South Africa Economy - 2024

Economic overview

upper middle-income South African economy; hard hit by COVID-19; poor utilities management; key rare earth goods exporter; high income inequality; hosts Africa’s largest stock exchange; rising unemployment, especially youth; land rights changes

Real GDP (purchasing power parity)

$790.625 billion (2021 est.)
$753.6 billion (2020 est.)
$804.634 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

4.91% (2021 est.)
-6.34% (2020 est.)
0.3% (2019 est.)

Real GDP per capita

$13,300 (2021 est.)
$12,800 (2020 est.)
$13,900 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$350.032 billion (2019 est.)

Inflation rate (consumer prices)

4.61% (2021 est.)
3.21% (2020 est.)
4.12% (2019 est.)

Credit ratings

Fitch rating: BB- (2020)

Moody's rating: Ba2 (2020)

Standard & Poors rating: BB- (2020)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 2.8% (2017 est.)

industry: 29.7% (2017 est.)

services: 67.5% (2017 est.)

GDP - composition, by end use

household consumption: 59.4% (2017 est.)

government consumption: 20.9% (2017 est.)

investment in fixed capital: 18.7% (2017 est.)

investment in inventories: -0.1% (2017 est.)

exports of goods and services: 29.8% (2017 est.)

imports of goods and services: -28.4% (2017 est.)

Agricultural products

sugar cane, maize, milk, potatoes, grapes, poultry, oranges, wheat, soybeans, beef

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

6.12% (2021 est.)

Labor force

22.398 million (2021 est.)

Unemployment rate

33.56% (2021 est.)
29.22% (2020 est.)
28.47% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 64.2% (2021 est.)

male: 59.8%

female: 69.3%

Population below poverty line

55.5% (2014 est.)

Gini Index coefficient - distribution of family income

63 (2014 est.)

Average household expenditures

on food: 21.4% of household expenditures (2018 est.)

on alcohol and tobacco: 4.9% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 1.2%

highest 10%: 51.3% (2011 est.)

Remittances

0.22% of GDP (2021 est.)
0.24% of GDP (2020 est.)
0.23% of GDP (2019 est.)

Budget

revenues: $84.19 billion (2020 est.)

expenditures: $121.204 billion (2020 est.)

Budget surplus (+) or deficit (-)

-4.4% (of GDP) (2017 est.)

Public debt

53% of GDP (2017 est.)
51.6% of GDP (2016 est.)

Taxes and other revenues

23.3% (of GDP) (2020 est.)

Fiscal year

1 April - 31 March

Current account balance

$15.569 billion (2021 est.)
$6.788 billion (2020 est.)
-$10.037 billion (2019 est.)

Exports

$130.885 billion (2021 est.) note: data are in current year dollars
$94.123 billion (2020 est.) note: data are in current year dollars
$105.988 billion (2019 est.) note: data are in current year dollars

Exports - partners

China 15%, United Kingdom 8%, Germany 7%, United States 6%, India 6% (2019)

Exports - commodities

gold, platinum, cars, iron products, coal, manganese, diamonds  (2019)

Imports

$104.806 billion (2021 est.) note: data are in current year dollars
$79.022 billion (2020 est.) note: data are in current year dollars
$103.92 billion (2019 est.) note: data are in current year dollars

Imports - partners

China 18%, Germany 11%, United States 6%, India 5% (2019)

Imports - commodities

crude petroleum, refined petroleum, cars and vehicle parts, gold, broadcasting equipment (2019)

Reserves of foreign exchange and gold

$57.597 billion (31 December 2021 est.)
$55.008 billion (31 December 2020 est.)
$55.056 billion (31 December 2019 est.)

Debt - external

$179.871 billion (2019 est.)
$173.714 billion (2018 est.)

Exchange rates

rand (ZAR) per US dollar -

Exchange rates:
14.779 (2021 est.)
16.459 (2020 est.)
14.448 (2019 est.)
13.234 (2018 est.)
13.324 (2017 est.)