Indicators of economy in South Africa

Impact of the COVID-19 pandemic

The consequences of the COVID pandemic in 2020 were considerable in South Africa. Overall, gross domestic product in 2020 fell from 388.53 billion US dollars to 337.62 billion US dollars. With a large drop of 13.10 percent, the economy in South Africa has struggled significantly more than other countries. The tourism sector alone slumped by around 70 percent. Fortunately, the unemployment rate actually fell from 25.5 to 24.3 percent. The inflation rate fell from 4.1 percent previously to 3.2 percent by the end of 2020.

In 2021, there was already a recovery and the gross domestic product increased to 419.02 billion US dollars (=107.8% of 2019).

Income and purchasing power

The average monthly income in South Africa is 544 US Dollar per capita. In the USA, the figure is 5,911 US Dollar. However, the prices of consumer goods are also around 57.5 percent lower than in the USA. If you compare income and price levels, the result is a more expensive life in South Africa than in the United States. The bottom line is that the costs do not offset the lower income, and you get about 78.4 percent less.

However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.

Unemployment rates in percentages 1991 - 2022

Economic performance 2021

In the Global Innovation Index, South Africa ranked 61st in 2022 with 29.8 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 132 countries. The top country was Switzerland with 64.6 points. Out of the 2,000 largest listed companies in the world, 13 originate from South Africa. This is determined annually in the Forbes Global 2000 list. The 10 largest companies in the country in 2022 were:

Rank 447: Naspers (Cape Town)
Rank 448: Standard Bank Group (Johannesburg)
Rank 472: FirstRand (Johannesburg)
Rank 823: Absa Group (Johannesburg)
Rank 847: MTN Group (Roodepoort)
Rank 946: Sanlam (Bellville)
Rank 973: Sasol (Sandton)
Rank 1071: Sibanye Stillwater (Weltevreden Park)
Rank 1148: Impala Platinum Holdings (Northlands)
Rank 1156: Old Mutual (Cape Town)

Development of gross domestic product in billions of USD 1960 - 2021

Imports and Exports 2021

Development of imports and exports in billions of USD 1970 - 2021