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.

Overview	Actual	Q4/18	Q1/19	Q2/19	Q3/19	2020
GDP Growth Rate	-0.70	1	1.1	1.3	1.5	2	percent
Unemployment Rate	27.50	27.4	27.6	27.8	28	24	percent
Inflation Rate	4.90	4.8	5.7	5.9	5.8	5.4	percent
Interest Rate	6.50	6.75	6.75	6.75	7	7.75	percent
Balance of Trade	-2950.00	472	-1578	-1307	-1408	-1700	ZAR Million
Government Debt to GDP	53.10	54	55	55	55	56	percent


MARKETS	Actual	Q4/18	Q1/19	Q2/19	Q3/19	2020
Currency	14.05	14.58	14.78	14.99	15.19	16.05
Government Bond 10Y	9.12 percent	9.09	9.19	9.28	9.38	9.77
Stock Market	51810.20 points	55104	54428	53759	53095	50531

GDP	Actual	Q4/18	Q1/19	Q2/19	Q3/19	2020
GDP Growth Rate	-0.70 percent	1	1.1	1.3	1.5	2
GDP Annual Growth Rate	0.40 percent	1	1.2	1.3	1.5	2.1
GDP	349.42 USD Billion	390	405	405	405	420
GDP Constant Prices	3132981.50 ZAR Million	3192693	3178106	3173710	3179976	3315155
Gross National Product	3074870.00 ZAR Million	3160818	3113314	3114843	3120993	3282058
Gross Fixed Capital Formation	615992.50 ZAR Million	628346	624201	624000	625232	652448
GDP per capita	7524.51 USD	7562	7640	7640	7640	7700
GDP per capita PPP	12294.88 USD	12300	12350	12350	12350	12395
GDP From Agriculture	70244.51 ZAR Million	85669	77486	71158	71298	88955
GDP From Construction	108776.67 ZAR Million	109765	109470	110191	110408	113975
GDP From Manufacturing	382563.62 ZAR Million	393412	387400	387537	388302	408502
GDP From Mining	231638.37 ZAR Million	237510	231615	234650	235113	246620
GDP From Public Administration	480320.97 ZAR Million	483493	486726	486565	487526	502038
GDP From Services	643923.33 ZAR Million	645526	648573	652294	653582	670287
GDP From Transport	267778.61 ZAR Million	273299	274438	271260	271795	283782
GDP From Utilities	65588.74 ZAR Million	65864	66035	66441	66573	68390

LABOUR	Actual	Q4/18	Q1/19	Q2/19	Q3/19	2020
Unemployment Rate	27.50 percent	27.4	27.6	27.8	28	24
Employed Persons	9748000.00	10111000	10511000	10711000	9743480	11711000
Unemployed Persons	6209.39 Thousand	6610	6110	6120	6197	6670
Labor Force Participation Rate	59.50 percent	60.5	59.42	58.96	59.41	61
Labour Costs	150.80 Index Points	155	157	159	160	175
Wages	20176.00 ZAR/Month	20500	20200	21336	21703	21600
Wages in Manufacturing	17674.00 ZAR/Month	17900	17100	18540	18799	19000
Population	57.73 Million	58	59	59	59	60
Retirement Age Women	60.00	60	60	60	60	60
Retirement Age Men	60.00	60	60	60	60	60
Wages High Skilled	22600.00 ZAR/Month	21700	22100	20734	20815	23200
Wages Low Skilled	4380.00 ZAR/Month	4108	4157	3929	3838	4157
Youth Unemployment Rate	52.80 percent	51.78	52.31	53.17	52.83	51.51
Living Wage Family	11300.00 ZAR/Month	10400	10500	10500	10500	10630
Living Wage Individual	6570.00 ZAR/Month	6530	6630	6630	6630	6700
Employment Rate	43.10 percent	42.9	43	43.1	43.2	45.12

