1998 SOUTHERN AFRICA ECONOMIC ... - National Treasury

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S O U T H A F R I C A S TATISTICS (figures in USDm unless otherwise stated) 1991 1992 1993 1994 1995 1996 1997 Population (millions) 38 . 0 38 . 9 39 . 7 40 . 6 41 . 4 42 . 3 43 . 2 Formal sector non-agricultural employ m e n t 5 . 7 5 . 4 5 . 2 5 . 2 5 . 2 – – ( m i l l i o n s ) Nominal GDP at market prices 1 1 2 , 3 0 9 1 1 9 , 5 6 9 1 1 7 , 4 5 6 1 2 1 , 6 1 9 1 3 3 , 9 2 6 1 2 6 , 3 8 8 1 2 9 , 1 1 2 Real GDP growth rate, % - 1 . 0 - 2 . 2 1 . 3 2 . 7 3 . 4 3 . 2 1 . 7 GDP per capita , U S D 2 , 9 5 6 3 , 0 7 7 2 , 9 5 7 2 , 9 9 7 3 , 2 3 2 2 , 9 8 7 2 , 9 8 9 Private consumption expenditure as % of GDP 5 9 . 2 6 1 . 4 6 0 . 4 6 0 . 2 6 0 . 8 6 0 . 9 6 1 . 6 G ross domestic savings as % of GDP 1 8 . 9 1 7 . 1 1 7 . 2 1 7 . 1 1 6 . 8 1 6 . 5 1 5 . 2 G ross domestic fixed investment as % of GDP 1 7 . 8 1 6 . 6 1 5 . 5 1 6 . 0 1 6 . 9 1 7 . 0 1 7 . 4 Inflation rate, % 1 5 . 3 1 3 . 9 9 . 7 9 . 0 8 . 7 7 . 4 8 . 6 Total merchandise exports as % of GDP 2 0 . 7 2 0 . 1 2 0 . 6 2 0 . 5 2 1 . 4 2 3 . 0 2 3 . 5 Total merchandise imports as % of GDP 1 5 . 3 1 5 . 2 1 5 . 6 1 7 . 7 2 0 . 2 2 1 . 4 2 2 . 0 C apital account of balance of payments - 7 8 0 - 1 , 6 5 1 - 4 , 6 6 5 1 , 2 1 9 5 , 3 0 3 8 9 7 3 5 Fo reign direct investment as % of GDP 0 . 0 - 0 . 7 - 0 . 3 0 . 2 0 . 1 – - 2 . 1 Fo reign port folio and other inve s t m e n t - 0 . 2 - 0 . 1 0 . 9 1 . 8 1 . 3 – 7 . 9 as % of GDP O verall balance on balance of pay m e n t s 1 , 4 6 0 . 0 9 3 . 6 - 2 , 8 1 3 . 8 8 7 9 . 2 2 , 5 0 2 . 6 - 1 , 0 7 6 . 0 2 , 4 8 2 . 0 Average exchange rate: ZAR to USD 2 . 7609 2 . 8516 3 . 2667 3 . 5497 3 . 6270 4 . 2964 4 . 6073 Fo reign exchange re s e rves expressed in 1 . 5 1 . 9 1 . 3 1 . 2 1 . 4 1 . 3 1 . 9 terms of months of import cove r Total external debt as % of GDP 2 2 . 8 2 2 . 8 2 1 . 7 2 2 . 9 2 3 . 9 – – Total external debt service as % of export s 7 . 5 6 . 7 6 . 6 6 . 3 6 . 9 – – Budget deficit as % of GDP (including - 4 . 7 - 9 . 0 - 9 . 8 - 5 . 7 - 5 . 4 - 5 . 1 - 5 . 6 t r a n s fer pay m e n t s ) Central bank discount rate (end of ye a r ) 1 7 . 0 1 4 . 0 1 2 . 0 1 3 . 0 1 5 . 0 1 7 . 0 1 6 . 0 Prime lending rate (average for ye a r ) 2 0 . 3 1 8 . 8 1 6 . 7 1 5 . 6 1 7 . 9 1 9 . 3 2 0 . 0 5 G rowth rate of M2 money supply 1 5 . 7 1 0 . 8 4 . 0 2 0 . 6 1 3 . 9 1 5 . 8 1 8 . 7 Net domestic credit to gove r n m e n t 1 , 3 1 3 . 7 2 , 3 6 0 . 5 2 , 1 9 3 . 6 4 , 3 6 9 . 7 1 , 5 9 9 . 1 2 , 1 6 0 . 0 9 , 8 9 6 . 0 Total domestic credit to private sector 7 0 , 2 2 8 . 5 6 8 , 5 8 5 . 3 6 7 , 6 1 9 . 2 7 5 , 8 7 8 . 9 8 6 , 6 4 7 . 0 7 8 , 3 6 2 . 9 8 6 , 3 2 8 . 0 S o u rc e :South African Reserve Bank (<strong>1998</strong>) USEFUL A D D R E S S E S I nvestment Promotion A ge n c y I nvestment South A f r i c a ,PO Box 782084, S a n d t o n ,2 1 4 6 . Te l :+ 2 7 - 1 1 - 8 8 4 2 2 0 6 , F a x :+ 2 7 - 1 1 - 8 8 4 3 2 3 6 D e p a rtment of Trade and Industry, Private Bag X84. P re t o r i a ,0 0 0 1 . Te l :+ 2 7 - 1 2 - 3 1 0 9 7 8 6 , F a x :+ 2 7 - 1 2 - 3 2 2 0 1 4 9 Consulting Firms Coopers and Ly b r a n d ,P. O. B ox 2536, Jo h a n n e s b u r g ,2 0 0 0 . Te l : +27-11-498 4000, F a x :+27-11-834 4745 Deloitte and To u c h e, Private Bag X6, Gallo Manor, S a n d t o n ,2 0 5 2 . Te l : +27-11-806 5000, F a x :+27-11-806 5003 Ernst and Yo u n g ,P. O. B ox 2322, Jo h a n n e s b u r g ,2 0 0 0 . Te l : +27-11-498 1000, F a x :+27-11-498 1111 Imani Capricorn Economic Consultants (Pty) Ltd, Suite 102 Field House, 25 Field Stre e t ,D u r b a n ,4 0 0 0 ,Te l : +27-31-304 7201, F a x :+27-31-307 1506 K P M G ,P. O. B ox 7400, Jo h a n n e s b u r g ,2 0 0 0 . Te l :+27-11-332 7111, F a x :+27-11-331 9517 Price Wa t e r h o u s e, P O Box 783027, S a n d t o n ,2 1 4 6 . Te l :+27-11-780 2000, F a x :+27-11-780 2534 82 The ranking is based on life expectancy at birt h ,adult literacy, combined primary, s e c o n d a ry and tert i a ry education enrolment ratios and adjusted r
