Last updated: September 11, 2026
South Africa’s economic growth has accelerated gradually. Real GDP growth, measured year-on-year, moved from 0.35% in Q2 2024 to a peak of 2.03% in Q1 2026, following intermediate readings such as 0.44% in Q3 2024, 0.45% in Q4 2024, 0.41% in Q1 2025, 0.96% in Q2 2025, 1.56% in Q3 2025, and 1.53% in Q4 2025. Data on the output gap is not available. Labor market pressures remain pronounced, with the unemployment rate standing at 31.77% in Q3 2024, 31.52% in Q4 2024, 32.62% in Q1 2025, and 33.04% in Q2 2025.
Price pressures have fluctuated, with CPI inflation registering 4.24% in Q3 2024, slowing to 2.81% in Q4 2024, and moving through 2.99% in Q1 2025, 2.89% in Q2 2025, 3.4% in Q3 2025, 3.53% in Q4 2025, and 3.2% in Q1 2026, before reaching 4.5% in Q2 2026. In response to economic conditions, the South African Reserve Bank policy rate held steady at 6.75% from January 2026 through April 2026, before increasing to 7.0% in May 2026, where it remained in June 2026 and July 2026.
Public finances show rising nominal figures over the multi-year series. Government revenue grew from 1,842.58 billion of national currency in 2022 to 1,893.91 in 2023, 2,007.3 in 2024, 2,168.5 in 2025, 2,281.57 in 2026, and 2,393.95 in 2027. Meanwhile, government expenditure rose from 2,125.9 billion of national currency in 2022 to 2,288.02 in 2023, 2,424.24 in 2024, 2,610.38 in 2025, 2,671.78 in 2026, and 2,757.94 in 2027. No government budget balance data or total financial liabilities of general government data are available for South Africa.
No sector balance data is available for South Africa.
In foreign trade, goods exports to the world climbed from 85,876.28 million of national currency in 2020 to 122,354.02 in 2021 and 123,387.27 in 2022, before dipping to 110,526.08 in 2023, recovering to 111,470.22 in 2024, and reaching 116,387.62 in 2025. Goods imports from the world stood at 72,680.04 million of national currency in 2020, rising to 98,438.59 in 2021, 117,268.04 in 2022, 113,227.29 in 2023, 106,486.56 in 2024, and 111,060.48 in 2025. The country consistently maintains a goods trade surplus across the reported annual span.
Energy vulnerability metrics show that net electricity imports registered -6.63 billion kWh in 2017, -4.7 in 2018, -5.17 in 2019, -3.82 in 2020, -3.57 in 2021, -1.51 in 2022, -0.55 in 2023, and -1.3 billion kWh in 2024, confirming that South Africa is a net exporter of electricity rather than an importer. Meanwhile, the Brent crude oil price moved from 61.81 US dollars per barrel in December 2025 to 64.59 in January 2026, 69.41 in February 2026, 99.41 in March 2026, 102.81 in April 2026, and 103.84 in May 2026, before declining to 84.49 in June 2026 and 83.73 US dollars per barrel in July 2026. Furthermore, the platinum price—a key export commodity for South Africa—stood at 1,897.61 US dollars in December 2025, rose to 2,414.36 in January 2026, and then traced a downward path through 2,140.85 in February 2026, 2,054.09 in March 2026, 2,016.82 in April 2026, 1,990.62 in May 2026, 1,737.5 in June 2026, and 1,616.48 US dollars in July 2026, exposing export revenues to swings in this market.
The currency's value against the IMF Special Drawing Right basket stood at 24.12 units of currency per 1 SDR in July 2024, 24.2 in August 2024, 23.33 in October 2024, and 24.38 units of currency per 1 SDR in April 2025. Over this period, the rising trajectory in several readings reflects a weakening of the local currency, which can amplify imported inflation pressures while supporting external trade competitiveness.
South Africa's economic recovery has gained momentum alongside moderating inflation and a continuing trade surplus, prompting the South African Reserve Bank to tighten policy. However, structural headwinds persist, characterized by persistently high unemployment and exposure to global commodity price swings.
This bulletin is generated with AI assistance from the structured economic data collected across this site (national accounts, sector accounts, trade, energy and currency data). It is intended as an accessible summary, not investment advice — figures may be revised as underlying data sources are updated. For the detailed underlying series, see the Nation Account Data and Economic Data sections in the menu above.