South Africa - Economy
How is the economy of South Africa? Based on the information we have, South Africa has a upper middle-income South African economy; hard hit by COVID-19; poor utilities management; key rare earth goods exporter; high income inequality; hosts Africa’s largest stock exchange; rising unemployment, especially youth; land rights changes. Key agricultural products in this country include: sugarcane, maize, milk, potatoes, wheat, grapes, chicken, oranges, apples, soybeans (2022).
More about the economy of South Africa
Labor force 25.158 million (2023 est.)
Industrial production growth rate -0.15% (2023 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 55.5% (2014 est.)
Taxes and other revenues 26.11% (of GDP) (2022 est.)
Fiscal year
Exchange rates
Currency rand (ZAR) per US dollar -
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.)
Exchange rates 2019 14.448 (2019 est.)
Debt - external
Debt - external 2022 $53.43 billion (2022 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2023 $62.492 billion (2023 est.)
Reserves of foreign exchange and gold 2022 $60.553 billion (2022 est.)
Reserves of foreign exchange and gold 2021 $57.597 billion (2021 est.)
Current account balance
Current account balance 2023 -$6.16 billion (2023 est.)
Current account balance 2022 -$1.698 billion (2022 est.)
Current account balance 2021 $15.5 billion (2021 est.)
Public debt
Public debt 2022 76.55% of GDP (2022 est.)
Budget
Revenues $123.264 billion (2022 est.)
Expenditures $136.236 billion (2022 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 0.22% of GDP (2023 est.)
Remittances 2022 0.22% of GDP (2022 est.)
Remittances 2021 0.22% of GDP (2021 est.)
Household income
Lowest 10% 0.9% (2014 est.)
Highest 10% 50.5% (2014 est.)
Average household expenditures
On food 21.6% of household expenditures (2022 est.)
On alcohol and tobacco 5% of household expenditures (2022 est.)
Imports
Imports 2023 $123.541 billion (2023 est.)
Imports 2022 $127.596 billion (2022 est.)
Imports 2021 $104.867 billion (2021 est.)
Imports (partners) China 21%, Germany 9%, India 7%, US 5%, Saudi Arabia 4% (2022)
Comodities Imports force refined petroleum, cars, crude petroleum, vehicle parts/accessories, broadcasting equipment (2022)
Exports
Imports 2023 $123.541 billion (2023 est.)
Imports 2022 $127.596 billion (2022 est.)
Imports 2021 $104.867 billion (2021 est.)
Exports (partners) China 16%, US 7%, Germany 7%, India 6%, Japan 6% (2022)
Comodities Exports force gold, platinum, coal, cars, diamonds (2022)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2023 $862.981 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $857.82 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $841.739 billion (2021 est.)
GDP (official exchange rate) $377.782 billion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $14,300 (2023 est.)
Real GDP per capita 2022 $14,300 (2022 est.)
Real GDP per capita 2021 $14,200 (2021 est.)
GDP - composition, by sector of origin
Agriculture 2.5% (2023 est.)
Industry 24.6% (2023 est.)
Services 63% (2023 est.)
GDP - composition, by end use
Household consumption 64.7% (2023 est.)
Government consumption 19.7% (2023 est.)
Investment in fixed capital 15.2% (2023 est.)
Investment in inventories 0.5% (2023 est.)
Exports of goods and services 33% (2023 est.)
Imports of goods and services -32.7% (2023 est.)
Unemployment rate
Unemployment rate 2023 27.99% (2023 est.)
Unemployment rate 2022 28.84% (2022 est.)
Unemployment rate 2021 28.77% (2021 est.)
Youth unemployment rate (ages 15-24)
Total 49.1% (2023 est.)
Male 45.8% (2023 est.)
Female 53.2% (2023 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