | −5.7 | −5.8 | −5.5 | −5.1 | |
| Memorandum items: | ||||||||
| Overall balance, excluding | ||||||||
| extraordinary Revenue | −4.3 | −8.3 | −6.4 | −5.7 | −6.1 | −5.7 | −5.5 | |
| Primary balance before borrowing | 0.3 | −2.9 | −0.8 | −0.3 | 0.1 | −0.3 | 1.0 | |
| Golden rule gap 2/ | −2.4 | −6.3 | −4.1 | −3.8 | −3.1 | −2.9 | −2.7 | |
| Government debt 3/ | 39.5 | 44.5 | 48.7 | 54.9 | 54.7 | 55.3 | 54.9 | |
| Nominal GDP (in millions of rand) | 320,226 | 347,785 | 394,434 | 445,600 | 500,000 | 500,000 | 561,000 | |
National budget; fiscal year begins April 1,
Balance before borrowing plus capital expenditure.
At end of fiscal year.
South Africa: Government Finances, 1991/92–1996/97 1/
| 1991/92 | 1992/93 | 1993/94 | 1994/95 | 1995/96 Budget |
1995/96 Prel. |
1996/96 Budget |
||
|---|---|---|---|---|---|---|---|---|
| (In millions of rand) | ||||||||
| Revenue | 78,700 | 83,864 | 98,145 | 112,188 | 124,063 | 128,285 | 144,688 | |
| Inland Revenue | 64,581 | 66,253 | 77,884 | 92,368 | 103,330 | 106,438 | 120,031 | |
| Income tax | 44,032 | 46,956 | 50,172 | 59,868 | 67,123 | 68,328 | 80,304 | |
| Sales tax/VAT | 18,792 | 17,506 | 25,449 | 29,288 | 32,750 | 32,600 | 36,930 | |
| Other | 1,757 | 1,791 | 2,262 | 3,212 | 3,457 | 5,510 | 2,797 | |
| Customs and Excise | 11,422 | 14,308 | 16,241 | 17,892 | 17,989 | 17,867 | 20,824 | |
| Import duty and surcharge | 4,192 | 4,482 | 5,170 | 5,418 | 5,345 | 5,856 | 6,230 | |
| Excise duty | 3,625 | 4,436 | 4,967 | 5,804 | 6,111 | 6,574 | 6,918 | |
| Fuel levy and Other | 6,365 | 8,374 | 9,194 | 9,919 | 10,423 | 9,327 | 12,039 | |
| SACU payments | −2,760 | −2,984 | −3,089 | −3,249 | −3,890 | −3,890 | −4,363 | |
| Extraordinary Revenue | 834 | 1,105 | 1,435 | 16 | 1,215 | 1,247 | 1,896 | |
| Nontax Revenue | 1,662 | 2,198 | 2,585 | 1,913 | 1,529 | 2,733 | 1,936 | |
| Expenditure | 91,725 | 111,501 | 121,940 | 137,617 | 153,248 | 155,765 | 173,490 | |
| Primary recurrent expenditure | 72,498 | 88,093 | 93,535 | 105,036 | 110,104 | 113,671 | 125,278 | |
| Capital expenditure | 5,341 | 5,879 | 7,577 | 8,348 | 13,651 | 12,882 | 13,768 | |
| Interest payment | 13,886 | 17,530 | 24,233 | 29,493 | 29,213 | 34,445 | ||
| Balance before borrowing | −13,025 | −27,637 | −23,795 | −25,429 | −29,186 | −27,480 | −28,802 | |
| (In percent of GDP) | ||||||||
| Revenue | 24.6 | 24.1 | 24.9 | 25.2 | 24.8 | 25.7 | 25.8 | |
| Inland Revenue | 20.2 | 19.0 | 19.7 | 20.7 | 20.7 | 21.3 | 21.4 | |
| Income tax | 13.8 | 13.5 | 12.7 | 13.4 | 13.4 | 13.7 | 14.3 | |
| Sales tax/VAT | 5.9 | 5.0 | 6.5 | 6.6 | 6.6 | 6.5 | 6.6 | |
| Other | 0.5 | 0.5 | 0.6 | 0.7 | 0.7 | 1.1 | 0.5 | |
| Customs and Excise | 3.6 | 4.1 | 4.1 | 4.0 | 3.6 | 3.6 | 3.7 | |
| Import duty and surcharge | 1.3 | 1.3 | 1.3 | 1.2 | 1.1 | 1.2 | 1.1 | |
| Excise duty | 1.2 | 1.3 | 1.3 | 1.3 | 1.2 | 1.3 | 1.2 | |
| Fule levy and Other | 2.0 | 2.4 | 2.3 | 2.2 | 2.1 | 1.9 | 2.1 | |
| SACU payment | −0.9 | −0.9 | −0.8 | −0.7 | −0.8 | −0.8 | −0.8 | |
| Extraordinary Revenue | 0.3 | 0.3 | 0.4 | … | 0.2 | 0.2 | 0.3 | |
| Nontax Revenue | 0.5 | 0.6 | 0.7 | 0.4 | 0.3 | 0.5 | 0.3 | |
| Expenditure | 28.6 | 32.1 | 30.9 | 30.9 | 30.6 | 31.2 | 30.9 | |
| Primary recurrent expenditure | 22.6 | 25.3 | 23.7 | 23.6 | 22.0 | 22.7 | 22.3 | |
| Capital expenditure | 1.7 | 1.7 | 1.9 | 1.9 | 2.7 | 2.6 | 2.5 | |
| Interest payment | 4.3 | 5.0 | 5.3 | 5.4 | 5.9 | 5.8 | 6.1 | |
| Overall balance | −4.1 | −7.9 | −6.0 | −5.7 | −5.8 | −5.5 | −5.1 | |
| Memorandum items: | ||||||||
| Overall balance, excluding | ||||||||
| extraordinary Revenue | −4.3 | −8.3 | −6.4 | −5.7 | −6.1 | −5.7 | −5.5 | |
| Primary balance before borrowing | 0.3 | −2.9 | −0.8 | −0.3 | 0.1 | −0.3 | 1.0 | |
| Golden rule gap 2/ | −2.4 | −6.3 | −4.1 | −3.8 | −3.1 | −2.9 | −2.7 | |
| Government debt 3/ | 39.5 | 44.5 | 48.7 | 54.9 | 54.7 | 55.3 | 54.9 | |
| Nominal GDP (in millions of rand) | 320,226 | 347,785 | 394,434 | 445,600 | 500,000 | 500,000 | 561,000 | |
National budget; fiscal year begins April 1,
Balance before borrowing plus capital expenditure.
At end of fiscal year.
South Africa: Central Governnent Revenue, 1991/92–1996/97 1/
(In millions of rand)
Fiscal year begins April 1.
South Africa: Central Governnent Revenue, 1991/92–1996/97 1/
(In millions of rand)
| 1991/92 | 1992/93 | 1993/94 | 1994/95 | 1995/96 Budget |
1995/96 Prel. |
1996/97 Budget |
|||
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 78,700 | 83,864 | 98,145 | 112,188 | 124,063 | 128,285 | 144,688 | ||
| Revenue, excluding extraordinary revenue | 77,866 | 82,759 | 96,710 | 112,173 | 122,848 | 127,038 | 142,792 | ||
| Inland Revenue | 64,581 | 66,253 | 77,884 | 92,368 | 103,330 | 106,438 | 120,031 | ||
| Income tax | 44,032 | 46,956 | 50,172 | 59,868 | 67,123 | 68,328 | 80,304 | ||
| Gold mines | 524 | 422 | 622 | 1,173 | 1,485 | 950 | 865 | ||
| Other mines | 1,049 | 576 | 509 | 457 | 813 | 088 | 1,354 | ||
| nonmining companies | 12,491 | 12,126 | 11,236 | 13,265 | 15,070 | 15,260 | 20,110 | ||
| Individuals | 29,969 | 33,833 | 37,805 | 44,973 | 49,755 | 51,220 | 57,975 | ||
| Sales tax/VAT | 18,792 | 17,506 | 25,449 | 29,288 | 32,750 | 32,600 | 36,930 | ||
| Other | 1,757 | 1,791 | 2,262 | 3,212 | 3,457 | 5,510 | 2,797 | ||
| Customs and Excise | 11,622 | 14,308 | 16,241 | 17,892 | 17,989 | 17,867 | 20,824 | ||
| Customs duty | 2,736 | 2,961 | 3,413 | 4,247 | 4,700 | 5,400 | 6,230 | ||
| Surcharge | 1,456 | 1,521 | 1,756 | 1,171 | 645 | 456 | — | ||
| Excise duty | 3,825 | 4,436 | 4,967 | 5,804 | 6,111 | 6,574 | 6,918 | ||
| Fuel levy | 5,421 | 7,083 | 7,860 | 8,352 | 8,855 | 9,900 | 10,360 | ||
| Other | 944 | 1,291 | 1,334 | 1,567 | 1,568 | 427 | 1,679 | ||
| SACU payments | −2,760 | −2,984 | −3,089 | −3,249 | −3,890 | −3,890 | −4,363 | ||
| Extraordinary Revenue | 834 | 1,105 | 1,435 | 16 | 1,215 | 1,896 | |||
| Nontax Revenue | 1,662 | 2,198 | 2,585 | 1,913 | 1,529 | 2,733 | 1,936 | ||
| Memorandum item: | |||||||||
| Direct taxes | 44,662 | 47,559 | 50,934 | 61,005 | 68,230 | 69,123 | 81,054 | ||
| Indirect taxes | 31,542 | 33,002 | 43,191 | 49,255 | 53,089 | 53,859 | 59,801 | ||
Fiscal year begins April 1.
South Africa: Central Governnent Revenue, 1991/92–1996/97 1/
(In millions of rand)
| 1991/92 | 1992/93 | 1993/94 | 1994/95 | 1995/96 Budget |
1995/96 Prel. |
1996/97 Budget |
|||
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 78,700 | 83,864 | 98,145 | 112,188 | 124,063 | 128,285 | 144,688 | ||
| Revenue, excluding extraordinary revenue | 77,866 | 82,759 | 96,710 | 112,173 | 122,848 | 127,038 | 142,792 | ||
| Inland Revenue | 64,581 | 66,253 | 77,884 | 92,368 | 103,330 | 106,438 | 120,031 | ||
| Income tax | 44,032 | 46,956 | 50,172 | 59,868 | 67,123 | 68,328 | 80,304 | ||
| Gold mines | 524 | 422 | 622 | 1,173 | 1,485 | 950 | 865 | ||
| Other mines | 1,049 | 576 | 509 | 457 | 813 | 088 | 1,354 | ||
| nonmining companies | 12,491 | 12,126 | 11,236 | 13,265 | 15,070 | 15,260 | 20,110 | ||
| Individuals | 29,969 | 33,833 | 37,805 | 44,973 | 49,755 | 51,220 | 57,975 | ||
| Sales tax/VAT | 18,792 | 17,506 | 25,449 | 29,288 | 32,750 | 32,600 | 36,930 | ||
| Other | 1,757 | 1,791 | 2,262 | 3,212 | 3,457 | 5,510 | 2,797 | ||
| Customs and Excise | 11,622 | 14,308 | 16,241 | 17,892 | 17,989 | 17,867 | 20,824 | ||
| Customs duty | 2,736 | 2,961 | 3,413 | 4,247 | 4,700 | 5,400 | 6,230 | ||
| Surcharge | 1,456 | 1,521 | 1,756 | 1,171 | 645 | 456 | — | ||
| Excise duty | 3,825 | 4,436 | 4,967 | 5,804 | 6,111 | 6,574 | 6,918 | ||
| Fuel levy | 5,421 | 7,083 | 7,860 | 8,352 | 8,855 | 9,900 | 10,360 | ||
| Other | 944 | 1,291 | 1,334 | 1,567 | 1,568 | 427 | 1,679 | ||
| SACU payments | −2,760 | −2,984 | −3,089 | −3,249 | −3,890 | −3,890 | −4,363 | ||
| Extraordinary Revenue | 834 | 1,105 | 1,435 | 16 | 1,215 | 1,896 | |||
| Nontax Revenue | 1,662 | 2,198 | 2,585 | 1,913 | 1,529 | 2,733 | 1,936 | ||
| Memorandum item: | |||||||||
| Direct taxes | 44,662 | 47,559 | 50,934 | 61,005 | 68,230 | 69,123 | 81,054 | ||
| Indirect taxes | 31,542 | 33,002 | 43,191 | 49,255 | 53,089 | 53,859 | 59,801 | ||
Fiscal year begins April 1.
South Africa: Central Government Revenue, 1991/92–1996/97 1/
(In percent of GDP)
Fiscal year begins April 1.
South Africa: Central Government Revenue, 1991/92–1996/97 1/
(In percent of GDP)
| 1991/92 | 1992/93 | 1993/94 | 1994/95 | 1995/96 Budget |
1995/96 Prel. |
1996/97 Budget |
|||
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 24.6 | 24.1 | 24.9 | 25.2 | 24.8 | 25.7 | 25.8 | ||
| Revenue, excluding extraordinary revenue | 24.3 | 23.8 | 24.5 | 25.2 | 24.6 | 25.4 | 25.5 | ||
| Inland Revenue | 20.2 | 19.0 | 19.7 | 20.7 | 20.7 | 21.3 | 21.4 | ||
| Income tax | 13.8 | 13.5 | 12.7 | 13.4 | 13.4 | 13.7 | 14.3 | ||
| Gold mines | 0.2 | 0.1 | 0.2 | 0.3 | 0.3 | 0.2 | 0.2 | ||
| Other mines | 0.3 | 0.2 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | ||
| Nonmining companies | 3.9 | 3.5 | 2.8 | 3.0 | 3.0 | 3.1 | 3.6 | ||
| Individuals | 9.4 | 9.7 | 9.6 | 10.1 | 10.0 | 10.2 | 10.3 | ||
| Sales tax/VAT | 5.9 | 5.0 | 6.5 | 6.6 | 6.6 | 6.5 | 6.6 | ||
| Other | 0.5 | 0.5 | 0.6 | 0.7 | 0.7 | 1.1 | 0.5 | ||
| Customs and Excise | 3.6 | 4.1 | 4.1 | 4.0 | 3.6 | 3.6 | 3.7 | ||
| Customs duty | 0.9 | 0.9 | 0.9 | 1.0 | 0.9 | 1.1 | 1.1 | ||
| Surcharge | 0.5 | 0.4 | 0.4 | 0.3 | 0.1 | 0.1 | — | ||
| Excise duty | 1.2 | 1.3 | 1.3 | 1.3 | 1.2 | 1.3 | 1.2 | ||
| Fuel levy | 1.7 | 2.0 | 2.0 | 1.9 | 1.8 | 1.8 | 1.8 | ||
| Other | 0.3 | 0.4 | 0.3 | 0.4 | 0.3 | 0.1 | 0.3 | ||
| SACU payments | −0.9 | −0.9 | −0.8 | −0.7 | −0.8 | −0.8 | −0.8 | ||
| Extraordinary Revenue | 0.3 | 0.3 | 0.4 | — | 0.2 | 0.2 | 0.3 | ||
| Nontax Revenue | 0.5 | 0.6 | 0.7 | 0.4 | 0.3 | 0.5 | 0.3 | ||
| Memorandum items: | |||||||||
| Direct taxes | 13.9 | 13.7 | 12.9 | 13.7 | 13.6 | 13.8 | 14.4 | ||
| Indirect taxes | 9.8 | 9.5 | 11.0 | 11.1 | 10.6 | 10.8 | 10.7 | ||
Fiscal year begins April 1.
South Africa: Central Government Revenue, 1991/92–1996/97 1/
(In percent of GDP)
| 1991/92 | 1992/93 | 1993/94 | 1994/95 | 1995/96 Budget |
1995/96 Prel. |
1996/97 Budget |
|||
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 24.6 | 24.1 | 24.9 | 25.2 | 24.8 | 25.7 | 25.8 | ||
| Revenue, excluding extraordinary revenue | 24.3 | 23.8 | 24.5 | 25.2 | 24.6 | 25.4 | 25.5 | ||
| Inland Revenue | 20.2 | 19.0 | 19.7 | 20.7 | 20.7 | 21.3 | 21.4 | ||
| Income tax | 13.8 | 13.5 | 12.7 | 13.4 | 13.4 | 13.7 | 14.3 | ||
| Gold mines | 0.2 | 0.1 | 0.2 | 0.3 | 0.3 | 0.2 | 0.2 | ||
| Other mines | 0.3 | 0.2 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | ||
| Nonmining companies | 3.9 | 3.5 | 2.8 | 3.0 | 3.0 | 3.1 | 3.6 | ||
| Individuals | 9.4 | 9.7 | 9.6 | 10.1 | 10.0 | 10.2 | 10.3 | ||
| Sales tax/VAT | 5.9 | 5.0 | 6.5 | 6.6 | 6.6 | 6.5 | 6.6 | ||
| Other | 0.5 | 0.5 | 0.6 | 0.7 | 0.7 | 1.1 | 0.5 | ||
| Customs and Excise | 3.6 | 4.1 | 4.1 | 4.0 | 3.6 | 3.6 | 3.7 | ||
| Customs duty | 0.9 | 0.9 | 0.9 | 1.0 | 0.9 | 1.1 | 1.1 | ||
| Surcharge | 0.5 | 0.4 | 0.4 | 0.3 | 0.1 | 0.1 | — | ||
| Excise duty | 1.2 | 1.3 | 1.3 | 1.3 | 1.2 | 1.3 | 1.2 | ||
| Fuel levy | 1.7 | 2.0 | 2.0 | 1.9 | 1.8 | 1.8 | 1.8 | ||
| Other | 0.3 | 0.4 | 0.3 | 0.4 | 0.3 | 0.1 | 0.3 | ||
| SACU payments | −0.9 | −0.9 | −0.8 | −0.7 | −0.8 | −0.8 | −0.8 | ||
| Extraordinary Revenue | 0.3 | 0.3 | 0.4 | — | 0.2 | 0.2 | 0.3 | ||
| Nontax Revenue | 0.5 | 0.6 | 0.7 | 0.4 | 0.3 | 0.5 | 0.3 | ||
| Memorandum items: | |||||||||
| Direct taxes | 13.9 | 13.7 | 12.9 | 13.7 | 13.6 | 13.8 | 14.4 | ||
| Indirect taxes | 9.8 | 9.5 | 11.0 | 11.1 | 10.6 | 10.8 | 10.7 | ||
Fiscal year begins April 1.
South Africa: Economic Classification of General Government Expenditure, 1992/93–1996/97 1/
Fiscal year begins April 1; general government comprises central and provincial governments, but excludes local governments. extrabudgetary funds, and social security funds.
