Bond South Africa 3.75% ( XS1090107159 ) in EUR

South Africa

100.07 % ▲

South Africa

XS1090107159 ( in EUR )

3.75% per year ( payment 1 time a year)

23/07/2026

Prospectus brochure of the bond South Africa XS1090107159 en EUR 3.75%, maturity 23/07/2026

100 000 EUR

500 000 000 EUR

24/07/2025 ( In 95 days )

South Africa is a diverse country located at the southern tip of Africa, renowned for its stunning landscapes, rich biodiversity, vibrant culture, and complex history encompassing colonialism, apartheid, and a subsequent transition to democracy.

The Bond issued by South Africa ( South Africa ) , in EUR, with the ISIN code XS1090107159, pays a coupon of 3.75% per year.
The coupons are paid 1 time per year and the Bond maturity is 23/07/2026

LISTING PROSPECTUS SUPPLEMENT

(to Prospectus dated February 7, 2014)

REPUBLIC OF SOUTH AFRICA
U.S.$1,000,000,000 5.375% Notes due 2044
500,000,000 3.750% Notes due 2026
The U.S.$1,000,000,000 5.375% Notes due July 24, 2044 (the "USD Notes") bear interest at the rate of 5.375% per year, accruing from
July 24, 2014 and the 500,000,000 3.750% Notes due July 24, 2026 (the "Euro Notes" and, together with the USD Notes, the "Notes") bear
interest at the rate of 3.750% per year, accruing from July 24, 2014. Interest on the USD Notes is payable on January 24 and July 24 of each year,
commencing January 24, 2015. Interest on the Euro Notes is payable on July 24 of each year, commencing July 24, 2015. The USD Notes mature
on July 24, 2044 and the Euro Notes mature on July 24, 2026. The Notes are not redeemable prior to maturity.
Application has been made to the Commission de Surveillance du Secteur Financier of the Grand Duchy of Luxembourg (the "CSSF"), as
competent authority under Directive 2003/71/EC, as amended (the "Prospectus Directive") and the Luxembourg Act dated 10 July 2005 on
prospectuses for securities, as amended (the "Prospectus Act 2005"), to approve this Prospectus Supplement together with the accompanying
Prospectus as a prospectus for the purposes of the Prospectus Directive. The CSSF gives no undertaking as to the economic and financial
soundness of the transaction and the quality or solvency of the Republic of South Africa in accordance with article 7(7) of the Prospectus Act
2005.
Currently there is no public market for the Notes. Application has been made to admit the Notes to listing on the Official List of the
Luxembourg Stock Exchange and to trading on the regulated market "Marché réglementé" of the Luxembourg Stock Exchange, Bourse de
Luxembourg (which is a regulated market for the purpose of the Market and Financial Instruments Directive 2004/39/EC).
The Notes will contain provisions regarding acceleration and future modifications to their terms that differ from those applicable to South
Africa's outstanding external debt issued prior to May 16, 2003. Under these provisions, which are described beginning on page 11 of the
accompanying Prospectus dated February 7, 2014 (the "Prospectus"), South Africa may amend the payment provisions of the Notes with the
consent of the holders of 75% of the aggregate principal amount of the outstanding Notes.
Upon listing and admission to trading of the Notes offered hereunder on the Luxembourg Stock Exchange, copies of this Prospectus
Supplement and the accompanying Prospectus, as well as the documents incorporated by reference herein, may be obtained from the
Luxembourg Stock Exchange website at http://www.bourse.lu.
NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION NOR ANY OTHER REGULATORY BODY HAS
APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS
PROSPECTUS SUPPLEMENT OR THE ACCOMPANYING PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE.
A decision to participate or not participate in the offering will involve certain risks. It is important that you read "Risk Factors" beginning
on page S-14 of this Prospectus Supplement and the risks discussed elsewhere in this Prospectus Supplement, the accompanying Prospectus and
the documents we file with the Securities and Exchange Commission (the "SEC").

USD Notes

Euro Notes

Per Note

Total

Per Note

Total

Public Offering Price(1) ................................................................

98.303% U.S.$ 983,030,000

99.298% 496,490,000
Underwriting Discount ................................................................

0.125% U.S.$ 1,250,000

0.125% 625,000
Proceeds, before expenses, to South Africa................................

