Markets Actual Q1 Q2 Q3 Q4 2022
Currency 15.35 15.51 15.67 15.84 16.01 16.34
Government Bond 10Y (%) 9.27 9.38 9.48 9.59 9.7 9.92
Stock Market (points) 68398.84 66301 64892 63510 62155 59445

Overview Actual Q1 Q2 Q3 Q4 2022
GDP Growth Rate (%) 66.10 1.7 2.5 1.4 2.6 2.3
GDP Annual Growth Rate (%) -6.00 2 14 2.7 3.3 2.4
Unemployment Rate (%) 32.50 29 27 27.4 27.1 27
Inflation Rate (%) 3.20 3.2 4.5 4 4.3 4.5
Inflation Rate Mom (%) 0.30 0.2 -0.2 0.4 0.3 0.4
Interest Rate (%) 3.50 3.5 3.75 4 4 4
Balance of Trade (ZAR Million) 11828.56 -1258 20000 8000 -1542 -1542
Current Account (ZAR Million) 297500.00 100000 -80000 -120000 -65000 -95000
Current Account to GDP (%) -3.00 -1.9 -1.9 -1.9 -1.9 -2.1
Government Debt to GDP (%) 62.20 83 83 83 83 86
Government Budget (% of GDP) -6.30 -13.7 -13.7 -13.7 -13.7 -12
Business Confidence (points) 40.00 45 32 28 32 35
Manufacturing PMI (points) 53.00 49.7 51.6 52 51.4 51.7
Consumer Confidence (points) -12.00 23 18 10 7 9
Retail Sales MoM (%) -0.80 1 -0.7 2.3 -2.4 2.2
Corporate Tax Rate (%) 28.00 28 28 28 28 27
Personal Income Tax Rate (%) 45.00 45 45 45 45 45

GDP Actual Q1 Q2 Q3 Q4 2022
GDP Growth Rate (%) 66.10 1.7 2.5 1.4 2.6 2.3
GDP Annual Growth Rate (%) -6.00 2 14 2.7 3.3 2.4
GDP (USD Billion) 351.43 320 320 320 320 345
GDP Constant Prices (ZAR Million) 2933978.30 3188450 2939687 3013196 3030800 3103539
Gross National Product (ZAR Million) 3050369.00 3247422 3036233 3132729 3151031 3226656
Gross Fixed Capital Formation (ZAR Million) 478847.70 578545 514774 491777 494650 506521
GDP per capita (USD) 7346.00 7080 7080 7080 7080 7200
GDP per capita PPP (USD) 12481.80 11800 11800 11800 11800 12500
GDP From Agriculture (ZAR Million) 79427.08 74250 86789 81572 82048 84017
GDP From Construction (ZAR Million) 80129.25 102678 79868 82293 82774 84760
GDP From Manufacturing (ZAR Million) 349996.81 379916 300656 359447 361547 370224
GDP From Mining (ZAR Million) 218467.67 218297 177421 224366 225677 231093
GDP From Public Administration (ZAR Million) 490072.15 499932 557367 503304 506245 518394
GDP From Services (ZAR Million) 624468.92 680743 685262 641330 645076 660558
GDP From Transport (ZAR Million) 229691.47 272132 226279 235893 237271 242966
GDP From Utilities (ZAR Million) 63001.41 64189 64059 64702 65080 66642

Labour Actual Q1 Q2 Q3 Q4 2022
Unemployment Rate (%) 32.50 29 27 27.4 27.1 27
Employed Persons 15023.55 10200000 10180000 10210000 10210000 10230000
Unemployed Persons (Thousand ) 7233.00 6500 6650 6725 6400 6320
Labor Force Participation Rate (%) 56.60 54.1 54 54.3 54.2 55
Wages (ZAR/Month) 22579.00 21600 21600 21600 21600 21600
Wages in Manufacturing (ZAR/Month) 18857.00 19000 19000 19000 19000 19000
Population (Million) 58.80 60.88 60.88 60.88 60.88 61.93
Retirement Age Women 60.00 60 60 60 60 60
Retirement Age Men 60.00 60 60 60 60 60
Minimum Wages (ZAR/Hour) 20.76 21.5 21.5 21.5 21.5 22.5
Youth Unemployment Rate (%) 61.30 55 56 54.6 54 55
Employment Rate (%) 38.20 40 42.4 42.6 43 44

Prices Actual Q1 Q2 Q3 Q4 2022
Inflation Rate (%) 3.20 3.2 4.5 4 4.3 4.5
Inflation Rate Mom (%) 0.30 0.2 -0.2 0.4 0.3 0.4
Consumer Price Index CPI (points) 117.70 119 120 121 122 128
Core Consumer Prices (points) 116.70 119 119 120 121 126
Core Inflation Rate (%) 3.30 3.1 3.4 3.4 3.7 4
Producer Prices (points) 100.80 99.46 100 103 103 107
Producer Prices Change (%) 3.50 1.8 3 3.5 3.1 3.5
Export Prices (points) 190.90 195 200 205 210 215
Import Prices (points) 161.20 165 165 167 168 170
Food Inflation (%) 5.40 4.1 4.2 4 4 3.7
Inflation Expectations (Percent) 4.17 4.4 4.6 4.6 4.5 5.2
CPI Housing Utilities (points) 118.20 119 121 123 123 129
CPI Transportation (points) 115.60 119 114 120 120 125

