An average gross domestic product (GDP) growth rate of 3.6% between 1994 and 2007, and inflation reduced to 6.3% over the same period. In a historical context, this compares to apartheid South Africa’s disastrous decline in economic growth to an average of 1.4%, and inflation escalating to an average 14.2 % between 1980 and 1994. The net effect transformed South Africa from an US$80 billion to US$400 billion economy.
Monthly social welfare grants now benefit over 16 million people in need.
Between 2001 and 2010, lower-income earners decreased significantly from 52% to 31%, calculated in terms of the Living Standard Measure (LSM). This translates into 4.6 million people lifted out of the lower-income level. Equally significant, close to 10 million people have migrated from the lower- to the middle- and upper-income groups – an upward income shift of an average of 1 million people per year over 10 years.
The largest grouping of South Africans is now in the LSM middle-income bracket at 12.3 million, from 7 million of the population a decade earlier. Africans dominate the middle-class consumer segment, while whites on average have become wealthier.
http://www.wbsjournal.co.za/article...freedom-achievements-and-challenges-1466.html