98.178% U.S.$ 981,780,000

99.173% 495,865,000
------------------
(1)
Plus accrued interest from July 24, 2014 if settlement occurs after that date.
The Underwriters expect to deliver the USD Notes in book-entry form only through the facilities of The Depository Trust Company
("DTC") and the Euro Notes only through the book-entry facilities of Euroclear Bank S.A./N.V. ("Euroclear") and Clearstream Banking, société
anonyme, Luxembourg ("Clearstream, Luxembourg") on or about July 24, 2014.
The Joint Lead Managers are:
Barclays
Citigroup
Rand Merchant Bank
The Co-Lead Manager is:
Investec
The date of this Prospectus Supplement is July 25, 2014.

TABLE OF CONTENTS
Prospectus Supplement
Page
Page

Introduction .......................................................... S-1 Global Clearance and Settlement ....................... S-25
Forward-Looking Statements ............................... S-4 Taxation .............................................................. S-29
Overview of the Issuer ......................................... S-5 Underwriting ...................................................... S-38
The Offering ....................................................... S-10 Jurisdictional Restrictions .................................. S-40
Risk Factors........................................................ S-14 Legal Matters ...................................................... S-44
Use of Proceeds .................................................. S-18 General Information ........................................... S-45
Description of the Notes..................................... S-19 Documents Incorporated by Reference .............. S-47

Prospectus
Page
Page
About this Prospectus ............................................. 3 Governing Law; Consent to Service ........................ 9
Forward-Looking Statements .................................. 3 Collective Action Clauses ........................................10
Incorporation of Certain Documents by Reference 3 Acceleration of Maturity of the Securities ...............10
Use of Proceeds....................................................... 4 Amendments to the Terms of the Securities ............11
Description of Debt Securities ................................ 4 Description of Warrants ...........................................12
General .................................................................... 4 General .....................................................................12
Currency Transfer Guarantee .................................. 5 Governing Law; Consent to Service ........................13
Nature of the Obligations of the South African
United States Taxation .............................................13
Government.............................................................5
Negative Pledge ...................................................... 6 Plan of Distribution ..................................................13
South African Taxation ........................................... 6 Official Statements ..................................................14
United States Taxation ............................................ 7 Validity of the Securities .........................................15
Events of Default .................................................... 9 Authorized Representative .......................................15
Redemption ............................................................. 9 Further Information..................................................16

S-i

INTRODUCTION
This Prospectus Supplement supplements the accompanying Prospectus relating to the debt securities
and warrants of the Government of the Republic of South Africa (the "National Government," the "South
African Government," the "Republic" or "South Africa," unless references to the "Republic" or "South
Africa," within any particular context, clearly indicate a reference to the sovereign state of the Republic of
South Africa). You should read this Prospectus Supplement along with the accompanying Prospectus, which
together constitute a prospectus within the meaning of article 5.3 of the Prospectus Directive. Both
documents contain information you should consider when making your investment decision. Certain other
documents are incorporated by reference into this Prospectus Supplement and the accompanying Prospectus.
Please see "Documents Incorporated by Reference" in this Prospectus Supplement and "Incorporation of
Certain Documents by Reference" in the accompanying Prospectus. In case of an inconsistency between
information provided in this Prospectus Supplement and the accompanying Prospectus, the statements in this
Prospectus Supplement will prevail. Upon listing and admission to trading of the Notes offered hereunder on
the Luxembourg Stock Exchange, a Listing Prospectus Supplement (the "Listing Prospectus Supplement")
will be filed with the Luxembourg Stock Exchange. You should read the Listing Prospectus Supplement
once it becomes available on the website of the Luxembourg Stock Exchange (http://www.bourse.lu).
No dealer, salesperson or other person has been authorized to give any information or to make any
representations other than those contained in this Prospectus Supplement and the accompanying Prospectus
and, if given or made, such information or representations must not be relied upon as having been authorized
by the Republic or Barclays Bank PLC, Citigroup Global Markets Inc., Rand Merchant Bank, a division of
FirstRand Bank Limited and Investec Bank plc (the "Underwriters"). This Prospectus Supplement and the
accompanying Prospectus do not constitute an offer to buy or a solicitation of an offer to sell any securities
in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such
jurisdiction. Neither the delivery of this Prospectus Supplement and the accompanying Prospectus nor any
exchange, purchase or sale made hereunder shall, under any circumstances, create any implication that the
information in this Prospectus Supplement and the accompanying Prospectus is correct as of any time
subsequent to the date hereof or that there has been no change in the affairs of the Republic since such date.
The Republic accepts responsibility for the information it has provided in this Prospectus Supplement
and the accompanying Prospectus and, after having taken all reasonable care and to the best of its
knowledge, confirms that:
the information contained in this Prospectus Supplement and the accompanying Prospectus is true
and correct in all material respects and is not misleading, and
it has not omitted other facts the omission of which makes this Prospectus Supplement and the
accompanying Prospectus as a whole misleading.
The Notes are debt securities of the Republic, which are being offered under the Republic's registration
statement no. 333-192814 filed with the SEC under the U.S. Securities Act of 1933, as amended (the
"Securities Act"). This Prospectus Supplement and the accompanying Prospectus are part of the registration
statement. The accompanying Prospectus provides you with a general description of the securities that the
Republic may offer, and this Prospectus Supplement contains specific information about the terms of the
Notes. This Prospectus Supplement also adds, updates or changes information provided or incorporated by
reference in the accompanying Prospectus. Consequently, before you decide to participate in the offering,
you should read this Prospectus Supplement together with the accompanying Prospectus as well as the
documents incorporated by reference in this Prospectus Supplement and the accompanying Prospectus.
None of this Prospectus Supplement, the accompanying Prospectus nor any document incorporated by
reference are intended to provide the basis of any credit or other evaluation and should not be considered as
a recommendation by any of South Africa or the Underwriters that any recipient of this Prospectus
Supplement, the accompanying Prospectus or any document incorporated by reference should purchase
Notes.
S-1

