Countries
South Africa
Key Economic Indicators
$989.31 billion
$15,456
0.53%
4.36%
32.39%
$400.261 billion (2024 est.)
79 % of GDP
$-2,578,559,236
Economic Overview
<p>upper-middle-income, largest southern African economy; Government of National Unity facing slow growth, fiscal gaps, and structural challenges; high income inequality, unemployment, and poverty; reforms to address electricity generation, transport, and logistics; leading producer and exporter of critical minerals</p>
All Economic Data
Agricultural products
sugarcane, maize, milk, soybeans, potatoes, wheat, grapes, chicken, oranges, apples (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Average household expenditures
On alcohol and tobacco:
4.1% of household expenditures (2023 est.)
On food:
16.1% of household expenditures (2023 est.)
Budget
Expenditures:
$137.593 billion (2022 est.)
Note:
<b>note:</b> central government revenues (excluding grants) and expenditures converted to US dollars at average official exchange rate for year indicated
Revenues:
$123.263 billion (2022 est.)
Currency
code:
ZAR
name:
South African rand (ZAR) [R]
Current account balance
$-2,578,559,236
Current account balance 2022:
-$1.878 billion (2022 est.)
Current account balance 2023:
-$6.143 billion (2023 est.)
Current account balance 2024:
-$2.384 billion (2024 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Debt - external
$175.9 billion
Debt - external 2023:
$93.879 billion (2023 est.)
Note:
<b>note:</b> present value of external debt in current US dollars
Exchange rates
Currency:
rand (ZAR) per US dollar -
Exchange rates 2020:
16.459 (2020 est.)
Exchange rates 2021:
14.779 (2021 est.)
Exchange rates 2022:
16.356 (2022 est.)
Exchange rates 2023:
18.45 (2023 est.)
Exchange rates 2024:
18.329 (2024 est.)
Exports
$127.53 billion
Exports 2022:
$136.01 billion (2022 est.)
Exports 2023:
$124.671 billion (2023 est.)
Exports 2024:
$127.629 billion (2024 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
gold, platinum, coal, cars, iron ore (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
China 19%, USA 8%, Germany 7%, India 7%, UK 6% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$2.33 billion
GDP - composition, by end use
Exports of goods and services:
31.8% (2024 est.)
Government consumption:
19.2% (2024 est.)
Household consumption:
64.8% (2024 est.)
Imports of goods and services:
-29.9% (2024 est.)
Investment in fixed capital:
14.5% (2024 est.)
Investment in inventories:
-0.6% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to rounding or gaps in data collection
GDP - composition, by sector of origin
Agriculture:
2.9% (2024 est.)
Industry:
24.4% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
62.7% (2024 est.)
GDP (official exchange rate)
$400.261 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$6,267
Gini Index coefficient - distribution of family income
63 (2014)
GNI (gross national income)
$393.26 billion
GNI per capita
$6,110
Gross domestic investment
14 % of GDP
Imports
$119.76 billion
Imports 2022:
$127.669 billion (2022 est.)
Imports 2023:
$123.454 billion (2023 est.)
Imports 2024:
$119.59 billion (2024 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
refined petroleum, crude petroleum, gold, cars, broadcasting equipment (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
China 21%, India 7%, USA 7%, Germany 6%, UAE 4% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
-0.4% (2024 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
Industries
mining (world's largest producer of platinum, gold, chromium), automobile assembly, metalworking, machinery, textiles, iron and steel, chemicals, fertilizer, foodstuffs, commercial ship repair
Inflation rate (consumer prices)
4.36%
Inflation rate (consumer prices) 2022:
7% (2022 est.)
Inflation rate (consumer prices) 2023:
6.1% (2023 est.)
Inflation rate (consumer prices) 2024:
4.4% (2024 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
27.766 million (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
26.73 million persons
Labor force - by occupation
agriculture:
5.41%
industry:
20.76%
services:
73.83%
Public debt
79 % of GDP
Note:
<b>note:</b> central government debt as a % of GDP
Public debt 2022:
76.2% of GDP (2022 est.)
Real GDP (purchasing power parity)
$989.31 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$859.399 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$865.402 billion (2023 est.)
Real GDP (purchasing power parity) 2024:
$870.42 billion (2024 est.)
Real GDP growth rate
0.53%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
1.9% (2022 est.)
Real GDP growth rate 2023:
0.7% (2023 est.)
Real GDP growth rate 2024:
0.6% (2024 est.)
Real GDP per capita
$15,456
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$13,800 (2022 est.)
Real GDP per capita 2023:
$13,700 (2023 est.)
Real GDP per capita 2024:
$13,600 (2024 est.)
Remittances
$855.37 million
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2022:
0.2% of GDP (2022 est.)
Remittances 2023:
0.2% of GDP (2023 est.)
Remittances 2024:
0.2% of GDP (2024 est.)
Reserves of foreign exchange and gold
$65.43 billion
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2022:
$60.553 billion (2022 est.)
Reserves of foreign exchange and gold 2023:
$62.492 billion (2023 est.)
Reserves of foreign exchange and gold 2024:
$65.435 billion (2024 est.)
Revenue (excl grants)
30 % of GDP
Tax revenue
25 % of GDP
Taxes and other revenues
26% (of GDP) (2022 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
Unemployment rate
32.39%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
33.3% (2022 est.)
Unemployment rate 2023:
32.1% (2023 est.)
Unemployment rate 2024:
33.2% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
65.5% (2024 est.)
Male:
57.1% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
60.9% (2024 est.)
Economic Rankings
Gini Index
#1
Unemployment Rate
#2
External Debt
#12
GDP (PPP)
#32
Reserves
#36
GDP (Nominal)
#39
Exports
#40
Imports
#43
GDP per Capita
#109
Inflation Rate
#124
GDP Growth Rate
#176
Quick Facts
Industries
mining (world's largest producer of platinum, gold, chromium), automobile assembly, metalworking, machinery, textiles, iron and steel, chemicals, fertilizer, foodstuffs, commercial ship repair
Agricultural products
sugarcane, maize, milk, soybeans, potatoes, wheat, grapes, chicken, oranges, apples (2023)
Labor force
27.766 million (2024 est.)
Exports - partners
China 19%, USA 8%, Germany 7%, India 7%, UK 6% (2023)
Imports - partners
China 21%, India 7%, USA 7%, Germany 6%, UAE 4% (2023)
Exchange rates
rand (ZAR) per US dollar -
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