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Tuesday, 7 August 2012

South Africa GDP

South Africa GDP

The Gross Domestic Product (GDP) in South Africa was worth 408 billion US dollars in 2011, according to a report published by the World Bank. The GDP value of South Africa is roughly equivalent to 0.59 percent of the world economy. Historically, from 1960 until 2010, South Africa GDP averaged 101.0 billion USD reaching an all time high of 363.7 billion USD in December of 2010 and a record low of 7.3 billion USD in December of 1960. The gross domestic product (GDP) measures of national income and output for a given country's economy. The gross domestic product (GDP) is equal to the total expenditures for all final goods and services produced within the country in a stipulated period of time. This page includes a chart with historical data for South Africa GDP. 

A country’s gross domestic product (GDP) is the total value of all ‘final’ goods and services, that were produced within the borders of the country, during a year.Gross domestic productThe equation used to calculate a nation’s gross domestic product is:GDP =consumption + gross investment + government spending + (exports − imports)Gross domestic product is a good measure of the size or strength of an economy. You can use the GDP figures of two countries to compare the sizes of their economies.Growing or Shrinking Economy?GDP is the market value of all the output produced in a country during one year. It is the sum of the value added at every stage of production, by all the industries in a country, during a year.This means GDP figures can be used to determine if a country’s economy is growing or shrinking.If a country’s economy is growing, it’s total economic output will become more. In other words, the country’s GDP will increase.

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