Indicators of economy in South Africa
The essential economic performance of a country is reflected by the gross domestic product, the total of all goods and services sold. Worldwide gross domestic product in 2021 was at about 12,230 USD per capita. GDP in South Africa, on the other hand, reached USD 7,055 per capita, or 419.02 billion USD for the whole country. South Africa is therefore currently ranked 31 of the major economies. If this is calculated per inhabitant, taking purchasing power parity into account, then South Africa ranks 99th in the list of the richest countries.Inflation in South Africa in 2021 was around 4.61%. Within the EU, the average in the same year was 2.55 percent. In the United States, it was most recently 4.70%.
Compared with the USA, prices for daily consumer goods are around 52.9 percent lower.
The index for perceived corruption in the public sector is 43, which is below average by global standards.
Back to overview: 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. The unemployment rate rose from 28.5 to 29.2 percent. The inflation rate fell from 4.1 percent previously to 3.2 percent by the end of 2020.Unemployment rates in percentages 1991 - 2021
Economic performance 2021
South Africa Total | South Africa per capita | EU Total | EU per capita | |
---|---|---|---|---|
GDP | 419.02 bn USD | 7,055.04 USD | 17.177 tn USD | 33,384.92 USD |
Gross national product | 387.78 bn USD | 6,529.06 USD | 16.895 tn USD | 32,835.37 USD |
South Africa ranked 47th in the Bloomberg Innovation Index in 2021. The index is calculated annually and most recently included 60 countries. The front-runner was South Korea. 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
› Debt budget development
› Development of inflation
› Corruption in South Africa
› Cost of living in a global comparison
› Development of inflation
› Corruption in South Africa
› Cost of living in a global comparison
Imports and Exports 2021
South Africa Total | South Africa per capita | EU Total | EU per capita | |
---|---|---|---|---|
Imports | 104.78 bn USD | 1,764.26 USD | 8.916 tn USD | 17,329.02 USD |
Exports | 130.81 bn USD | 2,202.51 USD | 9.554 tn USD | 18,569.19 USD |
Development of imports and exports in billions of USD 1970 - 2021
Exports
Imports