Money Actual Q1 Q2 Q3 Q4 2022
Interest Rate (%) 3.50 3.5 3.75 4 4 4
Interbank Rate (%) 3.64 3.64 3.89 4.14 4.14 4.14
Money Supply M0 (ZAR Million) 286217.00 305000 296000 290000 284000 281000
Money Supply M1 (ZAR Million) 2189186.00 1769000 1769000 1769000 1769000 1768608
Money Supply M2 (ZAR Million) 3477653.00 2938000 2938000 2938000 2938000 2941486
Money Supply M3 (ZAR Million) 4173357.00 3715000 3715000 3715000 3715000 3883648
Banks Balance Sheet (ZAR Million) 6537933.00 6650000 6480000 6520000 6500000 6650000
Foreign Exchange Reserves (USD Million) 53788.00 54300 54600 55000 57000 58000
Deposit Interest Rate (%) 3.92 3.94 4.19 4.44 4.44 4.44
Central Bank Balance Sheet (ZAR Million) 903027.00 900000 885000 870000 855000 840000

Trade Actual Q1 Q2 Q3 Q4 2022
Balance of Trade (ZAR Million) 11828.56 -1258 20000 8000 -1542 -1542
Current Account (ZAR Million) 297500.00 100000 -80000 -120000 -65000 -95000
Current Account to GDP (%) -3.00 -1.9 -1.9 -1.9 -1.9 -2.1
Imports (ZAR Million) 97926.85 95000 110000 112000 95000 97500
Exports (ZAR Million) 109755.41 115000 118000 125000 107000 110000
External Debt (USD Million) 157021.00 175000 180000 185000 188000 190000
Tourist Arrivals 279539.00 120000 115000 118500 160000 166000
Weapons Sales (USD Million) 145.00 125 125 125 125 95
Terms Of Trade (points) 118.50 110 106 104 106 108
Foreign Direct Investment (ZAR Billion) -16545.00 10000 20000 17000 10500 -2500

Government Actual Q1 Q2 Q3 Q4 2022
Government Debt to GDP (%) 62.20 83 83 83 83 86
Government Budget (% of GDP) -6.30 -13.7 -13.7 -13.7 -13.7 -12
Government Budget Value (ZAR Million) -110002.00 -97000 -60000 -50000 1391262 -18000
Government Spending (ZAR Million) 653476.00 669031 743712 671120 675041 691242
Government Revenues (ZAR Million) 84285.00 95000 100000 120000 150000 160000
Government Debt (USD Million) 64685.00 75000 82000 84000 86000 86400
Fiscal Expenditure (ZAR Million) 194286.00 155000 150000 166000 168000 164000
Military Expenditure (USD Million) 3449.00 2800 2800 2800 2800 2850

Taxes Actual Q1 Q2 Q3 Q4 2022
Corporate Tax Rate (%) 28.00 28 28 28 28 27
Personal Income Tax Rate (%) 45.00 45 45 45 45 45
Sales Tax Rate (%) 15.00 15 15 15 15 15
Social Security Rate (%) 2.00 2 2 2 2 2
Social Security Rate For Companies (%) 1.00 2 2 2 2 2
Social Security Rate For Employees (%) 1.00 1 1 1 1 1

Business Actual Q1 Q2 Q3 Q4 2022
Business Confidence (points) 40.00 45 32 28 32 35
Manufacturing PMI (points) 53.00 49.7 51.6 52 51.4 51.7
Industrial Production (%) 1.80 3 15 2 4.8 3
Industrial Production Mom (%) -0.10 0.8 0.9 2 0.5 0.6
Capacity Utilization (%) 73.10 70 81.3 81.6 81.8 82
Bankruptcies (Companies) 122.00 275 250 265 270 240
Total Vehicle Sales 37521.00 36000 38500 39400 41000 42500
Car Registrations 24270.00 27000 25400 28000 27000 28500
Leading Economic Index (%) 0.50 -0.5 2.5 0.5 1.6 0.7
Mining Production (%) 0.10 6 10 3.8 5 2
Steel Production (Thousand Tonnes) 292.30 385 420 440 420 530
Coincident Index (points) 94.50 90 89.5 91.3 92 92.5
Composite PMI (points) 50.20 46 44 48.5 50 51
Electricity Production (Gigawatt-hour) 19772.00 20200 20650 20800 21300 22000
Gold Production (%) -0.90 1.5 3 1 2.5 3.4

Consumer Actual Q1 Q2 Q3 Q4 2022
Consumer Confidence (points) -12.00 23 18 10 7 9
Retail Sales MoM (%) -0.80 1 -0.7 2.3 -2.4 2.2
Retail Sales YoY (%) -1.30 1.2 2.5 1.7 2 1.8
Consumer Spending (ZAR Million) 1864428.00 2006571 1887916 1914768 1925954 1972177
Disposable Personal Income (ZAR Million) 3050164.00 3189990 2986361 3132518 3150819 3226439
Personal Savings (%) 0.70 0.4 0.4 0.4 0.6 0.6
Private Sector Credit (%) 3.26 6.3 6.5 5.8 6.3 6.5
Bank Lending Rate (%) 7.00 7 7.25 7.5 7.5 7.5
Households Debt To GDP (% of GDP) 35.80 35.3 35.6 35.7 35.8 35.8
Households Debt To Income (%) 72.80 73 73 73 73 75
Gasoline Prices (USD/Liter) 1.03 0.93 0.88 0.84 0.8 0.76

Housing Actual Q1 Q2 Q3 Q4 2022
Building Permits (ZAR Thousand) 6527407.00 6400000 4800000 8000000 7000000 7300000


This page has economic forecasts for South Africa including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the South Africa economy.