South Africa: Economic Classification of General Government Expenditure, 1992/93–1996/97 1/
| 1992/93 | 1993/94 | 1994/95 | 1995/96 Budget |
1995/96 Prel. |
1996/97 Budget |
|||
|---|---|---|---|---|---|---|---|---|
| (In millions of rand) | ||||||||
| Goods and services | 60,090 | 67,405 | 77,203 | 77,309 | … | … | ||
| Remuneration of employees | 42,417 | 47,733 | 56,461 | 56,741 | … | … | ||
| Other | 17,673 | 19,752 | 20,742 | 20,568 | … | … | ||
| Interest | 17,530 | 22,150 | 24,063 | 29,493 | 29,213 | 34,445 | ||
| Current transfers | 32,707 | 31,625 | 34,818 | 37,331 | … | … | ||
| Businesses | 10,829 | 8,620 | 7,961 | 7,917 | … | … | ||
| Households | 10,677 | 11,360 | 14,904 | 15,727 | … | … | ||
| Foreign | 187 | 338 | 231 | 248 | … | … | ||
| Other general government institutions and funds | 11,014 | 11,307 | 11,723 | 13,439 | … | … | ||
| Capital expenditure | 7,771 | 10,150 | 11,347 | 13,936 | 13,066 | 13,500 | ||
| Investment | 5,155 | 6,843 | 7,935 | 8,817 | … | … | ||
| Capital transfers | 2,282 | 2,974 | 2,987 | 4,124 | … | … | ||
| Businesses, households and foreign | 353 | 840 | 508 | 617 | … | … | ||
| Other general government institutions | 1,929 | 2,135 | 2,479 | 3,507 | … | … | ||
| Purchases of shares and loans | 334 | 333 | 425 | 125 | … | … | ||
| Unallocated | … | … | … | 870 | … | … | ||
| Total general government expenditure | 118,097 | 131,410 | 148,231 | 158,068 | 157,360 | 173,659 | ||
| (In percent of GDP) | ||||||||
| Goods and services | 17.3 | 17.1 | 17.3 | 15.5 | … | … | ||
| Remuneration of employees | 12.2 | 12.1 | 12.7 | 11.3 | … | … | ||
| Other | 5.1 | 5.0 | 4.7 | 4.1 | … | … | ||
| Interest | 5.0 | 5.6 | 5.6 | 5.9 | 5.8 | 6.1 | ||
| Current transfers | 9.4 | 8.0 | 7.8 | 7.5 | … | … | ||
| Businesses | 3.1 | 2.2 | 1.8 | 1.6 | … | … | ||
| Households | 3.1 | 2.9 | 3.3 | 3.1 | … | … | ||
| Foreign | 0.1 | 0.1 | 0.1 | — | … | … | ||
| Other general government institutions and funds | 3.2 | 2.9 | 2.6 | 2.7 | … | … | ||
| Capital expenditure | 2.2 | 2.6 | 2.5 | 2.8 | 2.6 | 2.4 | ||
| Investment | 1.5 | 1.7 | 1.8 | 1.8 | … | … | ||
| Capital transfers | 0.7 | 0.8 | 0.7 | 0.8 | … | … | ||
| Businesses, Households and foreign | 0.1 | 0.2 | 0.1 | 0.1 | … | … | ||
| Other general government institutions | 0.6 | 0.5 | 0.6 | 0.7 | … | … | ||
| Purchases of shares and loans | 0.1 | 0.1 | 0.1 | — | … | … | ||
| Unallocated | — | — | — | 0.2 | … | … | ||
| Total general government expenditure | 33.9 | 33.2 | 33.3 | 31.6 | 31.5 | 31.0 | ||
Fiscal year begins April 1; general government comprises central and provincial governments, but excludes local governments. extrabudgetary funds, and social security funds.
South Africa: Economic Classification of General Government Expenditure, 1992/93–1996/97 1/
| 1992/93 | 1993/94 | 1994/95 | 1995/96 Budget |
1995/96 Prel. |
1996/97 Budget |
|||
|---|---|---|---|---|---|---|---|---|
| (In millions of rand) | ||||||||
| Goods and services | 60,090 | 67,405 | 77,203 | 77,309 | … | … | ||
| Remuneration of employees | 42,417 | 47,733 | 56,461 | 56,741 | … | … | ||
| Other | 17,673 | 19,752 | 20,742 | 20,568 | … | … | ||
| Interest | 17,530 | 22,150 | 24,063 | 29,493 | 29,213 | 34,445 | ||
| Current transfers | 32,707 | 31,625 | 34,818 | 37,331 | … | … | ||
| Businesses | 10,829 | 8,620 | 7,961 | 7,917 | … | … | ||
| Households | 10,677 | 11,360 | 14,904 | 15,727 | … | … | ||
| Foreign | 187 | 338 | 231 | 248 | … | … | ||
| Other general government institutions and funds | 11,014 | 11,307 | 11,723 | 13,439 | … | … | ||
| Capital expenditure | 7,771 | 10,150 | 11,347 | 13,936 | 13,066 | 13,500 | ||
| Investment | 5,155 | 6,843 | 7,935 | 8,817 | … | … | ||
| Capital transfers | 2,282 | 2,974 | 2,987 | 4,124 | … | … | ||
| Businesses, households and foreign | 353 | 840 | 508 | 617 | … | … | ||
| Other general government institutions | 1,929 | 2,135 | 2,479 | 3,507 | … | … | ||
| Purchases of shares and loans | 334 | 333 | 425 | 125 | … | … | ||
| Unallocated | … | … | … | 870 | … | … | ||
| Total general government expenditure | 118,097 | 131,410 | 148,231 | 158,068 | 157,360 | 173,659 | ||
| (In percent of GDP) | ||||||||
| Goods and services | 17.3 | 17.1 | 17.3 | 15.5 | … | … | ||
| Remuneration of employees | 12.2 | 12.1 | 12.7 | 11.3 | … | … | ||
| Other | 5.1 | 5.0 | 4.7 | 4.1 | … | … | ||
| Interest | 5.0 | 5.6 | 5.6 | 5.9 | 5.8 | 6.1 | ||
| Current transfers | 9.4 | 8.0 | 7.8 | 7.5 | … | … | ||
| Businesses | 3.1 | 2.2 | 1.8 | 1.6 | … | … | ||
| Households | 3.1 | 2.9 | 3.3 | 3.1 | … | … | ||
| Foreign | 0.1 | 0.1 | 0.1 | — | … | … | ||
| Other general government institutions and funds | 3.2 | 2.9 | 2.6 | 2.7 | … | … | ||
| Capital expenditure | 2.2 | 2.6 | 2.5 | 2.8 | 2.6 | 2.4 | ||
| Investment | 1.5 | 1.7 | 1.8 | 1.8 | … | … | ||
| Capital transfers | 0.7 | 0.8 | 0.7 | 0.8 | … | … | ||
| Businesses, Households and foreign | 0.1 | 0.2 | 0.1 | 0.1 | … | … | ||
| Other general government institutions | 0.6 | 0.5 | 0.6 | 0.7 | … | … | ||
| Purchases of shares and loans | 0.1 | 0.1 | 0.1 | — | … | … | ||
| Unallocated | — | — | — | 0.2 | … | … | ||
| Total general government expenditure | 33.9 | 33.2 | 33.3 | 31.6 | 31.5 | 31.0 | ||
Fiscal year begins April 1; general government comprises central and provincial governments, but excludes local governments. extrabudgetary funds, and social security funds.
South Africa: Functional Classification of General Government Expenditure, 1991/92–1995/96 1/
(In millions of rand)
Fiscal year begins April 1; general government comprises central and provincial governments, but excludes local governments, extrabudgetary funds, and social security funds.
Police, prisons and law courts.
Recreation and culture, community development, other community services and sewerage and sanitation.
Including water, fuel and energy, mining, manufacturing and regional development.
Including foreign affairs, general research, general administration, cost of raising loans, unallocable expenditure, and certain transfers to government enterprises.
South Africa: Functional Classification of General Government Expenditure, 1991/92–1995/96 1/
(In millions of rand)
| 1991/92 | 1992/93 | 1993/94 | 1994/95 Budget |
1994/95 | 1995/96 Budget |
|||
|---|---|---|---|---|---|---|---|---|
| Protection services | 19,229 | 21,166 | 23,076 | 25,385 | 27,065 | 26,459 | ||
| Defence | 10,488 | 10,603 | 10,683 | 12,124 | 12,908 | 11,927 | ||
| Other 2/ | 8,741 | 10,363 | 12,393 | 13,261 | 14,157 | 14,532 | ||
| Social services | 41,841 | 31,750 | 57,984 | 63,094 | 65,371 | 72,368 | ||
| Education | 19,929 | 24,393 | 27,761 | 30,850 | 31,625 | 33,443 | ||
| Nontertiary | 17,093 | 21,018 | 23,794 | 26,520 | 27,064 | 27,860 | ||
| Tertiary | 2,836 | 3,375 | 3,967 | 4,330 | 4,561 | 5,583 | ||
| Health | 10,630 | 12,709 | 13,969 | 14,299 | 15,565 | 15,688 | ||
| Social security and welfare | 7,431 | 10,031 | 10,794 | 13,015 | 13,672 | 15,209 | ||
| Bousing and related services | 1,555 | 1,256 | 1,571 | 1,797 | 1,646 | 2,953 | ||
| Other 3/ | 2,296 | 3,369 | 3,669 | 3,133 | 2,861 | 5,075 | ||
| Economic services | 12,530 | 18,418 | 18,259 | 16,367 | 17,777 | 17,945 | ||
| Agriculture, forestry and fishing | 2,392 | 6,059 | 3,719 | 3,322 | 3,645 | 3,893 | ||
| Transport and communication | 4,602 | 5,628 | 6,601 | 6,526 | 6,701 | 7,243 | ||
| Other economic services 4/ | 3,736 | 6,731 | 7,939 | 6,519 | 7,431 | 6,810 | ||
| Of which: export trade promotion | −1,623 | −2,684 | −2,528 | −2,179 | −2,248 | −2,218 | ||
| Other noninterest 5/ | 8,743 | 9,224 | 9,943 | 13,762 | 13,156 | 11,804 | ||
| Interest payments | 14,460 | 17,530 | 22,150 | 24,573 | 24,863 | 29,493 | ||
| Total general government expenditure | 96,603 | 116,096 | 131,410 | 143,18 | 148,231 | 158,068 | ||
Fiscal year begins April 1; general government comprises central and provincial governments, but excludes local governments, extrabudgetary funds, and social security funds.
Police, prisons and law courts.
Recreation and culture, community development, other community services and sewerage and sanitation.
Including water, fuel and energy, mining, manufacturing and regional development.
Including foreign affairs, general research, general administration, cost of raising loans, unallocable expenditure, and certain transfers to government enterprises.
South Africa: Functional Classification of General Government Expenditure, 1991/92–1995/96 1/
(In millions of rand)
| 1991/92 | 1992/93 | 1993/94 | 1994/95 Budget |
1994/95 | 1995/96 Budget |
|||
|---|---|---|---|---|---|---|---|---|
| Protection services | 19,229 | 21,166 | 23,076 | 25,385 | 27,065 | 26,459 | ||
| Defence | 10,488 | 10,603 | 10,683 | 12,124 | 12,908 | 11,927 | ||
| Other 2/ | 8,741 | 10,363 | 12,393 | 13,261 | 14,157 | 14,532 | ||
| Social services | 41,841 | 31,750 | 57,984 | 63,094 | 65,371 | 72,368 | ||
| Education | 19,929 | 24,393 | 27,761 | 30,850 | 31,625 | 33,443 | ||
| Nontertiary | 17,093 | 21,018 | 23,794 | 26,520 | 27,064 | 27,860 | ||
| Tertiary | 2,836 | 3,375 | 3,967 | 4,330 | 4,561 | 5,583 | ||
| Health | 10,630 | 12,709 | 13,969 | 14,299 | 15,565 | 15,688 | ||
| Social security and welfare | 7,431 | 10,031 | 10,794 | 13,015 | 13,672 | 15,209 | ||
| Bousing and related services | 1,555 | 1,256 | 1,571 | 1,797 | 1,646 | 2,953 | ||
| Other 3/ | 2,296 | 3,369 | 3,669 | 3,133 | 2,861 | 5,075 | ||
| Economic services | 12,530 | 18,418 | 18,259 | 16,367 | 17,777 | 17,945 | ||
| Agriculture, forestry and fishing | 2,392 | 6,059 | 3,719 | 3,322 | 3,645 | 3,893 | ||
| Transport and communication | 4,602 | 5,628 | 6,601 | 6,526 | 6,701 | 7,243 | ||
| Other economic services 4/ | 3,736 | 6,731 | 7,939 | 6,519 | 7,431 | 6,810 | ||
| Of which: export trade promotion | −1,623 | −2,684 | −2,528 | −2,179 | −2,248 | −2,218 | ||
| Other noninterest 5/ | 8,743 | 9,224 | 9,943 | 13,762 | 13,156 | 11,804 | ||
| Interest payments | 14,460 | 17,530 | 22,150 | 24,573 | 24,863 | 29,493 | ||
| Total general government expenditure | 96,603 | 116,096 | 131,410 | 143,18 | 148,231 | 158,068 | ||
Fiscal year begins April 1; general government comprises central and provincial governments, but excludes local governments, extrabudgetary funds, and social security funds.
Police, prisons and law courts.
Recreation and culture, community development, other community services and sewerage and sanitation.
Including water, fuel and energy, mining, manufacturing and regional development.
Including foreign affairs, general research, general administration, cost of raising loans, unallocable expenditure, and certain transfers to government enterprises.
South Africa: Functional Classification of General Government Expenditure, 1991/92–1995/96 1/
Fiscal year begins April 1.
police. prisons, and law courts.
Recreation and culture, community development, other community services and sewerege, and sanitation.
Including water, fuel and energy, mining, manufacturing and regional development.
Including foreign affairs, general research, general administration, cost of raising loans, unallocable expenditure, and certain transfers to government enterprises.
These funds have been committed to expediture but have not yet bean spent. They are rolled over into the next fiscal year.
South Africa: Functional Classification of General Government Expenditure, 1991/92–1995/96 1/
| 1991/92 | 1992/93 | 1993/94 | 1994/95 Budget |
1994/95 | 1995/96 Budget |
|||
|---|---|---|---|---|---|---|---|---|
| Protection services | 6.0 | 6.1 | 5.8 | 5.7 | 6.1 | 5.3 | ||
| Defence | 3.3 | 3.1 | 2.7 | 2.7 | 2.9 | 2.4 | ||
| Other 2/ | 2.7 | 3.0 | 3.1 | 3.0 | 3.2 | 2.9 | ||
| Social services | 13.1 | 14.9 | 14.7 | 14.3 | 14.7 | 14.5 | ||
| Education | 6.2 | 7.0 | 7.0 | 7.0 | 7.1 | 6.7 | ||
| Nontertiary | 5.3 | 6.0 | 6.0 | 6.0 | 6.1 | 5.6 | ||
| Tertiary | 0.9 | 1.0 | 1.0 | 1.0 | 1.0 | 1.1 | ||
| Health | 3.3 | 3.7 | 3.5 | 3.2 | 3.5 | 3.1 | ||
| Social security and welfare | 2.3 | 2.9 | 2.7 | 2.9 | 3.1 | 3.0 | ||
| Housing and relatead services | 0.5 | 0.4 | 0.4 | 0.4 | 0.4 | 0.6 | ||
| Other 3/ | 0.7 | 1.0 | 1.0 | 0.7 | 0.6 | 1.0 | ||
| Economic services | 3.9 | 5.3 | 4.6 | 3.7 | 4.0 | 3.6 | ||
| Agriculture, forestry and fishing | 0.7 | 1.7 | 0.9 | 0.8 | 0.8 | 0.8 | ||
| Transport and communication | 1.4 | 1.6 | 1.7 | 1.5 | 1.5 | 1.4 | ||
| Other economnic services 4/ | 1.8 | 1.9 | 2.0 | 1.5 | 1.7 | 1.4 | ||
| Of which: export trade promotion | −0.5 | −0.8 | −0.6 | −0.5 | −0.5 | −0.4 | ||
| Other noninterest 5/ | 2.7 | 2.7 | 2.5 | 3.1 | 3.0 | 2.4 | ||
| Interest payments | 4.5 | 5.0 | 5.6 | 5.6 | 5.6 | 5.9 | ||
| Total general government expenditure | 30.2 | 33.9 | 33.2 | 32.4 | 33.3 | 31.6 | ||
Fiscal year begins April 1.
police. prisons, and law courts.
Recreation and culture, community development, other community services and sewerege, and sanitation.
Including water, fuel and energy, mining, manufacturing and regional development.
Including foreign affairs, general research, general administration, cost of raising loans, unallocable expenditure, and certain transfers to government enterprises.
These funds have been committed to expediture but have not yet bean spent. They are rolled over into the next fiscal year.
South Africa: Functional Classification of General Government Expenditure, 1991/92–1995/96 1/
| 1991/92 | 1992/93 | 1993/94 | 1994/95 Budget |
1994/95 | 1995/96 Budget |
|||
|---|---|---|---|---|---|---|---|---|
| Protection services | 6.0 | 6.1 | 5.8 | 5.7 | 6.1 | 5.3 | ||
| Defence | 3.3 | 3.1 | 2.7 | 2.7 | 2.9 | 2.4 | ||
| Other 2/ | 2.7 | 3.0 | 3.1 | 3.0 | 3.2 | 2.9 | ||
| Social services | 13.1 | 14.9 | 14.7 | 14.3 | 14.7 | 14.5 | ||
| Education | 6.2 | 7.0 | 7.0 | 7.0 | 7.1 | 6.7 | ||
| Nontertiary | 5.3 | 6.0 | 6.0 | 6.0 | 6.1 | 5.6 | ||
| Tertiary | 0.9 | 1.0 | 1.0 | 1.0 | 1.0 | 1.1 | ||
| Health | 3.3 | 3.7 | 3.5 | 3.2 | 3.5 | 3.1 | ||
| Social security and welfare | 2.3 | 2.9 | 2.7 | 2.9 | 3.1 | 3.0 | ||
| Housing and relatead services | 0.5 | 0.4 | 0.4 | 0.4 | 0.4 | 0.6 | ||
| Other 3/ | 0.7 | 1.0 | 1.0 | 0.7 | 0.6 | 1.0 | ||
| Economic services | 3.9 | 5.3 | 4.6 | 3.7 | 4.0 | 3.6 | ||
| Agriculture, forestry and fishing | 0.7 | 1.7 | 0.9 | 0.8 | 0.8 | 0.8 | ||
| Transport and communication | 1.4 | 1.6 | 1.7 | 1.5 | 1.5 | 1.4 | ||
| Other economnic services 4/ | 1.8 | 1.9 | 2.0 | 1.5 | 1.7 | 1.4 | ||
| Of which: export trade promotion | −0.5 | −0.8 | −0.6 | −0.5 | −0.5 | −0.4 | ||
| Other noninterest 5/ | 2.7 | 2.7 | 2.5 | 3.1 | 3.0 | 2.4 | ||
| Interest payments | 4.5 | 5.0 | 5.6 | 5.6 | 5.6 | 5.9 | ||
| Total general government expenditure | 30.2 | 33.9 | 33.2 | 32.4 | 33.3 | 31.6 | ||
Fiscal year begins April 1.
police. prisons, and law courts.
Recreation and culture, community development, other community services and sewerege, and sanitation.
Including water, fuel and energy, mining, manufacturing and regional development.
Including foreign affairs, general research, general administration, cost of raising loans, unallocable expenditure, and certain transfers to government enterprises.
These funds have been committed to expediture but have not yet bean spent. They are rolled over into the next fiscal year.
South Africa: Financing of the Central Government Budget, 1991/92-1996/97 1/
(In million of rand)
Fiscal year begins April 1.
Reserve Bank data for the central government deficit differ from Department of Finance data owing to differences of definition and timing.
Includes National Supplies Procurement end Central Energy Funds.
South Africa: Financing of the Central Government Budget, 1991/92-1996/97 1/
(In million of rand)
| 1991/92 | 1992/93 | 1993/94 | 1994/95 | 1995/96 Budget |
1995/96 Prel. |
1996/97 Budget |
|||
|---|---|---|---|---|---|---|---|---|---|
| Fiscal balance before borrowing 2/ | −14,265 | −29,446 | −26,819 | −25,522 | −30,257 | −28,727 | −30,699 | ||
| Government stock | 13,479 | 28,180 | 30,755 | 24,990 | 27,666 | 27.804 | 27,856 | ||
| Government stock issued | 17,628 | 32,218 | 41,386 | 33.012 | 28,095 | 30.219 | 30,684 | ||
| Discount on government stock | −4,149 | −4,038 | −2,631 | −8.022 | −429 | −2.415 | −2,828 | ||
| Loan levy | 2 | 1 | — | −710 | — | — | — | ||
| Foreign loans | 551 | 537 | −140 | 2,604 | 1,391 | 1,745 | 947 | ||
| Use of cash balances | 1,194 | 5,286 | 1,537 | −1,374 | — | −1,410 | — | ||
| Unusual receipts | 839 | 1,222 | 1,506 | 31 | 1,200 | 1,247 | 1,896 | ||
| Privatisation | — | 108 | — | — | — | — | — | ||
| Other 3/ | 839 | 1,114 | 1,506 | 31 | 1,200 | 1,247 | 1,896 | ||
| Unusual transfers | −1,800 | −5,777 | −14.840 | — | — | −3,073 | — | ||
| Gold and Foreign Exchange Contingency | — | −3,777 | −7,500 | — | — | −3.073 | — | ||
| Government pension Funds | −1,000 | −2,000 | −7,340 | — | — | — | — | ||
| Other | −800 | — | — | — | — | — | — | ||
| Total financing | 14,265 | 29,449 | 26,818 | 25,541 | 30,287 | 28.727 | 30.699 | ||
Fiscal year begins April 1.