You must comply with all laws that apply to you in any place in which you possess this Prospectus
Supplement and the accompanying Prospectus. You must also obtain any consents or approvals that you
need in order to purchase Notes. Neither the Republic nor the Underwriters is responsible for your
compliance with these legal requirements. It is important that you read "Jurisdictional Restrictions"
beginning on page S-40 of this Prospectus Supplement.
The Republic has prepared the offering and is solely responsible for its contents. You are responsible
for making your own examination of the Republic and your own assessment of the merits and risks of
purchasing Notes pursuant to the offering. By purchasing Notes, you will be deemed to have acknowledged
that:
you have reviewed the offering;
you have had an opportunity to request and review any additional information that you may need;
and
the Underwriters are not responsible for, and are not making any representation to you concerning,
the accuracy or completeness of the offering.
The Republic and the Underwriters are not providing you with any legal, business, tax or other advice
in the offering. You should consult with your own advisors as needed to assist you in making your
investment decision and to advise you whether you are legally permitted to purchase Notes.
As used in this Prospectus Supplement, "business day" means any day other than a Saturday, a Sunday
or a legal holiday or a day on which banking institutions or trust companies are authorized or obligated by
law to close in New York City or London.
In this Prospectus Supplement, all amounts are expressed in South African Rand ("R," "Rand" or
"rand"), Euros ("" or "euros") or U.S. dollars ("U.S.$," "$" or "dollars"), except as otherwise specified.
The Republic's fiscal year begins on April 1 and ends on March 31. Economic data presented in this
Prospectus Supplement is presented on a calendar year basis unless reference is made to the relevant fiscal
year or the fiscal year is otherwise indicated by the context.
Unless otherwise indicated, references to gross domestic product ("GDP") are to real GDP, calculated
using constant prices in order to adjust for inflation (with 2005 as a base year), and percentage changes in
GDP refer to changes as compared to the previous year or the same quarter of the previous year, unless
otherwise indicated.
The South African Government is a foreign sovereign government. Consequently, it may be difficult
for investors to obtain or realize upon judgments of courts in the United States against the South African
Government. The South African Government will irrevocably submit to the jurisdiction of the Federal and
State courts in The City of New York, and will irrevocably waive any immunity from the jurisdiction
(including sovereign immunity but not any immunity from execution or attachment or process in the nature
thereof) of such courts and any objection to venue, in connection with any action arising out of or based
upon the Notes brought by any holder of Notes. The South African Government reserves the right to plead
sovereign immunity under the U.S. Foreign Sovereign Immunities Act of 1976 (the "Immunities Act") with
respect to actions brought against it under United States federal securities laws or any state securities laws.
In the absence of a waiver of immunity by the South African Government with respect to such actions, it
would not be possible to obtain a U.S. judgment in such an action against the South African Government
unless a court were to determine that the South African Government is not entitled under the Immunities Act
to sovereign immunity with respect to such action. Enforceability in South Africa of final judgments of U.S.
courts obtained in actions predicated upon the civil liability provisions of the United States federal securities
laws is subject, among other things, to the absence of a conflicting judgment by a South African court or of
an action pending in South Africa among the same parties and arising from the same facts and circumstances
and to the South African courts' determination that the U.S. courts had jurisdiction, that process was
appropriately served on the defendant and that enforcement would not violate South African public policy.
In general, the enforceability in South Africa of final judgments of U.S. courts obtained other than by default
S-2