PRICES	Actual	Q4/18	Q1/19	Q2/19	Q3/19	2020
Inflation Rate	4.90 percent	4.8	5.7	5.9	5.8	5.4
Inflation Rate Mom	0.50 percent	0.5	0.7	0.43	0.43	0.4
Consumer Price Index CPI	108.90 Index Points	110	112	114	115	122
Core Consumer Prices	108.20 Index Points	109	112	113	114	121
Core Inflation Rate	4.20 percent	4.4	5.2	5.3	5.4	5.5
Producer Prices	109.80 Index Points	112	112	115	117	125
Producer Prices Change	6.20 percent	6.6	6.7	6.7	6.3	5
Export Prices	151.10 Index Points	151	151	152	151	151
Import Prices	141.70 Index Points	142	142	142	142	142
Food Inflation	3.90 percent	3.8	4	4	3.6	5.2
Inflation Expectations	5.59 Percent	5.58	5.65	5.66	5.63	5.63
CPI Housing Utilities	109.40 Index Points	109	112	112	116	122
CPI Transportation	112.40 Index Points	112	111	117	119	124

MONEY	Actual	Q4/18	Q1/19	Q2/19	Q3/19	2020
Interest Rate	6.50 percent	6.75	6.75	6.75	7	7.75
Interbank Rate	7.03 percent	7.02	7.02	7.02	7.27	8.02
Money Supply M0	255731.00 ZAR Million	256052	260150	263660	267085	297956
Money Supply M1	1758710.00 ZAR Million	1782076	1801514	1807649	1812185	1814686
Money Supply M2	2866633.00 ZAR Million	2919717	2954874	2973812	2986896	3002502
Money Supply M3	3532734.00 ZAR Million	3590443	3648562	3706077	3762998	4249544
Banks Balance Sheet	5415036.00 ZAR Million	5496247	5567071	5637530	5707593	6320762
Foreign Exchange Reserves	50166.00 USD Million	49544	50092	50087	50086	50645
Loans to Private Sector	3609385.00 ZAR Million	3666974	3721740	3774613	3826108	4240106
Deposit Interest Rate	7.25 percent	7.25	7.25	7.25	7.5	8.25
Central Bank Balance Sheet	817542.00 ZAR Million	813000	817595	820534	817891	977000

TRADE	Actual	Q4/18	Q1/19	Q2/19	Q3/19	2020
Balance of Trade	-2950.00 ZAR Million	472	-1578	-1307	-1408	-1700
Exports	113694.50 ZAR Million	98513	108054	108183	108072	99742
Imports	116647.00 ZAR Million	98041	109632	109490	109480	101442
Current Account	-163760.00 ZAR Million	-93000	-185992	-178166	-192919	-159000
Current Account to GDP	-2.50 percent	-3.2	-3.4	-3.4	-3.4	-3.7
External Debt	170811.00 USD Million	158000	167330	168186	167495	166000
Tourist Arrivals	1331118.00	1368527	1290400	1281800	1287500	1518528
Gold Reserves	125.30 Tonnes	125	125	125	125	125
Terrorism Index	4.09	4.09	4.09	4.09	4.09	4.09
Weapons Sales	74.00 USD Million	59.79	62.52	65.26	67.99	67.86
Crude Oil Production	2.00 BBL/D/1K	3	3	3	2	5
Foreign Direct Investment	1863.00 ZAR Billion	1821	1809	1811	1815	1816

GOVERNMENT	Actual	Q4/18	Q1/19	Q2/19	Q3/19	2020
Government Debt to GDP	53.10 percent	54	55	55	55	56
Government Budget	-4.60 percent of GDP	-4.1	-4.2	-4.2	-4.2	-4
Government Budget Value	15912.00 ZAR Million	32327	-15395	6878	-15991	1391262
Government Spending	639964.00 ZAR Million	642974	646555	648284	649563	667637
Government Revenues	111002.00 ZAR Million	149769	107357	125851	104706	1512702
Government Debt	70549.00 USD Million	51100	69442	70788	70256	55800
Fiscal Expenditure	95090.00 ZAR Million	117442	122752	118973	120697	121440
Military Expenditure	3110.20 USD Million	3081	3079	3078	3076	3057