Reserve Bank data for the central government deficit differ from Department of Finance data owing to differences of definition and timing.
Includes National Supplies Procurement end Central Energy Funds.
South Africa: Financing of the Central Government Budget, 1991/92-1996/97 1/
(In million of rand)
| 1991/92 | 1992/93 | 1993/94 | 1994/95 | 1995/96 Budget |
1995/96 Prel. |
1996/97 Budget |
|||
|---|---|---|---|---|---|---|---|---|---|
| Fiscal balance before borrowing 2/ | −14,265 | −29,446 | −26,819 | −25,522 | −30,257 | −28,727 | −30,699 | ||
| Government stock | 13,479 | 28,180 | 30,755 | 24,990 | 27,666 | 27.804 | 27,856 | ||
| Government stock issued | 17,628 | 32,218 | 41,386 | 33.012 | 28,095 | 30.219 | 30,684 | ||
| Discount on government stock | −4,149 | −4,038 | −2,631 | −8.022 | −429 | −2.415 | −2,828 | ||
| Loan levy | 2 | 1 | — | −710 | — | — | — | ||
| Foreign loans | 551 | 537 | −140 | 2,604 | 1,391 | 1,745 | 947 | ||
| Use of cash balances | 1,194 | 5,286 | 1,537 | −1,374 | — | −1,410 | — | ||
| Unusual receipts | 839 | 1,222 | 1,506 | 31 | 1,200 | 1,247 | 1,896 | ||
| Privatisation | — | 108 | — | — | — | — | — | ||
| Other 3/ | 839 | 1,114 | 1,506 | 31 | 1,200 | 1,247 | 1,896 | ||
| Unusual transfers | −1,800 | −5,777 | −14.840 | — | — | −3,073 | — | ||
| Gold and Foreign Exchange Contingency | — | −3,777 | −7,500 | — | — | −3.073 | — | ||
| Government pension Funds | −1,000 | −2,000 | −7,340 | — | — | — | — | ||
| Other | −800 | — | — | — | — | — | — | ||
| Total financing | 14,265 | 29,449 | 26,818 | 25,541 | 30,287 | 28.727 | 30.699 | ||
Fiscal year begins April 1.
Reserve Bank data for the central government deficit differ from Department of Finance data owing to differences of definition and timing.
Includes National Supplies Procurement end Central Energy Funds.
South Africa: Central Government Debt, 1991–95
Including tax exemption certificates and personal saving.
Includes loses on forward exchange cover provided by the Reserve Bank.
Adjusted for exchange rate changes.
South Africa: Central Government Debt, 1991–95
| 1991 | 1992 | 1993 | 1994 | 1995 | |||
|---|---|---|---|---|---|---|---|
| (In millions of rand: end of period) | |||||||
| External debt | 2,099 | 2,367 | 4,996 | 8,058 | 9,610 | ||
| Domestic debt | 112,470 | 136,229 | 171,608 | 215,373 | 249,284 | ||
| Marketable | 103,403 | 130,816 | 168,005 | 212,974 | 248,212 | ||
| Bonds | 100,114 | 122,035 | 159,731 | 205,484 | 240,414 | ||
| Bills | 2,580 | 8,072 | 7,564 | 7,489 | 7,798 | ||
| Loan levies | 709 | 710 | 710 | — | — | ||
| Nonmarketable | 9,066 | 5,413 | 3,603 | 2,399 | 1,072 | ||
| Bonds | 1,124 | 1,128 | 959 | 687 | 508 | ||
| Bills | 7,940 | 4,281 | 2,641 | 1,709 | 562 | ||
| Loan levies 1/ | 3 | 3 | 3 | 3 | 3 | ||
| Cold and foreign exchange contingency reserve | |||||||
| account 2/ | 10,351 | 8,731 | 8,934 | 2,190 | 4,147 | ||
| Debt of former homelands | … | … | … | … | 15,354 | ||
| Total government debt | 124,920 | 147,327 | 185,537 | 239,715 | 276,232 | ||
| (In percent of GDP) | 40.3 | 43.2 | 48.4 | 55.5 | 57.0 | ||
| (In percent of total debt) | |||||||
| External government debt 3/ | 1.7 | 1.6 | 2.7 | 3.4 | 3.5 | ||
| Domestic government debt | 90.0 | 92.5 | 92.5 | 89.8 | 90.2 | ||
| Marketable | 82.8 | 88.8 | 90.6 | 88.8 | 89.9 | ||
| Nonmarketable | 7.3 | 3.7 | 1.9 | 1.0 | 0.4 | ||
Including tax exemption certificates and personal saving.
Includes loses on forward exchange cover provided by the Reserve Bank.
Adjusted for exchange rate changes.
South Africa: Central Government Debt, 1991–95
| 1991 | 1992 | 1993 | 1994 | 1995 | |||
|---|---|---|---|---|---|---|---|
| (In millions of rand: end of period) | |||||||
| External debt | 2,099 | 2,367 | 4,996 | 8,058 | 9,610 | ||
| Domestic debt | 112,470 | 136,229 | 171,608 | 215,373 | 249,284 | ||
| Marketable | 103,403 | 130,816 | 168,005 | 212,974 | 248,212 | ||
| Bonds | 100,114 | 122,035 | 159,731 | 205,484 | 240,414 | ||
| Bills | 2,580 | 8,072 | 7,564 | 7,489 | 7,798 | ||
| Loan levies | 709 | 710 | 710 | — | — | ||
| Nonmarketable | 9,066 | 5,413 | 3,603 | 2,399 | 1,072 | ||
| Bonds | 1,124 | 1,128 | 959 | 687 | 508 | ||
| Bills | 7,940 | 4,281 | 2,641 | 1,709 | 562 | ||
| Loan levies 1/ | 3 | 3 | 3 | 3 | 3 | ||
| Cold and foreign exchange contingency reserve | |||||||
| account 2/ | 10,351 | 8,731 | 8,934 | 2,190 | 4,147 | ||
| Debt of former homelands | … | … | … | … | 15,354 | ||
| Total government debt | 124,920 | 147,327 | 185,537 | 239,715 | 276,232 | ||
| (In percent of GDP) | 40.3 | 43.2 | 48.4 | 55.5 | 57.0 | ||
| (In percent of total debt) | |||||||
| External government debt 3/ | 1.7 | 1.6 | 2.7 | 3.4 | 3.5 | ||
| Domestic government debt | 90.0 | 92.5 | 92.5 | 89.8 | 90.2 | ||
| Marketable | 82.8 | 88.8 | 90.6 | 88.8 | 89.9 | ||
| Nonmarketable | 7.3 | 3.7 | 1.9 | 1.0 | 0.4 | ||
Including tax exemption certificates and personal saving.
Includes loses on forward exchange cover provided by the Reserve Bank.
Adjusted for exchange rate changes.
South Africa: Growth Rates of Monetary Aggregates, 1983–95 1/
(In percent)
M1A includes coins and bank notes in circulation and check and transmission deposits with banking institutions, building societies, and the Post Office Savings Bank. M1 is defined as M1A plus other demand deposits with banking institutions. M2 is defined as M1 plus other short-term deposits and medium-term deposits with banking institutions and building societies (including, for the latter, savings deposits and certain “share” investments), plus savings deposits with, and savings bank certificates of the Post Office Savings Bank. M3 is defined as M2 plus all long-term deposits with banking institutions and building societies (including, for the latter, other “share” investments), plus investments in national savings certificates issued by the Post Office Savings Bank.
South Africa: Growth Rates of Monetary Aggregates, 1983–95 1/
(In percent)
| M1A | M1 | M2 | M3 | ||||
|---|---|---|---|---|---|---|---|
| Changes in the year to the end of: | |||||||
| 1983 | 24.7 | 37.7 | 22.7 | 16.4 | |||
| 1984 | 14.0 | 33.6 | 24.3 | 18.0 | |||
| 1985 | 19.8 | −7.3 | 14.1 | 12.3 | |||
| 1986 | 20.5 | 12.8 | 4.3 | 9.3 | |||
| 1987 | 24.8 | 36.0 | 22.0 | 17.6 | |||
| 1988 | 25.0 | 23.1 | 35.2 | 27.3 | |||
| 1989 | 10.4 | 9.6 | 26.7 | 22.3 | |||
| 1990 March | 6.9 | 18.1 | 23.1 | 20.2 | |||
| June | 10.7 | 14.7 | 20.0 | 16.5 | |||
| September | 9.8 | 5.8 | 13.0 | 12.6 | |||
| December | 14.3 | 15.1 | 12.8 | 12.0 | |||
| 1991 March | 13.6 | 8.4 | 16.3 | 14.1 | |||
| June | 17.0 | 15.4 | 20.2 | 15.7 | |||
| September | 26.2 | 23.5 | 22.6 | 15.3 | |||
| December | 17.7 | 14.0 | 15.7 | 12.3 | |||
| 1992 March | 25.2 | 13.5 | 11.5 | 9.0 | |||
| June | 18.6 | 10.5 | 11.5 | 7.2 | |||
| September | 23.6 | 23.2 | 12.8 | 8.7 | |||
| December | 16.2 | 17.5 | 10.8 | 8.0 | |||
| 1993 March | 19.4 | 10.4 | 5.1 | 5.7 | |||
| June | 18.1 | 11.0 | 1.8 | 3.3 | |||
| September | 6.9 | −0.0 | 1.3 | 4.3 | |||
| December | 16.6 | 6.7 | 3.9 | 7.0 | |||
| 1994 March | 25.7 | 19.4 | 13.6 | 12.3 | |||
| June | 25.1 | 28.2 | 17.4 | 15.0 | |||
| September | 28.8 | 26.1 | 18.5 | 14.3 | |||
| December | 24.8 | 23.7 | 20.6 | 15.7 | |||
| 1995 March | 6.6 | 10.4 | 12.6 | 12.2 | |||
| June | 17.0 | 7.8 | 15.6 | 16.8 | |||
| September | 12.9 | 12.7 | 11.5 | 16.1 | |||
| December | 16.8 | 19.3 | 13.8 | 15.1 | |||
M1A includes coins and bank notes in circulation and check and transmission deposits with banking institutions, building societies, and the Post Office Savings Bank. M1 is defined as M1A plus other demand deposits with banking institutions. M2 is defined as M1 plus other short-term deposits and medium-term deposits with banking institutions and building societies (including, for the latter, savings deposits and certain “share” investments), plus savings deposits with, and savings bank certificates of the Post Office Savings Bank. M3 is defined as M2 plus all long-term deposits with banking institutions and building societies (including, for the latter, other “share” investments), plus investments in national savings certificates issued by the Post Office Savings Bank.
South Africa: Growth Rates of Monetary Aggregates, 1983–95 1/
(In percent)
| M1A | M1 | M2 | M3 | ||||
|---|---|---|---|---|---|---|---|
| Changes in the year to the end of: | |||||||
| 1983 | 24.7 | 37.7 | 22.7 | 16.4 | |||
| 1984 | 14.0 | 33.6 | 24.3 | 18.0 | |||
| 1985 | 19.8 | −7.3 | 14.1 | 12.3 | |||
| 1986 | 20.5 | 12.8 | 4.3 | 9.3 | |||
| 1987 | 24.8 | 36.0 | 22.0 | 17.6 | |||
| 1988 | 25.0 | 23.1 | 35.2 | 27.3 | |||
| 1989 | 10.4 | 9.6 | 26.7 | 22.3 | |||
| 1990 March | 6.9 | 18.1 | 23.1 | 20.2 | |||
| June | 10.7 | 14.7 | 20.0 | 16.5 | |||
| September | 9.8 | 5.8 | 13.0 | 12.6 | |||
| December | 14.3 | 15.1 | 12.8 | 12.0 | |||
| 1991 March | 13.6 | 8.4 | 16.3 | 14.1 | |||
| June | 17.0 | 15.4 | 20.2 | 15.7 | |||
| September | 26.2 | 23.5 | 22.6 | 15.3 | |||
| December | 17.7 | 14.0 | 15.7 | 12.3 | |||
| 1992 March | 25.2 | 13.5 | 11.5 | 9.0 | |||
| June | 18.6 | 10.5 | 11.5 | 7.2 | |||
| September | 23.6 | 23.2 | 12.8 | 8.7 | |||
| December | 16.2 | 17.5 | 10.8 | 8.0 | |||
| 1993 March | 19.4 | 10.4 | 5.1 | 5.7 | |||
| June | 18.1 | 11.0 | 1.8 | 3.3 | |||
| September | 6.9 | −0.0 | 1.3 | 4.3 | |||
| December | 16.6 | 6.7 | 3.9 | 7.0 | |||
| 1994 March | 25.7 | 19.4 | 13.6 | 12.3 | |||
| June | 25.1 | 28.2 | 17.4 | 15.0 | |||
| September | 28.8 | 26.1 | 18.5 | 14.3 | |||
| December | 24.8 | 23.7 | 20.6 | 15.7 | |||
| 1995 March | 6.6 | 10.4 | 12.6 | 12.2 | |||
| June | 17.0 | 7.8 | 15.6 | 16.8 | |||
| September | 12.9 | 12.7 | 11.5 | 16.1 | |||
| December | 16.8 | 19.3 | 13.8 | 15.1 | |||
M1A includes coins and bank notes in circulation and check and transmission deposits with banking institutions, building societies, and the Post Office Savings Bank. M1 is defined as M1A plus other demand deposits with banking institutions. M2 is defined as M1 plus other short-term deposits and medium-term deposits with banking institutions and building societies (including, for the latter, savings deposits and certain “share” investments), plus savings deposits with, and savings bank certificates of the Post Office Savings Bank. M3 is defined as M2 plus all long-term deposits with banking institutions and building societies (including, for the latter, other “share” investments), plus investments in national savings certificates issued by the Post Office Savings Bank.
South Africa: Monetary Survey. 1991–95
Includes overnight loans accommodation system introduced by the Reserve Bank in May 1993.
South Africa: Monetary Survey. 1991–95
| 1991 | 1992 | 1993 | 1994 | 1995 | |||||
|---|---|---|---|---|---|---|---|---|---|
| December | |||||||||
| (In billions of rand) | |||||||||
| Broad money (M3) | 182.6 | 197.2 | 211.0 | 244.1 | 281.1 | ||||
| Coin and notes | 8.8 | 9.5 | 10.5 | 12.2 | 14.3 | ||||
| Private deposits | 173.8 | 187.6 | 200.5 | 231.9 | 266.8 | ||||
| Counterparts to broad money | |||||||||
| Net foreign assets | 1.1 | −1.8 | −6.5 | −7.4 | −7.5 | ||||
| Short-term | 0.2 | −3.5 | −8.2 | −9.0 | −9.2 | ||||
| Gross reserves | 9.8 | 11.2 | 11.0 | 14.1 | 18.2 | ||||
| Reserve Bank | 8.2 | 9.1 | 9.1 | 11.1 | 15.7 | ||||
| Commercial banks | 1.7 | 2.1 | 2.0 | 3.0 | 2.5 | ||||
| Liabilities | −9.7 | −14.7 | −19.3 | −23.1 | −27.4 | ||||
| Reserve Bank | −0.1 | −0.9 | −5.6 | −5.2 | −0.0 | ||||
| Commercial banks | −9.5 | −13.7 | −13.7 | −18.0 | −27.3 | ||||
| Long-term | 0.9 | 1.7 | 1.7 | 1.7 | 1.7 | ||||
| Net domestic assets | 181.6 | 198.9 | 217.5 | 251.5 | 288.6 | ||||
| Government | 3.6 | 7.2 | 7.5 | 15.5 | 5.8 | ||||
| Claims on Government | 20.5 | 20.7 | 26.8 | 31.9 | 31.8 | ||||
| Government deposits | −16.9 | −13.5 | −19.3 | −16.4 | −25.9 | ||||
| Claims on private sector | 192.7 | 209.5 | 229.8 | 268.9 | 316.1 | ||||
| Other items, net | −14.7 | −17.8 | −19.8 | −32.9 | −33.3 | ||||
| Other assets | 49.4 | 49.0 | 47.9 | 46.6 | 56.5 | ||||
| Capital and reserves | −12.2 | −16.1 | −20.2 | −24.0 | −29.4 | ||||
| Other liabilities as | −52.0 | −50.7 | −47.5 | −55.5 | −60.4 | ||||
| Contributions to growth of M3 | (In percent) | ||||||||
| Net foreign assets | 0.5 | −1.6 | −2.4 | −0.4 | −0.0 | ||||
| Short-term | 0.6 | −2.0 | −2.4 | −0.4 | −0.1 | ||||
| Long-term | −0.1 | 0.4 | 0.0 | −0.0 | 0.0 | ||||
| Net domestic assets | 11.8 | 9.5 | 9.4 | 16.1 | 15.2 | ||||
| Government | −1.7 | 2.0 | 0.1 | 3.8 | −4.0 | ||||
| Claims on Government | 1.0 | 0.1 | 3.1 | 2.4 | 0.0 | ||||
| Government deposits | −2.7 | 1.9 | −3.0 | 1.4 | −3.9 | ||||
| Claims on private sector | 15.0 | 9.2 | 10.3 | 18.5 | 19.3 | ||||
| Other items, net | −1.5 | −1.7 | −1.0 | −6.2 | −0.2 | ||||
| Growth of broad money | 12.3 | 8.0 | 7.0 | 15.7 | 15.1 | ||||
| Memorandum items: | |||||||||
| Income velocity of M 3 | 1.80 | 1.80 | 1.88 | 1.90 | 1.85 | ||||
| Bills discounted by Reserve Bank (in billions of rand) 1/ |
2.8 | 3.7 | 5.8 | 5.1 | 5.2 | ||||
| Deposits at Reserve Bank (in billions of rand) |
13.1 | 8.6 | 9.3 | 9.3 | 9.9 | ||||
Includes overnight loans accommodation system introduced by the Reserve Bank in May 1993.
South Africa: Monetary Survey. 1991–95
| 1991 | 1992 | 1993 | 1994 | 1995 | |||||
|---|---|---|---|---|---|---|---|---|---|
| December | |||||||||
| (In billions of rand) | |||||||||
| Broad money (M3) | 182.6 | 197.2 | 211.0 | 244.1 | 281.1 | ||||
| Coin and notes | 8.8 | 9.5 | 10.5 | 12.2 | 14.3 | ||||
| Private deposits | 173.8 | 187.6 | 200.5 | 231.9 | 266.8 | ||||
| Counterparts to broad money | |||||||||
| Net foreign assets | 1.1 | −1.8 | −6.5 | −7.4 | −7.5 | ||||
| Short-term | 0.2 | −3.5 | −8.2 | −9.0 | −9.2 | ||||
| Gross reserves | 9.8 | 11.2 | 11.0 | 14.1 | 18.2 | ||||
| Reserve Bank | 8.2 | 9.1 | 9.1 | 11.1 | 15.7 | ||||
| Commercial banks | 1.7 | 2.1 | 2.0 | 3.0 | 2.5 | ||||
| Liabilities | −9.7 | −14.7 | −19.3 | −23.1 | −27.4 | ||||
| Reserve Bank | −0.1 | −0.9 | −5.6 | −5.2 | −0.0 | ||||
| Commercial banks | −9.5 | −13.7 | −13.7 | −18.0 | −27.3 | ||||
| Long-term | 0.9 | 1.7 | 1.7 | 1.7 | 1.7 | ||||
| Net domestic assets | 181.6 | 198.9 | 217.5 | 251.5 | 288.6 | ||||
| Government | 3.6 | 7.2 | 7.5 | 15.5 | 5.8 | ||||
| Claims on Government | 20.5 | 20.7 | 26.8 | 31.9 | 31.8 | ||||
| Government deposits | −16.9 | −13.5 | −19.3 | −16.4 | −25.9 | ||||
| Claims on private sector | 192.7 | 209.5 | 229.8 | 268.9 | 316.1 | ||||
| Other items, net | −14.7 | −17.8 | −19.8 | −32.9 | −33.3 | ||||
| Other assets | 49.4 | 49.0 | 47.9 | 46.6 | 56.5 | ||||
| Capital and reserves | −12.2 | −16.1 | −20.2 | −24.0 | −29.4 | ||||
| Other liabilities as | −52.0 | −50.7 | −47.5 | −55.5 | −60.4 | ||||
| Contributions to growth of M3 | (In percent) | ||||||||
| Net foreign assets | 0.5 | −1.6 | −2.4 | −0.4 | −0.0 | ||||
| Short-term | 0.6 | −2.0 | −2.4 | −0.4 | −0.1 | ||||
| Long-term | −0.1 | 0.4 | 0.0 | −0.0 | 0.0 | ||||
| Net domestic assets | 11.8 | 9.5 | 9.4 | 16.1 | 15.2 | ||||
| Government | −1.7 | 2.0 | 0.1 | 3.8 | −4.0 | ||||
| Claims on Government | 1.0 | 0.1 | 3.1 | 2.4 | 0.0 | ||||
| Government deposits | −2.7 | 1.9 | −3.0 | 1.4 | −3.9 | ||||
| Claims on private sector | 15.0 | 9.2 | 10.3 | 18.5 | 19.3 | ||||
| Other items, net | −1.5 | −1.7 | −1.0 | −6.2 | −0.2 | ||||
| Growth of broad money | 12.3 | 8.0 | 7.0 | 15.7 | 15.1 | ||||
| Memorandum items: | |||||||||
| Income velocity of M 3 | 1.80 | 1.80 | 1.88 | 1.90 | 1.85 | ||||
| Bills discounted by Reserve Bank (in billions of rand) 1/ |
2.8 | 3.7 | 5.8 | 5.1 | 5.2 | ||||
| Deposits at Reserve Bank (in billions of rand) |
13.1 | 8.6 | 9.3 | 9.3 | 9.9 | ||||
Includes overnight loans accommodation system introduced by the Reserve Bank in May 1993.