p rocessing industries,t e x t i l e s ,food and beve r a g e, wood and light industrial go o d s . L i vestock keeping is another important economic activity, p a rt i c u l a r ly cattle farming. A l s o, the country is endowed with some mineral wealth such as asbestos, coal and diamonds. H oweve r, the mining industry suffe red a setback fo l l owing the c l o s u re of Dvo ko lw a ko Diamond Mine in 1996. Tourism is another important reve nue earner for the country. Swaziland has much to offer to regional and overseas visitors as an attractive tourist destination in terms of the nature re s e rve s , w i l d l i fe, s p o rts and a wide selection of handicrafts. To u r i s t s c o n t i nue to decline as a result of competition from South A f r i c a and Mozambique.This has put pre s s u re on the government to i m p rove the tourism climate in the country if it is to re m a i n among premier tourist spots. Agro-Industry forms one of the cornerstones of Swazilands ecomony. G E N E R A L I N F O R M AT I O N G e og r ap hy and Po p u l a t i o n Swaziland is a small kingdom bord e red by Mozambique and South A f r i c a . The country covers an area of 17,000 km 2 populated by 1.0 m inhabitants. The annual population grow t h rate is 2.7 perc e n t . Swaziland was ranked 114 in the 1997 UNDP Human Development Index 1 ) - which can be compare d with South Africa (90) and Namibia (118). Political Ove rv i ew S w a z i l a n d ’s system of governance is traditional and commu n i t y - o r i e n t e d ,and does not consist of conventional part i e s .The King is the Head of State. T h rough decentralised constituencies, t h e electorate nominates candidates to stand for Parliamentary e l e c t i o n s ,and the King appoints a Prime Minster, who in turn advises the King on the appointment of a Cabinet. T h e Swaziland political system has suffe red some criticism during the past three ye a r s , with wo r ker demonstrations and stay aw ay s . The criticism has subsequently led to re forms which are to be enshrined in a written constitution as supreme law of the land, and will include a Bill of Rights. Sectoral De s c r i p t i o n A g r i c u l t u re has traditionally been the key sector in the country ’s e c o n o my and as a fo reign exchange earner,with more than two - t h i rds of Swaziland’s working population dependent on it fo r their live l i h o o d . S w a z i l a n d ’s manufacturing sector is, h oweve r, the largest contributor to GDP, averaging 35 percent over the past five years and the sector is composed of agricultural 1 ) The ranking is based on life expectancy at birt h , adult literacy, c o m b i n e d p r i m a ry, s e c o n d a ry and tert i a ry education enrolment ratio and adjusted re a l GDP per cap i t a . I n f r a s t r u c t u re Swaziland produces some electricity, but the bulk is import e d f rom South A f r i c a . The country has a railw ay system covering 300 km, c o n n e c t i n g it with Mozambique and South A f r i c a . The system support s close to 4.5m tonnes of freight a ye a r,and provides an import a n t link for the country ’s imports and export s .R e c e n t ly a passenger train linking Maputo in Mozambique and Durban in South A f r i c a via Swaziland started operating. The road system is in go o d c o n d i t i o n ,and the main route between Mbabane and Manzini is being upgraded to accommodate the heavy flow of traffic on that ro u t e. The telecommunications system has been upgraded during the recent ye a r s ,while effo rts by both the Gove r n m e n t and the Swaziland Post and Te l e c o m munications Corporation a re at an advanced stage in preparing for the provision of a cellular netwo