Markets Actual Q3 Q4 Q1 Q2 2023
Currency 18.07 18.34 18.81 19.29 19.78 20.79
Government Bond 10Y (%) 10.77 10.91 11.05 11.2 11.35 11.64
Stock Market (points) 63416.66 61305 59263 57291 55382 51754

Overview Actual Q3 Q4 Q1 Q2 2023
GDP Growth Rate (%) -0.70 -1 0.4 0.8 1.4 1.8
GDP Annual Growth Rate (%) 0.20 -0.4 1.9 1.7 1.5 1.4
Unemployment Rate (%) 33.90 34.8 35.2 35.4 35.5 36
Inflation Rate (%) 7.60 7.4 6.5 6.4 5.8 5.3
Inflation Rate MoM (%) 0.20 -0.1 0.2 0.4 0.3 0.3
Interest Rate (%) 6.25 6.25 6.5 6.5 6.75 7.25
Balance of Trade (ZAR Million) 24763.88 26000 8000 14500 28000 35000
Current Account (ZAR Million) -86588.00 -120000 -100000 160000 210000 170000
Current Account to GDP (% of GDP) 3.70 0.2 0.2 -1 -1 -1
Government Debt to GDP (% of GDP) 69.90 74.7 74.7 76.8 76.8 76.8
Government Budget (% of GDP) -5.70 -6 -6 -5.3 -5.3 -5.3
Business Confidence (points) 39.00 35 35 38 40 45
Manufacturing PMI (points) 52.10 51.7 53 52.8 53.6 54
Consumer Confidence (points) -20.00 -20 -18 -14 -10 3
Retail Sales MoM (%) -0.10 1.6 1.8 0.5 -0.6 2
Corporate Tax Rate (%) 28.00 27 27 27 27 27
Personal Income Tax Rate (%) 45.00 45 45 45 45 45

GDP Actual Q3 Q4 Q1 Q2 2023
GDP Growth Rate (%) -0.70 -1 0.4 0.8 1.4 1.8
GDP Annual Growth Rate (%) 0.20 -0.4 1.9 1.7 1.5 1.4
GDP (USD Billion) 419.95 320 345 345 345 345
GDP Constant Prices (ZAR Million) 4565988.30 4432529 4601929 4676728 4634478 4666356
Gross National Product (ZAR Million) 4737603.00 4580571 4688612 4818142 4808667 4754252
Gross Fixed Capital Formation (ZAR Million) 660107.30 623083 647416 668179 670009 656480
GDP per Capita (USD) 5864.82 7080 7200 7200 7200 7200
GDP per Capita PPP (USD) 13126.01 11800 12500 12500 12500 12500
Full Year GDP Growth 4.91 2.2 2.2 1.5 1.5 1.5
GDP from Agriculture (ZAR Million) 117364.93 111535 132808 129319 119125 134668
GDP from Construction (ZAR Million) 105100.04 110909 110527 109472 106677 112075
GDP from Manufacturing (ZAR Million) 509641.19 501479 525500 550924 517286 532857
GDP from Mining (ZAR Million) 202227.12 220225 218115 213025 205261 221168
GDP from Public Administration (ZAR Million) 370230.01 369973 377203 381767 375783 382483
GDP from Services (ZAR Million) 1102659.80 1061435 1078065 1095565 1119200 1093158
GDP from Transport (ZAR Million) 357921.23 332572 350013 355597 363290 354913
GDP from Utilities (ZAR Million) 102113.81 104114 103217 105097 103646 104662

Labour Actual Q3 Q4 Q1 Q2 2023
Unemployment Rate (%) 33.90 34.8 35.2 35.4 35.5 36
Employed Persons 15561.86 14900 15200 14900 15500 15000
Unemployed Persons (Thousand ) 7994.29 7800 7950 7800 8100 8000
Labor Force Participation Rate (%) 58.60 57.5 58 58.3 58.5 59
Wages (ZAR/Month) 23502.00 21600 21600 21600 21600 21600
Wages in Manufacturing (ZAR/Month) 20901.00 19000 19000 19000 19000 19000
Population (Million) 60.14 60.88 61.93 61.93 61.93 61.93
Retirement Age Women 60.00 60 60 60 60 60
Retirement Age Men 60.00 60 60 60 60 60
Employment Rate (%) 38.70 38.3 38.6 38.3 38.5 39
Youth Unemployment Rate (%) 61.40 63.4 64 63.8 64.5 68
Minimum Wages (ZAR/Hour) 23.19 23.19 23.19 24 24 24

Prices Actual Q3 Q4 Q1 Q2 2023
Inflation Rate (%) 7.60 7.4 6.5 6.4 5.8 5.3
Inflation Rate MoM (%) 0.20 -0.1 0.2 0.4 0.3 0.3
Consumer Price Index CPI (points) 106.00 106 106 108 110 112
Core Consumer Prices (points) 103.60 104 105 107 108 111
Core Inflation Rate (%) 4.40 4.5 5 5.4 5.5 5.4
Producer Prices (points) 124.40 125 127 130 135 138
Producer Prices Change (%) 18.00 17 15 13 11 8
Export Prices (points) 180.20 175 182 167 155 150
Import Prices (points) 154.00 158 160 145 130 125
Food Inflation (%) 11.30 12 8.1 7.5 7 5.6
Producer Price Inflation MoM (%) 2.20 1.7 1.5 0.7 1 0.8
CPI Housing Utilities (points) 103.20 107 106 107 107 112
CPI Transportation (points) 114.50 114 115 115 115 116
Inflation Expectations (%) 5.92 5.8 5.7 5.6 5.3 5

