The economic condition of the African countries has recovered from the recession phase. Though the tumultuous political conditions have made some impact on the economy of some countries, the overall financial state has improved from what it has been earlier. The major credit for the financial advancement goes to the South African economy which has made a significant development in the last couple of years.
According to the reports, the GDP of the country was recorded to be -1.7% in the year 2009 while in 2010, it received a growth and was recorded at 2.8%. South African economic outlook 2011 clearly indicates that the growth curve has remained upward. Financial experts have predicted a growth of four percent per year in the ongoing year.
South African Inflation Rate in 2011
Though the economy of the country has made a significant development in the past few months, the inflation rate has still remained as a major problem for the government. Though several steps have been taken to control the inflation rate of the country, reports suggest that the inflation rate 2011 will not drop down any sooner.
It has been reported that the inflation rate of the present year will remain somewhere around 5.3 percent. As per the reports, the inflation curve is rising upward due to the price rise in the global market as well as for the price hike of different commodities.
South African Unemployment Rate and GDP Growth
While inflation has still remained a matter of concern for the South African financial scene, the unemployment rate of the country has reduced. As per the financial reports and statistics, the unemployment rate of the country in the end of the second quarter of 2011 is reported to be 25 percent. The unemployment rate 2011 has not dropped significantly.
Yet, the good thing is the unemployment rate of the country is coming down gradually and in the coming few years, the number is expected to fall down sharply with the increasing number of job openings.
The GDP growth of the country has increased significantly in the past few months and the increasing amount of investment in different sectors is expected to increase. This will make the development further. The increasing investments in different sectors have also increased the industrial growth of the country. It would speed up the growth of the South African economy. The financial experts of the country have taken several steps to make the growth of the South African economy consistent.