für all jene welche noch SA-Rand-Positionen halten: +

verfasst von Emerald, 12.10.2004, 07:52

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Tourism is new gold for SA's economy

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Foreign exchange proceeds from tourism are now far higher than receipts from gold exports, reflecting the growing importance of tourism to the South African economy.
Research from Standard Bank yesterday showed that forex receipts from tourism topped R53,9bn last year compared with R35,3bn from net gold exports.

Gold mining has traditionally been the bedrock of SA' s economy, but its percentage of gross domestic product (GDP) has s teadily dwindled over the years.

The resources sector remains SA's biggest export sector and forex earner, but the economy has diversified significantly over the past 10 years to make manufactured exports and tourism major forex earners as well.

The tourism sector which contributes about 7% to gross domestic product (GDP) adds more to domestic economic growth than the mining sector, which contributes 5% to GDP.

Tourism is also a significant employer in the economy and faster growth in the sector is seen as positive for job creation.

Standard Bank's research also showed that the rand plays a much more subdued role in foreigners' decisions to visit SA than is expected, which implies that the sector is more resilient in the face of the rand's strength.

This is in stark contrast to the damage the rand's 40% gain against the dollar since last year has inflicted on the mining sector, especially gold mining.

Standard Bank's research suggests that tourists are more affected by economic growth in their own countries than the rand's level when deciding whether or not to visit SA.

The report estimated that for every 1% increase in a country's GDP, the number of tourists from that country who visit SA would rise by 1,73%.

On the other hand, a 1% increase in local currency prices would knock tourist arrivals by only 0,04%, said the report.

"The strong rand does have a negative effect on tourism, but incomes play an important role," said Standard Bank economist Elna Moolman.

With global growth set to accelerate next year and the rand likely to weaken, the outlook for tourism was rosy, said Moolman.

She estimated that tourist arrivals could increase 3% next year, more than double last year's growth rate of 1,2%.

"Even if the rand remains at current levels, tourist arrivals should grow by more than 2%," she said.

The report, based on monthly figures from Statistics SA, shows that most of SA's visitors come from neighbouring countries such as Lesotho, Swaziland, Zimbabwe, Botswana, Mozambique and Namibia.

These countries together accounted for almost 35% of tourism spending last year, according to the report. Most of these visitors come to shop.

Moolman said the dominance of these countries in the tourist arrival figures explained much of the resilience of the tourism sector in the face of rand strength, since most neighbouring countries have currencies pegged to the rand.

Business Day

(soeben aus Südafrika zurückgekehrt, kann ich nur unterstreichen: die Wirtschaft läuft bestens, die Investoren (In-und Ausländer) bleiben voll mit
dabei und erhöhen teilweise ihre Engagements. Häuser in der Kap-Region sind
nach wie vor zu attraktiven Preisen zu haben (Ausnahmen: Camps-Bay, Clifton und
Franschoek, wo internat. Klientel die Preise innerhalb drei Jahren höher klettern liess: Boom-Region).

Emerald.

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gesamter Thread:

• für all jene welche noch SA-Rand-Positionen halten: + - Emerald, 12.10.2004, 07:52
  • Re: für all jene welche noch SA-Rand-Positionen halten: + - head, 12.10.2004, 10:23
    • Re: für all jene welche noch SA-Rand-Positionen halten: + - CRASH_GURU, 12.10.2004, 11:27
  • Kap-Region - BillyGoatGruff, 12.10.2004, 12:47
    • Re: Kap-Region - Emerald, 12.10.2004, 13:49
      • Danke ;) (o.Text) - BillyGoatGruff, 12.10.2004, 20:49