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South Africa Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











South Africa Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
South Africa is a middle-income emerging market with an abundant supply of natural resources; well-developed financial, legal, communications, energy, and transport sectors; and a stock exchange that is Africa’s largest and among the top 20 in the world.Economic growth has decelerated in recent years, slowing to an estimated 0.7% in 2017. Unemployment, poverty, and inequality - among the highest in the world - remain a challenge. Official unemployment is roughly 27% of the workforce, and runs significantly higher among black youth. Even though the country's modern infrastructure supports a relatively efficient distribution of goods to major urban centers throughout the region, unstable electricity supplies retard growth. Eskom, the state-run power company, is building three new power stations and is installing new power demand management programs to improve power grid reliability; in late 2016 they issued a request for bids to revamp South Africa’s nuclear power generating capabilities. Load shedding and resulting rolling blackouts gripped many parts of South Africa in late 2014 and early 2015 because of electricity supply constraints due to technical problems at some generation units, unavoidable planned maintenance, and an accident at a power station.South Africa's economic policy has focused on controlling inflation; however, the country faces structural constraints that also limit economic growth, such as skills shortages, declining global competitiveness, and frequent work stoppages due to strike action. The government faces growing pressure from urban constituencies to improve the delivery of basic services to low-income areas, to increase job growth, and to provide university level-education at affordable prices. Political infighting among South Africa’s ruling party and the volatility of the rand risks economic growth. International investors are concerned about the country’s long-term economic stability; as of December 2016, most major international credit ratings agencies placed South Africa only one level above junk bond status.

GDP (purchasing power parity):
$757.3 billion (2017 est.) $752.1 billion (2016 est.) $750 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 31

GDP (official exchange rate):
$344.1 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.7% (2017 est.) 0.3% (2016 est.) 1.3% (2015 est.)
country comparison to the world: 194
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$13,400 (2017 est.) $13,500 (2016 est.) $13,700 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 116

Gross national saving:
16.2% of GDP (2017 est.) 16.1% of GDP (2016 est.) 16.3% of GDP (2015 est.)
country comparison to the world: 116
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 59.8%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 20.7%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 20%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -0.4%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 26.9%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -27% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 2.8%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 29.7%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 67.5% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
corn, wheat, sugarcane, fruits, vegetables; beef, poultry, mutton, wool, dairy products

Industries:
mining (world's largest producer of platinum, gold, chromium), automobile assembly, metalworking, machinery, textiles, iron and steel, chemicals, fertilizer, foodstuffs, commercial ship repair

Industrial production growth rate:
0.5% (2017 est.)
country comparison to the world: 183
[see also: Industrial production growth rate country ranks ]

Labor force:
22.19 million (2017 est.)
country comparison to the world: 30
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 4.6%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 23.5%
[see also: Labor force - by occupation - industry country ranks ]
services: 71.9% (2014 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
27.6% (2017 est.) 26.7% (2016 est.)
country comparison to the world: 198
[see also: Unemployment rate country ranks ]

Population below poverty line:
16.6% (2016 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.2%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 51.3% (2011 est.)

Distribution of family income - Gini index:
62.5 (2013 est.) 63.4 (2011 est.)
country comparison to the world: 2
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $92.38 billion
[see also: Budget - revenues country ranks ]
expenditures: $103.3 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
26.9% of GDP (2017 est.)
country comparison to the world: 104
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.2% of GDP (2017 est.)
country comparison to the world: 121
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
50.1% of GDP (2017 est.) 50.1% of GDP (2016 est.)
country comparison to the world: 103
[see also: Public debt country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
5.4% (2017 est.) 6.3% (2016 est.)
country comparison to the world: 175
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
5.75% (31 December 2014) 7% (31 December 2009)
country comparison to the world: 72
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
10.4% (31 December 2017 est.) 10.46% (31 December 2016 est.)
country comparison to the world: 78
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$116.5 billion (31 December 2017 est.) $117.3 billion (31 December 2016 est.)
country comparison to the world: 35
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$183.8 billion (31 December 2017 est.) $189.9 billion (31 December 2016 est.)
country comparison to the world: 44
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$237.6 billion (31 December 2017 est.) $244.8 billion (31 December 2016 est.)
country comparison to the world: 42
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$735.9 billion (31 December 2015 est.) $933.9 billion (31 December 2014 est.) $942.8 billion (31 December 2013 est.)
country comparison to the world: 16
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$9.81 billion (2017 est.) -$9.624 billion (2016 est.)
country comparison to the world: 184
[see also: Current account balance country ranks ]

Exports:
$78.25 billion (2017 est.) $75.16 billion (2016 est.)
country comparison to the world: 40
[see also: Exports country ranks ]

Exports - commodities:
gold, diamonds, platinum, other metals and minerals, machinery and equipment

Exports - partners:
China 9.2%, Germany 7.5%, US 7.4%, Botswana 5%, Namibia 4.8%, Japan 4.6%, India 4.3%, UK 4.2% (2016)

Imports:
$80.22 billion (2017 est.) $74.17 billion (2016 est.)
country comparison to the world: 38
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, chemicals, petroleum products, scientific instruments, foodstuffs

Imports - partners:
China 18.1%, Germany 11.8%, US 6.7%, India 4.2% (2016)

Reserves of foreign exchange and gold:
$48.18 billion (31 December 2017 est.) $47.23 billion (31 December 2016 est.)
country comparison to the world: 40
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$144.1 billion (31 December 2017 est.) $144.6 billion (31 December 2016 est.)
country comparison to the world: 43
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$139.2 billion (31 December 2017 est.) $136.8 billion (31 December 2016 est.)
country comparison to the world: 40
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$176.3 billion (31 December 2017 est.) $172.8 billion (31 December 2016 est.)
country comparison to the world: 28
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
rand (ZAR) per US dollar - 13.67 (2017 est.) 14.6924 (2016 est.) 14.6924 (2015 est.) 12.7581 (2014 est.) 10.8469 (2013 est.)


NOTE: 1) The information regarding South Africa on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of South Africa Economy 2018 information contained here. All suggestions for corrections of any errors about South Africa Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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