South Africa: Interest Rate Developments, 1991–95
(In precent per annum)
Until April 1993, Reserve Bank’s discount rate for treasury bills. Therasfter, accommodation rate for overnight loans using government paper as collsteral.
End of period.
Period average.
Averages for each Friday of the month.
Average yield on government bonds with a maturity of more than ten years.
South Africa: Interest Rate Developments, 1991–95
(In precent per annum)
| Short-term ratas | Long-tarm ratas | |||||||
|---|---|---|---|---|---|---|---|---|
| Bank rate 1/ | Clearing bank prime overdraft rate 2/ | Rate on three-month deposits with commercial banks 3/ | Rate on interbank deposits at cell 3/ | Treasury bill rate 4/ | Government bond yield 5/ | Predominant rate on new mortgages: participation bonds 2/ | ||
| 1991 March | 17.0 | 21.0 | 17.4 | 17.8 | 16.9 | 15.6 | 20.5 | |
| June | 17.0 | 20.0 | 17.2 | 16.8 | 16.7 | 16.3 | 19.5 | |
| September | 17.0 | 20.0 | 17.2 | 16.5 | 16.6 | 16.8 | 19.5 | |
| December | 17.0 | 20.2 | 17.0 | 16.0 | 16.1 | 16.7 | 18.9 | |
| 1992 March | 16.0 | 20.2 | 15.5 | 15.5 | 15.5 | 16.4 | 18.9 | |
| June | 15.0 | 19.2 | 13.5 | 13.8 | 14.0 | 16.0 | 18.9 | |
| September | 15.0 | 18.2 | 12.2 | 13.0 | 12.1 | 14.2 | 18.4 | |
| December | 14.0 | 17.2 | 12.1 | 12.0 | 12.0 | 14.9 | 15.9 | |
| 1993 March | 13.0 | 16.2 | 11.9 | 10.9 | 11.3 | 14.6 | 15.9 | |
| June | 13.0 | 16.2 | 12.0 | 10.8 | 11.9 | 14.8 | 15.1 | |
| September | 13.0 | 16.2 | 11.6 | 11.2 | 11.6 | 13.6 | 15.1 | |
| December | 12.0 | 15.2 | 10.3 | 9.6 | 10.2 | 12.3 | 15.1 | |
| 1994 January | 12.0 | 15.2 | 10.3 | 9.8 | 10.1 | 12.2 | 14.0 | |
| February | 12.0 | 15.2 | 10.3 | 9.5 | 10.2 | 12.8 | 14.0 | |
| March | 12.0 | 15.2 | 10.3 | 9.6 | 10.1 | 13.0 | 14.0 | |
| April | 12.0 | 15.2 | 10.3 | 10.1 | 10.3 | 13.2 | 14.0 | |
| May | 12.0 | 15.2 | 11.0 | 10.8 | 10.6 | 13.8 | 14.0 | |
| June | 12.0 | 15.2 | 10.5 | 10.4 | 10.8 | 14.5 | 14.0 | |
| July | 12.0 | 15.2 | 10.9 | 10.0 | 10.6 | 15.1 | 14.0 | |
| August | 12.0 | 15.2 | 10.9 | 9.6 | 10.6 | 15.9 | 14.0 | |
| September | 13.0 | 16.2 | 11.5 | 9.8 | 10.6 | 16.9 | 14.0 | |
| October | 13.0 | 16.2 | 12.2 | 11.0 | 11.8 | 16.9 | 14.0 | |
| November | 13.0 | 16.2 | 12.5 | 10.8 | 12.2 | 16.9 | 14.0 | |
| December | 13.0 | 16.2 | 12.6 | 11.6 | 12.5 | 16.8 | 15.1 | |
| 1995 January | 13.0 | 16.2 | 11.5 | 11.6 | 12.7 | 17.0 | 15.1 | |
| February | 14.0 | 17.5 | 13.5 | 11.7 | 12.9 | 16.8 | 15.1 | |
| March | 14.0 | 17.5 | 13.5 | 11.8 | 13.0 | 16.7 | 15.1 | |
| April | 14.0 | 17.5 | 13.5 | 12.5 | 13.0 | 16.8 | 16.7 | |
| May | 14.0 | 17.5 | 14.2 | 13.1 | 13.7 | 16.9 | 16.7 | |
| June | 15.0 | 17.5 | 14.2 | 12.9 | 13.8 | 16.8 | 16.7 | |
| July | 15.0 | 18.5 | 13.8 | 13.4 | 14.0 | 16.6 | 16.7 | |
| August | 15.0 | 18.5 | 13.8 | 13.5 | 13.9 | 16.0 | 16.7 | |
| September | 15.0 | 18.5 | 13.8 | 13.6 | 14.0 | 15.5 | 17.5 | |
| October | 15.0 | 18.5 | 13.8 | 13.9 | 13.8 | 15.1 | 17.5 | |
| November | 15.0 | 18.5 | 13.5 | 14.1 | 13.6 | 14.4 | 17.5 | |
| December | 15.0 | 18.5 | 13.5 | 14.8 | 13.9 | 14.6 | 17.5 | |
Until April 1993, Reserve Bank’s discount rate for treasury bills. Therasfter, accommodation rate for overnight loans using government paper as collsteral.
End of period.
Period average.
Averages for each Friday of the month.
Average yield on government bonds with a maturity of more than ten years.
South Africa: Interest Rate Developments, 1991–95
(In precent per annum)
| Short-term ratas | Long-tarm ratas | |||||||
|---|---|---|---|---|---|---|---|---|
| Bank rate 1/ | Clearing bank prime overdraft rate 2/ | Rate on three-month deposits with commercial banks 3/ | Rate on interbank deposits at cell 3/ | Treasury bill rate 4/ | Government bond yield 5/ | Predominant rate on new mortgages: participation bonds 2/ | ||
| 1991 March | 17.0 | 21.0 | 17.4 | 17.8 | 16.9 | 15.6 | 20.5 | |
| June | 17.0 | 20.0 | 17.2 | 16.8 | 16.7 | 16.3 | 19.5 | |
| September | 17.0 | 20.0 | 17.2 | 16.5 | 16.6 | 16.8 | 19.5 | |
| December | 17.0 | 20.2 | 17.0 | 16.0 | 16.1 | 16.7 | 18.9 | |
| 1992 March | 16.0 | 20.2 | 15.5 | 15.5 | 15.5 | 16.4 | 18.9 | |
| June | 15.0 | 19.2 | 13.5 | 13.8 | 14.0 | 16.0 | 18.9 | |
| September | 15.0 | 18.2 | 12.2 | 13.0 | 12.1 | 14.2 | 18.4 | |
| December | 14.0 | 17.2 | 12.1 | 12.0 | 12.0 | 14.9 | 15.9 | |
| 1993 March | 13.0 | 16.2 | 11.9 | 10.9 | 11.3 | 14.6 | 15.9 | |
| June | 13.0 | 16.2 | 12.0 | 10.8 | 11.9 | 14.8 | 15.1 | |
| September | 13.0 | 16.2 | 11.6 | 11.2 | 11.6 | 13.6 | 15.1 | |
| December | 12.0 | 15.2 | 10.3 | 9.6 | 10.2 | 12.3 | 15.1 | |
| 1994 January | 12.0 | 15.2 | 10.3 | 9.8 | 10.1 | 12.2 | 14.0 | |
| February | 12.0 | 15.2 | 10.3 | 9.5 | 10.2 | 12.8 | 14.0 | |
| March | 12.0 | 15.2 | 10.3 | 9.6 | 10.1 | 13.0 | 14.0 | |
| April | 12.0 | 15.2 | 10.3 | 10.1 | 10.3 | 13.2 | 14.0 | |
| May | 12.0 | 15.2 | 11.0 | 10.8 | 10.6 | 13.8 | 14.0 | |
| June | 12.0 | 15.2 | 10.5 | 10.4 | 10.8 | 14.5 | 14.0 | |
| July | 12.0 | 15.2 | 10.9 | 10.0 | 10.6 | 15.1 | 14.0 | |
| August | 12.0 | 15.2 | 10.9 | 9.6 | 10.6 | 15.9 | 14.0 | |
| September | 13.0 | 16.2 | 11.5 | 9.8 | 10.6 | 16.9 | 14.0 | |
| October | 13.0 | 16.2 | 12.2 | 11.0 | 11.8 | 16.9 | 14.0 | |
| November | 13.0 | 16.2 | 12.5 | 10.8 | 12.2 | 16.9 | 14.0 | |
| December | 13.0 | 16.2 | 12.6 | 11.6 | 12.5 | 16.8 | 15.1 | |
| 1995 January | 13.0 | 16.2 | 11.5 | 11.6 | 12.7 | 17.0 | 15.1 | |
| February | 14.0 | 17.5 | 13.5 | 11.7 | 12.9 | 16.8 | 15.1 | |
| March | 14.0 | 17.5 | 13.5 | 11.8 | 13.0 | 16.7 | 15.1 | |
| April | 14.0 | 17.5 | 13.5 | 12.5 | 13.0 | 16.8 | 16.7 | |
| May | 14.0 | 17.5 | 14.2 | 13.1 | 13.7 | 16.9 | 16.7 | |
| June | 15.0 | 17.5 | 14.2 | 12.9 | 13.8 | 16.8 | 16.7 | |
| July | 15.0 | 18.5 | 13.8 | 13.4 | 14.0 | 16.6 | 16.7 | |
| August | 15.0 | 18.5 | 13.8 | 13.5 | 13.9 | 16.0 | 16.7 | |
| September | 15.0 | 18.5 | 13.8 | 13.6 | 14.0 | 15.5 | 17.5 | |
| October | 15.0 | 18.5 | 13.8 | 13.9 | 13.8 | 15.1 | 17.5 | |
| November | 15.0 | 18.5 | 13.5 | 14.1 | 13.6 | 14.4 | 17.5 | |
| December | 15.0 | 18.5 | 13.5 | 14.8 | 13.9 | 14.6 | 17.5 | |
Until April 1993, Reserve Bank’s discount rate for treasury bills. Therasfter, accommodation rate for overnight loans using government paper as collsteral.
End of period.
Period average.
Averages for each Friday of the month.
Average yield on government bonds with a maturity of more than ten years.
South Africa: Changes in Bank Credit, 1991-95 1/
Cradit extended by the banking sector, which comprises the Reserve Bank, the former National Finance Corporation, the Corporation for Public Daposite and the “poolad” funds of the fomer Public Debt Commissioners, the diacount houses, the short term business of the Land Bank, the commercial and merchant banks, and Other general banking inatitutions.
Excluding unearned, finance charges.
South Africa: Changes in Bank Credit, 1991-95 1/
| Credit to the private sector | Cradit to Government, net | Total bank credit | Credit to the private sector | Total bank credit | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Bills discounted, deposits, and investments | Hire purchase credit | Leasing finance 2/ | Mortgage advances | Other Loans and advances | Total | |||||||
| (Change from previous period: in millions of rand) | (Percentage change from year ago) | |||||||||||
| 1991 | 1,995 | 1,205 | 2,258 | 10,729 | 8,145 | 24,331 | −2,702 | 21,509 | 14.5 | 12.3 | ||
| 1992 | 2,463 | 293 | 1,266 | 12,160 | 632 | 16,815 | 3,606 | 20,421 | 8.7 | 10.4 | ||
| 1993 | −4,974 | 3,510 | 993 | 14,619 | 6,173 | 20,317 | 245 | 20,543 | 9.7 | 9.5 | ||
| 1990 March | 45 | 255 | 419 | 1,587 | 1,177 | 3,483 | −535 | 2,949 | 17.5 | 14.6 | ||
| June | 1,371 | 746 | 303 | 1,838 | 2,072 | 6,330 | 1,452 | 7,782 | 18.4 | 16.3 | ||
| Septembar | 22 | 735 | 571 | 2,160 | −287 | 3,201 | −1,342 | 1,859 | 15.3 | 13.8 | ||
| December | 2.134 | 718 | 554 | 2,027 | 4,377 | 9,811 | 6,008 | 15,819 | 15.7 | 19.4 | ||
| 1991 March | 1,600 | −84 | 169 | 2,487 | 4,630 | 8,801 | −3.818 | 4.983 | 18.9 | 20.4 | ||
| June | −1,924 | 334 | 381 | 2,736 | 2,526 | 4,054 | 935 | 4,990 | 16.7 | 17.6 | ||
| September | 1,660 | 284 | 846 | 2,837 | 964 | 6,391 | −1.012 | 5,570 | 18.5 | 19.7 | ||
| December | 659 | 671 | 862 | 2,669 | 25 | 4.885 | 1,133 | 6,018 | 14,5 | 12,3 | ||
| 1992 March | −1,818 | −894 | 630 | 2,819 | 1,352 | 2,090 | −992 | 1.097 | 9.9 | 9.8 | ||
| June | 1,778 | 168 | 347 | 2,833 | −1.260 | 3.866 | −1.123 | 2.744 | 9.6 | 8.4 | ||
| September | 2,343 | 492 | 70 | 3,064 | −645 | 5,322 | 1.049 | 6,372 | 8.6 | 8.5 | ||
| December | 160 | 527 | 219 | 3,444 | 1,185 | 5,537 | 4,672 | 10,208 | 8.7 | 10.4 | ||
| 1993 March | −1,505 | −33 | 167 | 3,585 | 151 | 2.363 | −1,327 | 1,036 | 8.8 | 10.3 | ||
| June | −2,311 | 1,135 | −141 | 3,217 | −1,188 | 713 | −3,962 | -3,249 | 7.0 | 7.2 | ||
| September | −742 | 1.087 | 608 | 4,154 | 3,790 | 0.895 | 2,898 | 11,793 | 8.6 | 9.6 | ||
| December | −418 | 1,321 | 359 | 3,663 | 3,420 | 0.346 | 2,236 | 10,983 | 9.7 | 9.5 | ||
| 1994 March | −1,208 | 1,125 | 302 | 3,270 | 3,644 | 7,134 | 14,133 | 21,266 | 11.8 | 18.7 | ||
| June | 552 | 1,325 | −43 | 3,909 | −1.926 | 3,815 | 936 | 4,751 | 13.3 | 22.7 | ||
| September | 3,648 | 1,603 | 275 | 4,679 | 4,334 | 14,541 | −1,401 | 13,140 | 15.3 | 22.2 | ||
| December | 1,092 | 2,308 | 586 | 5,476 | 4,174 | 13,636 | -5,636 | 8,000 | 17.0 | 19.9 | ||
| 1995 March | -802 | 918 | 432 | 5,544 | 3,569 | 9.661 | −2,046 | 7,615 | 17.6 | 13.0 | ||
| June | −183 | 2,260 | 884 | 4,636 | 1,491 | 9,087 | 2,417 | 11,504 | 19.5 | 15.3 | ||
| September | 613 | 2,133 | 958 | 4,895 | 5,026 | 13,626 | -6,743 | 6,883 | 18.0 | 12.3 | ||
| December | 2,447 | 2,706 | 488 | 5,150 | 3,978 | 14,769 | −3,280 | 11,489 | 17.5 | 13.2 | ||
Cradit extended by the banking sector, which comprises the Reserve Bank, the former National Finance Corporation, the Corporation for Public Daposite and the “poolad” funds of the fomer Public Debt Commissioners, the diacount houses, the short term business of the Land Bank, the commercial and merchant banks, and Other general banking inatitutions.
Excluding unearned, finance charges.
South Africa: Changes in Bank Credit, 1991-95 1/
| Credit to the private sector | Cradit to Government, net | Total bank credit | Credit to the private sector | Total bank credit | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Bills discounted, deposits, and investments | Hire purchase credit | Leasing finance 2/ | Mortgage advances | Other Loans and advances | Total | |||||||
| (Change from previous period: in millions of rand) | (Percentage change from year ago) | |||||||||||
| 1991 | 1,995 | 1,205 | 2,258 | 10,729 | 8,145 | 24,331 | −2,702 | 21,509 | 14.5 | 12.3 | ||
| 1992 | 2,463 | 293 | 1,266 | 12,160 | 632 | 16,815 | 3,606 | 20,421 | 8.7 | 10.4 | ||
| 1993 | −4,974 | 3,510 | 993 | 14,619 | 6,173 | 20,317 | 245 | 20,543 | 9.7 | 9.5 | ||
| 1990 March | 45 | 255 | 419 | 1,587 | 1,177 | 3,483 | −535 | 2,949 | 17.5 | 14.6 | ||
| June | 1,371 | 746 | 303 | 1,838 | 2,072 | 6,330 | 1,452 | 7,782 | 18.4 | 16.3 | ||
| Septembar | 22 | 735 | 571 | 2,160 | −287 | 3,201 | −1,342 | 1,859 | 15.3 | 13.8 | ||
| December | 2.134 | 718 | 554 | 2,027 | 4,377 | 9,811 | 6,008 | 15,819 | 15.7 | 19.4 | ||
| 1991 March | 1,600 | −84 | 169 | 2,487 | 4,630 | 8,801 | −3.818 | 4.983 | 18.9 | 20.4 | ||
| June | −1,924 | 334 | 381 | 2,736 | 2,526 | 4,054 | 935 | 4,990 | 16.7 | 17.6 | ||
| September | 1,660 | 284 | 846 | 2,837 | 964 | 6,391 | −1.012 | 5,570 | 18.5 | 19.7 | ||
| December | 659 | 671 | 862 | 2,669 | 25 | 4.885 | 1,133 | 6,018 | 14,5 | 12,3 | ||
| 1992 March | −1,818 | −894 | 630 | 2,819 | 1,352 | 2,090 | −992 | 1.097 | 9.9 | 9.8 | ||
| June | 1,778 | 168 | 347 | 2,833 | −1.260 | 3.866 | −1.123 | 2.744 | 9.6 | 8.4 | ||
| September | 2,343 | 492 | 70 | 3,064 | −645 | 5,322 | 1.049 | 6,372 | 8.6 | 8.5 | ||
| December | 160 | 527 | 219 | 3,444 | 1,185 | 5,537 | 4,672 | 10,208 | 8.7 | 10.4 | ||
| 1993 March | −1,505 | −33 | 167 | 3,585 | 151 | 2.363 | −1,327 | 1,036 | 8.8 | 10.3 | ||
| June | −2,311 | 1,135 | −141 | 3,217 | −1,188 | 713 | −3,962 | -3,249 | 7.0 | 7.2 | ||
| September | −742 | 1.087 | 608 | 4,154 | 3,790 | 0.895 | 2,898 | 11,793 | 8.6 | 9.6 | ||
| December | −418 | 1,321 | 359 | 3,663 | 3,420 | 0.346 | 2,236 | 10,983 | 9.7 | 9.5 | ||
| 1994 March | −1,208 | 1,125 | 302 | 3,270 | 3,644 | 7,134 | 14,133 | 21,266 | 11.8 | 18.7 | ||
| June | 552 | 1,325 | −43 | 3,909 | −1.926 | 3,815 | 936 | 4,751 | 13.3 | 22.7 | ||
| September | 3,648 | 1,603 | 275 | 4,679 | 4,334 | 14,541 | −1,401 | 13,140 | 15.3 | 22.2 | ||
| December | 1,092 | 2,308 | 586 | 5,476 | 4,174 | 13,636 | -5,636 | 8,000 | 17.0 | 19.9 | ||
| 1995 March | -802 | 918 | 432 | 5,544 | 3,569 | 9.661 | −2,046 | 7,615 | 17.6 | 13.0 | ||
| June | −183 | 2,260 | 884 | 4,636 | 1,491 | 9,087 | 2,417 | 11,504 | 19.5 | 15.3 | ||
| September | 613 | 2,133 | 958 | 4,895 | 5,026 | 13,626 | -6,743 | 6,883 | 18.0 | 12.3 | ||
| December | 2,447 | 2,706 | 488 | 5,150 | 3,978 | 14,769 | −3,280 | 11,489 | 17.5 | 13.2 | ||
Cradit extended by the banking sector, which comprises the Reserve Bank, the former National Finance Corporation, the Corporation for Public Daposite and the “poolad” funds of the fomer Public Debt Commissioners, the diacount houses, the short term business of the Land Bank, the commercial and merchant banks, and Other general banking inatitutions.
