The economic architecture of South Africa is substantial, anchored by a Gross Domestic Product (GDP) of approximately $380.7B
2023
. This places it as the 40th largest economy out of 191 countries measured, underscoring its significance on the world stage. On a per capita basis, GDP stands at $6.02K
2023
, while its GDP adjusted for Purchasing Power Parity (PPP) is estimated at $960.46B, offering a clearer picture of the population's domestic purchasing power. The economy is navigating a period of modest growth, recorded at 0.7%
2023
, while managing moderate inflation, with a CPI of 4.4%.
2024
On the global stage, South Africa's trade and financial dynamics reveal a complex interplay of international and domestic factors. The country exhibits a balanced trade profile, with exports making up 32.8% of GDP and imports 32.4%
2023
. The investment climate attracts significant Foreign Direct Investment (FDI), with inflows constituting 0.90% of the economy
2023
. This performance positions the country 127th globally out of 186 nations, confirming its status as a competitive destination for foreign capital. Furthermore, personal remittances from its diaspora are a vital component of the economy, amounting to a substantial $803.39M annually
2023
. The government's fiscal position is underpinned by a robust tax base, with tax revenue accounting for 26.0% of GDP, enabling significant public expenditure.
2022
The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $6,480
2023
, ranking the nation 98th out of 190. This figure provides a comprehensive measure of the average income per person, reflecting the nation's overall economic well-being. The country confronts significant labor market challenges, evidenced by a high unemployment rate of 33.2%.
2024
A key feature of the workforce is its concentration in the services sector, which accounts for 63.5% of total employment
2023
. Despite its economic standing, poverty remains a salient issue, with 55.5% of the population living below the national poverty line
2014
. Wealth distribution is a major societal challenge, indicated by a high Gini index of 63.0, pointing to severe income inequality.
2014
In the environmental and energy sectors, the nation's policies and outcomes reflect its developmental priorities. Energy consumption per capita stands at 1,976.609 kg of oil equivalent
2022
, a metric that often correlates with industrial activity and living standards. The energy portfolio remains heavily dependent on conventional sources, with renewables contributing a modest 9.7%
2021
. This commitment places it 49th among 190 countries, highlighting its relative progress in decarbonization. Total greenhouse gas emissions were last recorded at 522.12K tonnes of CO2 equivalent
2023
, a key factor in its national climate strategy and international obligations.

Key Economic Insights

Macroeconomic Health

Economic stagnation combined with high unemployment points to deep structural challenges requiring significant policy intervention.

Trade & Investment Profile

The orientation towards global trade and foreign investment is a defining feature of the economic landscape.

Social Equity & Distribution

Critical levels of poverty and extreme income inequality present fundamental obstacles to sustainable development and social cohesion.

Energy & Sustainability

A heavy dependence on fossil fuels poses significant long-term risks, including exposure to price volatility, energy insecurity, and climate change impacts.

More About This Country

Neighbors & Regional Peers

Note: The information on this page has been compiled from authoritative sources. While every effort is made to ensure accuracy, please note that some figures may not be current or entirely precise.