The determinants of economic growth in South Africa since I960

Abstract

The growth of the South African economy during 1960-66 is reflected by the increase in the gross domestic product from 5,335 million Rand to 8,756 million Rand at current prices. Converted to constant prices these figures represent an annual average real growth of 6.2 per cent in the G.D.P., which is appreciably higher than the target rate of 5\ per cent set by the Economic Development Programme for 1966-71. The individual annual rates vary, however, describing a curve which begins at 2.8% and ends at 5.6% and attains a peak of 9.4% in 1963. In terms of the net national income per capita, the volume of goods and services at the disposal of the average South African increased by approximately 3.3% per annum. This rate appears to be unsurpassed in the economic history of South Africa, and implies that its continuation could double the average level of living within 21 years.