South Africa Economy

Is South Africa a rich country?

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 but has been plagued with accusations of mismanagement and corruption and faces an increasingly high debt burden.

South Africa's economic policy has focused on controlling inflation while empowering a broader economic base; 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; in late 2016, most major international credit ratings agencies downgraded South Africa’s international debt to junk bond status.

South Africa Economy Data

What is the GDP of South Africa?

GDP - Gross Domestic Product (PPP) $707,100,000,000 (USD)
GDP - official exchange rate $317,300,000,000 (USD)
GDP - real growth rate 1.4%
GDP Per Capita $13,400.00 (USD)
GDP by Sector- agriculture 2.4%
GDP by Sector- Industry 30.3%
GDP by Sector- services 67.4%
GDP - composition, by end use household consumption: 59.6%

government consumption: 20%

investment in fixed capital: 22.2%

investment in inventories: -0.6%

exports of goods and services: 31.5%

imports of goods and services: -32.7%
Population Below Poverty Line 50%
Inflation Rate 4.5%
Labor Force 17,320,000
Labor Force By Occupation- agriculture 9%
Labor Force By Occupation- industry 26%
Labor Force By Occupation- services 65%
Unemployment Rate 23.3%
Fiscal Year 1 April - 31 March
Annual Budget $130,100,000,000 (USD)
Budget Surplus or Deficit - percent of GDP -4.8%
Public Debt (% of GDP) 37.7%
Taxes and other revenues - percent of GDP 25%
Major Industries mining (world's largest producer of platinum, gold, chromium), automobile assembly, metalworking, machinery, textile, iron and steel, chemicals, fertilizer, foodstuffs
Industrial Growth Rate 3%
Agriculture Products corn, wheat, sugarcane, fruits, vegetables; beef, poultry, mutton, wool, dairy products
Currency Code rand (ZAR)
Commercial Bank Prime Lending Rate 8.5%

Labor Force by Occupation- As reported by South Africa

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