BUSINESS	Actual	Q4/18	Q1/19	Q2/19	Q3/19	2020
Business Confidence	38.00 Index Points	28	30	32	34	51
Manufacturing PMI	42.40	46	47	49	51	54
Industrial Production	0.10 percent	1.2	1.3	1.5	1.4	1
Industrial Production Mom	-1.00 percent	0.2	0.14	0.15	0.13	0.5
Capacity Utilization	81.10 percent	81.6	81.14	81.14	81.14	81.5
Changes in Inventories	-14172.00 ZAR Million	3436	-2301	2867	3708	5691
Bankruptcies	159.00 Companies	156	156	156	156	156
Total Vehicle Sales	51866.00	49644	50260	50017	50031	50046
Car Registrations	35050.00	33331	33666	33395	33468	33464
Leading Economic Index	-0.50 percent	0.7	0.3	0.09	0.1	1
Internet Speed	6736.79 KBps	8602	8843	9079	9310	11179
IP Addresses	4274668.00 IP	4228378	4262815	4243350	4262056	4256417
Mining Production	-1.80 percent	0.6	-2.08	-1.82	-1.84	1.2
Steel Production	572.90 Thousand Tonnes	549	543	542	541	541
Coincident Index	95.80 Index Points	93.5	94	94.3	94.4	94
Competitiveness Index	60.76 Points	61.26	61.26	61.26	61.26	63.76
Competitiveness Rank	67.00	67	67	67	67	67
Composite Pmi	46.90	50.5	50.7	50.9	51.1	52
Ease of Doing Business	82.00	71	86	86	86	69
Electricity Production	20844.00 Gigawatt-hour	20555	21327	21535	21105	21181
Corruption Index	43.00 Points	43	43	43	43	43
Corruption Rank	71.00	71	71	71	71	71

CONSUMER	Actual	Q4/18	Q1/19	Q2/19	Q3/19	2020
Consumer Confidence	22.00 Index Points	15	16	18	18	16
Retail Sales MoM	-0.60 percent	0.5	0.5	0.4	0.3	0.7
Retail Sales YoY	0.70 percent	1.9	1.6	1.7	1.8	2.2
Consumer Spending	1926959.00 ZAR Million	1948167	1956710	1952009	1955863	2022893
Disposable Personal Income	2911510.00 ZAR Million	2800000	3034503	3074299	3106438	3140000
Personal Savings	0.40 percent	-1.2	0.22	0.19	0.18	0.2
Private Sector Credit	6.26 percent	5.89	6.24	6.26	6.27	3.11
Bank Lending Rate	10.00 percent	10	10	10	10.25	11
Gasoline Prices	1.17 USD/Liter	1.15	1.13	1.11	1.09	1.01
Households Debt To GDP	33.10 percent of GDP	37	32.08	31.82	31.55	36
Households Debt To Income	71.90 percent	78	70.84	70.59	70.33	77

TAXES	Actual	Q4/18	Q1/19	Q2/19	Q3/19	2020
Corporate Tax Rate	28.00 percent	28	28	28	28	28
Personal Income Tax Rate	45.00 percent	45	45	45	45	45
Sales Tax Rate	15.00 percent	15	15	15	15	15
Social Security Rate	2.00 percent	2	2	2	2	2
Social Security Rate For Companies	1.00 percent	1	1	1	1	2
Social Security Rate For Employees	1.00 percent	1	1	1	1	1

CLIMATE	Actual	Q4/18	Q1/19	Q2/19	Q3/19	2020
Precipitation	19.52 mm	51.95	65.57	38.24	38.25	40.13
Temperature	24.17 celsius	20.11	21.97	16.22	19	17.71

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South Africa - Economic Forecasts - 2018-2020 Outlook

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