would not require retrial in South Africa. In original actions brought before South African courts, there is
uncertainty as to the enforceability of liabilities based on the United States federal securities laws. The South
African courts may enter and enforce judgments in foreign currencies. See "Description of Debt Securities--
Governing Law; Consent to Service" in the accompanying Prospectus.
In connection with the issue of the Notes, the Underwriters or any person acting for the Underwriters
may over-allot or (provided that the aggregate principal amount of Notes allotted does not exceed 105% of
the aggregate principal amount of the Notes) effect transactions with a view to supporting the market price
of the Notes at a level higher than that which might otherwise prevail. However, there is no assurance that
the Underwriters (or any person acting on behalf of the Underwriters) will undertake such stabilizing action.
Any stabilizing action may begin on or after the date on which adequate public disclosure of the terms of the
offer of the Notes is made and, if begun, may be ended at any time, but it must end at no later than the earlier
of 30 days after the issue of the Notes and 60 days after the date of allotment of the Notes.
This Prospectus Supplement and the accompanying Prospectus have been sent to you in an electronic
form. You are reminded that documents transmitted via this medium may be altered or changed during the
process of electronic transmission and consequently neither the Republic nor the Underwriters or any person
who controls an Underwriter or any director, officer, employee or agent of the Underwriters or any affiliate
of such person will accept any liability or responsibility whatsoever in respect of any difference between this
Prospectus Supplement and the accompanying Prospectus distributed to you in electronic format and this
Prospectus Supplement and the accompanying Prospectus in their original form.
The distribution of this Prospectus Supplement and the accompanying Prospectus and the
offering of the Notes in certain jurisdictions is restricted by law. Persons who acquire this Prospectus
Supplement and the accompanying Prospectus are required by the Republic and the Underwriters to
inform themselves about, and to observe, any such restrictions. See "Jurisdictional Restrictions" in
this Prospectus Supplement.
We expect that delivery of the Notes will be made on or about the date specified on the cover page
of this Prospectus Supplement, which will be the fifth business day following the date of this
Prospectus Supplement. Under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), trades in the secondary market generally are required to settle in three business
days, unless the parties to any such trade expressly agree otherwise. Accordingly, the purchasers who
wish to trade the Notes on the date of this Prospectus Supplement or the next three succeeding
business days will be required to specify an alternate settlement cycle at the time of any such trade to
prevent failed settlement. Purchasers of the Notes who wish to trade the Notes on the date of this
Prospectus Supplement or the next three succeeding business days should consult their own advisor.
S-3

FORWARD-LOOKING STATEMENTS
This Prospectus Supplement and the accompanying Prospectus contain certain forward-looking
statements within the meaning of Section 27A of the Securities Act. Statements that are not historical facts,
including statements with respect to certain of the current expectations, plans and objectives of South Africa
and the economic, monetary and financial conditions of the Republic, are forward-looking in nature. These
statements may be made expressly in this Prospectus Supplement or may be in other documents. South
Africa refers you to or has filed with the SEC. You can find many of these statements by looking for words
such as "believes," "expects," "anticipates," "estimates," or similar expressions used in this Prospectus
Supplement or documents to which South Africa refers you.
These forward-looking statements are subject to numerous assumptions, risks, and uncertainties that
may cause South Africa's actual results to be materially different from any future results expressed or
implied by the Republic in those statements. The risks and uncertainties include those risks, uncertainties,
and risk factors identified, among other places, under "Risk Factors" below and the risks discussed
elsewhere in this Prospectus Supplement, the accompanying Prospectus and the documents we file with the
SEC. Such factors include, but are not limited to:
external factors, such as interest rates in financial markets outside South Africa and social and
economic conditions in South Africa's neighbors and major export markets; and
internal factors, such as general economic and business conditions in South Africa, present and
future exchange rates of the Rand, foreign currency reserves, the ability of the South African
Government to enact key reforms, the level of domestic debt, domestic inflation, the level of
foreign direct and portfolio investment and the level of South African domestic interest rates.
Because these statements are subject to risks and uncertainties, actual results may differ materially from
those expressed or implied by the forward-looking statements. South Africa cautions you not to place undue
reliance on those statements, which speak only as of the date of this Prospectus Supplement or, in the case of
documents South Africa refers you to or incorporates by reference, the date of such documents.
The cautionary statements contained or referred to in this section should be considered in connection
with any subsequent written or oral forward-looking statements that the Republic or persons acting on its
behalf may issue. South Africa does not undertake any obligation to review or confirm analysts'
expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect
events or circumstances after the date of this Prospectus Supplement or to reflect the occurrence of
unanticipated events.
S-4

