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The Economy of Gauteng

With a gross domestic product (GDP) valued at R811-billion (US$112-billion), Gauteng generates 33.9% of South Africa's GDP and an astonishing 10% of the total GDP of the entire African continent.

PROVINCIAL CONTRIBUTION TO SOUTH AFRICA'S GDP

Gauteng dominates the South African economy in every major sector except agriculture, mining and quarrying. (And even its agricultural output, with 97% of the land urbanised, beats that of the rural Eastern Cape, which is 10 times its size.)

An estimated 40.6% of South Africa's manufacturing is done here, a third of its electricity, gas and water output, 41.9% of the country's construction, 39.7% of its finance, real estate and business activity, 34.8% of its wholesale, retail, motor trade and accommodation, 32% of transport, storage and communication, and 38.8% of general governments services.

The Gauteng economy itself is dominated by tertiary industries. The finance, real estate and business services sector makes up 22.8% of the province's gross domestic product, with manufacturing contributing 16.5%, government services 16.3%, and the wholesale, retail, motor trade and accommodation sector 12.6%.

GAUTENG ECONOMIC SECTORS

Gauteng is Africa's financial services capital, home to more than 70 foreign banks' head offices and at least that number of South African banks, stockbrokers and insurance giants. They want to be close to the JSE Securities Exchange, among the premier bourses in the world. The World Economic Forum's Global Competitiveness Report 2010-11 ranks South Africa first out of 139 countries for its regulation of securities exchanges.

In line with its strategy to build a smart province, the tertiary sector has expanded significantly and now contributes at least 60.8% to growth.

Gauteng accounts for the bulk of all employees' remuneration in the country, at a whopping 47.7%, and is responsible for 50.4% of all company turnover in South Africa.

It is clearly the business heart of South Africa, but it is also the shopping mecca of Africa, with 60% of tourists from the rest of the continent citing shopping as their reason for visiting the province.