Markets Actual Q4 Q1 Q2 Q3 2021
Currency 16.32 16.46 16.63 16.81 16.98 17.34
Government Bond 10Y (%) 9.37 9.41 9.52 9.63 9.74 9.96
Stock Market (points) 55339.58 53629 52489 51372 50276 48084

Overview Actual Q4 Q1 Q2 Q3 2021
GDP Growth Rate (%) -51.00 7 -3 1.3 2 1.8
GDP Annual Growth Rate (%) -17.10 -8.2 -3.5 2 3.5 3.9
Unemployment Rate (%) 23.30 25.8 26 26.3 26.5 26
Inflation Rate (%) 3.10 3.3 3.4 4.6 4 4
Inflation Rate Mom (%) 0.20 0.3 0.2 -0.2 0.4 0.3
Interest Rate (%) 3.50 3.5 3.5 3.5 3.75 3.75
Balance of Trade (ZAR Million) 38869.00 -1258 -1258 29000 6000 -1542
Current Account (ZAR Million) -103587.00 -45000 100000 -150000 -174000 -135000
Current Account to GDP (%) -3.00 -1 -1.9 -1.9 -1.9 -1.9
Government Debt to GDP (%) 62.20 81.8 83 83 83 83
Government Budget (% of GDP) -6.30 -14.6 -13.7 -13.7 -13.7 -13.7
Business Confidence (points) 24.00 28 30 32 34 34
Manufacturing PMI (points) 58.30 52 49.7 48.6 51.8 51.4
Consumer Confidence (points) -23.00 -20 -13 2 5 7
Retail Sales MoM (%) 4.00 -8 1 5 2.3 4
Corporate Tax Rate (%) 28.00 28 28 28 28 28
Personal Income Tax Rate (%) 45.00 45 45 45 45 45

GDP Actual Q4 Q1 Q2 Q3 2021
GDP Growth Rate (%) -51.00 7 -3 1.3 2 1.8
GDP Annual Growth Rate (%) -17.10 -8.2 -3.5 2 3.5 3.9
GDP (USD Billion) 351.43 295 320 320 320 320
GDP Constant Prices (ZAR Million) 2597611.30 3257271 2885101 3016524 2649564 3315902
Gross National Product (ZAR Million) 2663362.00 3193424 2897146 3072631 3247755 3257293
Gross Fixed Capital Formation (ZAR Million) 451384.00 623605 548220 547349 460412 636077
GDP per capita (USD) 7346.00 7180 7080 7080 7080 7080
GDP per capita PPP (USD) 12481.80 11200 11800 11800 11800 11800
GDP From Agriculture (ZAR Million) 74360.51 76064 61895 69281 75848 77585
GDP From Construction (ZAR Million) 70039.94 110751 93527 97142 71441 112966
GDP From Manufacturing (ZAR Million) 263733.45 406260 349579 359430 269008 414385
GDP From Mining (ZAR Million) 154191.69 234391 208754 206526 157276 239078
GDP From Public Administration (ZAR Million) 489362.23 494305 448600 472975 499149 504191
GDP From Services (ZAR Million) 612770.83 666103 607089 644037 625026 679425
GDP From Transport (ZAR Million) 200788.92 287325 244592 257458 204805 293072
GDP From Utilities (ZAR Million) 56192.43 68110 58616 60727 57316 69472

Labour Actual Q4 Q1 Q2 Q3 2021
Unemployment Rate (%) 23.30 25.8 26 26.3 26.5 26
Employed Persons 9548000.00 10200000 10200000 10180000 10210000 10210000
Unemployed Persons (Thousand ) 4294.85 7850 7940 8000 8200 8200
Labor Force Participation Rate (%) 47.30 45 48 52 53.5 51
Wages (ZAR/Month) 21455.00 21600 21600 21600 21600 21600
Wages in Manufacturing (ZAR/Month) 17006.00 19000 19000 19000 19000 19000
Population (Million) 58.80 59.83 60.88 60.88 60.88 60.88
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 20.76 21.5 21.5 21.5 21.5
Youth Unemployment Rate (%) 52.30 54.7 55 56 54.6 54
Employment Rate (%) 42.14 42.4 42.6 42.4 42.6 43

Prices Actual Q4 Q1 Q2 Q3 2021
Inflation Rate (%) 3.10 3.3 3.4 4.6 4 4
Inflation Rate Mom (%) 0.20 0.3 0.2 -0.2 0.4 0.3
Consumer Price Index CPI (points) 116.60 121 118 120 120 126
Core Consumer Prices (points) 116.00 120 117 119 119 125
Core Inflation Rate (%) 3.30 3.4 3.5 3.8 3.7 3.7
Producer Prices (points) 116.80 118 119 116 120 121
Producer Prices Change (%) 2.40 2.7 3.2 1.6 2.7 3.1
Food Inflation (%) 3.90 3.8 4.1 4.2 4 4
Inflation Expectations (Percent) 4.22 4.2 4.4 4.6 4.6 4.5
CPI Housing Utilities (points) 117.70 121 119 120 121 127
CPI Transportation (points) 115.10 124 120 119 114 130