OVERVIEW OF THE ISSUER
This Prospectus Supplement and the accompanying Prospectus contain information that should be read
carefully before any decision is made with respect to the offering. Any decision to invest in the Notes by an
investor should be based on consideration of this Prospectus Supplement and the accompanying Prospectus
as a whole. You should read this entire Prospectus Supplement and the accompanying Prospectus carefully.
The following overview is qualified in its entirety by reference to, and should be read in connection with, the
information appearing elsewhere or incorporated by reference in this Prospectus Supplement and the
accompanying Prospectus. Each of the capitalized terms used in this overview and not defined herein has the
meaning set forth elsewhere in this Prospectus Supplement. Following the implementation of the relevant
provisions of the Prospectus Directive in each member state of the European Economic Area (each a
"Member State"), no civil liability will attach to the Republic in any such Member State solely on the basis
of this overview, including any translation thereof, unless it is misleading, inaccurate or inconsistent when
read together with other parts of this Prospectus Supplement and the accompanying Prospectus. Where a
claim relating to the information contained in this Prospectus Supplement or the accompanying Prospectus
is brought before a court in a Member State, the plaintiff may, under the national legislation of the Member
State where the claim is brought, be required to bear the costs of translating this Prospectus Supplement and
the accompanying Prospectus before the legal proceedings are initiated.
This section provides information that supplements the information about South Africa that is included
in South Africa's Annual Report on Form 18-K, which was filed with the SEC on December 2, 2013, as
amended on January 27, 2014 and May 22, 2014 (the "Annual Report"). To the extent that the information
in this section differs from the information contained in South Africa's Annual Report, you should rely on the
information in this section.
On February 26, 2014, the South African National Treasury released its 2014 Budget Review (the
"Budget Review"). On March 12, 2014, the South African Reserve Bank released its March 2014 Quarterly
Bulletin (the "March Quarterly Bulletin"). South Africa filed the Budget Review and the March Quarterly
Bulletin with the SEC on May 22, 2014 under cover of Form 18-K/A ("Amendment No. 2"), which is
incorporated by reference into this Prospectus Supplement and the accompanying Prospectus. You should
read the Budget Review and the March Quarterly Bulletin in conjunction with the other information
appearing elsewhere in this Prospectus Supplement and the accompanying Prospectus.
The Issuer
South Africa has been an established constitutional democracy since 1994, when it held its first fully
democratic national elections. South Africa has the most developed economy in Sub-Saharan Africa in terms
of total GDP, and accounted for 26.5% of the aggregate GDP of Sub-Saharan Africa during 2012 (source:
IMF, World Economic Outlook Database, April 2014). The South African economy is diverse and supported
by a well-developed legal system and a sophisticated financial system. The major strengths of the South
African economy are its services and manufacturing sectors, its strong physical and economic infrastructure
and its abundant natural resources, including gold, platinum metals and coal.
As in many other economies, the National Government has taken steps to mitigate the impact of the
global economic crisis on the economy through more expansionary fiscal and monetary policies and
measures to support ailing industries.
A sound banking system, relatively low public debt levels and prudential regulations on household debt
levels insulated the nation from some of the worst effects of the recent global financial crisis. Weakness in
the global economy over 2013 has dampened domestic growth. However, growth is expected to pick up over
the next three years, supported by resilient household consumption growth, sustained infrastructure
investment spending and a gradual recovery in private fixed capital formation.
S-5

