The main economic performance of a country can be seen from its gross domestic product. In other words, the total quantity of all goods and services sold within South Africa minus intermediate consumption. Worldwide gross domestic product in 2022 was at about 12,703 USD per capita. GDP in South Africa, on the other hand, reached USD 6,766 per capita, or 405.27 billion USD for the whole country. South Africa is therefore currently ranked 39 of the major economies.
Inflation in South Africa in 2022 was around 7.04%. Within the EU, the average in the same year was 8.83 percent. In the United States, it was most recently 8.00%.
The index for perceived corruption in the public sector is 41, which is below average by global standards.
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 389.33 billion US dollars to 338.29 billion US dollars. With a large drop of 13.11 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 country's gross debt increased by 4.5 percent. The inflation rate fell from 4.1 percent previously to 3.2 percent by the end of 2020.
There was already a recovery in 2021 and gross domestic product rose to 420.12 billion (=107.9% of 2019).
Income and purchasing power
The average monthly income in South Africa is 565 per capita. In the USA, the figure is 6,398 . 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 79.2 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.
Economic performance 2022
| Indicator | South Africa Total | South Africa per capita | EU Total | EU per capita |
|---|---|---|---|---|
| GDP | 405.27 bn USD | 6,766.48 USD | 16.746 tn USD | 32,558.54 USD |
| Gross national product | 406.04 bn USD | 6,779.31 USD | 17.950 tn USD | 34,898.47 USD |
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, 12 originate from South Africa. This is determined annually in the Forbes Global 2000 list. The 10 largest companies in the country in 2023 were:
Rank 488: FirstRand
Rank 503: Standard Bank Group
Rank 511: Naspers
Rank 795: Sasol
Rank 812: Absa Group
Rank 894: MTN Group
Rank 1136: Nedbank
Rank 1373: Impala Platinum Holdings
Rank 1375: Sanlam
Rank 1522: Old Mutual
Development of gross domestic product in billions of USD 1960 - 2022
Largest industries
- Mining of platinum, gold and chromium
- Automobile assembly
- Metalworking
- Machinery
- Textiles
- Chemicals
- Fertilizer
- Food
- Commercial ship repair
Imports and Exports 2022
| Indicator | South Africa Total | South Africa per capita | EU Total | EU per capita |
|---|---|---|---|---|
| Imports | 127.60 bn USD | 2,130.37 USD | 9.114 tn USD | 17,719.26 USD |
| Exports | 136.11 bn USD | 2,272.56 USD | 9.446 tn USD | 18,365.45 USD |
Development of imports and exports in billions of USD 1970 - 2022
Exports
Imports
Unemployment rates in percentages 1991 - 2022
The unemployment rates according to the ILOSTAT estimates used here do not always correspond to the official government figures. Instead, they are based on a harmonized procedure to compensate for different unemployment criteria and make them comparable across countries. Further information and an international comparison can be found here.
Largest airports and airlines in South AfricaThe 30 biggest airports in South Africa and 5 airlines with further information and data
Comparison of income tax by countryThis is how much income tax and social security contributions you pay in these 39 countries
List of the 13 current Pariah States13 countries, that suffer from the sanctions of the international community because of their mostly autocratic government.