Excluding unearned, finance charges.
South Africa: Balance of Payments, 1991–95
(In millions of U.S. dollers)
Net foreign sales of gold plus changes in the gold holdings of the Reserve Bank and other banking institutions.
Gold and foreign exchange reserves of the Reserve Bank, the banking sector, and the Central Government.
Liabilities related to reserves include all foreign short-term liabilities of the Reserve Bank and other banking institutions and short-term foreign loans to the Central Government by foreign banks and authorities.
South Africa: Balance of Payments, 1991–95
(In millions of U.S. dollers)
| 1991 | 1992 | 1993 | 1994 | 1995 | |||
|---|---|---|---|---|---|---|---|
| Current account balance | 2.241 | 1.382 | 1.784 | −629 | −3,489 | ||
| Trade balance | 6,125 | 5,430 | 5,777 | 3,197 | 745 | ||
| Exports | 23,288 | 23,624 | 24,104 | 24,678 | 27,886 | ||
| Net nongold, f.o.b. | 16,194 | 17,187 | 17,299 | 18,298 | 22,330 | ||
| Gold 1/ | 7,094 | 6,437 | 6,805 | 6,380 | 5,556 | ||
| Imports, f.o.b. | −17,163 | −18,194 | −18,327 | −21,481 | −27,142 | ||
| Nonfactor services | −513 | −946 | −1,229 | −1,282 | −1,246 | ||
| Credits | 3,594 | 3,754 | 3,757 | 4,078 | 4,611 | ||
| Dabits | −4,108 | −4.700 | −4,985 | −5,359 | −5,857 | ||
| Factor aarvicaa | −3,444 | −3.207 | −2,895 | −2,589 | −3,025 | ||
| Credits | 892 | 914 | 690 | 985 | 982 | ||
| Dabits | −4,336 | −4.121 | 3,585 | −3,574 | −4,007 | ||
| Interest | −3,133 | −2,875 | −2,659 | −2,626 | … | ||
| Dividends and profits | −1,084 | −1.148 | −825 | −827 | … | ||
| Taxes | −120 | −98 | −101 | −120 | … | ||
| Transfers | 73 | 105 | 131 | 45 | … | ||
| Private | −27 | 32 | 68 | −29 | … | ||
| Official | 100 | 73 | 64 | 74 | … | ||
| Capital account balance | −780 | −1.288 | −4.598 | 1.508 | 5.992 | ||
| Long-term capital, net | −627 | −530 | −83 | 987 | 3,451 | ||
| Private | −1,007 | -1,632 | 800 | −169 | 2,338 | ||
| Public | 381 | 1,102 | −883 | 1,156 | 1,113 | ||
| Short-term capital, net | 664 | 878 | −1,555 | 1,392 | 1,808 | ||
| Private | 815 | 892 | −1,725 | 860 | 2,237 | ||
| Public | −151 | −14 | 169 | 533 | −429 | ||
| Errors and omissions | −818 | −1,636 | −2,960 | −871 | 734 | ||
| Change in net reserves (on a transactions basis) 2/ | 1.461 | 94 | −2,814 | 879 | 2.503 | ||
| Change in liabilities relating to reserves 3/ | −371 | 283 | 2,274 | −0 | −1.376 | ||
| SDR allocations and valuation adjustments | −170 | 114 | 493 | −19 | 0 | ||
| Change in gross reserves | 920 | 491 | −47 | 860 | 1,127 | ||
| Memorandum ltam: | |||||||
| Current account/GDP (in percent) | 2.0 | 1.2 | 1.5 | −0.5 | −2.6 | ||
Net foreign sales of gold plus changes in the gold holdings of the Reserve Bank and other banking institutions.
Gold and foreign exchange reserves of the Reserve Bank, the banking sector, and the Central Government.
Liabilities related to reserves include all foreign short-term liabilities of the Reserve Bank and other banking institutions and short-term foreign loans to the Central Government by foreign banks and authorities.
South Africa: Balance of Payments, 1991–95
(In millions of U.S. dollers)
| 1991 | 1992 | 1993 | 1994 | 1995 | |||
|---|---|---|---|---|---|---|---|
| Current account balance | 2.241 | 1.382 | 1.784 | −629 | −3,489 | ||
| Trade balance | 6,125 | 5,430 | 5,777 | 3,197 | 745 | ||
| Exports | 23,288 | 23,624 | 24,104 | 24,678 | 27,886 | ||
| Net nongold, f.o.b. | 16,194 | 17,187 | 17,299 | 18,298 | 22,330 | ||
| Gold 1/ | 7,094 | 6,437 | 6,805 | 6,380 | 5,556 | ||
| Imports, f.o.b. | −17,163 | −18,194 | −18,327 | −21,481 | −27,142 | ||
| Nonfactor services | −513 | −946 | −1,229 | −1,282 | −1,246 | ||
| Credits | 3,594 | 3,754 | 3,757 | 4,078 | 4,611 | ||
| Dabits | −4,108 | −4.700 | −4,985 | −5,359 | −5,857 | ||
| Factor aarvicaa | −3,444 | −3.207 | −2,895 | −2,589 | −3,025 | ||
| Credits | 892 | 914 | 690 | 985 | 982 | ||
| Dabits | −4,336 | −4.121 | 3,585 | −3,574 | −4,007 | ||
| Interest | −3,133 | −2,875 | −2,659 | −2,626 | … | ||
| Dividends and profits | −1,084 | −1.148 | −825 | −827 | … | ||
| Taxes | −120 | −98 | −101 | −120 | … | ||
| Transfers | 73 | 105 | 131 | 45 | … | ||
| Private | −27 | 32 | 68 | −29 | … | ||
| Official | 100 | 73 | 64 | 74 | … | ||
| Capital account balance | −780 | −1.288 | −4.598 | 1.508 | 5.992 | ||
| Long-term capital, net | −627 | −530 | −83 | 987 | 3,451 | ||
| Private | −1,007 | -1,632 | 800 | −169 | 2,338 | ||
| Public | 381 | 1,102 | −883 | 1,156 | 1,113 | ||
| Short-term capital, net | 664 | 878 | −1,555 | 1,392 | 1,808 | ||
| Private | 815 | 892 | −1,725 | 860 | 2,237 | ||
| Public | −151 | −14 | 169 | 533 | −429 | ||
| Errors and omissions | −818 | −1,636 | −2,960 | −871 | 734 | ||
| Change in net reserves (on a transactions basis) 2/ | 1.461 | 94 | −2,814 | 879 | 2.503 | ||
| Change in liabilities relating to reserves 3/ | −371 | 283 | 2,274 | −0 | −1.376 | ||
| SDR allocations and valuation adjustments | −170 | 114 | 493 | −19 | 0 | ||
| Change in gross reserves | 920 | 491 | −47 | 860 | 1,127 | ||
| Memorandum ltam: | |||||||
| Current account/GDP (in percent) | 2.0 | 1.2 | 1.5 | −0.5 | −2.6 | ||
Net foreign sales of gold plus changes in the gold holdings of the Reserve Bank and other banking institutions.
Gold and foreign exchange reserves of the Reserve Bank, the banking sector, and the Central Government.
Liabilities related to reserves include all foreign short-term liabilities of the Reserve Bank and other banking institutions and short-term foreign loans to the Central Government by foreign banks and authorities.
South Africa: Quarterly Balance of Payment. 1993–95
(In millions of U.S. dollers)
Net foreign sales of gold plus changes in the gold holdings of the Reserve Bank and Other banking institutions
Excluding the REserve Bank.
Private nonmonetary sector including unrecorded transactions.
Gold and foreign exchange reserves of the Reserve Bank, the banking sector, and the Central Government.
Liabilities related to reserve include all foreign short-term liabilites of the Reserve Bank and short-term foreign loans to the Central Government by foreign banks and authorities.
South Africa: Quarterly Balance of Payment. 1993–95
(In millions of U.S. dollers)
| 1993 | 1994 | 1995 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| I | II | III | IV | I | II | III | IV | I | II | III | IV | ||
| (Seasonally sdiusted figures) | |||||||||||||
| Nongold exports, f.o.b. | 3,924 | 4,436 | 4,171 | 4,744 | 4,364 | 4,258 | 4,613 | 5,063 | 5,704 | 5,425 | 5,565 | 5,62 | |
| Net gold exports 1/ | 1,686 | 1,738 | 1,816 | 1,566 | 1,645 | 1,604 | 1,720 | 1.411 | 1,402 | 1,326 | 1,600 | 1,22 | |
| Imports, f.o.b. | 4,571 | 4,452 | 4,475 | 4,821 | 4,830 | 4,908 | 5,674 | 6,057 | 6,624 | 6,708 | 6,951 | 6,85 | |
| Trade balance | 1.039 | 1.722 | 1.512 | 1.489 | 1.179 | 954 | 658 | 416 | 482 | 42 | 213 | ||
| Net services and tranafers | −952 | −828 | −1,056 | −1,144 | −1,080 | −842 | −1,041 | −866 | −1.093 | −1.058 | −1.046 | −1.02 | |
| Current account balance | 7 | 71 | 36 | 28 | 8 | 9 | −31 | −36 | −49 | −81 | −67 | ||
| (Actual date, not sessonally adjusted) | |||||||||||||
| Currant account balance | 289 | 1,058 | 217 | 242 | 118 | 11 | −540 | −205 | −657 | −1,093 | −908 | −82 | |
| Long-term capital, net | −163 | 352 | −281 | 18 | −305 | −362 | 330 | 1,318 | 162 | 1,018 | 755 | 1,58 | |
| Public sector | −170 | −155 | −86 | −464 | −567 | 62 | 312 | 1,329 | −107 | 346 | 299 | 56 | |
| Private sector | 7 | 507 | −195 | 483 | 262 | −424 | 19 | −10 | 269 | 672 | 456 | 93 | |
| Short-term capital, net | −1.149 | 1.347 | −591 | −1.441 | -87 | −286 | 1.137 | −261 | 1.375 | 364 | 287 | 53 | |
| Public sector | 84 | −5 | 83 | 8 | 6 | 4 | 18 | 506 | 54 | −499 | 12 | 3 | |
| Monetary sector 2/ | −576 | −386 | 193 | −275 | 699 | 386 | 732 | −855 | 512 | 1,181 | 258 | 52 | |
| Other 3/ | −657 | −955 | −868 | −1,173 | −792 | −676 | 387 | 88 | 809 | −318 | 42 | ||
| Total capital movements | −1,312 | −995 | −872 | −1.422 | −392 | −648 | 1.468 | 1.057 | 1.537 | 1.382 | 1.042 | 2.03 | |
| Change in net reserves Con a transsctions basis) 4/ | −1.024 | 64 | −655 | −1,181 | −273 | −637 | 927 | 852 | 880 | 289 | 134 | 1,20 | |
| Change in liabillties releted to reserves 5/ | 393 | −161 | 301 | 1,688 | 4 | 505 | −570 | 62 | −320 | −558 | −124 | −37 | |
| SDR allocations and valuation adjustments | 92 | 314 | −12 | 107 | 52 | −45 | 17 | −42 | 12 | 23 | −33 | ||
| Change in gross reserves | −539 | 217 | −367 | 613 | −217 | −177 | 374 | 872 | 572 | −246 | −23 | 82 | |
Net foreign sales of gold plus changes in the gold holdings of the Reserve Bank and Other banking institutions
Excluding the REserve Bank.
Private nonmonetary sector including unrecorded transactions.
Gold and foreign exchange reserves of the Reserve Bank, the banking sector, and the Central Government.
Liabilities related to reserve include all foreign short-term liabilites of the Reserve Bank and short-term foreign loans to the Central Government by foreign banks and authorities.
South Africa: Quarterly Balance of Payment. 1993–95
(In millions of U.S. dollers)
| 1993 | 1994 | 1995 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| I | II | III | IV | I | II | III | IV | I | II | III | IV | ||
| (Seasonally sdiusted figures) | |||||||||||||
| Nongold exports, f.o.b. | 3,924 | 4,436 | 4,171 | 4,744 | 4,364 | 4,258 | 4,613 | 5,063 | 5,704 | 5,425 | 5,565 | 5,62 | |
| Net gold exports 1/ | 1,686 | 1,738 | 1,816 | 1,566 | 1,645 | 1,604 | 1,720 | 1.411 | 1,402 | 1,326 | 1,600 | 1,22 | |
| Imports, f.o.b. | 4,571 | 4,452 | 4,475 | 4,821 | 4,830 | 4,908 | 5,674 | 6,057 | 6,624 | 6,708 | 6,951 | 6,85 | |
| Trade balance | 1.039 | 1.722 | 1.512 | 1.489 | 1.179 | 954 | 658 | 416 | 482 | 42 | 213 | ||
| Net services and tranafers | −952 | −828 | −1,056 | −1,144 | −1,080 | −842 | −1,041 | −866 | −1.093 | −1.058 | −1.046 | −1.02 | |
| Current account balance | 7 | 71 | 36 | 28 | 8 | 9 | −31 | −36 | −49 | −81 | −67 | ||
| (Actual date, not sessonally adjusted) | |||||||||||||
| Currant account balance | 289 | 1,058 | 217 | 242 | 118 | 11 | −540 | −205 | −657 | −1,093 | −908 | −82 | |
| Long-term capital, net | −163 | 352 | −281 | 18 | −305 | −362 | 330 | 1,318 | 162 | 1,018 | 755 | 1,58 | |
| Public sector | −170 | −155 | −86 | −464 | −567 | 62 | 312 | 1,329 | −107 | 346 | 299 | 56 | |
| Private sector | 7 | 507 | −195 | 483 | 262 | −424 | 19 | −10 | 269 | 672 | 456 | 93 | |
| Short-term capital, net | −1.149 | 1.347 | −591 | −1.441 | -87 | −286 | 1.137 | −261 | 1.375 | 364 | 287 | 53 | |
| Public sector | 84 | −5 | 83 | 8 | 6 | 4 | 18 | 506 | 54 | −499 | 12 | 3 | |
| Monetary sector 2/ | −576 | −386 | 193 | −275 | 699 | 386 | 732 | −855 | 512 | 1,181 | 258 | 52 | |
| Other 3/ | −657 | −955 | −868 | −1,173 | −792 | −676 | 387 | 88 | 809 | −318 | 42 | ||
| Total capital movements | −1,312 | −995 | −872 | −1.422 | −392 | −648 | 1.468 | 1.057 | 1.537 | 1.382 | 1.042 | 2.03 | |
| Change in net reserves Con a transsctions basis) 4/ | −1.024 | 64 | −655 | −1,181 | −273 | −637 | 927 | 852 | 880 | 289 | 134 | 1,20 | |
| Change in liabillties releted to reserves 5/ | 393 | −161 | 301 | 1,688 | 4 | 505 | −570 | 62 | −320 | −558 | −124 | −37 | |
| SDR allocations and valuation adjustments | 92 | 314 | −12 | 107 | 52 | −45 | 17 | −42 | 12 | 23 | −33 | ||
| Change in gross reserves | −539 | 217 | −367 | 613 | −217 | −177 | 374 | 872 | 572 | −246 | −23 | 82 | |
Net foreign sales of gold plus changes in the gold holdings of the Reserve Bank and Other banking institutions
Excluding the REserve Bank.
Private nonmonetary sector including unrecorded transactions.
Gold and foreign exchange reserves of the Reserve Bank, the banking sector, and the Central Government.
Liabilities related to reserve include all foreign short-term liabilites of the Reserve Bank and short-term foreign loans to the Central Government by foreign banks and authorities.
South Africa: Quarterly Balance of Payments, 1993–95
(In millions of rand)
Net foreign sales of gold plus changes in the gold holdings of the Reserve Bank and other banking institutions.
Excluding the Reserve Bank.
Private nonmonetary sector including unrecorded transactions.
Gold and foreign exchange reserves of the Reserve Bank, the banking sector. and the Central Government.
Liabilities related to reserves include all foreign short-term liabilities of the Reserve Bank and short-term foreign loans to the Central Government by foreign banks and authorities.
South Africa: Quarterly Balance of Payments, 1993–95
(In millions of rand)
| 1993 | 1994 | 1995 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| I | II | III | IV | I | II | III | IV | I | II | III | IV | ||
| (Seasonelly ediusted figures) | |||||||||||||
| Nongold exports, f.o.b. | 12,252 | 14,162 | 14,071 | 16.027 | 15,003 | 15,380 | 16,642 | 17,926 | 20,338 | 19,747 | 20,299 | 20,606 | |
| Net gold exports 1/ | 5,264 | 5,548 | 6,128 | 5,289 | 5,654 | 5,793 | 6,204 | 4,996 | 5,000 | 4,827 | 5,836 | 4,490 | |
| Imports, f.o.b. | 14,273 | 14,213 | 15,099 | 16,284 | 16,603 | 17,720 | 20.471 | 21,448 | 23.619 | 24,420 | 25,357 | 25,047 | |
| Trade balance | 3,243 | 5,497 | 5,100 | 5,031 | 4.054 | 3,445 | 2,375 | 1,474 | 1,719 | 154 | 779 | 49 | |
| Net services and transfers | −2,972 | −2,644 | −3,562 | −3,864 | −3,713 | −3,043 | −3,758 | −3,066 | −3,898 | −3,851 | −3,816 | −3,792 | |
| Currant account balance | 271 | 2,853 | 1,538 | 1,167 | 341 | 402 | -1,382 | -1,592 | -2,179 | -3,696 | -3,037 | -3,743 | |
| (Actual data, not sessonally adjusted) | |||||||||||||
| Current account balance | 902 | 3,379 | 732 | 816 | 487 | 30 | −1.949 | −727 | −2,341 | −3,979 | −3,314 | −3,022 | |
| Long-term capital, net | −510 | −1,124 | −948 | 62 | −1,849 | −1,307 | 1,191 | 4,668 | 577 | 3,706 | 2,754 | 5,480 | |
| Public sector | −532 | −495 | −290 | −1,569 | −1,958 | 223 | 1,124 | 4,705 | −383 | 1,258 | 1,091 | 2,072 | |
| Private sector | 22 | 1,619 | −658 | 1,631 | 901 | −1,530 | 67 | −37 | 960 | 2,448 | 1,663 | 3,408 | |
| Short-term capital, net | −3,588 | −4,299 | −1,995 | −4,867 | −298 | −1,033 | −4,104 | −924 | 4,903 | 1,324 | 1,047 | 1,942 | |
| Public sector | 263 | −16 | 280 | 26 | 22 | 14 | 64 | 1,791 | 192 | −1,817 | −45 | 114 | |
| Monetary sactor 2/ | −1,799 | −1,233 | 652 | −929 | 2,404 | 1,394 | 2,642 | −3.026 | 1,826 | 4,298 | 940 | 1,930 | |
| Other 3/ | −2,052 | −3,050 | −2,927 | −3,964 | −2,724 | −2,441 | 1,398 | 311 | 2,885 | −1,157 | 152 | −102 | |
| Total capital movements | −4.098 | −3,175 | −2,943 | −4,805 | −1,347 | −2,348 | 5,295 | 3,744 | 5,480 | 5,030 | 3,801 | 7,422 | |
| Change in net reserves (on a transactions basis) 3/ | −3,196 | 204 | −2,211 | 3,909 | −3,989 | −2,302 | 3,346 | 3,017 | 3,139 | 1,051 | 487 | 4,400 | |
| Change in liabilities releted to reserves 4/ | 1,226 | −514 | 1,014 | 5,701 | 15 | 1,824 | −2,058 | 218 | −1,140 | −2,030 | −451 | −1,371 | |
| SDR allocations and valuation adjustments | 288 | 1,002 | −40 | 360 | 179 | −161 | 63 | −149 | 42 | 82 | −119 | −4 | |
| Change in gross reserves | −l.682 | 692 | −1.237 | 2,072 | −746 | −639 | 1,351 | 3,086 | 2,041 | −897 | −83 | 3,025 | |
Net foreign sales of gold plus changes in the gold holdings of the Reserve Bank and other banking institutions.
