South Africa Economy

Sub-Saharan Africa · Upper middle income · Capital: Pretoria

Updated 17 Oct 2026

GDP Annual Growth Rate in South Africa decreased to 0.85 percent in Q2 2026 from 1.91 percent in Q1 2026. Inflation Rate in South Africa decreased to 4.26 percent in Jul 2026 from 4.98 percent in Jun 2026.

GDP Growth
0.9%
▼ −1.1 pp Q2 2026 · OECD
Inflation Rate
4.3%
▼ −0.7 pp Jul 2026 · BIS
Interest Rate
7.25%
▲ +0.25 pp Sep 2026 · BIS
Unemployment
32.4%
▲ +0.1 pp 2025 · World Bank

GDP Growth Rate

Real GDP, annual % change. Hatched bars are IMF projections.

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Inflation vs Interest Rate

Monthly data, %. Source: BIS.

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Key Highlights

  • Real GDP grew 0.9% in Q2 2026 (previous year: 1.9%).
  • Consumer price inflation was 4.3% in Jul 2026, compared with 5.0% in the previous period.
  • The central bank policy rate stood at 7.25% at the end of Sep 2026 (previous: 7.00%).
  • The unemployment rate was 32.4% in 2025 (previous: 32.3%).
  • General government debt was 78.4% of GDP in 2025.
  • The IMF projects real GDP growth of 1.0% for 2026 (World Economic Outlook projection).

Main Indicators

IndicatorLastPreviousPeriodTrendSource
GDP Annual Growth Rate0.9%1.9%Q2 2026OECD
Interest Rate7.25%7.00%Sep 2026BIS
Inflation Rate4.3%5.0%Jul 2026BIS
Unemployment Rate32.4%32.3%2025World Bank
Government Debt to GDP78.4%76.0%2025IMF
Balance of Trade$8.2B$7.8B2025World Bank
Current Account to GDP-0.4%-0.6%2025World Bank
GDP$427.2B$401.1B2025World Bank

GDP

IndicatorLastPreviousPeriodTrendSource
GDP per Capita$6,598$6,2672025World Bank
GDP per Capita PPP$15,906$15,4792025World Bank
Gross National Income$419.0B$393.3B2025World Bank
GDP from Agriculture2.8%2.8%2025World Bank
GDP from Industry24.1%24.3%2025World Bank
GDP from Manufacturing12.3%12.8%2025World Bank
GDP from Services63.1%63.0%2025World Bank
Gross Fixed Capital Formation13.9%14.5%2025World Bank
Household Consumption to GDP65.8%64.6%2025World Bank
GDP Growth Rate-0.24%0.42%Q2 2026OECD

Labour

IndicatorLastPreviousPeriodTrendSource
Youth Unemployment Rate59.9%60.2%2025World Bank
Labour Force Participation Rate55.6%55.6%2025World Bank
Employment Rate37.6%37.6%2025World Bank
Population64.75M64.01M2025World Bank

Prices

IndicatorLastPreviousPeriodTrendSource
GDP Deflator Growth2.8%3.9%2025World Bank
Core Inflation Rate3.4%3.6%Dec 2024OECD
Inflation Rate MoM0.30%0.10%Jan 2025OECD
Food Inflation2.8%2.5%Dec 2024OECD

Money

IndicatorLastPreviousPeriodTrendSource
Lending Rate10.69%11.63%2025World Bank
Deposit Interest Rate7.48%7.92%2025World Bank
Broad Money Growth8.2%6.7%2025World Bank
Foreign Exchange Reserves$76.0B$65.4B2025World Bank
Private Debt to GDP67.2%66.7%Q1 2026BIS
Government Bond 10Y Yield8.95%8.75%Sep 2026OECD
Interbank Rate6.85%6.83%Sep 2026OECD

Trade

IndicatorLastPreviousPeriodTrendSource
Current Account-$1.8B-$2.6B2025World Bank
Exports$134.2B$127.5B2025World Bank
Imports$126.0B$119.8B2025World Bank
Foreign Direct Investment-$2.16B$2.33B2025World Bank
External Debt$175.9B$165.8B2024World Bank
Remittances$1.00B$0.86B2025World Bank
Terms of Trade117.1113.22024World Bank
Tourist Arrivals3.89M14.80M2020World Bank
Tourism Revenues$2.72B$9.06B2020World Bank

