Obbligazione South Africa 4.85% ( US836205AW44 ) in USD

South Africa

97.1 USD ▼

Sudafrica

US836205AW44 ( in USD )

4.85% per anno ( pagato 2 volte l'anno)

26/09/2027

Prospetto opuscolo dell'obbligazione South Africa US836205AW44 en USD 4.85%, scadenza 26/09/2027

200 000 USD

1 000 000 000 USD

836205AW4

27/09/2025 ( In 160 giorni )

Il Sudafrica è un paese situato all'estremità meridionale dell'Africa, caratterizzato da una grande diversità di paesaggi, culture e specie animali.

The Obbligazione issued by South Africa ( South Africa ) , in USD, with the ISIN code US836205AW44, pays a coupon of 4.85% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 26/09/2027

LISTING PARTICULARS
PROSPECTUS SUPPLEMENT
(to Prospectus dated March 28, 2017)

REPUBLIC OF SOUTH AFRICA
U.S.$1,000,000,000 4.850% Notes due 2027
U.S.$1,500,000,000 5.650% Notes due 2047
The U.S.$1,000,000,000 4.850% Notes due September 27, 2027 (the "2027 Notes") bear interest at the rate of 4.850% per year, accruing from
September 27, 2017 and the U.S.$1,500,000,000 5.650% Notes due September 27, 2047 (the "2047 Notes" and, together with the 2027 Notes, the "Notes")
bear interest at the rate of 5.650% per year, accruing from September 27, 2017. Interest on the Notes is payable on March 27 and September 27 of each year,
commencing March 27, 2018. The 2027 Notes mature on September 27, 2027 and the 2047 Notes mature on September 27, 2047. 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 July 10, 2005 on prospectuses for securities, as
amended (the "Prospectus Act 2005"), to approve this prospectus supplement (the "Prospectus Supplement"), together with the accompanying prospectus
dated March 28, 2017 (the "Prospectus"), as a prospectus for the purposes of the Prospectus Directive. By approving this Prospectus Supplement and the
accompanying Prospectus, the CSSF gives no undertaking as to the economic and financial soundness of the transaction or 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 ranking and future modifications to their terms that differ from those applicable to South Africa's
outstanding external debt issued prior to April 6, 2016. The Notes will be designated Aggregated Collective Action Securities and, as such, will contain
provisions regarding future modifications, which are described beginning on page 16 of the accompanying Prospectus, under which South Africa may amend
the payment provisions of any series of debt securities (including the Notes) and other reserved matters listed in the fiscal agency agreement with the consent of
the holders of: (1) with respect to a single series of debt securities, more than 75% of the aggregate principal amount of the outstanding debt securities of such
series; (2) with respect to two or more series of debt securities, if certain "uniformly applicable" requirements are met, more than 75% of the aggregate principal
amount of the outstanding debt securities of all series affected by the proposed modification, taken in the aggregate; or (3) with respect to two or more series of
debt securities, more than 66 2/3% of the aggregate principal amount of the outstanding debt securities of all series affected by the proposed modification,
taken in the aggregate, and more than 50% of the aggregate principal amount of the outstanding debt securities of each series affected by the proposed
modification, taken individually.
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-13
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").

2027 Notes
2047 Notes

Per Note
Total
Per Note
Total
Public Offering Price(1) .................................................................
100.000% U.S.$1,000,000,000
100.000%
U.S.$1,500,000,000
Underwriting Discount .................................................................
0.100% U.S.$1,000,000 0.100%
U.S.$1,500,000
Proceeds, before expenses, to South Africa ..................................
99.900% U.S.$999,000,000
99.900%
U.S.$1,498,500,000
(1) Plus accrued interest from September 27, 2017 if settlement occurs after that date.
The Underwriters expect to deliver the Notes in book-entry form only through the facilities of The Depository Trust Company ("DTC") on September
27, 2017.
The Joint Bookrunners are:

Citigroup
Deutsche Bank / Nedbank
HSBC

The Co-Lead Manager is:

