South Africa

The Republic of South Africa is a republic located at the southernmost tip of the African continent. As one of the major economies in the African region, its economic profile is noteworthy.

Looking at the South African economy as of 2025, nominal GDP (dollar-denominated) was approximately $427.2 billion, an increase of 6.5% year-on-year. Nominal GDP per capita (dollar-denominated) was approximately $6,598, an increase of 5.3% year-on-year. The total population was approximately 64.75 million, showing an increase of 1.2% year-on-year. While the real GDP growth rate was 1.1%, an improvement of 0.6 percentage points from the previous year, the real GDP per capita growth rate continued to be slightly negative at -0.04%. Although this was an improvement of 0.7 percentage points from the previous year, it suggests a situation where real economic growth is not keeping pace with population growth. Consumer price inflation was 3.2%, a decrease of 1.2 percentage points from the previous year, indicating an easing of upward price pressures.

In terms of fiscal matters, the central government debt-to-GDP ratio as of 2024 reached 82.8%, an increase of 3.3 percentage points from the previous year. This suggests challenges for fiscal consolidation. Trade accounted for 60.9% of GDP, a decrease of 0.7 percentage points from the previous year. The current account balance was a deficit of -0.4% of GDP, an improvement (reduction in deficit) of 0.2 percentage points from the previous year. Meanwhile, the unemployment rate stood at an extremely high level of 32.4%, a deterioration of 0.1 percentage points from the previous year. The real interest rate was 7.7%, an increase of 0.3 percentage points from the previous year. These indicators reveal a complex economic situation, marked by structural challenges such as high government debt and unemployment, yet also showing positive developments like stable prices and an improving current account balance.