Money Actual Q4 Q1 Q2 Q3 2021
Interest Rate (%) 3.50 3.5 3.5 3.5 3.75 3.75
Interbank Rate (%) 3.33 7.4 3.36 3.36 3.36 6.9
Money Supply M0 (ZAR Million) 302934.00 273000 273000 273000 273000 284333
Money Supply M1 (ZAR Million) 2142654.00 1769000 1769000 1769000 1769000 1768608
Money Supply M2 (ZAR Million) 3446316.00 2938000 2938000 2938000 2938000 2941486
Money Supply M3 (ZAR Million) 4154403.00 3715000 3715000 3715000 3715000 3883648
Banks Balance Sheet (ZAR Million) 6534938.00 6550000 6650000 6480000 6520000 6500000
Foreign Exchange Reserves (USD Million) 54420.00 55000 53300 54000 54600 54300
Deposit Interest Rate (%) 4.22 5.4 4.51 4.51 4.51 4.51
Central Bank Balance Sheet (ZAR Million) 1015089.00 1055000 1060000 1065000 1070000 1070000

Trade Actual Q4 Q1 Q2 Q3 2021
Balance of Trade (ZAR Million) 38869.00 -1258 -1258 29000 6000 -1542
Current Account (ZAR Million) -103587.00 -45000 100000 -150000 -174000 -135000
Current Account to GDP (%) -3.00 -1 -1.9 -1.9 -1.9 -1.9
Imports (ZAR Million) 91348.01 92000 95000 112000 110000 110000
Exports (ZAR Million) 130217.45 110000 124000 118000 130000 125000
External Debt (USD Million) 156341.00 175600 180000 175000 180000 180000
Tourist Arrivals 67051.00 450000 750000 800000 825000 830000
Weapons Sales (USD Million) 145.00 100 125 125 125 125
Foreign Direct Investment (ZAR Billion) 17363.00 -3400 13000 18000 22000 18000

Government Actual Q4 Q1 Q2 Q3 2021
Government Debt to GDP (%) 62.20 81.8 83 83 83 83
Government Budget (% of GDP) -6.30 -14.6 -13.7 -13.7 -13.7 -13.7
Government Budget Value (ZAR Million) -100083.00 1391262 -93000 -35000 -49000 1391262
Government Spending (ZAR Million) 654497.00 663542 599514 632956 667587 676813
Government Revenues (ZAR Million) 103081.00 75000 125000 115000 120000 120000
Government Debt (USD Million) 57650.00 84500 86000 82000 84000 86000
Fiscal Expenditure (ZAR Million) 203164.00 168000 160000 164000 166000 165000
Military Expenditure (USD Million) 3449.00 3000 2800 2800 2800 2800

Taxes Actual Q4 Q1 Q2 Q3 2021
Corporate Tax Rate (%) 28.00 28 28 28 28 28
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 Q4 Q1 Q2 Q3 2021
Business Confidence (points) 24.00 28 30 32 34 34
Manufacturing PMI (points) 58.30 52 49.7 48.6 51.8 51.4
Industrial Production (%) -10.80 -25 -2 6 -1.8 1.8
Industrial Production Mom (%) 3.60 -28 0.8 8 7.5 -3
Capacity Utilization (%) 61.20 75 78 80.3 81 81
Bankruptcies (Companies) 228.00 350 275 250 225 220
Total Vehicle Sales 37400.00 38000 40000 38700 39400 40000
Car Registrations 22798.00 24000 25200 27400 28300 27000
Leading Economic Index (%) 3.70 -3.8 -0.5 2.5 0.5 1.6
Mining Production (%) -3.30 -10 -10 -6 3.8 1.2
Steel Production (Thousand Tonnes) 312.50 370 385 420 440 420
Coincident Index (points) 85.70 89.7 90.7 89.5 91.3 91
Composite Pmi (points) 49.40 47.7 48.1 48.5 49 49
Electricity Production (Gigawatt-hour) 20978.00 20000 20200 20650 20800 21300
Gold Production (%) -14.80 -12 7 -10 3.2 3

Consumer Actual Q4 Q1 Q2 Q3 2021
Consumer Confidence (points) -23.00 -20 -13 2 5 7
Retail Sales MoM (%) 4.00 -8 1 5 2.3 4
Retail Sales YoY (%) -4.20 0.6 1.2 2.5 1.7 2
Consumer Spending (ZAR Million) 1656067.00 2011277 1805129 1898373 1689188 2051502
Disposable Personal Income (ZAR Million) 2656414.00 3071053 2850118 3017981 2709542 3132474
Personal Savings (%) 0.10 0.4 0.4 0.4 0.4 0.6
Private Sector Credit (%) 3.87 7 6.3 6.5 5.8 6.3
Bank Lending Rate (%) 7.00 10.5 7 7 7 10
Households Debt To GDP (% of GDP) 34.50 35.7 35.3 35.6 35.7 36
Households Debt To Income (%) 72.80 74 73 73 73 73
Gasoline Prices (USD/Liter) 0.90 0.91 0.7 0.67 0.64 0.86

Housing Actual Q4 Q1 Q2 Q3 2021
Building Permits (ZAR Thousand) 6437078.00 5300000 6400000 4800000 8000000 7000000


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.