Page 13 - KZN Top Business Portfolio 2018

ECONOMIC OVERVIEW OF THE PROVINCE
OF KWAZULU-NATAL
www.topbusiness.co.za

KEY FOR THE MAP OF
SOUTH AFRICA
KwaZulu-Natal Province
Mpumalanga Province
Limpopo Province
Free State Province
Northwest Province
Gauteng Province
Northern Cape Province
Western Cape Province
Eastern Cape Province

A KEY BUSINESS POINT IN Of major significance is that the ports of Durban
SOUTHERN AFRICA and Richards Bay, around which KwaZulu-Natal is
established, are two of Africa’s gateways to the sea
KwaZulu-Natal is one of the nine provinces in South lanes of the world. Durban and Richards Bay ports are
Africa. The province is South Africa’s third smallest, southern Africa’s busiest in terms of handling cargo
taking up 7, 7% of the country’s land area and has a by value and bulk respectively. The Durban – Free
total area of 94 361 km². State – Gauteng logistics and transport corridor forms
the backbone of South Africa’s freight transportation
Situated on the east coast of the country, KwaZulu- network and is vital in facilitating economic growth for
Natal neighbours three other provinces: Eastern the country. The Dube TradePort forms the heart of the
Cape, Mpumalanga and the Free State. KwaZulu-Natal first purpose-built aerotropolis in Africa and is destined
borders the countries of Mozambique and Swaziland in to become a premier business and trade hub.
the north, and Lesotho in the south.
The access to numerous global destinations and
KwaZulu-Natal is a vibrant region characterised by linkages to SADC countries, position KwaZulu-Natal as
much diversity. The province is home to the largest a key business point in southern Africa.
percentage (20% of the South African population), an
estimated 10,9 million people (2015). Statistics South Economic Outlook
Africa (Stats SA) estimated the mid-year population KwaZulu-Natal MEC for Finance Ms Belinda Scott,
of the country as 55,6 million in 2016. KwaZulu-Natal
comprises a multicultural mix of people and the on the tabling of the 2018/19 MTEF Budget in the
Provincial Legislature on the 16 March 2018, said that
principal language is isiZulu, followed by English and the 2018 projections by the World Bank, International
Afrikaans. Many of the people either live or work in fast Monetary Fund and the Organisation for Economic
developing first world urban centres with competitive Co-operation and Development (OECD) indicate that
infrastructure, or in very under resourced rural areas.
the global economy is experiencing a cyclical recovery,
KwaZulu-Natal has great climatic conditions as well as showing a rebound in investment and manufacturing
many tourist attractions, stunning mountainous areas, activity. As a result, the global economy is expected to
wildlife reserves, and beautiful beaches washed by the have improved to 3% in 2017 and to remain at 3.9% in
warm Indian Ocean. 2018 and 2019.
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