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 Applying for a home loan? Consider the repo rate

When you apply for a home loan, one of your top priorities should be to secure a low interest rate. In order to achieve this, you need to be familiar with the repo rate. We find out more about this.

Effective financial planning as a single parent

As a single mom or dad, it can be challenging to keep up with the ever-increasing expenses of raising a child. We have a look at the importance of setting up a budget as a single parent.

How your credit score impacts your insurance – and vice versa

Since insurance is paid in advance, it may seem unrelated to your credit score. However, these two are in fact linked to one another. We find out why insurers look at your credit score.

Should you share finances with your cohabiting partner?

When you and your partner decide to move in together, you need to work out whether it would be better to share your finances, or to continue to operate separately.

Deals

Get a FREE flight ticket with Hotel Sky

Price: From R5,200
When: Until 31 January 2022
Where: Johannesburg and Cape Town

Voucher for 2 special at Bakwena Day Spa

Price: From R1,798
When: Until 31 January 2022
Where: Centurion, Hartbeespoort and Stellenbosch

Spier Hotel Summer Special

Price: Available on request
When: Until 31 March 2022
Where: Stellenbosch


Latest Guide

Guide to debt rehabilitation solutions