The fastest-growing industry in South Africa is the mining industry.
What are the fastest-growing sectors in South Africa?
South Africa is a country with a high GDP per capita, which makes it an attractive destination to invest in. The country has made significant progress in attracting investments from both local and international companies. The fastest-growing sectors in South Africa are the IT, financial services and construction industries. The IT sector has seen a compound annual growth rate of 16% since 2003. The financial services industry has grown at an average of 9% per year from 2006 to 2014 and is projected to grow by 10% in 2018.
The construction industry, which includes building materials, machinery and equipment manufacture, transport infrastructure construction and civil engineering services grew at a compound annual growth rate of 7.7% between 2008-2014.
What are South Africa’s most promising growth areas?
South Africa’s most promising growth areas are tourism, mining, and renewable energy.
Tourism: South Africa is a tourist destination for many people from all over the world because of its diverse range of ecosystems and its rich cultural heritage. The country has over 1,200 kilometres of coastline on two oceans (the Indian and Atlantic) which makes it an ideal location for sea-based tourism. Besides this, there are many other factors that make it an attractive tourist destination such as its diverse landscapes, wildlife reserves, wine routes and national parks.
Mining: Mining in South Africa has been going on since the mid-1800s when diamonds were discovered in Kimberley by a young farmer named Erasmus Jacobs.
