As of April 2025, South Africa's GDP was estimated at over 410 billion U.S. dollars, the highest in Africa. Egypt followed, with a GDP worth around 347 billion U.S. dollars, and ranked as the second-highest on the continent. Algeria ranked third, with nearly 269 billion U.S. dollars. These African economies are among some of the fastest-growing economies worldwide. Dependency on oil For some African countries, the oil industry represents an enormous source of income. In Nigeria, oil generates over five percent of the country’s GDP in the third quarter of 2023. However, economies such as the Libyan, Algerian, or Angolan are even much more dependent on the oil sector. In Libya, for instance, oil rents account for over 40 percent of the GDP. Indeed, Libya is one of the economies most dependent on oil worldwide. Similarly, oil represents for some of Africa’s largest economies a substantial source of export value. The giants do not make the ranking Most of Africa’s largest economies do not appear in the leading ten African countries for GDP per capita. The GDP per capita is calculated by dividing a country’s GDP by its population. Therefore, a populated country with a low total GDP will have a low GDP per capita, while a small rich nation has a high GDP per capita. For instance, South Africa has Africa’s highest GDP, but also counts the sixth-largest population, so wealth has to be divided into its big population. The GDP per capita also indicates how a country’s wealth reaches each of its citizens. In Africa, Seychelles has the greatest GDP per capita.

The Gross Domestic Product (GDP) in South Africa expanded 0.10 percent in the first quarter of 2025 over the previous quarter. This dataset provides - South Africa GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In 2024, the growth of the real gross domestic product (GDP) in South Africa was estimated at about 0.58 percent. Between 1980 and 2024, the figure dropped by approximately 6.04 percentage points, though the decline followed an uneven course rather than a steady trajectory. The forecast shows the growth will steadily grow by around 1.23 percentage points from 2024 to 2030.This indicator describes the annual change in the gross domestic product at constant prices, expressed in national currency units. Here the gross domestic product represents the total value of the final goods and services produced during a year.

The Gross Domestic Product (GDP) in South Africa was worth 400.26 billion US dollars in 2024, according to official data from the World Bank. The GDP value of South Africa represents 0.38 percent of the world economy. This dataset provides the latest reported value for - South Africa GDP - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

In 2024, projections show that ***** out of the **** African regions will have an increased growth margin as a share of Gross Domestic Product (GDP) compared to 2023, showing hope for economic recovery post-COVID-19 restrictions. In 2023, the region of East Africa is projected to have the highest share of GDP growth in Africa. It will have an estimated **** percent growth rate. Furthermore, compared to the 2022 projections, 2023 showed decreased growth rate, with the exception of West Africa. However, the growth rate may now be decreasing in 2023 compared to 2022 projections due to a number of factors, including a decrease in government stimulus, ongoing uncertainty related to the pandemic, and the potential for economic headwinds such as rising inflation and interest rates. In 2021, Africa's economy was projected to recover following the impact of the pandemic, with the regional real GDPs growing significantly. In 2020, Southern Africa registered the sharpest decline in GDP growth rate in the continent, at **** percent. Southern and Central Africa were the regions that suffered the most in that year, due to the coronavirus (COVID-19) pandemic's impacts on economic growth in Africa.

Key information about South Africa Nominal GDP Growth

• South Africa Nominal GDP Growth was reported at 4.279 % in Dec 2024.
• This records a decrease from the previous number of 4.471 % for Sep 2024.
• South Africa Nominal GDP Growth data is updated quarterly, averaging 11.455 % from Mar 1961 to Dec 2024, with 256 observations.
• The data reached an all-time high of 34.616 % in Sep 1980 and a record low of -13.481 % in Jun 2020.
• South Africa Nominal GDP Growth data remains active status in CEIC and is reported by CEIC Data.
• The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Nominal GDP: Y-o-Y Growth: Quarterly: Seasonally Adjusted.

