Economy of Gauteng brought to you by Conference Venues South Africa including Gauteng's mining industries, financial industry and JSE Securities exchange.
Economy of Gauteng brought to you by Conference Venues South Africa including Gauteng's mining industries, financial industry and JSE Securities exchange. |
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Gauteng Economy
Gauteng is considered the economic hub of South Africa and contributes heavily in the financial, manufacturing, transport, technology and telecommunications sectors, amongst others. It also plays host to a large number of overseas companies requiring a commercial base in and gateway to Africa. Although Gauteng is the smallest of South Africa's nine provinces - it covers only 1.4% of the country's total land area - it contributes 33.9% of its gross domestic product (GDP). Indeed Gauteng generates 10% of the GDP of the entire African continent. Gauteng is the biggest contributor to South Africa's GDP, with Logistics & communication, financial services & mining as the biggest sectors. Gauteng is an integrated industrial complex with major areas of economic activity in five subregional areas, namely the Vaal Triangle, the East, West and Central Rand, and Pretoria. All sectors rely heavily on the Vaal Dam on the Vaal River, whence water is piped across the province. Gauteng is home to many of the country's most important educational institutions and scientific institutes. There are about 10 000 firms involved in the province's manufacturing sector, employing over half a million people. The major industries are appliances and electrical supplies, basic iron and steel, chemical products, electrical machinery, fabricated and metal products, food, machinery, motor vehicle parts and accessories. The economy of Gauteng is moving away from traditional heavy industry markets and low value-added production to sophisticated high value-added production, particularly in information technology, telecommunications and other high-tech industries. The 'high-tech' corridor at Midrand (halfway between Pretoria and Johannesburg) is the most rapidly developing area in the country. The JSE Securities exchange (the largest in Africa) has its home in Sandton, Johannesburg. Seen as the new financial centre of South Africa, Sandton has become Gauteng's premier business centre. Over especially the last 15 years, much of the financial focus of Johannesburg has shifted from the Central Business District to Sandton. A considerable amount of the johannesburg's A-grade office space is now to be found in Sandton. The JSE Securities Exchange, Johannesburg's stock exchange, relocated its offices to Sandton from the Central Business District in the late 1990s.
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