Excluding the Reserve Bank.
Private nonmonetary sector including unrecorded transactions.
Gold and foreign exchange reserves of the Reserve Bank, the banking sector. and the Central Government.
Liabilities related to reserves include all foreign short-term liabilities of the Reserve Bank and short-term foreign loans to the Central Government by foreign banks and authorities.
South Africa: Quarterly Balance of Payments, 1993–95
(In millions of rand)
| 1993 | 1994 | 1995 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| I | II | III | IV | I | II | III | IV | I | II | III | IV | ||
| (Seasonelly ediusted figures) | |||||||||||||
| Nongold exports, f.o.b. | 12,252 | 14,162 | 14,071 | 16.027 | 15,003 | 15,380 | 16,642 | 17,926 | 20,338 | 19,747 | 20,299 | 20,606 | |
| Net gold exports 1/ | 5,264 | 5,548 | 6,128 | 5,289 | 5,654 | 5,793 | 6,204 | 4,996 | 5,000 | 4,827 | 5,836 | 4,490 | |
| Imports, f.o.b. | 14,273 | 14,213 | 15,099 | 16,284 | 16,603 | 17,720 | 20.471 | 21,448 | 23.619 | 24,420 | 25,357 | 25,047 | |
| Trade balance | 3,243 | 5,497 | 5,100 | 5,031 | 4.054 | 3,445 | 2,375 | 1,474 | 1,719 | 154 | 779 | 49 | |
| Net services and transfers | −2,972 | −2,644 | −3,562 | −3,864 | −3,713 | −3,043 | −3,758 | −3,066 | −3,898 | −3,851 | −3,816 | −3,792 | |
| Currant account balance | 271 | 2,853 | 1,538 | 1,167 | 341 | 402 | -1,382 | -1,592 | -2,179 | -3,696 | -3,037 | -3,743 | |
| (Actual data, not sessonally adjusted) | |||||||||||||
| Current account balance | 902 | 3,379 | 732 | 816 | 487 | 30 | −1.949 | −727 | −2,341 | −3,979 | −3,314 | −3,022 | |
| Long-term capital, net | −510 | −1,124 | −948 | 62 | −1,849 | −1,307 | 1,191 | 4,668 | 577 | 3,706 | 2,754 | 5,480 | |
| Public sector | −532 | −495 | −290 | −1,569 | −1,958 | 223 | 1,124 | 4,705 | −383 | 1,258 | 1,091 | 2,072 | |
| Private sector | 22 | 1,619 | −658 | 1,631 | 901 | −1,530 | 67 | −37 | 960 | 2,448 | 1,663 | 3,408 | |
| Short-term capital, net | −3,588 | −4,299 | −1,995 | −4,867 | −298 | −1,033 | −4,104 | −924 | 4,903 | 1,324 | 1,047 | 1,942 | |
| Public sector | 263 | −16 | 280 | 26 | 22 | 14 | 64 | 1,791 | 192 | −1,817 | −45 | 114 | |
| Monetary sactor 2/ | −1,799 | −1,233 | 652 | −929 | 2,404 | 1,394 | 2,642 | −3.026 | 1,826 | 4,298 | 940 | 1,930 | |
| Other 3/ | −2,052 | −3,050 | −2,927 | −3,964 | −2,724 | −2,441 | 1,398 | 311 | 2,885 | −1,157 | 152 | −102 | |
| Total capital movements | −4.098 | −3,175 | −2,943 | −4,805 | −1,347 | −2,348 | 5,295 | 3,744 | 5,480 | 5,030 | 3,801 | 7,422 | |
| Change in net reserves (on a transactions basis) 3/ | −3,196 | 204 | −2,211 | 3,909 | −3,989 | −2,302 | 3,346 | 3,017 | 3,139 | 1,051 | 487 | 4,400 | |
| Change in liabilities releted to reserves 4/ | 1,226 | −514 | 1,014 | 5,701 | 15 | 1,824 | −2,058 | 218 | −1,140 | −2,030 | −451 | −1,371 | |
| SDR allocations and valuation adjustments | 288 | 1,002 | −40 | 360 | 179 | −161 | 63 | −149 | 42 | 82 | −119 | −4 | |
| Change in gross reserves | −l.682 | 692 | −1.237 | 2,072 | −746 | −639 | 1,351 | 3,086 | 2,041 | −897 | −83 | 3,025 | |
Net foreign sales of gold plus changes in the gold holdings of the Reserve Bank and other banking institutions.
Excluding the Reserve Bank.
Private nonmonetary sector including unrecorded transactions.
Gold and foreign exchange reserves of the Reserve Bank, the banking sector. and the Central Government.
Liabilities related to reserves include all foreign short-term liabilities of the Reserve Bank and short-term foreign loans to the Central Government by foreign banks and authorities.
South Africe: Volume and Unit Value of Exports and Imports, 1991-95
(Perecentage chents from previous period
Seasonally adjusted quarterly data, except for memorendum items.
In rand.
Goods and nonfactor services.
Relative consumer prices adjusted for exchange rate changes (deprecistion -): period average.
Quarterly date are seasonally adjusted.
South Africe: Volume and Unit Value of Exports and Imports, 1991-95
(Perecentage chents from previous period
| 1991 | 1992 | 1993 | 1994 | 1995 | 1994 1/ | 1995 1/ | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| I | II | III | IV | I | II | III | IV | ||||||||
| Volume of exports | |||||||||||||||
| Goods and nonfactor services | −0.1 | 1.1 | 6.0 | 0.4 | 8.4 | −5.8 | −0.5 | 4.8 | 1.6 | 6.4 | −4.7 | 6.0 | −3.2 | ||
| Mongold goods and nonfactor services | −0.7 | 2.7 | 6.7 | 4.0 | 14.7 | −5.9 | −0.9 | 3.5 | 6.9 | 8.8 | −3.9 | 3.0 | 1.4 | ||
| volume of imports | |||||||||||||||
| Goods and nonfactor services | 2.1 | 5.4 | 7.0 | 16.2 | 17.0 | 2.6 | −0.5 | 10.9 | 4.3 | 6.3 | −0.6 | 4.7 | −1.6 | ||
| Unit value of exports 2/ | |||||||||||||||
| Goods and nonfactor services | 4.9 | 4.2 | 9.6 | 12.0 | 6.6 | 5.8 | 2.5 | 2.2 | -0.6 | 3.4 | 2.3 | 0.2 | −0.1 | ||
| Nongold goods and nonfactor services | 4.7 | 6.5 | 7.5 | 11.2 | 7.5 | 3.7 | 2.9 | 3.6 | 0.4 | 3.3 | 1.6 | 0.3 | −0.2 | ||
| Unit value of imports 2/ | |||||||||||||||
| Goods and nonfactor services | 6.4 | 5.5 | 6.9 | 7.6 | 7.3 | 0.4 | 3.5 | 3.5 | −0.1 | 2.7 | 2.8 | −0.4 | −0.1 | ||
| Terms of trade 3/ | |||||||||||||||
| Including gold | |||||||||||||||
| Index 1990 = 100 | 98.6 | 97.4 | 98.1 | 102.0 | 101.3 | 103.5 | 102.5 | 101.3 | 100.8 | 101.4 | 100.9 | 101.6 | 101.5 | ||
| Percentage change | −1.4 | −1.2 | 0.7 | 4.0 | −0.7 | 5.3 | −1.0 | −1.2 | −0.5 | 0.6 | −0.5 | 0.7 | −0.1 | ||
| Excluding gold | |||||||||||||||
| Indax 1990 = 100 | 98.4 | 99.4 | 98.1 | 101.5 | 101.5 | 101.7 | 101.7 | 101.1 | 101.6 | 102.2 | 100.9 | 101.6 | 101.5 | ||
| Percentage change | −1.6 | 1.0 | −1.3 | 3.5 | — | 3.4 | — | −0.6 | 0.5 | 0.6 | −1.3 | 0.7 | −0.1 | ||
| Hemorandum items: | |||||||||||||||
| Effective exchange rate (IFS) | |||||||||||||||
| Nominal | −6.2 | −6.0 | −8.9 | −10.1 | −8.0 | −1.2 | −7.8 | −3.3 | 1.1 | −2.2 | −6.2 | 2.3 | 1.0 | ||
| Real 4/ | 3.8 | 3.8 | −2.6 | −4.1 | −2.3 | 0.5 | −6.1 | −0.7 | 3.1 | −0.6 | −4.7 | 2.2 | 2.1 | ||
| Trading partners (GEE) | |||||||||||||||
| Total dogmatic daaand | 0.4 | 0.6 | -0.3 | 2.9 | 2.8 | … | … | … | … | … | … | … | … | ||
| Non-oil import damand | 4.6 | 6.0 | 1.6 | 9.1 | 10.3 | … | … | … | … | … | … | … | … | ||
| Domestic demand (incl. exports) 5/ | −0.4 | −0.6 | 2.3 | 4.7 | 6.4 | −0.2 | 0.3 | 2.9 | 2.1 | 2.1 | 0.4 | 1.5 | −0.1 | ||
Seasonally adjusted quarterly data, except for memorendum items.
In rand.
Goods and nonfactor services.
Relative consumer prices adjusted for exchange rate changes (deprecistion -): period average.
Quarterly date are seasonally adjusted.
South Africe: Volume and Unit Value of Exports and Imports, 1991-95
(Perecentage chents from previous period
| 1991 | 1992 | 1993 | 1994 | 1995 | 1994 1/ | 1995 1/ | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| I | II | III | IV | I | II | III | IV | ||||||||
| Volume of exports | |||||||||||||||
| Goods and nonfactor services | −0.1 | 1.1 | 6.0 | 0.4 | 8.4 | −5.8 | −0.5 | 4.8 | 1.6 | 6.4 | −4.7 | 6.0 | −3.2 | ||
| Mongold goods and nonfactor services | −0.7 | 2.7 | 6.7 | 4.0 | 14.7 | −5.9 | −0.9 | 3.5 | 6.9 | 8.8 | −3.9 | 3.0 | 1.4 | ||
| volume of imports | |||||||||||||||
| Goods and nonfactor services | 2.1 | 5.4 | 7.0 | 16.2 | 17.0 | 2.6 | −0.5 | 10.9 | 4.3 | 6.3 | −0.6 | 4.7 | −1.6 | ||
| Unit value of exports 2/ | |||||||||||||||
| Goods and nonfactor services | 4.9 | 4.2 | 9.6 | 12.0 | 6.6 | 5.8 | 2.5 | 2.2 | -0.6 | 3.4 | 2.3 | 0.2 | −0.1 | ||
| Nongold goods and nonfactor services | 4.7 | 6.5 | 7.5 | 11.2 | 7.5 | 3.7 | 2.9 | 3.6 | 0.4 | 3.3 | 1.6 | 0.3 | −0.2 | ||
| Unit value of imports 2/ | |||||||||||||||
| Goods and nonfactor services | 6.4 | 5.5 | 6.9 | 7.6 | 7.3 | 0.4 | 3.5 | 3.5 | −0.1 | 2.7 | 2.8 | −0.4 | −0.1 | ||
| Terms of trade 3/ | |||||||||||||||
| Including gold | |||||||||||||||
| Index 1990 = 100 | 98.6 | 97.4 | 98.1 | 102.0 | 101.3 | 103.5 | 102.5 | 101.3 | 100.8 | 101.4 | 100.9 | 101.6 | 101.5 | ||
| Percentage change | −1.4 | −1.2 | 0.7 | 4.0 | −0.7 | 5.3 | −1.0 | −1.2 | −0.5 | 0.6 | −0.5 | 0.7 | −0.1 | ||
| Excluding gold | |||||||||||||||
| Indax 1990 = 100 | 98.4 | 99.4 | 98.1 | 101.5 | 101.5 | 101.7 | 101.7 | 101.1 | 101.6 | 102.2 | 100.9 | 101.6 | 101.5 | ||
| Percentage change | −1.6 | 1.0 | −1.3 | 3.5 | — | 3.4 | — | −0.6 | 0.5 | 0.6 | −1.3 | 0.7 | −0.1 | ||
| Hemorandum items: | |||||||||||||||
| Effective exchange rate (IFS) | |||||||||||||||
| Nominal | −6.2 | −6.0 | −8.9 | −10.1 | −8.0 | −1.2 | −7.8 | −3.3 | 1.1 | −2.2 | −6.2 | 2.3 | 1.0 | ||
| Real 4/ | 3.8 | 3.8 | −2.6 | −4.1 | −2.3 | 0.5 | −6.1 | −0.7 | 3.1 | −0.6 | −4.7 | 2.2 | 2.1 | ||
| Trading partners (GEE) | |||||||||||||||
| Total dogmatic daaand | 0.4 | 0.6 | -0.3 | 2.9 | 2.8 | … | … | … | … | … | … | … | … | ||
| Non-oil import damand | 4.6 | 6.0 | 1.6 | 9.1 | 10.3 | … | … | … | … | … | … | … | … | ||
| Domestic demand (incl. exports) 5/ | −0.4 | −0.6 | 2.3 | 4.7 | 6.4 | −0.2 | 0.3 | 2.9 | 2.1 | 2.1 | 0.4 | 1.5 | −0.1 | ||
Seasonally adjusted quarterly data, except for memorendum items.
In rand.
Goods and nonfactor services.
Relative consumer prices adjusted for exchange rate changes (deprecistion -): period average.
Quarterly date are seasonally adjusted.
South Africa: Services and Transfers, 1990-94
(In millions of dollars)
Income from nonmerchandise insurance and other foreign earnings.
Payments for nonmerchandise insurance and other foreign payments.
South Africa: Services and Transfers, 1990-94
(In millions of dollars)
| 1990 | 1991 | 1992 | 1993 | 1994 | |||
|---|---|---|---|---|---|---|---|
| Services | |||||||
| Receipts | 4,385 | 4,486 | 4,668 | 4,446 | 5.062 | ||
| Freight | 295 | 246 | 364 | 353 | 381 | ||
| Other transportation | 926 | 962 | 1,024 | 1.017 | 1.020 | ||
| Travel | 956 | 1,103 | 1,182 | 1,327 | 1,569 | ||
| Investment income | 549 | 775 | 838 | 716 | 891 | ||
| Interest | 132 | 165 | 147 | 129 | 188 | ||
| Dividends and profits | 352 | 518 | 598 | 501 | 602 | ||
| Taxes | 65 | 92 | 94 | 87 | 102 | ||
| Other income 1/ | 1,658 | 1,400 | 1,259 | 1,033 | 1,202 | ||
| Payments | 9.163 | 8.444 | 8.821 | 8.570 | 8.933 | ||
| Freight | 1,016 | 1,059 | 1,205 | 1,241 | 1,363 | ||
| Other transportation | 1,103 | 1,097 | 1,094 | 1,010 | 1,166 | ||
| Travel | 1,118 | 1,155 | 1,545 | 1,870 | 1,847 | ||
| Investment income | 3,810 | 3,281 | 3,136 | 2,831 | 2,824 | ||
| Interest | 2,463 | 2,078 | 1,890 | 1,905 | 1,877 | ||
| Dividends and profits | 1,179 | 1,084 | 1,148 | 825 | 827 | ||
| Taxes | 167 | 120 | 98 | 101 | 120 | ||
| Other payments 2/ | 2,117 | 1,851 | 1,840 | 1,619 | 1,731 | ||
| Net | −4,778 | −3,957 | −4,153 | −4,124 | −3.870 | ||
| Freight | −720 | −813 | −841 | −887 | −983 | ||
| Other transportation | −176 | −134 | −69 | 7 | −146 | ||
| Travel | −162 | −53 | −363 | −543 | −279 | ||
| Investment income | −3,261 | −2,506 | −2,298 | −2,115 | −1,933 | ||
| Interest | −2,331 | −1,913 | −1.743 | −1.777 | −1.690 | ||
| Dividends and profit | −827 | −565 | −551 | −324 | −226 | ||
| Taxes | −103 | −28 | −4 | −14 | −18 | ||
| Other | −459 | −451 | −581 | −586 | −529 | ||
| Net transfers | 71 | 73 | 105 | 131 | 45 | ||
| Private | −33 | −27 | 32 | 68 | −29 | ||
| Central Government | 104 | 100 | 73 | 64 | 74 | ||
| Net invisibles | −4.707 | −3.884 | −4.048 | −3.993 | −3,825 | ||
| (In percent of GDP) | (−4.4) | (−3.5) | (−3.4) | (−3.4) | (−3.1) | ||
Income from nonmerchandise insurance and other foreign earnings.
Payments for nonmerchandise insurance and other foreign payments.
South Africa: Services and Transfers, 1990-94
(In millions of dollars)
| 1990 | 1991 | 1992 | 1993 | 1994 | |||
|---|---|---|---|---|---|---|---|
| Services | |||||||
| Receipts | 4,385 | 4,486 | 4,668 | 4,446 | 5.062 | ||
| Freight | 295 | 246 | 364 | 353 | 381 | ||
| Other transportation | 926 | 962 | 1,024 | 1.017 | 1.020 | ||
| Travel | 956 | 1,103 | 1,182 | 1,327 | 1,569 | ||
| Investment income | 549 | 775 | 838 | 716 | 891 | ||
| Interest | 132 | 165 | 147 | 129 | 188 | ||
| Dividends and profits | 352 | 518 | 598 | 501 | 602 | ||
| Taxes | 65 | 92 | 94 | 87 | 102 | ||
| Other income 1/ | 1,658 | 1,400 | 1,259 | 1,033 | 1,202 | ||
| Payments | 9.163 | 8.444 | 8.821 | 8.570 | 8.933 | ||
| Freight | 1,016 | 1,059 | 1,205 | 1,241 | 1,363 | ||
| Other transportation | 1,103 | 1,097 | 1,094 | 1,010 | 1,166 | ||
| Travel | 1,118 | 1,155 | 1,545 | 1,870 | 1,847 | ||
| Investment income | 3,810 | 3,281 | 3,136 | 2,831 | 2,824 | ||
| Interest | 2,463 | 2,078 | 1,890 | 1,905 | 1,877 | ||
| Dividends and profits | 1,179 | 1,084 | 1,148 | 825 | 827 | ||
| Taxes | 167 | 120 | 98 | 101 | 120 | ||
| Other payments 2/ | 2,117 | 1,851 | 1,840 | 1,619 | 1,731 | ||
| Net | −4,778 | −3,957 | −4,153 | −4,124 | −3.870 | ||
| Freight | −720 | −813 | −841 | −887 | −983 | ||
| Other transportation | −176 | −134 | −69 | 7 | −146 | ||
| Travel | −162 | −53 | −363 | −543 | −279 | ||
| Investment income | −3,261 | −2,506 | −2,298 | −2,115 | −1,933 | ||
| Interest | −2,331 | −1,913 | −1.743 | −1.777 | −1.690 | ||
| Dividends and profit | −827 | −565 | −551 | −324 | −226 | ||
| Taxes | −103 | −28 | −4 | −14 | −18 | ||
| Other | −459 | −451 | −581 | −586 | −529 | ||
| Net transfers | 71 | 73 | 105 | 131 | 45 | ||
| Private | −33 | −27 | 32 | 68 | −29 | ||
| Central Government | 104 | 100 | 73 | 64 | 74 | ||
| Net invisibles | −4.707 | −3.884 | −4.048 | −3.993 | −3,825 | ||
| (In percent of GDP) | (−4.4) | (−3.5) | (−3.4) | (−3.4) | (−3.1) | ||
Income from nonmerchandise insurance and other foreign earnings.