Absa

The date of this Prospectus Supplement is September 27, 2017

TABLE OF CONTENTS
Prospectus Supplement
Page
Page

Introduction ........................................................ S-1
Global Clearance and Settlement ...................... S-24
Forward-looking statements ............................... S-4
Taxation ............................................................ S-27
Overview of the Issuer ........................................ S-5
Underwriting ..................................................... S-30
The Offering ....................................................... S-9
Jurisdictional Restrictions ................................. S-32
Risk Factors ...................................................... S-13
Legal Matters .................................................... S-36
Use of Proceeds ................................................ S-18
General Information .......................................... S-37
Description of the Notes ................................... S-19
Documents Incorporated by Reference ............. S-39
Base Prospectus
Page
Page

About This Prospectus ............................................ 2
Description of Warrants ........................................ 21
Forward-Looking Statements ................................. 3
Plan of Distribution ............................................... 23
Incorporation of certain documents by
Official Statements ................................................ 24
reference ................................................................. 4
Validity of the Securities ....................................... 25
Use of Proceeds ...................................................... 5
Authorized Representative .................................... 26
Description of Debt Securities ................................ 6
Further Information ............................................... 27

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, 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.
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, Citigroup Global Markets Inc., Deutsche Bank AG, London Branch, HSBC Bank plc, Nedbank Ltd or
Absa Bank Ltd (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. 333-216978 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.
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

S-1

these legal requirements. It is important that you read "Jurisdictional Restrictions" beginning on page S-32 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 advisers 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")
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 2010 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.
This Prospectus Supplement, the accompanying Prospectus and the documents incorporated by reference
herein contain annualised information, including GDP growth rates. Annualised information is presented for
comparative purposes only and is not necessarily indicative of full year performance. Accordingly, South Africa
cautions you not to place undue reliance on annualised information because full year performance may differ
materially from the annualised information.
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 would not

S-2

require retrial in South Africa. In original actions brought before South African courts, there is uncertainty as to
the enforceability of liabilities based on 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, stabilization may not necessarily
occur. 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 cease 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 the date specified on the cover page of this
Prospectus Supplement, which will be the seventh 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 two 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 five 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 five succeeding business days should consult their own adviser.

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.
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 5, 2016 (as
amended , 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 22, 2017, the National Treasury released the Budget Review 2017 (the "2017 Budget
Review"), on June 20, 2017 the South African Reserve Bank released its June 2017 Quarterly Bulletin (the
"June Quarterly Bulletin") and on September 14, 2017 the South African Reserve Bank released its
September 2017 Quarterly Bulletin (the "September Quarterly Bulletin". South Africa filed the 2017 Budget
Review and the June Quarterly Bulletin with the SEC on July 26, 2017 under cover of Form 18-K/A
("Amendment No. 1"), which is incorporated by reference into this Prospectus Supplement and the
accompanying Prospectus. South Africa filed the September Quarterly Bulletin with the SEC on September 19,
2017, 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 2017 Budget Review, the June
Quarterly Bulletin and the September Quarterly Bulletin together with the additional information therein 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 almost 21% of the aggregate GDP of Sub-Saharan Africa during 2016 (source:
IMF, World Economic Outlook Database, April 2017). The South African economy is diverse and supported by
a well-developed legal system and a sophisticated financial system.
Following the financial crisis, which induced a 1.5% contraction in real GDP growth in 2009, GDP growth
rebounded to rates above 3% in 2010 and 2011. Growth subsequently declined to 1.6% in 2014, 1.3% in 2015
and 0.3% in 2016 as a result of lower commodity prices, higher borrowing costs, diminished business and
consumer confidence, and drought. However, in the second quarter of 2017, GDP grew at an annualised rate of
2.5% following two successive quarters of contraction, primarily reflecting a turnaround in the real output of
both the secondary and the tertiary sectors. The growth in real output of the secondary sector in the second
quarter of 2017 largely reflected an increase in the real gross value added by the manufacturing sector following
three consecutive quarters of contraction. However, confidence among manufacturers remains low despite the
increase in output. Growth in the output of the sector supplying electricity, gas and water also increased in the
second quarter of 2017, underpinned by increased mining and manufacturing output. The gross value added by
the construction sector contracted further, consistent with weak building and civil construction confidence. The
growth in the real output of the tertiary sector in the second quarter of 2017 resulted largely from increased real
economic activity in the commerce and finance sectors. Growth in real retail trade sales underpinned the
turnaround in the commerce sector while output growth in the finance sector was boosted by increased
commercial banking activity and trading activity in the equity market. Real output growth in the transport sector
also increased in the second quarter of 2017 due to increased activity in land transport. By contrast, the real
gross value added by the general government subsector contracted further.
Since the end of the 2008-2009 recession, the labor market recovery has been sluggish. From March 2010
to June 2017, the number of unemployed persons grew by 1.02 million to a total of approximately 5.63 million.