Money Actual Q3 Q4 Q1 Q2 2023
Interest Rate (%) 6.25 6.25 6.5 6.5 6.75 7.25
Interbank Rate (%) 5.98 5.98 6.23 6.23 6.48 6.73
Money Supply M0 (ZAR Million) 349666.00 328000 315000 294000 298000 295000
Money Supply M1 (ZAR Million) 2399514.00 2375000 2400000 2390000 2430000 2420000
Money Supply M2 (ZAR Million) 3726641.00 3800000 3850000 3900000 3880000 3900000
Money Supply M3 (ZAR Million) 4549407.00 4620000 4550000 4400000 4380000 4400000
Foreign Exchange Reserves (USD Million) 59756.00 59500 60200 59700 58800 59500
Banks Balance Sheet (ZAR Million) 7059559.00 6925000 6950000 7150000 7250000 7300000
Deposit Interest Rate (%) 5.33 6.08 6.33 6.33 6.58 6.83
Central Bank Balance Sheet (ZAR Million) 1082577.00 1067000 985000 965000 1020000 1015000
Lending Rate (%) 9.75 9.75 10 10 10.25 10.5

Trade Actual Q3 Q4 Q1 Q2 2023
Balance of Trade (ZAR Million) 24763.88 26000 8000 14500 28000 35000
Current Account (ZAR Million) -86588.00 -120000 -100000 160000 210000 170000
Current Account to GDP (% of GDP) 3.70 0.2 0.2 -1 -1 -1
Imports (ZAR Million) 152468.33 156000 160000 147500 142000 140000
Exports (ZAR Million) 177232.21 182000 168000 162000 170000 175000
External Debt (USD Million) 173837.00 178000 180000 174500 171200 173000
Tourist Arrivals 581375.00 530000 590000 485000 530000 525000
Foreign Direct Investment (ZAR Billion) 27192.00 17200 14000 7400 12000 10500
Terms of Trade (points) 117.00 111 114 115 119 120
Weapons Sales (SIPRI TIV Million) 37.00 125 95 95 95 95

Government Actual Q3 Q4 Q1 Q2 2023
Government Debt to GDP (% of GDP) 69.90 74.7 74.7 76.8 76.8 76.8
Government Budget (% of GDP) -5.70 -6 -6 -5.3 -5.3 -5.3
Government Budget Value (ZAR Million) -136720.00 -13000 -11000 -11000 0 -8000
Government Spending (ZAR Million) 901380.00 892451 914979 923113 914901 927789
Government Revenues (ZAR Million) 86471.00 162000 157000 145000 160000 152000
Government Debt (USD Million) 83437.00 79200 80200 78700 80050 81000
Fiscal Expenditure (ZAR Million) 223191.00 175000 168000 156000 160000 160000
Military Expenditure (USD Million) 3475.00 3270 3270 3270 3270 3000

Taxes Actual Q3 Q4 Q1 Q2 2023
Corporate Tax Rate (%) 28.00 27 27 27 27 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 Q3 Q4 Q1 Q2 2023
Business Confidence (points) 39.00 35 35 38 40 45
Manufacturing PMI (points) 52.10 51.7 53 52.8 53.6 54
Industrial Production (%) 3.70 1.4 0.7 -0.5 1.2 1.5
Industrial Production Mom (%) -0.20 1.7 2 0.8 1.4 2.5
Capacity Utilization (%) 77.70 80 79.8 77 80 80
Bankruptcies (Companies) 165.00 155 135 160 140 130
Total Vehicle Sales (Units) 47420.00 49800 40000 39800 42500 43000
Car Registrations 31269.00 32000 27500 28200 28700 29000
Leading Economic Index (%) -1.00 7 0.3 1.3 2 1.5
Gold Production (%) -19.70 -15 -8 -2.5 1.8 2.7
Coincident Index (points) 110.30 110 107 105 107 105
Composite PMI (points) 51.70 51.3 49.7 50.6 51.6 51.4
Electricity Production (Gigawatt-hour) 20544.00 19300 20000 19700 20300 20500
Mining Production (%) -8.40 -5.4 2.6 1.7 2.1 1.8

Consumer Actual Q3 Q4 Q1 Q2 2023
Consumer Confidence (points) -20.00 -20 -18 -14 -10 3
Retail Sales MoM (%) -0.10 1.6 1.8 0.5 -0.6 2
Retail Sales YoY (%) 8.60 1.8 2.1 1.9 1.5 2
Consumer Spending (ZAR Million) 3068389.00 2915395 3071799 3103445 3114415 3114804
Disposable Personal Income (ZAR Million) 4085559.00 3753671 3982152 4155014 4146842 4037902
Personal Savings (%) 0.30 0.6 0.6 0.6 0.6 0.6
Private Sector Credit (%) 7.09 6.7 7 6.5 5 4.5
Bank Lending Rate (%) 9.75 9.75 10 10 10.25 10.5
Gasoline Prices (USD/Liter) 1.50 1.56 1.62 1.68 1.74 1.75
Households Debt to GDP (% of GDP) 34.00 36 36 36 36 36
Households Debt to Income (%) 67.00 75 75 77 77 77

Housing Actual Q3 Q4 Q1 Q2 2023
Building Permits (ZAR Thousand) 9284207.00 9780000 10200000 9650000 9850000 10050000


Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. South Africa Forecast - was last updated on Monday, September 26, 2022.