CEIC calculates quarterly Nominal GDP Growth from quarterly Nominal GDP. South African Reserve Bank provides Nominal GDP in local currency.

The Gross Domestic Product per capita in South Africa was last recorded at 5708.96 US dollars in 2024. The GDP per Capita in South Africa is equivalent to 45 percent of the world's average. This dataset provides the latest reported value for - South Africa GDP per capita - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

GDP, billion currency units in South Africa, March, 2025 The most recent value is 1798.8 billion South African Rand as of Q1 2025, a decline compared to the previous value of 1928.18 billion South African Rand. Historically, the average for South Africa from Q1 1993 to Q1 2025 is 780.79 billion South African Rand. The minimum of 110.83 billion South African Rand was recorded in Q1 1993, while the maximum of 1928.18 billion South African Rand was reached in Q4 2024. | TheGlobalEconomy.com

The gross domestic product (GDP) in current prices in South Africa was estimated at about 400.19 billion U.S. dollars in 2024. Between 1980 and 2024, the GDP rose by approximately 310.78 billion U.S. dollars, though the increase followed an uneven trajectory rather than a consistent upward trend. The GDP will steadily rise by around 89.82 billion U.S. dollars over the period from 2024 to 2030, reflecting a clear upward trend.This indicator describes the gross domestic product at current prices. The values are based upon the GDP in national currency converted to U.S. dollars using market exchange rates (yearly average). The GDP represents the total value of final goods and services produced during a year.

South Africa: Value added by industry as percent of GDP: The latest value from 2024 is 24.41 percent, a decline from 24.62 percent in 2023. In comparison, the world average is 26.35 percent, based on data from 151 countries. Historically, the average for South Africa from 1960 to 2024 is 31.11 percent. The minimum value, 23.34 percent, was reached in 2020 while the maximum of 42.4 percent was recorded in 1980.

South Africa: Economic growth: the rate of change of real GDP: The latest value from 2024 is 0.58 percent, a decline from 0.7 percent in 2023. In comparison, the world average is 3.20 percent, based on data from 177 countries. Historically, the average for South Africa from 1961 to 2024 is 2.75 percent. The minimum value, -6.17 percent, was reached in 2020 while the maximum of 7.94 percent was recorded in 1964.

In 2024, Niger's real GDP is estimated to grow by 10.4 percent compared to the previous year. During 2023, the GDP is estimated to have increased by only 1.4 percent, nevertheless a positive trend. The country's real GDP is forecast to continue growing but at a slower pace. Between 2025 and 2029, it is expected to grow annually by roughly six percent. Furthermore, the GDPs of Senegal, Libya, and Rwanda might increase by around 8.3 percent, 7.8 percent, and 6.9 percent during 2024, respectively. Niger: A dependence on agriculture A large portion of Niger's economy comes from agriculture. In 2022, agriculture accounted for almost 40 percent of the GDP. Niger is not the only country in Africa where agriculture plays a crucial role. For example, agriculture made up nearly 60 percent of Sierra Leone’s GDP in 2022. Such dependence could mean that any disruptions in the agricultural products market could have significant effects on the country's GDP. Sub-Saharan Africa's economy will be among the fastest-growing regions worldwide Three African countries have significantly larger economies, namely, Nigeria, South Africa, and Egypt. As of 2022, these countries' GDP stood at nearly 477.4 billion, 475.2 billion, and 405.7 billion U.S. dollars. Furthermore, it is anticipated that Sub-Saharan Africa's GDP growth in 2026 will rank as the second-fastest growing economic region in the world after the ASEAN-5 countries, with a growth rate of approximately four percent. In contrast, economic areas such as the European Union are forecast to grow at only about 1.5 percent in the same year.