From 2010 to 2013, South Africa's GDP growth rate averaged 2.8%, compared with an average of
3.7% for the preceding ten years, reaching an all-time high of 7.6% in December of 1994 and a record low of
-6.3% in March of 2009. Growth in real GDP slowed to 1.9% in 2013 from 2.5% in 2012. In the first quarter
of 2014, real GDP declined by an annualized rate of 0.6%, mainly reflecting the strike-induced contraction in
mining and manufacturing output. The South African Reserve Bank projects real GDP to average 2.1% in
2014 and 3.1% in 2015.
Since the end of the 2008-2009 recession, the labor market recovery has been sluggish. The number of
unemployed persons from 2008 through the first quarter of 2014 averaged 4.6 million persons (source: Stats
SA). The highest level of unemployment was observed during the first quarter of 2014, at 5.1 million
persons, and the lowest level of unemployment was observed during the fourth quarter of 2008, at 4 million
persons. According to the Quarterly Labour Force Survey ("QLFS") conducted by Stats SA, the number of
persons employed in South Africa increased by 497,000 (or 3.4%) in the year to the first quarter of 2014,
representing a year-on-year growth rate in total employment of 3.4%. In February 2014, Stats SA updated
the QLFS results for the full sample period 2008 to 2013 to reflect the new population benchmarks
obtained from Census 2011. This resulted in the total number of people employed being revised upwards
over the full sample period, bringing the total level of employment to almost 15.1 million in the first quarter
of 2014. The number of unemployed persons increased by 205,000 (or 4.2%) in the year to the first quarter
of 2014, marginally increasing the official unemployment rate in the South African economy to 25.2% from
25% a year earlier. The number of discouraged work-seekers increased by 155,000 in the first quarter of
2014, having decreased by 97,000 in the fourth quarter of 2013. The youth unemployment rate rose to
53.2% in the first quarter of 2014 from 48.9% in the fourth quarter of 2013.
Consumer price index (CPI) inflation rose marginally to 5.7% in 2013 from 5.6% in 2012. However,
the 2014 Budget Review indicates that the inflation outlook has deteriorated and that rising interest rates will
increase the cost of borrowing for government and the private sector CPI inflation is forecast to increase to
6.2% in 2014, 5.9% in 2015 and 5.5% in 2016. Within an environment of slowing output growth in 2013, the
annual average headline consumer price inflation rate in South Africa remained contained within the
inflation target range, having accelerated only marginally compared with the preceding year. Having
moderated to a low of 5.3% in November, headline inflation accelerated to 6.6% in May 2014. Recent
movements in consumer price inflation can largely be ascribed to fluctuations in food and petrol prices, with
underlying inflationary pressures remaining fairly stable. Key barometers of underlying inflation remained
below the upper limit of the inflation target range of 3 to 6%, despite the protracted depreciation in the
exchange rate of the rand.
The following table sets forth growth in real gross value added by sector for the periods indicated.
Percentage Growth in Real Gross Value Added by Sector

(at constant 2005 prices)

For the year ended
For the three months ended

December 31, 2013

March 31, 2014

Contribution
Contribution

to GDP
Share in
to GDP
Share in
Growth

Growth

GDP

Growth

Growth

GDP
Agriculture, forestry and
fishing ................................................................
2.3
0.1
2.4
2.5
0.1
2.5
Mining and quarrying ................................3.1
0.2
5.6
-24.7
-1.4
5.3
Manufacturing ................................
0.8
0.1
16.9
-4.4
-0.7
16.9
Electricity, gas and water ................................
-0.4
0.0
1.9
0.1
0.0
1.9
Construction ................................
2.8
0.1
3.4
4.9
0.1
3.5
S-6

Percentage Growth in Real Gross Value Added by Sector

(at constant 2005 prices)

For the year ended
For the three months ended

December 31, 2013

March 31, 2014

Contribution
Contribution

to GDP
Share in
to GDP
Share in
Growth

Growth

GDP

Growth

Growth

GDP
Wholesale and retail trade,
2.2
0.3
14.0
2.1
0.3
14.1
catering and accommodation

Transport, storage and
1.9
0.2
10.1
1.7
0.1
10.2
communication ................................

Finance, insurance, real estate
2.4
0.5
24.2
2.0
0.4
24.3
& business services................................

General government
1.5
0.2
15.3
1.7
0.2
15.3
services ................................................................

