Republic Of South Africa 18K/A Annual report (foreign governments) (amended) | SEC 25 Feb 16

EXHIBIT 99.D

SUPPLEMENT TO THE DESCRIPTION OF THE REPUBLIC OF SOUTH AFRICA

The following amends and supplements the Description of the Republic of South Africa in the Annual Report.

The table entitled “The Economy” under the heading “Summary Information” on page 4 of Exhibit 99.D of the Annual Report is to be amended and restated in its entirety as follows:


	As of and for the year ended December 31,															As of and for the six months ended June 30,⁽¹⁾
	2010			2011			2012			2013			2014			2015
	Rand (million) (except percentages)
The Economy
Gross Domestic Product (GDP)
Nominal GDP⁽²⁾		2,748,008			3,024,950			3,262,542			3,534,326			3,796,462			3,942,919	⁽³⁾
Real GDP⁽⁴⁾		2,748,008			2,836,286			2,899,248			2,963,389			3,008,576			3,045,469	³⁾
Real % change from prior year		3.0	%		3.2	%		2.2	%		2.2	%		1.5	%		1.8	%
Change in per capita earnings (%)⁽⁵⁾		3.4	%		2.9	%		0.5	%		(0.4	)%		(0.3	)%		N/A
Total merchandise exports		68,856			794,743			825,025			932,588			1,003,826			502,593	⁽⁶⁾
Unemployment rate (%)		24.9	%		24.80	%		24.9	%		24.7	%		25.1	%		25.6	%⁽⁷⁾
Balance of trade (Rand billion)⁽¹³⁾		59.7			51.0			(31.5	)		(68.3	)		(68.6	)		(14.3	)⁽⁶⁾
Balance of payments
Current account		(41,245	)		(65,287	)		(161,704	)		(203,774	)		(206,644	)		(71,229	)⁽⁶⁾
Financial account		56,128			65,896			173,245			130,403			155,809	⁽⁷⁾		36,695	⁽⁶⁾
Change in gross gold and other foreign reserves		(24,075	)		(107,193	)		33,123			89,247			48,335			2,686	⁽⁶⁾
Rand/Dollar exchange rate (average)		7.32			7.25			8.21			9.65			10.84			12.45	⁽⁸⁾
Consumer prices (2012/12=100)		88.2			92.6			97.8			103.4			109.7			113.6	⁽⁹⁾
Producer prices (2012/12=100))		N/A			N/A			100			106			113.9			116.7	⁽⁹⁾
Average monthly yields for listed National Government debt securities 5-10 yrs		7.41			8.01			6.50			7.73			7.39			7.96
Average monthly yields for listed National Government debt securities > 10 yrs		8.38			8.51			7.37			8.32			7.84			8.33

The table entitled “Foreign Currency-Denominated Debt of South Africa” on page 110 of Exhibit 99.D of the Annual Report is to be amended and restated in its entirety as follows:


	As of December 31,										As of March 31,
	2010		2011		2012		2013		2014		2015
	Rand (million)⁽²⁾
Foreign-currency-denominated debt
Public sector		43,310		62,014		76,482		94,584		95,040		88,696
Monetary sector⁽³⁾		68,118		80,595		117,323		126,772		212,425		216,316
Non-monetary private sector		114,653		133,916		134,045		191,513		210,377		223,723
Bearer bonds and notes		109,044		169,883		185,330		227,710		262,833		288,320
Long-term loans		—		—		—		—		—		—
Total foreign-currency-denominated debt		335,125		446,408		513,180		640,579		780,675		817,055

Notes: –

(1)	Excluding blocked Rand accounts, ordinary and non-redeemable preference shares, quoted domestic debentures and quoted domestic loan stock.

(2)	Valued at middle-market exchange rates as of the end of period.

(3)	Including lending to other sectors.

Source: SARB.

The table entitled “Foreign Exchange Reserves” on page 112 of Exhibit 99.D of the Annual Report is to be amended and restated in its entirety as follows:

Foreign Exchange Reserves


	For the year ended December 31,												As of Sept 30,
	2009		2010		2011		2012		2013		2014		2015
	Rand (million)
SARB gold reserves⁽¹⁾		32,753		37,492		51,076		56,982		50,621		55,887		62,593
Foreign exchange reserves
SDRs⁽²⁾		20,613		18,262		22,284		23,873		29,603		32,119		37,587
Other⁽³⁾		239,335		234,872		324,459		350,087		439,965		480,518		539,875
Gross gold and other foreign reserves		292,701		290,626		397,819		430,942		520,189		568,524		640,055

Notes: –

(1)	Excluding blocked Rand accounts, ordinary and non-redeemable preference shares, quoted domestic debentures and quoted domestic loan stock.

(2)	Valued at middle-market exchange rates as of the end of period.

(3)	Including lending to other sectors.

Source: SARB.

Republic Of South Africa 18-K/AAnnual report (foreign governments) (amended)