Payments for nonmerchandise insurance and other foreign payments.
South Africa: Net Capital Movements, 1991-95
(In millions of dollars)
South Africa: Net Capital Movements, 1991-95
(In millions of dollars)
| 1991 | 1992 | 1993 | 1994 | 1995 prelim. |
|||
|---|---|---|---|---|---|---|---|
| Long-term capital | −627 | −530 | −83 | 987 | 3.452 | ||
| Public sector | 381 | 1,102 | −883 | 1,156 | 1,113 | ||
| General government | 422 | 744 | 51 | 991 | 443 | ||
| Public corporations | −42 | 358 | −935 | 165 | 670 | ||
| Nonbank private sector | −962 | −1,390 | 819 | 218 | 2,048 | ||
| Direct investment, net | −194 | −613 | −172 | −100 | 493 | ||
| Nondirect investment, excluding net purchases of secues | 75 | 19 | 131 | 208 | 135 | ||
| Net purchases of securities by nonresidents | −843 | −796 | 860 | 110 | 1,345 | ||
| Banking sector | −45 | −242 | −19 | −387 | 366 | ||
| Short-term capital | 664 | 878 | −1,555 | 1,392 | 1,808 | ||
| Public sector | −151 | −14 | 169 | 533 | −429 | ||
| General government | — | — | — | 485 | −474 | ||
| Public corporations | −151 | −14 | 169 | 48 | 45 | ||
| Nonbank private sector | −134 | −268 | −712 | −102 | −243 | ||
| Direct investment | 198 | −191 | −130 | 295 | −357 | ||
| Nondirect investment | −333 | −77 | −582 | −397 | 113 | ||
| Banking sector | 949 | 1.159 | −1,013 | 962 | 2,480 | ||
| Errors and omissions | −818 | −1,636 | −2,960 | −871 | 734 | ||
| Net capital movements | −780 | −1,288 | −4,598 | 1,508 | 5,993 | ||
South Africa: Net Capital Movements, 1991-95
(In millions of dollars)
| 1991 | 1992 | 1993 | 1994 | 1995 prelim. |
|||
|---|---|---|---|---|---|---|---|
| Long-term capital | −627 | −530 | −83 | 987 | 3.452 | ||
| Public sector | 381 | 1,102 | −883 | 1,156 | 1,113 | ||
| General government | 422 | 744 | 51 | 991 | 443 | ||
| Public corporations | −42 | 358 | −935 | 165 | 670 | ||
| Nonbank private sector | −962 | −1,390 | 819 | 218 | 2,048 | ||
| Direct investment, net | −194 | −613 | −172 | −100 | 493 | ||
| Nondirect investment, excluding net purchases of secues | 75 | 19 | 131 | 208 | 135 | ||
| Net purchases of securities by nonresidents | −843 | −796 | 860 | 110 | 1,345 | ||
| Banking sector | −45 | −242 | −19 | −387 | 366 | ||
| Short-term capital | 664 | 878 | −1,555 | 1,392 | 1,808 | ||
| Public sector | −151 | −14 | 169 | 533 | −429 | ||
| General government | — | — | — | 485 | −474 | ||
| Public corporations | −151 | −14 | 169 | 48 | 45 | ||
| Nonbank private sector | −134 | −268 | −712 | −102 | −243 | ||
| Direct investment | 198 | −191 | −130 | 295 | −357 | ||
| Nondirect investment | −333 | −77 | −582 | −397 | 113 | ||
| Banking sector | 949 | 1.159 | −1,013 | 962 | 2,480 | ||
| Errors and omissions | −818 | −1,636 | −2,960 | −871 | 734 | ||
| Net capital movements | −780 | −1,288 | −4,598 | 1,508 | 5,993 | ||
South Africa: External Debt, 1987-95
Excluding rand denominated debt.
The distinction between short-term and long-term is not based on the original maturity structure, but on the schedule of repayments, i.e., short-term debt comprises all amortization payments due over the next year.
Central Government, local authorities, public business enterprises, public corporations, and debt of the monetary sector that is not affected by the debt standstill.
At end-June 1995.
South Africa: External Debt, 1987-95
| 1987 | 1988 | 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | 1995 4/ | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| (In millions of U.S. dollars) | |||||||||||
| Debt outstanding (at year-end) Medium- and long-term 1/ 2/ | 11.464 | 9.377 | 8.585 | 8.504 | 8.941 | 8.342 | 8.145 | 11.444 | 12.228 | ||
| Public sector 3/ | 6,881 | 6,292 | 5,347 | 5,248 | 5,735 | 5,260 | 5,481 | 6,197 | 6,735 | ||
| Private sector | 4,583 | 3,085 | 3,238 | 3,256 | 3.206 | 3,082 | 2.664 | 5.247 | 5.493 | ||
| Short-term 2/ | 11,154 | 11,808 | 12,012 | 10,879 | 9,188 | 8,959 | 8,545 | 7,203 | 8,428 | ||
| Public sector 3/ | 4.409 | 3.828 | 5.575 | 3.732 | 2.926 | 3.200 | 3.731 | 2.684 | 1.508 | ||
| Private sector | 6.745 | 7.980 | 6.437 | 7.147 | 6.262 | 5.759 | 4.814 | 4.519 | 6.920 | ||
| Total external debt | 22.618 | 21.185 | 20.597 | 19.383 | 18.129 | 17.301 | 16.690 | 18.647 | 20.656 | ||
| Public sector | 11.290 | 10.120 | 10.922 | 8.980 | 8.661 | 8.460 | 9.212 | 8.881 | 8.243 | ||
| Private sector | 11.328 | 11.065 | 9.675 | 10.403 | 9.468 | 8.841 | 7.478 | 9.766 | 12.413 | ||
| Memorandum items: | (In percent) | ||||||||||
| Total external debt (in billion of rand) | 43.7 | 50.3 | 63.5 | 67.0 | 70.3 | 83.2 | 86.7 | 98.8 | 75.2 1/ 4/ | ||
| Debt/GOP | 27.6 | 24.0 | 27.3 | 24.5 | 22.8 | 22.7 | 21.6 | 22. 9 | … | ||
| Debt/Exports of goods and nonfactor services | 89.9 | 86.9 | 95.1 | 93.7 | 93.3 | 96.2 | 88.5 | 93.8 | … | ||
| Share of short-term debt in total debt 1/ | 58.0 | 58.2 | 59.8 | 56.0 | 50.7 | 51.8 | 51.2 | 38.6 | 40.8 1/ 4/ | ||
| Interest payments/Exports of goods and nonfactor services | 8.4 | 8.4 | 8.5 | 8.8 | 7.5 | 6.7 | 6.6 | 6.3 | … | ||
Excluding rand denominated debt.
The distinction between short-term and long-term is not based on the original maturity structure, but on the schedule of repayments, i.e., short-term debt comprises all amortization payments due over the next year.
Central Government, local authorities, public business enterprises, public corporations, and debt of the monetary sector that is not affected by the debt standstill.
At end-June 1995.
South Africa: External Debt, 1987-95
| 1987 | 1988 | 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | 1995 4/ | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| (In millions of U.S. dollars) | |||||||||||
| Debt outstanding (at year-end) Medium- and long-term 1/ 2/ | 11.464 | 9.377 | 8.585 | 8.504 | 8.941 | 8.342 | 8.145 | 11.444 | 12.228 | ||
| Public sector 3/ | 6,881 | 6,292 | 5,347 | 5,248 | 5,735 | 5,260 | 5,481 | 6,197 | 6,735 | ||
| Private sector | 4,583 | 3,085 | 3,238 | 3,256 | 3.206 | 3,082 | 2.664 | 5.247 | 5.493 | ||
| Short-term 2/ | 11,154 | 11,808 | 12,012 | 10,879 | 9,188 | 8,959 | 8,545 | 7,203 | 8,428 | ||
| Public sector 3/ | 4.409 | 3.828 | 5.575 | 3.732 | 2.926 | 3.200 | 3.731 | 2.684 | 1.508 | ||
| Private sector | 6.745 | 7.980 | 6.437 | 7.147 | 6.262 | 5.759 | 4.814 | 4.519 | 6.920 | ||
| Total external debt | 22.618 | 21.185 | 20.597 | 19.383 | 18.129 | 17.301 | 16.690 | 18.647 | 20.656 | ||
| Public sector | 11.290 | 10.120 | 10.922 | 8.980 | 8.661 | 8.460 | 9.212 | 8.881 | 8.243 | ||
| Private sector | 11.328 | 11.065 | 9.675 | 10.403 | 9.468 | 8.841 | 7.478 | 9.766 | 12.413 | ||
| Memorandum items: | (In percent) | ||||||||||
| Total external debt (in billion of rand) | 43.7 | 50.3 | 63.5 | 67.0 | 70.3 | 83.2 | 86.7 | 98.8 | 75.2 1/ 4/ | ||
| Debt/GOP | 27.6 | 24.0 | 27.3 | 24.5 | 22.8 | 22.7 | 21.6 | 22. 9 | … | ||
| Debt/Exports of goods and nonfactor services | 89.9 | 86.9 | 95.1 | 93.7 | 93.3 | 96.2 | 88.5 | 93.8 | … | ||
| Share of short-term debt in total debt 1/ | 58.0 | 58.2 | 59.8 | 56.0 | 50.7 | 51.8 | 51.2 | 38.6 | 40.8 1/ 4/ | ||
| Interest payments/Exports of goods and nonfactor services | 8.4 | 8.4 | 8.5 | 8.8 | 7.5 | 6.7 | 6.6 | 6.3 | … | ||
Excluding rand denominated debt.
The distinction between short-term and long-term is not based on the original maturity structure, but on the schedule of repayments, i.e., short-term debt comprises all amortization payments due over the next year.
Central Government, local authorities, public business enterprises, public corporations, and debt of the monetary sector that is not affected by the debt standstill.
At end-June 1995.
South Africa: External Reserves, 1991-95
(In millions of U.S. dollars: and of period)
Holdings of the Reserve Bank and Central Government.
Gold reserves are valued at 90 percent of the average of the last ten London fixing prices during the month.
Includes December 1993 CCFF drawing (SDR 614 million).
Gross reserves less official liabilities relating to reserves.
Imports of goods and nonfactor services.
South Africa: External Reserves, 1991-95
(In millions of U.S. dollars: and of period)
| 1991 | 1992 | 1993 | 1994 | 1995 | 1994 | 1995 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| I | II | III | IV | I | II | III | IV | ||||||||
| Gross external reserves | 3,574 | 3,670 | 3,252 | 3,980 | 4,987 | 2,962 | 2,647 | 3.091 | 3,980 | 4,496 | 4,193 | 4,155 | 4,987 | ||
| Gross official reserves 1/ | 2,972 | 2,982 | 2,676 | 3,130 | 4,300 | 2,281 | 1,941 | 2,263 | 3,130 | 3,352 | 3,407 | 3,233 | 4,300 | ||
| Gold, national valuation 2/ | 2,074 | 1,992 | 1,658 | 1,445 | 1,481 | 1.694 | 1,467 | 1,299 | 1,445 | 1,518 | 1,619 | 1,569 | 1,481 | ||
| SDRs | 2 | … | 12 | 1 | 5 | 19 | 5 | 3 | 1 | 2 | 5 | 6 | 5 | ||
| Other foreign exchange | 896 | 990 | 1,006 | 1,684 | 2,815 | 568 | 469 | 962 | 1,684 | 1,833 | 1,782 | 1,658 | 2,815 | ||
| External liabilities | 3,519 | 4,806 | 5,678 | 6,531 | 7,503 | 6,196 | 6,767 | 7,287 | 6,531 | 6,636 | 7,176 | 7,106 | 7,503 | ||
| Official liabilities relating to reserves 3/ | 26 | 305 | 2,366 | 2,216 | 759 | 2,251 | 2,581 | 1,765 | 2,216 | 1,803 | 1,201 | 1,129 | 759 | ||
| Net external reserves 4/ | 3,548 | 3,366 | 887 | 1,764 | 4,228 | 710 | 66 | 1,326 | 1,764 | 2,693 | 2,992 | 3,026 | 4,228 | ||
| Net official reserves 4/ | 2,946 | 2,677 | 311 | 914 | 3,542 | 29 | −640 | 498 | 914 | 1,549 | 2,206 | 2,105 | 3,542 | ||
| Mamorandum items: | |||||||||||||||
| Gross official reserves | |||||||||||||||
| In millions of rand | 8,152 | 9,104 | 9,092 | 11,087 | 15,680 | 7,934 | 7,084 | 8.061 | 11,087 | 12.030 | 12,382 | 11.793 | 15,680 | ||
| In millions of SDRs | 2,078 | 2,169 | 1,948 | 2,143 | 2,892 | 1,614 | 1,339 | 1,541 | 2,143 | 2,147 | 2,170 | 2,145 | 2,892 | ||
| In millions of dollars, excluding gold | 898 | 990 | 1,018 | 1,684 | 2,818 | 586 | 473 | 963 | 1,684 | 1,833 | 1,786 | 1,662 | 2,818 | ||
| In Months of imports 5/ | |||||||||||||||
| Gross official reserves | 1.7 | 1.7 | 1.4 | 1.4 | 1.6 | 1.2 | 1.0 | 0.9 | 1.3 | 1.3 | 1.2 | 1.1 | 1.6 | ||
| Nat official reserves 4/ | 1.7 | l.5 | 0.2 | 0.4 | 1.3 | 0.0 | −0.3 | 0.2 | 0.4 | 0.6 | 0.8 | 0.7 | 1.3 | ||
Holdings of the Reserve Bank and Central Government.
Gold reserves are valued at 90 percent of the average of the last ten London fixing prices during the month.
Includes December 1993 CCFF drawing (SDR 614 million).
Gross reserves less official liabilities relating to reserves.
Imports of goods and nonfactor services.
South Africa: External Reserves, 1991-95
(In millions of U.S. dollars: and of period)
| 1991 | 1992 | 1993 | 1994 | 1995 | 1994 | 1995 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| I | II | III | IV | I | II | III | IV | ||||||||
| Gross external reserves | 3,574 | 3,670 | 3,252 | 3,980 | 4,987 | 2,962 | 2,647 | 3.091 | 3,980 | 4,496 | 4,193 | 4,155 | 4,987 | ||
| Gross official reserves 1/ | 2,972 | 2,982 | 2,676 | 3,130 | 4,300 | 2,281 | 1,941 | 2,263 | 3,130 | 3,352 | 3,407 | 3,233 | 4,300 | ||
| Gold, national valuation 2/ | 2,074 | 1,992 | 1,658 | 1,445 | 1,481 | 1.694 | 1,467 | 1,299 | 1,445 | 1,518 | 1,619 | 1,569 | 1,481 | ||
| SDRs | 2 | … | 12 | 1 | 5 | 19 | 5 | 3 | 1 | 2 | 5 | 6 | 5 | ||
| Other foreign exchange | 896 | 990 | 1,006 | 1,684 | 2,815 | 568 | 469 | 962 | 1,684 | 1,833 | 1,782 | 1,658 | 2,815 | ||
| External liabilities | 3,519 | 4,806 | 5,678 | 6,531 | 7,503 | 6,196 | 6,767 | 7,287 | 6,531 | 6,636 | 7,176 | 7,106 | 7,503 | ||
| Official liabilities relating to reserves 3/ | 26 | 305 | 2,366 | 2,216 | 759 | 2,251 | 2,581 | 1,765 | 2,216 | 1,803 | 1,201 | 1,129 | 759 | ||
| Net external reserves 4/ | 3,548 | 3,366 | 887 | 1,764 | 4,228 | 710 | 66 | 1,326 | 1,764 | 2,693 | 2,992 | 3,026 | 4,228 | ||
| Net official reserves 4/ | 2,946 | 2,677 | 311 | 914 | 3,542 | 29 | −640 | 498 | 914 | 1,549 | 2,206 | 2,105 | 3,542 | ||
| Mamorandum items: | |||||||||||||||
| Gross official reserves | |||||||||||||||
| In millions of rand | 8,152 | 9,104 | 9,092 | 11,087 | 15,680 | 7,934 | 7,084 | 8.061 | 11,087 | 12.030 | 12,382 | 11.793 | 15,680 | ||
| In millions of SDRs | 2,078 | 2,169 | 1,948 | 2,143 | 2,892 | 1,614 | 1,339 | 1,541 | 2,143 | 2,147 | 2,170 | 2,145 | 2,892 | ||
| In millions of dollars, excluding gold | 898 | 990 | 1,018 | 1,684 | 2,818 | 586 | 473 | 963 | 1,684 | 1,833 | 1,786 | 1,662 | 2,818 | ||
| In Months of imports 5/ | |||||||||||||||
| Gross official reserves | 1.7 | 1.7 | 1.4 | 1.4 | 1.6 | 1.2 | 1.0 | 0.9 | 1.3 | 1.3 | 1.2 | 1.1 | 1.6 | ||
| Nat official reserves 4/ | 1.7 | l.5 | 0.2 | 0.4 | 1.3 | 0.0 | −0.3 | 0.2 | 0.4 | 0.6 | 0.8 | 0.7 | 1.3 | ||
Holdings of the Reserve Bank and Central Government.
Gold reserves are valued at 90 percent of the average of the last ten London fixing prices during the month.
Includes December 1993 CCFF drawing (SDR 614 million).
Gross reserves less official liabilities relating to reserves.
Imports of goods and nonfactor services.
South Africa: Exchanga Rate and Gold Price Developments, 1980–96
(Average data)
End-of-period.
The difference between the commercial and the financial rand as a percentage of the commercial rand.
IMF estimates.
Relative consumer prices, adjusted for exchange rate changes.
Average daily fixing price per fine ounce.