Personal services ................................
1.8
0.1
6.1
1.0
0.1
6.1
__________________
Source: Stats SA.

The following table summarizes the National Government debt as of the dates indicated in each of the
years 2009 through 2014.

Total Debt of the National Government

As of March 31,

2009

2010

2011

2012

2013

2014

Rand (million)

Government bonds ................................
462,751
585,992
733,484
890,257
1,022,206
1,216,359

Treasury bills ................................
65,000
114,540
136,150
155,206
171,985
192,205

Marketable internal debt ................................
527,751
700,532
869,634
1,045,463
1,210,823
1,408,564

Non-marketable internal

debt ................................................................
1,956
4,943
23,087
25,477
30,300
31,276
Total internal debt ................................
529,707
705,475
892,721
1,070,940
1,241,123
1,439,839

Total external debt(1) ................................
97,268
99,454
97,851
116,851
124,555
143,677

Total gross loan debt ................................
626,975
804,929
990,572
1,187,791
1,365,679
1,583,517

Cash balances(2) ................................-101,349
-131,889
-171,802
-198,059
201,458
197,053]

Total net loan debt(3) ................................
525,626
673,040
818,770
989,732
1,164,220
1,389,461

Gold and Foreign Exchange
171,224

Contingency Reserve
Account ................................
101,585
35,618
28,283
67,655
125,552

As percentages of nominal

GDP

Net loan debt ................................
22.2 %
27.6 %
29.7 %
32.8 %
35.3 %
40.3 %
Foreign debt ................................
4.2 %
4.1 %
3.6 %
3.9 %
3.8 %
3.7 %
As percentage of gross loan

debt

Foreign debt ................................
15.5 %
12.4 %
9.9 %
9.8 %
9.1 %
9.3 %
__________________
S-7

Notes:--
(1)
Valued using the applicable foreign exchange rates as at the end of each period.
(2)
This represents surplus cash of the National Revenue Fund on deposit at commercial banks and at the South
African Reserve Bank.
(3)
Total loan debt (net) is calculated with due account of the bank balances of the National Revenue Fund (balances
of the National Government's accounts with the South African Reserve Bank and with commercial banks).
Sources: South African National Treasury and the South African Reserve Bank.

The following table sets forth, for the periods indicated, the Current Account as percentage of GDP.

As of December 31,

Percentage of GDP

2008

2009

2010

2011

2012

2013

Total current account (saar

values) ................................................................
-7.2 %
-4.0 %
-2.0 %
-2.3 %
-2.3 %
-5.8
Trade balance ................................
-1.6 %
0.1 %
1.9 %
1.6 %
1.6 %
-2.2

Net services, income and

transfer receipts ................................
-5.6 %
-4.1 %
-3.8 %
-3.9 %
-3.9 %
-3.6
Net service receipts................................ -1.5 %
-1.0 %
-1.2 %
-1.2 %
-1.2 %
-0.6

New income receipts ................................-3.3 %
-2.2 %
-2.0 %
-2.3 %
-2.3 %
-2.1

Net dividend payments................................
-2.6 %
-1.6 %
-1.5 %
-1.9 %
-1.9 %
-1.5

Net transfer payments (mainly

SACU(1)) ................................
-0.8 %
-0.9 %
-0.6 %
-0.5 %
-0.5 %
-0.9
Current account excluding

SACU transfers ................................ -6.3 %
-3.1 %
-1.3 %
-1.8 %
-1.8 %
-4.9
__________________
Source: South African Reserve Bank.
(1)
SACU refers to the Southern African Customs Union

The following table sets forth, for the periods indicated, the exchange rate of the Rand per U.S. Dollar.
Rand

(against the U.S. Dollar)

At Period

Low

High

Average

End

Year

2009 ................................................................................................
7.2439
10.5948
8.4372
7.3721
2010 ................................................................................................
6.6224
7.9704
7.3222
6.6224
2011 ................................................................................................
6.5962
8.5423
7.2531
8.1319
2012 ................................................................................................
7.4777
8.9432
8. 2099
8.4838
2013 ................................................................................................
8.447
10.484
9.6502
10.4675
January 2014 ................................................................
10.591
11.357
10.8722
11.1715
February 2014 ................................................................ 10.717
11.180
10.9848
10.7175
March 2014 ................................................................
10.595
10.906
10.7468
10.5953
April 2014 ................................................................
10.396
10.654
10.5467
10.5525
S-8