S-5

Since the end of 2010, the trough of the employment downturn, to June 30, 2017 the labor force has grown
by 22.0%. The labor force participation rate increased by 4.9% to 59.9% over the same period. Over 40% of the
population are not economically active. The official (narrow) unemployment rate increased from 23.9% in
December 2010 to 27.7% in June 2017, while the broad unemployment rate (which includes discouraged
workers) has increased to approximately 36.6%.1 The youth unemployment rate rose to 55.9% in the three
months ended June 30, 2017, up from 53.7% a year earlier.
In 2016, consumer price index (CPI) inflation was 6.4%, breaching the inflation target of the South African
Reserve Bank (SARB) of 3 to 6%, as compared to an inflation rate of 4.6% in 2015 and 6.1% in 2014. Domestic
inflationary pressures eased somewhat in the first quarter of 2017, slowing down from a peak of 6.8% in
December 2017 to 5.1% in June 2017 as a result of a decrease in price inflation for transportation, recreation and
culture, clothing and footwear and restaurants and hotels. The SARB expects that inflation will average 5.3% in
2017.
Recent Developments
On October 10, 2016, the Supreme Court of Appeal ("SCA") decided to hear oral arguments from
President Jacob Zuma's legal team about the need to appeal a North Gauteng High Court ruling that a 2009
decision by former national director of public prosecutions, Mokotedi Mpshe, to drop the 783 corruption
charges against President Jacob Zuma was irrational. In April 2017, the SCA acceded to the Democratic
Alliance's request to consolidate the arguments from both the National Prosecuting Authority and President
Jacob Zuma into a single hearing. The case was heard on September 14, 2017.
On August 8, 2017, a motion of no confidence in President Jacob Zuma was brought before Parliament.
The motion was defeated with 198 votes against, 177 for and nine abstentions.
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 2010 prices)

For the year ended
For the six months ended
December 31, 2016
June 30, 2017

Contribution
Contribution
to GDP
Share in
to GDP
Share in
Growth
Growth
GDP
Growth
Growth
GDP
Agriculture, forestry and fishing ...................................
-7.8
-0.2
2.4
21.2 0.7
3.2
Mining and quarrying ...................................................
-4.7
-0.4
7.9
4.3
0.3
7.5
Manufacturing .............................................................. 0.7
0.1
13.3
-1.5 0.2
12.8
Electricity, gas and water ..............................................
-3.5
-0.1
3.7
-0.5 0.2
4.0
Construction ..................................................................
0.7
-
4.0
0.3
-
4.1
Wholesale and retail trade, catering and
accommodation ........................................................
1.2
0.2
15.2
-1.1 0.1
14.9
Transport, storage and communication .........................
0.4
-
10.0
1.3
0.2
9.8
Finance, insurance, real estate and business
services ....................................................................
1.9
0.4
20.2
1.0 0.5
20.4
General government services ........................................ 1.4
0.2
17.5
0.4 -0.1
17.6
Personal services ...........................................................
1.2
0.1
5.8
0.8
0.1
5.8
Sources: South African National Treasury and Stats SA.
The following table summarizes the National Government debt as of the dates indicated in each of the
years ended March 31, 2013 through 2017.