Government

IndicatorLastPreviousPeriodTrendSource
Government Budget-5.6%-5.7%2025IMF
Government Revenues to GDP27.2%26.9%2024IMF
Government Spending to GDP33.0%32.5%2024IMF
Tax Revenue to GDP25.9%25.4%2024World Bank
Military Expenditure0.74%0.76%2025World Bank

Business

IndicatorLastPreviousPeriodTrendSource
Composite Leading Indicator100.18100.22Sep 2026OECD
Business Confidence99.5199.55Sep 2026OECD

Consumer

IndicatorLastPreviousPeriodTrendSource
Retail Sales YoY2.8%1.3%Jul 2026OECD
Consumer Confidence98.4098.10Sep 2026OECD

Housing

IndicatorLastPreviousPeriodTrendSource
Residential Property Prices5.8%6.0%Q2 2026BIS

South Africa economy explained in simple words

Size of the economy

The economy of South Africa produced goods and services worth $427.2B in 2025, making it the 40th largest of 214 economies with data.

With a population of about 64.7 million, GDP per person is $6,598. The World Bank classifies South Africa as a “upper middle income” economy.

Economic growth

Real GDP grew 0.9% in 2026, compared with world growth of 3.5% (IMF).

Over the last 10 years growth averaged 0.9% a year, ranging from 0.3% to 1.9%.

The IMF projects growth of 1.0% in 2026.

Prices and interest rates

Consumer price inflation was 4.3% in Jul 2026.

The central bank policy rate was 7.25% at the end of Sep 2026.

The difference between the two — the real interest rate — is about 2.99%.

Jobs

The unemployment rate was 32.4% in 2025 (world: 4.8%).

About 55.6% of people aged 15 and over are in the labour force (working or looking for work).

Government finances

General government debt was 78.4% of GDP in 2025, compared with a median of 52.9% across 191 economies.

The government budget balance was -5.6% of GDP (2025) — a deficit, meaning spending exceeded revenue.

Trade and external position

The current account was -0.4% of GDP in 2025 — a deficit with the rest of the world.

Exports of goods and services were $134.2B and imports $126.0B.

Foreign exchange reserves (including gold) stood at $76.0B.

Structure of the economy

By sector, value added is split roughly as: services 63.1%, industry 24.1%, agriculture 2.8% of GDP.

How to read this page

The four boxes at the top show the most-watched numbers: GDP growth (how fast the economy is expanding), inflation (how fast prices are rising), the central bank policy rate (the base cost of borrowing) and unemployment (the share of job-seekers without work). The small arrow shows the change from the previous reading.

The tabs group all available indicators by topic — GDP, labour, prices, money, trade, government and housing. Each row shows the latest value, the previous value, the period it refers to, a small trend line and the source. Click any indicator to open its full history, chart, statistics and comparison with other countries.

Monthly and quarterly figures come from national statistics offices and central banks — via the OECD, the Bank for International Settlements (BIS) and, for India, the Ministry of Statistics (MoSPI); annual figures come from the World Bank and the IMF. Different indicators are published at different times, so the periods shown can differ.

Frequently asked questions

What is the GDP growth rate of South Africa?
The latest GDP growth rate of South Africa is 0.9% (Q2 2026), compared with 1.9% in the previous period. Source: OECD — Organisation for Economic Co-operation and Development.
What is the inflation rate of South Africa?
The latest inflation rate of South Africa is 4.3% (Jul 2026), compared with 5.0% in the previous period. Source: Bank for International Settlements (BIS).
What is the interest rate of South Africa?
The latest interest rate of South Africa is 7.25% (Sep 2026), compared with 7.00% in the previous period. Source: Bank for International Settlements (BIS).
What is the unemployment rate of South Africa?
The latest unemployment rate of South Africa is 32.4% (2025), compared with 32.3% in the previous period. Source: World Bank — World Development Indicators.
What is the government debt to GDP ratio of South Africa?
The latest government debt to GDP ratio of South Africa is 78.4% (2025), compared with 76.0% in the previous period. Source: IMF — World Economic Outlook.

Data are sourced from official international organisations (IMF, World Bank, BIS) and national authorities, and are shown for educational and informational purposes only. They are not investment advice and no recommendation is made. Figures may be revised by the source; IMF figures for the current and future years are projections. This page was last updated on Saturday, October 17, 2026.