South Africa in numbers

By Staff Writer

The Bureau for Economic Research is an academic research unit that conducts surveys and studies into the various economic factors that make up life in South Africa. They have recently released the results of their Household Income and Expenditure patterns and trends for 2007-2008. Statistics always lag reality but what do these new figures have to say?

 

  • White people still control the economy
  • Gauteng is still the richest province
  • Food is the biggest budget item

 

The statistics may lag behind reality but the basic pattern and trend will more than likely be the same now as it was last year. The key finding are that in the highest earnings categories whites still control the economy with 81% of the highest income groups being white. However the "The African population has shown marked gains with respect to the R50-100k, R100-300k and R300-500k income groups."

Gauteng is still the richest province with 52% of all income going to people who live there. Food is the largest expenditure item for everyone but the less money you have the more you spend as a percentage on food. Nationally 23% of income is spent on food but "31% of Africans' income is spent on food. As more of them migrate to higher income echelons, their expenditure on housing and electricity increases while their percentage spend on food decreases."

These inequalities are structural products of history. They will take a long time to level but in the meantime the best thing that anyone can do is to plan a budget and not live beyond your means.

Recent Articles

Featured Do you still need credit life cover when you have life cover?

When you take out credit, your creditors will require you to pay back what you owe no matter what your circumstances are. This is why they have credit life cover built into their loans to ensure you are still able to pay off your debt, should any unfortunate event occur. 

 

Read more

Are you ready to just tap and go when you pay?

The integration of the tap and go system has revolutionised the way consumers make payments. Instead of having to insert or swipe your card, you are now able to simply tap and have the payment registered almost instantaneously. But how safe is this?

Read more

Debt consolidation – Explained

Dealing with debt can be daunting. If you’re struggling to keep track of which store account to pay next and weighing up which credit card is more important to settle first, you may have considered debt consolation. At Justmoney, we’ve decided to get down to the basics and explain what this entails and what impact you can anticipate on your credit score.  

Read more

3 Vehicle financing options compared – which is cheaper?

Buying a car is a considered a milestone, both in life and financially. Unless you’re able to fork out the cash, many opt for financing. But often the excitement to drive it off the showroom floor overshadows the need to check if you’re choosing the most-suited option. To help you make the best-informed decision we compare available vehicle financing structures in South Africa.

Read more

Sign Up

To our weekly newsletter for advice you can bank on

Deals

Save with 10X investments

Price: Free
When: Until 30 June
Where: Online

Sanlam Cumulus Investment Plan Limited Offer

Price: From R2,500
When: Limited Period
Where: Nationwide

Roman's Pizza Special - Any Single Large Pizza

Price: R69.90
When: Until 31 July
Where: Nationwide