South Africa: Exchanga Rate and Gold Price Developments, 1980–96
(Average data)
| U.S. dollar/Rand | U.S. dollar/Finacial rand 1/ | Effective exchange rate 3/ | London gold price 5/ | ||||
|---|---|---|---|---|---|---|---|
| Nominal | Real 4/ | In rand | In U.S. dollars | ||||
| Level | Level | Discount | Indax 1990=100 | Laval | |||
| 1988 | 0.440 | 0.261 | 37.9 | 116.1 | 96.7 | 991.6 | 437.1 |
| 1989 | 0.381 | 0.279 | 28.9 | 105.9 | 97.1 | 998.9 | 381.5 |
| 1990 | 0.386 | 0.295 | 24.2 | 100.0 | 100.0 | 991.9 | 383.6 |
| 1991 | 0.362 | 0.315 | 13.5 | 93.8 | 103.8 | 999.5 | 362.2 |
| 1992 | 0.351 | 0.206 | 37.2 | 88.2 | 107.8 | 980.0 | 343.7 |
| 1993 | 0.306 | 0.233 | 20.9 | 80.3 | 105.0 | 1,176.7 | 359.7 |
| 1994 | 0.282 | 0.246 | 12.9 | 72.3 | 100.7 | 1,363.4 | 384.0 |
| 1995 | 0.276 | … | … | 66.4 | 98.4 | 1,393.5 | 384.2 |
| 1992 | |||||||
| Jan. | 0.360 | 0.291 | 18.1 | 89.9 | 106.1 | 986.3 | 354.5 |
| Feb. | 0.355 | o 263 | 54.9 | 90.3 | 107.6 | 996.9 | 353.9 |
| Mar. | 0.347 | 0.285 | 18.0 | 90.3 | 108.1 | 992.5 | 344.5 |
| Apr. | 0.347 | 0.290 | 16.5 | 90.0 | 108.4 | 974.5 | 338.6 |
| May | 0.351 | 0.291 | 17.6 | 89.5 | 108.2 | 959.6 | 337.1 |
| June | 0.356 | 0.266 | 26.2 | 89.5 | 108.6 | 957.2 | 340.8 |
| July | 0.363 | 0.259 | 28.5 | 87.9 | 108.3 | 971.1 | 352.6 |
| Aug. | 0.362 | 0.269 | 26.4 | 86.7 | 107.5 | 949.3 | 343.3 |
| Sep. | 0.357 | 0.246 | 30.9 | 86.1 | 107.1 | 966.4 | 345.4 |
| Oct. | 0.347 | 0.230 | 32.1 | 86.1 | 107.3 | 994.3 | 344.3 |
| Nov. | 0.334 | 0.210 | 36.3 | 86.8 | 108.6 | 1,003.9 | 335.0 |
| Dec. | 0.332 | 0.206 | 37.2 | 86.1 | 107.7 | 1.007.8 | 334.6 |
| 1993 | |||||||
| Jan. | 0.326 | 0.216 | 33.7 | 85.8 | 108.3 | 1009.9 | 329.0 |
| Feb. | 0.321 | 0.221 | 30.7 | 85.4 | 108.1 | 1,028.1 | 329.3 |
| Mar. | 0.315 | 0.220 | 30.1 | 83.4 | 106.8 | 1,049.1 | 330.0 |
| Apr. | 0.316 | 0.219 | 30.7 | 81.3 | 105.9 | 1,083.9 | 342.0 |
| May | 0.315 | 0.217 | 31.0 | 80.8 | 105.4 | 1,162.5 | 366.4 |
| June | 0.309 | 0.213 | 29.3 | 79.9 | 104.9 | 1.204.5 | 371.9 |
| July | 0.298 | 0.224 | 24.2 | 78.9 | 103.8 | 1,312.6 | 392.1 |
| Aug. | 0.297 | 0.213 | 28.1 | 78.2 | 103.0 | 1.274.2 | 378.9 |
| Sep. | 0.293 | 0.239 | 17.9 | 75.8 | 100.2 | 1,211.0 | 355.3 |
| Oct. | 0.295 | 0.236 | 20.7 | 77.0 | 100.4 | 1,233.2 | 364.1 |
| Nov. | 0.297 | 0.223 | 25.0 | 78.9 | 105.6 | 1,257.7 | 373.9 |
| Dec. | 0.296 | 0.233 | 20.9 | 78.8 | 105.7 | 1,293.9 | 383.4 |
| 1994 | |||||||
| Jan. | 0.293 | 0.225 | 23.1 | 78.7 | 106.6 | 1,319.5 | 387.0 |
| Feb. | 0.290 | 0.212 | 26.5 | 77.2 | 104.8 | 1.316.9 | 381.8 |
| Mar. | 0.290 | 0.204 | 29.2 | 76.1 | 103,9 | 1,326.9 | 384.1 |
| Apr. | 0.279 | 0.217 | 23.2 | 73.3 | 100.1 | 1,355.6 | 377.6 |
| May | 0.276 | 0.211 | 23.8 | 71.5 | 98.2 | 1.383.3 | 381.3 |
| June | 0.276 | 0.213 | 22.3 | 70.8 | 97.9 | 1,399.6 | 385.7 |
| July | 0.273 | 0.217 | 20.4 | 68.5 | 95.4 | 1.413.6 | 385.5 |
| Aug. | 0.278 | 0.222 | 20.2 | 69.9 | 98.5 | 1,368.8 | 380.4 |
| Sep. | 0.281 | 0.234 | 16.3 | 70.1 | 100.0 | 1,392.0 | 391.5 |
| Oct. | 0.283 | 0.249 | 12.8 | 69.5 | 99.5 | 1.379.3 | 390.0 |
| Nov. | 0.284 | 0.242 | 14.1 | 70.4 | 101.3 | 1,354.8 | 384.4 |
| Dec. | 0.201 | 0.246 | 12.9 | 70.9 | 102.3 | 1,351.0 | 379.6 |
| 1995 | |||||||
| Jan. | 0.283 | 0.244 | 13.9 | 70.5 | 102.4 | 1,339.9 | 378.8 |
| Feb. | 0.281 | 0.256 | 7.7 | 69.4 | 101.4 | 1,341.1 | 376.7 |
| Mar. | 0.278 | … | … | 66.3 | 97.5 | 1,374.3 | 382.0 |
| Apr. | 0.278 | … | … | 64.8 | 96.0 | 1,409.8 | 391.2 |
| May | 0.273 | … | … | 64.5 | 95.8 | 1,409.8 | 385.2 |
| June | 0.273 | … | … | 64.1 | 95.2 | 1.418.3 | 387.6 |
| July | 0.275 | … | … | 64.5 | 95.8 | 1.405.5 | 386.2 |
| Aug. | 0.275 | … | … | 66.3 | 98.2 | 1,396.6 | 383.5 |
| Sep. | 0.273 | … | … | 67.0 | 99.2 | 1,402.6 | 383.2 |
| Oct. | 0.274 | … | … | 66.3 | 98.6 | 1,398.6 | 383.2 |
| Nov. | 0.274 | … | … | 66.6 | 99.7 | 1,405.8 | 385.3 |
| Dec. | 0.273 | … | … | 66.9 | 101.0 | 1,419.4 | 387.4 |
| 1996 | |||||||
| Jan. | 0.275 | … | … | 66.1 | 103.5 | 1,453.2 | 399.1 |
End-of-period.
The difference between the commercial and the financial rand as a percentage of the commercial rand.
IMF estimates.
Relative consumer prices, adjusted for exchange rate changes.
Average daily fixing price per fine ounce.
South Africa: Exchanga Rate and Gold Price Developments, 1980–96
(Average data)
| U.S. dollar/Rand | U.S. dollar/Finacial rand 1/ | Effective exchange rate 3/ | London gold price 5/ | ||||
|---|---|---|---|---|---|---|---|
| Nominal | Real 4/ | In rand | In U.S. dollars | ||||
| Level | Level | Discount | Indax 1990=100 | Laval | |||
| 1988 | 0.440 | 0.261 | 37.9 | 116.1 | 96.7 | 991.6 | 437.1 |
| 1989 | 0.381 | 0.279 | 28.9 | 105.9 | 97.1 | 998.9 | 381.5 |
| 1990 | 0.386 | 0.295 | 24.2 | 100.0 | 100.0 | 991.9 | 383.6 |
| 1991 | 0.362 | 0.315 | 13.5 | 93.8 | 103.8 | 999.5 | 362.2 |
| 1992 | 0.351 | 0.206 | 37.2 | 88.2 | 107.8 | 980.0 | 343.7 |
| 1993 | 0.306 | 0.233 | 20.9 | 80.3 | 105.0 | 1,176.7 | 359.7 |
| 1994 | 0.282 | 0.246 | 12.9 | 72.3 | 100.7 | 1,363.4 | 384.0 |
| 1995 | 0.276 | … | … | 66.4 | 98.4 | 1,393.5 | 384.2 |
| 1992 | |||||||
| Jan. | 0.360 | 0.291 | 18.1 | 89.9 | 106.1 | 986.3 | 354.5 |
| Feb. | 0.355 | o 263 | 54.9 | 90.3 | 107.6 | 996.9 | 353.9 |
| Mar. | 0.347 | 0.285 | 18.0 | 90.3 | 108.1 | 992.5 | 344.5 |
| Apr. | 0.347 | 0.290 | 16.5 | 90.0 | 108.4 | 974.5 | 338.6 |
| May | 0.351 | 0.291 | 17.6 | 89.5 | 108.2 | 959.6 | 337.1 |
| June | 0.356 | 0.266 | 26.2 | 89.5 | 108.6 | 957.2 | 340.8 |
| July | 0.363 | 0.259 | 28.5 | 87.9 | 108.3 | 971.1 | 352.6 |
| Aug. | 0.362 | 0.269 | 26.4 | 86.7 | 107.5 | 949.3 | 343.3 |
| Sep. | 0.357 | 0.246 | 30.9 | 86.1 | 107.1 | 966.4 | 345.4 |
| Oct. | 0.347 | 0.230 | 32.1 | 86.1 | 107.3 | 994.3 | 344.3 |
| Nov. | 0.334 | 0.210 | 36.3 | 86.8 | 108.6 | 1,003.9 | 335.0 |
| Dec. | 0.332 | 0.206 | 37.2 | 86.1 | 107.7 | 1.007.8 | 334.6 |
| 1993 | |||||||
| Jan. | 0.326 | 0.216 | 33.7 | 85.8 | 108.3 | 1009.9 | 329.0 |
| Feb. | 0.321 | 0.221 | 30.7 | 85.4 | 108.1 | 1,028.1 | 329.3 |
| Mar. | 0.315 | 0.220 | 30.1 | 83.4 | 106.8 | 1,049.1 | 330.0 |
| Apr. | 0.316 | 0.219 | 30.7 | 81.3 | 105.9 | 1,083.9 | 342.0 |
| May | 0.315 | 0.217 | 31.0 | 80.8 | 105.4 | 1,162.5 | 366.4 |
| June | 0.309 | 0.213 | 29.3 | 79.9 | 104.9 | 1.204.5 | 371.9 |
| July | 0.298 | 0.224 | 24.2 | 78.9 | 103.8 | 1,312.6 | 392.1 |
| Aug. | 0.297 | 0.213 | 28.1 | 78.2 | 103.0 | 1.274.2 | 378.9 |
| Sep. | 0.293 | 0.239 | 17.9 | 75.8 | 100.2 | 1,211.0 | 355.3 |
| Oct. | 0.295 | 0.236 | 20.7 | 77.0 | 100.4 | 1,233.2 | 364.1 |
| Nov. | 0.297 | 0.223 | 25.0 | 78.9 | 105.6 | 1,257.7 | 373.9 |
| Dec. | 0.296 | 0.233 | 20.9 | 78.8 | 105.7 | 1,293.9 | 383.4 |
| 1994 | |||||||
| Jan. | 0.293 | 0.225 | 23.1 | 78.7 | 106.6 | 1,319.5 | 387.0 |
| Feb. | 0.290 | 0.212 | 26.5 | 77.2 | 104.8 | 1.316.9 | 381.8 |
| Mar. | 0.290 | 0.204 | 29.2 | 76.1 | 103,9 | 1,326.9 | 384.1 |
| Apr. | 0.279 | 0.217 | 23.2 | 73.3 | 100.1 | 1,355.6 | 377.6 |
| May | 0.276 | 0.211 | 23.8 | 71.5 | 98.2 | 1.383.3 | 381.3 |
| June | 0.276 | 0.213 | 22.3 | 70.8 | 97.9 | 1,399.6 | 385.7 |
| July | 0.273 | 0.217 | 20.4 | 68.5 | 95.4 | 1.413.6 | 385.5 |
| Aug. | 0.278 | 0.222 | 20.2 | 69.9 | 98.5 | 1,368.8 | 380.4 |
| Sep. | 0.281 | 0.234 | 16.3 | 70.1 | 100.0 | 1,392.0 | 391.5 |
| Oct. | 0.283 | 0.249 | 12.8 | 69.5 | 99.5 | 1.379.3 | 390.0 |
| Nov. | 0.284 | 0.242 | 14.1 | 70.4 | 101.3 | 1,354.8 | 384.4 |
| Dec. | 0.201 | 0.246 | 12.9 | 70.9 | 102.3 | 1,351.0 | 379.6 |
| 1995 | |||||||
| Jan. | 0.283 | 0.244 | 13.9 | 70.5 | 102.4 | 1,339.9 | 378.8 |
| Feb. | 0.281 | 0.256 | 7.7 | 69.4 | 101.4 | 1,341.1 | 376.7 |
| Mar. | 0.278 | … | … | 66.3 | 97.5 | 1,374.3 | 382.0 |
| Apr. | 0.278 | … | … | 64.8 | 96.0 | 1,409.8 | 391.2 |
| May | 0.273 | … | … | 64.5 | 95.8 | 1,409.8 | 385.2 |
| June | 0.273 | … | … | 64.1 | 95.2 | 1.418.3 | 387.6 |
| July | 0.275 | … | … | 64.5 | 95.8 | 1.405.5 | 386.2 |
| Aug. | 0.275 | … | … | 66.3 | 98.2 | 1,396.6 | 383.5 |
| Sep. | 0.273 | … | … | 67.0 | 99.2 | 1,402.6 | 383.2 |
| Oct. | 0.274 | … | … | 66.3 | 98.6 | 1,398.6 | 383.2 |
| Nov. | 0.274 | … | … | 66.6 | 99.7 | 1,405.8 | 385.3 |
| Dec. | 0.273 | … | … | 66.9 | 101.0 | 1,419.4 | 387.4 |
| 1996 | |||||||
| Jan. | 0.275 | … | … | 66.1 | 103.5 | 1,453.2 | 399.1 |
End-of-period.
The difference between the commercial and the financial rand as a percentage of the commercial rand.
IMF estimates.
Relative consumer prices, adjusted for exchange rate changes.
Average daily fixing price per fine ounce.
References
Collier P. and Gunning G.W. “Trade Shocks in Developing Countries”. (Oxford University Press, forthcoming 1996).
Conrad, Robert, and Zmarak Shalizi, “A Framework for the Analysis of Mineral Tax Policy in Sub-Saharan Africa” World Bank Working paper, No. 90. (Washington: World Bank, September 1988).
Discussion Document on a Minerals and Mining Policy for South Africa. (Department of Minerals and Energy Affairs, November 1995).
Draft Mineral and Energy Policy Discussion Document. (African National Congress, November 1994).
Nellor, David C.L, and Emil M. Sunley, “Fiscal Regimes for Natural Resource Producing Developing Countries” IMF Paper on Policy Analysis and Assessment, No. 94/24. (Washington: International Monetary Fund, November 1994).
Garnaut, Ross, and Anthony Clunies-Ross, Taxation of Mineral Rents. (New York: Oxford University Press, 1983).
Report of the Commission of Enquiry into the Tax Structure of the Republic of South Africa. (Republic of South Africa, 1987).
Report of the Technical Committee on Mining Taxation. (Republic of South Africa, December 1988).
Mineral rights can be separated from the ownership of the land and be registered separately.
The right to mine other minerals was vested in the owner of the mineral right.
The committee had been established to investigate a number of the proposals emerging from the Margo Commission report. Part of the terms of reference of the committee was an investigation into the system of compensation for mine leases.
Ibid, paragraph 10.8. The representatives of the Inland Revenue on the committee expressed a dissenting opinion, arguing in favor of a royalty payment in the form of a relatively small fixed percentage of gross revenue for all minerals over and above the normal tax.
Paragraph 4.7.3.3.
Lease payments in 1989/90 amounted to R 540 million, approximately 0.2 percent of GDP and 0.8 percent of government revenue.
1989/90 Budget Review, paragraph 4.7.3.3.
The 1964 Precious Stones Act and the 1967 Mining Rights Act.
The policy statements arising from the Ready to Govern Conference (1992) and Reconstruction and Development Programme Conference (February 1994) were refined and developed more fully in the Minerals and Energy Policy Discussion Document published by the ANC in November 1994.
Reconstruction and Development Programme conference (February 1994).
It is not clear, however, what evidence was used to support the contention of suboptimal development of mineral rights, apart from the fact that the mining companies own mineral rights to reserves that are substantially in excess of their current exploration programs. That fact does not, in itself, indicate a suboptimal depletion of the existing mineral reserves; it may merely reflect the judgment of the mining company that the shadow price of extraction will appreciate faster than the company’s discount rate. As long as there is not a substantial difference between the private and social discount rates, it is not clear why the rate of extraction on privately owned mineral rights would be socially suboptimal either:
In terms of the distortions arising from the tax.
It was perhaps most clearly, if somewhat extremely, -argued in the 1946 report of the Holloway [Tax] Committee: “working of ore of so low a grade that it contributes nothing to profits or taxes, is of great value to the country; the gold produced pays the wages of a large number of workmen and the costs of stores from which workmen in industry and agriculture draw their living.”
Gold mining accounts for 4-5 percent of GDP and contributes approximately 0.8 percent of total revenue. Gold’s share of total exports was just under 20 percent in 1995.
Since 1985, value added in constant prices has declined by 13 percent in the mining sector, and by 23 percent in gold mining. The decline in mining employment has outstripped that of value added: employment in the mining sector has declined by around 17 percent over the same period, with employment in gold mining sector falling by 23 percent.
Most capital expenditure is eligible for the redemption allowance, with the following major exceptions: (i) expenditure on mineral or surface rights; (ii) expenditure on the acquisition of land titles; (iii) mine housing and residential infrastructure (written off over 10 years); and (iv) expenditure on transport infrastructure such as railway lines or pipelines (written off over 10 years).
Sections 36(7E) and 36(7F) were introduced in 1984. Prior to 1984, the unredeemed balance of capital expenditure qualified as a deduction against income from any source.
The industry has argued that a significant proportion of capital expenditure in a mining operation is a continuous process of providing new shafts and development expenditure required to access new mining areas. It argues that such expenditures should be treated as the ongoing cost of production, similar to current expenditure. The industry has also argued that underground capital items such as shaft systems and haulage ways have no value once an area is mined out. These arguments appear to reflect a misunderstanding of the distinction between expenditure on a capital asset and recurrent expenditure. The definitions are used to distinguish assets that have a useful life of more than one year from those that do not. The fact that capital expenditure is used to develop an existing asset rather than create a new one, is clearly irrelevant, as is the fact the assets do not have a terminal value. There may, however, still be difficult issues relating to the economic life of various mining assets, but these are unlikely to be insoluble.
Dr. D. G. Franzsen, University of Stellenbosch.
The mining industry, however, while opposed to the abolition of the redemption allowance, fully support the Commission’s concern about the ring fencing system. In a recent submission (February 1996) in response to the discussion document on minerals and mining policy the Chamber of Mines have argued strenuously for the abolition of section 36(7F) of the Income Tax Act. The ANC Minerals and Energy Discussion Document also proposes an reassessment of the ring fencing system to encourage development of otherwise uneconomic mineral deposits.
a = 1.22 x corporate tax rate.
Specifically, the ore pay limit is lowered by a factor equal to ab/(l-a), with the ore pay limit being the minimum grade consistent with making a working profit (post-tax). At the margin, under the current tax formula, an ore body could have a unit cost 4 percent above unit revenue and still break even, as long as the mine as a whole was paying tax.
The decision to mine low grade (high cost) ores before/after high grade (low cost) ores depends essentially on the expected future path of the costs of extraction. If unit costs of extraction are expected to decline relative to unit prices then there will be an incentive to bring low cost mineral deposits into production earlier than high cost deposits and vice versa. In the extreme case where an entity has insider information about a substantial rise in the mineral prices, for example as a result of the collapse of the Bretton Woods arrangement in the late 1960s, then there would be a clear incentive to mark time by “mining dirt”, in the words of the Margo Commission. However, the fact that under some circumstances it might be preferable to mine high cost ores before low cost ores does not constitute the basis for introducing a permanent incentive into the tax system to do so.
Although the ANC has proposed that the gold tax formula be extended to other minerals.
In some instances it has been argued that the gold tax formula partially addresses the patrimony argument, though it is not clear why the patrimony argument should then only apply to gold. More fundamentally, if the argument about the validity of a charge on the right to mine is accepted then appropriate fiscal instruments to levy this charge should be developed. The corporate tax is not such an instrument.
It should be noted that the impact of a strategy to raise gold production will tend to depress gold prices, even if the immediate impact is a reduced flow of gold into the spot market. (The mining industry had argued in the Marais Committee that as the formula tax only leads to increased production in the long term—itself a doubtful contention—this would not depress the gold price.)
See Conrad et al. World Bank (1990).
where y was the percent of eligible income paid to the government, x was a ratio of eligible income to revenue, and a and b were constants. The value of a tended to be in the range of 10-30 percent and 6 and 8 percent were common values for b. The term “6 percent” and “8 percent” leases, referred to the threshold profit before a lease payment was made to Government. As with the gold tax formula both the redemption allowance and the capital allowance were deductible from income. In the case of the lease formula all mines were eligible for a capital allowance at a compound interest rate of 6 percent.
The general equilibrium opportunity cost of extraction should also be taken into consideration. As noted above, the pace of development of a mineral resource will have an impact on the internal terms of trade, with a faster pace of development shifting the terms of trade against the production of tradables and vice versa.
The RRT itself is an amended version of a cashflow tax (“Brown tax”). Under a cashflow tax, a constant proportional tax rate is levied on the difference between cash receipts and allowable expenses within a period. All exploration, development, and operating costs are fully recoverable; consequently there is a zero marginal effective tax rate on the returns on investment. The RRT is similar to the cashflow tax, but the tax is imposed only if the accumulated cashflow is positive. Net negative cashflows are accumulated at an interest rate that, in theory, equals the company’s cost of capital or discount rate.
