South Africa/Economy

Economy of South Africa

An overview of key economic indicators. Select a category for detailed trends, charts, and insights.

Explore Economic Domains

Growth & Output

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GDP (USD)
$380.7B(2023)
GDP PPP (USD)
$960.5B(2023)
GDP per Capita (USD)
$6,023(2023)
GDP Growth (inflation-adjusted)
0.7%(2023)
Inflation (CPI Annual %)
4.4%(2024)

Trade & Finance

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Exports (as share of GDP)
32.8%(2023)
Imports (as share of GDP)
32.4%(2023)
FDI Inflows (as share of GDP)
0.9%(2023)
Remittance Inflow (USD)
$803.4M(2023)
Tax Revenue (as share of GDP)
26%(2022)

Labor & Income

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Unemployment Rate
33.2%(2024)
Employment in Services
63.5%(2023)
Poverty Rate
55.5%(2014)
GINI Index
63(2014)
GNI per Capita (USD)
$6,480(2023)

Energy & Environment

Coming Soon
Energy Use per Capita
1977 kg oil eq.(2022)
Renewable Energy Consumption (%)
9.7%(2021)

Economic Snapshot Overview

A summary of key economic indicators for South Africa

  • 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 in Purchasing Power Parity (PPP) terms is estimated at $960.46B, reflecting the population's domestic purchasing power. The economy is seeing modest growth of 0.7%
    2023
    , while managing moderate inflation, with a CPI of 4.4%
    2024
    .
  • On the global stage, the nation's trade and financial dynamics reveal a complex interplay of factors. The country has a relatively balanced trade profile, with exports making up 32.8% of GDP and imports 32.4%
    2023
    . Foreign Direct Investment (FDI) inflows are significant, constituting 0.90% of the economy
    2023
    . This performance positions the country 127th globally out of 186 nations, indicating its relative attractiveness to foreign capital. Additionally, personal remittances received amount to a substantial $803.39M annually
    2023
    , highlighting the economic importance of its diaspora. The government's fiscal position is supported by a strong tax base, with tax revenue accounting for 26.0% of GDP
    2022
    .
  • The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $6,480
    2023
    . Globally, this ranks the nation 98th out of 190 in terms of GNI per capita, providing a clear measure of its national wealth relative to others. The country faces significant labor market challenges, with an unemployment rate of 33.2%
    2024
    . The services sector is a primary driver of the labor market, accounting for 63.5% of total employment
    2023
    . Poverty remains a key issue, with 55.5% of the population living below the national poverty line
    2014
    . Income inequality is a major concern, as reflected by a high Gini index of 63.0
    2014
    .
  • On the environment and energy front, energy consumption per capita is 1,976.609 kg of oil equivalent
    2022
    . The energy mix is still heavily reliant on traditional sources, with renewables contributing 9.7%
    2021
    . Its commitment to clean energy places it 49th among 190 countries for its share of renewable energy consumption.

Key Economic Insights

Macroeconomic Health

Stagnant growth combined with high unemployment points to significant structural issues that may require bold policy interventions.

Trade & Investment Profile

The degree of openness to trade and foreign investment is a major determinant of economic structure and resilience.

Social Equity & Distribution

High levels of poverty and extreme income inequality pose fundamental challenges to development and social stability.

Energy & Sustainability

Heavy reliance on fossil fuels creates significant long-term risks related to climate change, price volatility, and energy security.

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.