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.
Following the significantly worse than expected performance in Q1, the economy posted a notable recovery in Q2, but 2019 will still turn out to be worse than 2018 and the worst year since the recession following the global financial crisis in 2009. The economy continues to be hampered by elevated fuel prices, a high tax burden, generally low confidence levels, and dismal local & global demand, while the political background remains a complex hurdle to much-needed economic reforms. (Source: South Africa Annual Country Profile, published September 2019)
Macroeconomic Data
(2018)
|
Fiscal Balance (as a % of GDP) |
-4.3 |
|
Consumer Price Index (% change y-o-y, avg) |
4.6 |
|
Current Account Balance (as a % of GDP) |
-3.6 |
|
Real GDP (annual % change) |
0.8 |
|
GDP per Capita, US$ |
6,385.4 |
|
Import Cover (months) |
5.7 |
|
Population, million |
57.9 |
| Total External Debt (as a % of GDP) |
49.2 |