In-Depth Analysis
South Africa
The Rainbow Nation has lost its position as Africa’s top economy and is no longer seen as a default gateway into the continent. Political struggles, policy uncertainty, and low confidence levels are straining economic growth, while beleaguered parastatal Eskom is unable to adequately power a largely stagnant economy.
We have revised our real GDP growth forecast for this year lower as policy uncertainty and severe energy constraints continue to hamper any real economic recovery. The recent budget speech did not provide adequate clarity regarding the government’s position on key issues. While there are signs that electricity disruptions will be addressed over the medium term by encouraging private investment in energy generation, the fundamental structural reform needed to help the country escape its downward economic spiral remains absent. (Source: South Africa Quarterly Update, published March 2020)
Macroeconomic Data
(2019)
|
Fiscal Balance (as a % of GDP) |
-6.6 |
|
Consumer Price Index (% change y-o-y, avg) |
4.1 |
|
Current Account Balance (as a % of GDP) |
-3.0 |
|
Real GDP (annual % change) |
0.2 |
|
GDP per Capita, US$ |
5,992.4 |
|
Import Cover (months) |
5.3 |
|
Population, million |
58.7 |
| Total External Debt (as a % of GDP) |
52.1 |