History of South African Economy

Timeline created by m1na
In History
  • Wealth was measured in cattle

    Wealth was measured in cattle
    Subsistence farming dominated the economy and the wealthiest person was the one with the most cattle.
  • Traditional Banu's living in South Africa

    Traditional Banu's living in South Africa
    The people in who lived in South Africa before the settlers arrived was traditional Bantu people.
  • Jan van Riebeeck arives in the Cape

    Jan van Riebeeck arives in the Cape
    When Jan van Riebeeck arrived in the Cape, his main mission was to establish a refreshment station for passing ships.
    The settlers bought cattle from the Khoikoi and local people to supply passing ships.
  • The African slave-trade began

    The African slave-trade began
    Imported slaves from Malaysia acted as an important contributing factor in the South African Industry.They brought skills from their home-countries that contributed largely to the industrial development in South Africa, skills such as fishing, farming and working in sugar-cane plantations.
  • Development of Trade

    Development of Trade
    Trading and commercial activities developed
    between settlers and the tribes from Southern Africa.
  • The Firts Wine Produced in the Cape

    The Firts Wine Produced in the Cape
    Vines were imported from Frans and French Huguenots developed a wine industry.
  • Increased Migrations

    Increased Migrations
    Migrations from Europe to South Africa increased.
  • Industrial Farming Developed

    Industrial Farming Developed
    German and British immigrants developed industrial farming strategies.
  • The first ZAR paper money introduced

    The first ZAR paper money introduced
    Governor Van Plettenberg introduced the first South African papermoney, issued in rixdollar and stiver denominations
  • Khoi-San Rebellion

    Khoi-San Rebellion
    The Khoi-San rose in a rebellion against the authorities in the eastern Cape. This failed rebellion marked the beginning of the tribe's transformation to become part of the world of "western" customs.
  • Draught in AmaZulu region

    Draught in AmaZulu region
    The draught caused sosial problems in the midst of these tribes and also led to people fleeing to the cities.
  • 1842: The first newspaper was established

    1842: The first newspaper was established
    Media allowed people to know more about what was happening in the country. It also sped up commercialisation.
  • The Orange Free State Est.

    The Orange Free State Est.
    The Orange Freestate was established and the borders derermined by the UK
  • Establishment of the ZAR

    Establishment of the ZAR
    The South African Republic was established
  • Diamonds Discovered

    Diamonds Discovered
    Diamonds were discovered in the Cape province
  • Cecil Rhodes arrives in SA

    Cecil Rhodes arrives in SA
    Cecil John Rhodes arrives in South Africa and becomes an icon in diamond-dealings.
  • The first Anglo Boer War

    The first Anglo Boer War
    Mining activities were halted mass deaths in concentration camps, destruction of towns and farmlands.
  • Discovery of Gold

    Discovery of Gold
    Discovery of gold on the Witwatersrand. Inflow of foreign capital. Gold- and diamond rush – further migration of foreign nationals to South Africa.
  • Glen Grey Act

    Glen Grey Act
    Glen Grey Act: Obligatory tax payments to force farmers into labour at the mines. Surplus of labour – mining companies formed a buying cartel: Chamber of Mines and developed a monopsony which suppressed wages.
  • The second Anglo Boer War started

    The second Anglo Boer War started
    The war lasted until the 31st of May 1902. It ended with a British victory and the start of the British empire
  • The 2nd Boer War ended

    The 2nd Boer War ended
  • The Union of South Africa was Established

    The Union of South Africa was Established
    Freestate and ZAR united in the Union of South Africa.
  • Land Act of 1913

    Land Act of 1913
    The land act stated that South Africans could only own land in certain areas.
  • Rand Rebellion

    Rand Rebellion
    Rand Rebellion – Conflict over training blacks to work in gold mines instead of using white immigrants.
  • The Great Depression

    The Great Depression
    Unemployment: People flooded to towns in a race to find employment.
  • Large Scale Industrialisation

    Large Scale Industrialisation
    Large-scale industrialisation due to the mining industry and government investments. Emphasis shifted from agriculture to mining
  • South African general election

    South African general election
    The government who introduced Apartheid was elected to enable different racial groups further development in their separate areas. This served to divide economic and political growth in an unfair manner. The result was illiterate blacks with low living standards, which had an impact long into the future.
  • Income Hierarchy

    Income Hierarchy
    Income hierarchy dominated by race. Sanctions imposed due to the Apartheid legislation. In spite of the sanctions, South Africa was still able to buy oil and to develop technologies, which made the conversion of coal into oil possible. The USA implemented a boycott South African investments.
  • High Gold Price

    High Gold Price
    Gold reached an all time price-high, that earned considerable profits for the mining companies. However due to currency restrictions they could not invest in foreign markets, they bought businesses in other economic activities instead. Steady increase in unemployment from 9.24% to 18.78%.
  • Nelson Mandela released from prison

    Nelson Mandela released from prison
  • Democratic Elections

    Democratic Elections
    Democratic elections: Nelson Mandela became president.
    Foreign exchange controls relaxed. A black empowerment plan was initiated that favours black employment and led to the transfer of some companies to black ownership.
  • 2000 - 2004

    2000 - 2004
    High unemployment rates (25.61%) that increase to 27.96% in 2003. Low per capita income. A depreciation in the South African Rand to R6.1188 per USD 1.00. GDP (PPP) Share of world total was 0.7%
  • Economic Growth: 2004 - 2007

    Economic Growth: 2004 - 2007
    Increased economic growth, with higher employment and capital formation rates with a Real GDP growth rate of 4.6%. The unemployment rate decrease from 26.73% to 22.23%.
  • Global Financial Crisis: 2007 - 2009

    Global Financial Crisis: 2007 - 2009
    The Real GDP growth rate declined from the 2007 high of 5.5% to -1.5%.Inflation is 7.1%. Public Debt is 31.5% of GDP. Unemployment increases from 22.23% to 23.94%.
  • Soccer World Cup

    Soccer World Cup
    South Africa hosts the 2010 Soccer World Cup:
    - Upgraded infrastructure
    - Increased expenses
    - Foreign investment
    GDP (PPP) Share of world total was 0.71%
    Inflation = 4.3%. Public Debt = 35.3% of GDP. Unemployment rate = 24.91%.
  • 2011

    2011
    Inflation = 4%
    Public Debt = 38.8% of GDP
  • Marikana Miners Strike

    Marikana Miners Strike
    A violent event at Lonmin's Marikana mine sparked foreign interest. It caused nervousness in foreign investments and the settlement on higher minimum loans led to a series of strikes in other industries such as agriculture and logistics.
  • Period: to

    History of the South African Economy