South in natural resources such as gold, iron, diamonds,

South Africa’s mineral resources?    South Africa is extremely rich in natural resources such as gold, iron, diamonds, and copper. It is the largest manufacturer of platinum in the world, contributes 79% of the total production. (BBC)    The jewelry business in South Africa is well developed because the gold, diamonds, tiger’s eye are all locally available. There are five major mineral categories in South Africa, includes Precious metal and minerals, Ferrous minerals, Non-ferrous metal and minerals, Industrial minerals and energy minerals. According to the statistics of 2009, the sales values of coal, platinum, and gold made up 71.2% of total mineral sales. (AZoMining)    South Africa is a strong producer of andalusite. The production of other gemstones is also keeping developing over decades. South Africa has a lot of primary processing unit of metals as well. Now there is focus on using their advantages in mineral resources to narrow the gap between them and developed countries. The future of mining in South Africa is bright, there are some many areas haven’t been developed yet. (AZoMining)Currency    The currency which South Africa now used in South African Rand. The currency code for it is ZAR. The symbol Rand use is R. It was issued by South African Reserve Bank. Lesotho, Namibia also use South African Rand. The exchange rate with US dollar is now 0.08430. The volatility is 0.84%. (XE)Major Economic Features    The population size of South Africa is now 50.7 million. South Africa is now the most industrialized country in Africa, it accounts 35% of Africa’s GDP. It is also one of four Africa countries which listed as the upper-middle-income economy by the World Bank. It’s the only African member of the G-20 nations. (WorldBank)Its GDP in 2016 is 294.8406 billion. World Bank estimated that its 2017 GDP will be decreased to 280.37 billion. South Africa’s GDP ranked 41st worldwide. The main GDP sectors of South Africa are industry, services, and agriculture. Services made up 65.9% of the GDP. Industry and agriculture made up 31.6% and 2.5% of the GDP. Its GNP in 2016 is 718.9 billion PPP dollar. It keeps increasing in the past several decades. (WorldBank)    South Africa has many different trading partners, including other African countries, Germany, the United States, China, and Japan. South Africa exports a lot of goods. The main products they export are corn, diamonds, gold, and minerals. They also import goods like machinery and transportation equipment, which make up one-third of the imports. Now they are trying to attract foreign direct investment. More and more companies tend to invest in South Africa in the future.    The unemployment rate in South Africa in 27.7%, which is pretty high worldwide. The unemployed population rose to 6.2 million in the past three months. The government’s target reaches 6% unemployment in 2030. South Africa’s foreign debt rate is 48.3% in 2016. This number keeps increasing from 18.9% in 2005. (CEIC)     South Africa’s economy is growing in the past. However, the growing speed decreased rapidly recently. GDP and GNP decreased and the unemployment rate staying at a high level. These signs all show that probably the South Africa’s economy is now in crisis. The economy was struggling with shrinking growth, the rand’s value dropped 2.25% in the past five years. South African’s government don’t want the country falling into recession. However, the credit level of South Africa is now in junk status, which will significantly raise the borrowing costs. (BBC)    The economic relationship between the United States and South Africa is becoming better and better. The United States is trying to expand trade in Africa and help them to get sustainable growth. The United States also supports jobs and provide opportunities to South Africa. South Africa now export most products to the United States, including 60,000 BMW and Mercedes cars. American bought $250 million worth South African products last year. (usembassy)