As of March 31,

2013
2014
2015
2016
2017

Rand (million) except percentages
Government bonds ........................................................
1,038,849
1,217,512 1,399,282 1,572,574 1,727,085
Treasury bills ................................................................
171,985 192,206 202,217 209,468 250,468
Marketable internal debt ...............................................
1,210,834 1,409,718 1,601,499 1,782,042 1,977,553
Non-marketable internal debt ....................................... 30,300 31,381 30,586 37,322 38,171
Total internal debt ......................................................... 1,241,134 1,441,099 1,632,085 1,819,364 2,015,724
Total external debt(1) .....................................................
124,555
143,659 166,830 199,607 221,934

1
Starting in January 2015, employment estimates are based on a new master sample affecting comparability with previous periods.

S-6

As of March 31,

2013
2014
2015
2016
2017

Rand (million) except percentages
Total gross loan debt .....................................................
1,365,689 1,584,758 1,798,915 2,018,971 2,237,658
Cash balances(2) ............................................................
(184,082) (205,304) (214,709) (214,333) 231,411
Total net loan debt(3) ..................................................... 1,181,607 1,379,454 1,584,207 1,804,638 2,006,247
GFECRA(4) ...................................................................
(125,552) (177,913) (203,396) (304,653) 241,514
As percentages of nominal GDP:

Net loan debt .................................................................
35.6%
38.1% 41.0% 44.2% 45.5%
External debt ................................................................. 3.7% 4.0% 4.3% 4.9% 5.0%
As percentage of gross loan debt:

External debt ................................................................. 9.1% 9.1% 9.3% 9.9% 9.9%
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 the commercial banks and the SARB.
Bank balances in foreign currencies are revaluated using the applicable exchange rates as at the end of each period.
(3) The total net loan debt is calculated with due account of the bank balances of the National Revenue Fund (balances
of the National Government's accounts with the SARB and with commercial banks).
(4) Represents the balance on the GFECRA. A negative balance indicates a profit and a positive balance reflects a loss.
Sources: South African National Treasury and SARB.
The following table sets forth, for the periods indicated, the Current Account as a percentage of nominal
GDP.

As of December 31,
Percentage of GDP
2012
2013
2014
2015
2016
Total current account (saar values) .................................
-5.0 -5.8 -5.4 -4.4 -3.3
Trade balance .......................................................................
-1.0
-1.9 -1.8 -0.9 0.3
Net services, income and transfer receipts ...........................
-4.0
-3.8 -3.6 -3.5 -3.6
Net service receipts ..............................................................
-0.3
-0.3
-0.1 -0.2 -0.2
Net income receipts
............................................................. -2.7 -2.6 -2.7 -2.5 -2.8
Net dividend payments
.................................................. -1.7 -1.4 -1.4 -1.2 -1.3
Net transfer payments (mainly SACU(1))
............................. -1.0 -0.9 -0.9 -0.8 -0.6
Current account excluding SACU transfers(2)
................. -4.0 -4.9 -4.5 -3.6 -2.3
Notes:
(1) SACU refers to the Southern African Customs Union
(2) Excluding net transfer payments.
Source: South African Reserve Bank.
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)

Low High
Average
Period
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 .....................................................................................
8.4478 10.4849 9.6502 10.4675
2014 .....................................................................................
10.2815 11.7415 10.8444 11.5719
2015 .....................................................................................
11.2955 15.5742 12.7507 15.5742
2016
13.2747 16.8927 14.7088 13.6282
January 2017 ........................................................................ 13.2268 13.7373 13.5629 13.5219
February 2017 ......................................................................
12.9128 13.4933 13.1955 13.0141
March 2017 ..........................................................................
12.3576 13.4599 12.9382 13.4599
April 2017 ............................................................................ 12.9132 13.9065 13.4662 13.3066
May 2017 ............................................................................. 12.9086 13.6653 13.2679 13.0941
June 2017 ............................................................................. 12.7054 13.1058 12.8967 13.0817

S-7

Rand
(against the U.S. Dollar)

Low High
Average
Period
End
July 2017 ............................................................................. 12.9136 13.5996 13.1379 13.0480
August 2017 ......................................................................... 13.0274 13.4937 13.2309 13.0274
September 2017 (through September 13, 2017) .................
12.8128
13.0443 12.9567 13.1300
Source: South African Reserve Bank.
On September 13, 2017, the exchange rate was R13.0443 per U.S. dollar.

S-8