South Africa - Economy
How is the economy of South Africa? Based on the information we have, South Africa has a

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

. Key agricultural products in this country include: sugarcane, maize, milk, soybeans, potatoes, wheat, grapes, chicken, oranges, apples (2023).
More about the economy of South Africa
Labor force 27.766 million (2024 est.)
Industrial production growth rate -0.4% (2024 est.)
Industries mining (world's largest producer of platinum, gold, chromium), automobile assembly, metalworking, machinery, textiles, iron and steel, chemicals, fertilizer, foodstuffs, commercial ship repair
Population below poverty line
Taxes and other revenues 26% (of GDP) (2022 est.)
Fiscal year
Exchange rates
Currency rand (ZAR) per US dollar -
Exchange rates 2024 18.329 (2024 est.)
Exchange rates 2023 18.45 (2023 est.)
Exchange rates 2022 16.356 (2022 est.)
Exchange rates 2021 14.779 (2021 est.)
Exchange rates 2020 16.459 (2020 est.)
Debt - external
Debt - external 2023 $93.879 billion (2023 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2024 $65.435 billion (2024 est.)
Reserves of foreign exchange and gold 2023 $62.492 billion (2023 est.)
Reserves of foreign exchange and gold 2022 $60.553 billion (2022 est.)
Current account balance
Current account balance 2024 -$2.384 billion (2024 est.)
Current account balance 2023 -$6.143 billion (2023 est.)
Current account balance 2022 -$1.878 billion (2022 est.)
Public debt
Public debt 2022 76.2% of GDP (2022 est.)
Budget
Revenues $123.263 billion (2022 est.)
Expenditures $137.593 billion (2022 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2024 0.2% of GDP (2024 est.)
Remittances 2023 0.2% of GDP (2023 est.)
Remittances 2022 0.2% of GDP (2022 est.)
Average household expenditures
On food 16.1% of household expenditures (2023 est.)
On alcohol and tobacco 4.1% of household expenditures (2023 est.)
Imports
Imports 2024 $119.59 billion (2024 est.)
Imports 2023 $123.454 billion (2023 est.)
Imports 2022 $127.669 billion (2022 est.)
Imports (partners) China 21%, India 7%, USA 7%, Germany 6%, UAE 4% (2023)
Comodities Imports force refined petroleum, crude petroleum, gold, cars, broadcasting equipment (2023)
Exports
Imports 2024 $119.59 billion (2024 est.)
Imports 2023 $123.454 billion (2023 est.)
Imports 2022 $127.669 billion (2022 est.)
Exports (partners) China 19%, USA 8%, Germany 7%, India 7%, UK 6% (2023)
Comodities Exports force gold, platinum, coal, cars, iron ore (2023)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2024 $870.42 billion (2024 est.)
Real GDP (purchasing power parity) 2023 $865.402 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $859.399 billion (2022 est.)
GDP (official exchange rate) $400.261 billion (2024 est.)
Real GDP Per capita
Real GDP per capita 2024 $13,600 (2024 est.)
Real GDP per capita 2023 $13,700 (2023 est.)
Real GDP per capita 2022 $13,800 (2022 est.)
GDP - composition, by sector of origin
Agriculture 2.9% (2024 est.)
Industry 24.4% (2024 est.)
Services 62.7% (2024 est.)
GDP - composition, by end use
Household consumption 64.8% (2024 est.)
Government consumption 19.2% (2024 est.)
Investment in fixed capital 14.5% (2024 est.)
Investment in inventories -0.6% (2024 est.)
Exports of goods and services 31.8% (2024 est.)
Imports of goods and services -29.9% (2024 est.)
Unemployment rate
Unemployment rate 2024 33.2% (2024 est.)
Unemployment rate 2023 32.1% (2023 est.)
Unemployment rate 2022 33.3% (2022 est.)
Youth unemployment rate (ages 15-24)
Total 60.9% (2024 est.)
Male 57.1% (2024 est.)
Female 65.5% (2024 est.)
All Important Facts about South Africa

Want to know more about South Africa? Check all different factbooks for South Africa below.

South Africa is found in Southern Africa