Emerging markets account for over 30% of the world’s GDP, with South Africa contributing 0.7% of that number.
This is according to data from the Organisation for Economic Co‑operation and Development (OECD) and International Comparison Program (ICP), measuring global Gross Domestic Product (GDP) expressed in Purchasing Power Parities (PPPs) in 2011.
Large emerging economies (China, Brazil, India, Indonesia, the Russian Federation and South Africa) together accounted for around 30% of the world’s GDP in 2011, compared with about 20% in 2005, the group reported.
The united states was the biggest global GDP contributor, accounting for 17.1% of the total, followed by China (14.9%) and India (6.4%).
The European OECD nations contributed a combined total of 17.9%.
The rest of the world – outside OECD nations and emerging markets – contributed 20% to global GDP.
According to the group, OECD nations contributed a total 49.2% of the global GDP in 2011 – the latest benchmark year – compared with about 60% in 2005.
“PPPs are the relevant currency conversion rates to make international comparisons of economic activity. Unlike exchange rates, they correct for differences in price levels across countries,” the OECD said.
“On a per capita basis, the OECD area’s GDP expressed in PPPs was about 2.5 times the world’s GDP – while OECD actual individual consumption, which provides a better reference for international comparisons of households’ material well-being, was about three times the world average,” the group said.
The GDP in South Africa was worth 384.31 billion US dollars in 2012, according to data complied by the World Bank.