The Gross Domestic Product (GDP) in South Africa expanded 0.80 percent in the first quarter of 2025 over the same quarter of the previous year. This dataset provides - South Africa GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Key information about South Africa Public Consumption: % of GDP

• South Africa Public Consumption accounted for 19.1 % of its Nominal GDP in Dec 2024, compared with a share of 19.3 % in the previous quarter.
• South Africa Public Consumption share of Nominal GDP ratio is updated quarterly, available from Mar 1960 to Dec 2024, with an average number of 16.7 %.
• The data reached an all-time high of 22.7 % in Jun 2020 and a record low of 8.6 % in Jun 1963.

CEIC calculates Government Consumption as % of Nominal GDP from quarterly Government Consumption Expenditure and quarterly Nominal GDP. Statistics South Africa provides Government Consumption Expenditure in local currency and Nominal GDP in local currency.


Related information about South Africa Public Consumption: % of GDP

• In the latest reports, South Africa GDP expanded 0.2 % YoY in Mar 2023.
• South Africa Nominal GDP reached 95.9 USD bn in Mar 2023.
• Its GDP deflator (implicit price deflator) increased 5.6 % in Mar 2023.
• South Africa GDP Per Capita reached 6,667.3 USD in Dec 2022.
• Its Gross Savings Rate was measured at 13.7 % in Sep 2024.
• For Nominal GDP contributions, Investment accounted for 12.6 % in Dec 2024.
• Private Consumption accounted for 67.3 % in Dec 2024.

Key information about South Africa External Debt: Short Term: % of GDP

• South Africa External Debt: Short Term accounted for 8.4 % of the country's Nominal GDP in 2023, compared with the ratio of 8.4 % in the previous year.
• South Africa External Debt: Short Term: % of Nominal GDP data is updated yearly, available from 1994 to 2023.
• The data reached an all-time high of 9.2 % in 2016 and a record low of 4.4 % in 2004.

CEIC calculates Short Term External Debt as % of Nominal GDP from quarterly Short Term External Debt and annual Nominal GDP. Short Term External Debt is calculated as the sum of Short Term External Debt breakdowns for Public Authorities, Public Corporations, Monetary Authorities, Banking Sector and Other Sector. South African Reserve Bank provides Short Term External Debt in USD. Statistics South Africa provides Nominal GDP in local currency. Federal Reserve Board average market exchange rate is used for currency conversions. Short Term External Debt prior to 2002 is sourced from the World Bank.


Related information about South Africa External Debt: Short Term: % of GDP

• In the latest reports of South Africa, Current Account recorded a deficit of 932.5 USD mn in Mar 2023.
• Foreign Direct Investment (FDI) increased by 1.3 USD bn in Mar 2024.
• South Africa Direct Investment Abroad expanded by 246.7 USD mn in Mar 2024.
• Its Foreign Portfolio Investment fell by 2.8 USD bn in Mar 2024.
• South Africa External Debt: Short Term value stood at 33.6 USD bn in Dec 2023.
• The country's Nominal GDP was reported at 95.9 USD bn in Mar 2023.

South Africa: Exports of goods and services as percent of GDP: The latest value from 2024 is 31.85 percent, a decline from 32.75 percent in 2023. In comparison, the world average is 44.58 percent, based on data from 134 countries. Historically, the average for South Africa from 1960 to 2024 is 25.04 percent. The minimum value, 18.4 percent, was reached in 1970 while the maximum of 33.37 percent was recorded in 2022.

Graph and download economic data for Nominal Gross Domestic Product for South Africa (NGDPXDCZAA) from 1993 to 2024 about South Africa and GDP.

Full Year GDP Growth in South Africa decreased to 0.60 percent in 2024 from 0.70 percent in 2023. This dataset includes a chart with historical data for South Africa Full Year Gdp Growth.

GDP from Transport in South Africa increased to 380474.03 ZAR Million in the first quarter of 2025 from 371682.34 ZAR Million in the fourth quarter of 2024. This dataset provides the latest reported value for - South Africa Gdp From Transport - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Forecast: Total Tourism GDP in South Africa 2024 - 2028 Discover more data with ReportLinker!