r k . An inland dry port , located at the Matsapha Industrial Estate s aves time and expense for Swaziland’s importers and export e r s using the Durban port . The recent investments in the upgrading of Mozambique’s ro a d ,r a i l , and port infrastructure will improve S w a z i l a n d ’s access to the port in Maputo for export s , i n p a rticular sugar, which is freighted through this port . R oyal Swazi <strong>National</strong> A i r w ays operates domestic and re g i o n a l flights from Matsapha International A i r p o rt . Airlinks betwe e n Swaziland and other regional capitals are frequent and we l l d eve l o p e d . E C O N O M I C O V E R V I E W I n t ro d u c t i o n Due to its limited domestic marke t , Swaziland relies heav i ly on e x p o rt-oriented industries. Industrialisation has reached a fairly high leve l , m a i n ly because of fo reign investments attracted during the sanction years in South A f r i c a . Main contributors to GDP are ; m a nu f a c t u r i n g , government serv i c e s , a g r i c u l t u re, w h o l e s a l e, re t a i l ,hotels and re s t a u r a n t s . 83
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1998 SOUTHERN AFRICA ECONOMIC SUMMI
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CONTENTS I N D E X Abbreviations 2
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THE SADC FINANCE AND INVESTMENT SEC
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c u rre n t ly exists in SADC gover
Page 9 and 10:
REGIONAL MAC RO-ECONOMIC HIGHLIGHTS
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Southern Africa and Competitive n e
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had agreed to accept the general fr
Page 15 and 16:
A NG OL A of GDP in 1996. E x p o r
Page 17 and 18: A NG OL A Projects for Possible Inv
Page 19 and 20: A recent event in the political sce
Page 21 and 22: B O T S WA N A B OT S WANA STOCK MA
Page 23 and 24: B O T S WA N A P rotection of Inve
Page 25 and 26: scheduled for 23 May 1998. Eight po
Page 27 and 28: L E S O T H O The money market is d
Page 29 and 30: L E S O T H O L E S OT H O :P ROJEC
Page 31 and 32: p a r l i a m e n t a ry elections,
Page 33 and 34: M a l awi Stock Exchange The stock
Page 35 and 36: M A L AW I I nvestment Code The Inv
Page 37 and 38: M A L AW I S TAT I S T I C S(USDm u
Page 39 and 40: M au r i t i u s c o u n t ry is se
Page 41 and 42: M au r i t i u s Mauritian Investme
Page 43 and 44: M au r i t i u s Ta x a t i o n Tax
Page 45 and 46: c u rre n t ly holds 129 seats in P
Page 47 and 48: M O Z A M B IQ U E combined with a
Page 49 and 50: The current status of the project i
Page 51 and 52: M O Z A M B IQ U E dermersal fish f
Page 53 and 54: After talks between the South Afric
Page 55 and 56: N A M I B I A Namibia does not impo
Page 57 and 58: N A M I B I A I nvestment Code A c
Page 59 and 60: Johannesburg Stock Exchange. G E N
Page 61 and 62: S O U T H A F RI C A that some East
Page 63 and 64: S O U TH A F R I C A cities of Joha
Page 65 and 66: S O U TH A F R I C A INDUSTRIAL FIN
Page 67: S O U T H A F R I C A * M a c h i n
Page 71 and 72: S WA Z I L A N D Swaziland Stock Ma
Page 73 and 74: S WA Z I L A N D The Ministry of En
Page 75 and 76: Snow capped peaks of Kilimanjaro. G
Page 77 and 78: TA N Z A N I A exchange rate, the s
Page 79 and 80: TA N Z A N I A S TATISTICS (USDm, u
Page 81 and 82: Z A M B I A the supply of water for
Page 83 and 84: Z A M B I A Fo reign Tr a d e Zambi
Page 85 and 86: Z A M B I A Other institutions incl
Page 87 and 88: Victoria Falls. G E N E R A L I N F
Page 89 and 90: Z I M BA BW E Z i m b a b we Stock
Page 91 and 92: Z I M BA BW E - No restrictions on
Page 93 and 94: LIST OF SOURCES S o u rces containi
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1998 SOUTHERN AFRICA ECONOMIC ... - National Treasury

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