Markets Actual Q2 Q3 Q4 Q1 2022
Currency 14.25 14.56 14.73 14.91 15.1 15.46
Government Bond 10Y (%) 9.02 9.06 9.15 9.25 9.35 9.55
Stock Market (points) 65635.23 62984 60437 57995 55652 50966

Overview Actual Q2 Q3 Q4 Q1 2022
GDP Growth Rate (%) 4.60 -1.7 3.4 1.3 0.7 0.6
GDP Annual Growth Rate (%) -3.20 15 5.1 4.2 2.6 2.3
Unemployment Rate (%) 32.60 35 35.4 36 35.8 36
Inflation Rate (%) 4.40 4.7 4.3 4.6 4.6 4.4
Inflation Rate Mom (%) 0.70 0.8 0.5 0.5 0.4 0.4
Interest Rate (%) 3.50 3.5 3.75 4 4 4
Balance of Trade (ZAR Million) 51240.00 67000 43000 -1542 28000 40000
Current Account (ZAR Million) 267348.00 165000 80000 150000 -60000 -100000
Current Account to GDP (% of GDP) 2.20 2 2 2 -0.6 -0.6
Government Debt to GDP (% of GDP) 83.00 87 87 87 90 90
Government Budget (% of GDP) -12.30 -9 -9 -9 -7.4 -7.4
Business Confidence (points) 50.00 50 45 36 32 38
Manufacturing PMI (points) 57.80 54.8 56 53.2 51.6 51.7
Consumer Confidence (points) -9.00 -12 -15 -18 2 8
Retail Sales MoM (%) -0.80 4.5 0.8 0.3 -2.1 2
Corporate Tax Rate (%) 28.00 28 28 28 27 27
Personal Income Tax Rate (%) 45.00 45 45 45 45 45

GDP Actual Q2 Q3 Q4 Q1 2022
GDP Growth Rate (%) 4.60 -1.7 3.4 1.3 0.7 0.6
GDP Annual Growth Rate (%) -3.20 15 5.1 4.2 2.6 2.3
GDP (USD Billion) 351.43 320 320 320 320 345
GDP Constant Prices (ZAR Million) 3037236.20 2989470 3110972 3133100 3084991 3205161
Gross National Product (ZAR Million) 3083515.00 3062866 3205938 3213023 3163686 3286922
Gross Fixed Capital Formation (ZAR Million) 491020.70 520456 504807 514981 507073 526825
GDP per capita (USD) 7346.00 7080 7080 7080 7080 7200
GDP per capita PPP (USD) 12481.80 11800 11800 11800 11800 12500
GDP From Agriculture (ZAR Million) 81017.65 87550 83478 85105 83798 87062
GDP From Construction (ZAR Million) 82219.93 80051 83974 85494 84181 87460
GDP From Manufacturing (ZAR Million) 370246.04 303983 369507 384264 378364 393102
GDP From Mining (ZAR Million) 223908.40 180587 229084 226314 222839 231519
GDP From Public Administration (ZAR Million) 492194.38 562500 515299 511770 503911 523540
GDP From Services (ZAR Million) 631529.30 686328 652323 646350 636426 661216
GDP From Transport (ZAR Million) 235739.75 228191 240933 242766 239038 248349
GDP From Utilities (ZAR Million) 62937.37 64621 66214 66011 64997 67529

Labour Actual Q2 Q3 Q4 Q1 2022
Unemployment Rate (%) 32.60 35 35.4 36 35.8 36
Employed Persons 14995.34 14700 15500 16100 16280 16500
Unemployed Persons (Thousand ) 7242.00 7500 7650 7700 7600 7500
Labor Force Participation Rate (%) 56.40 56 58 58.4 58.8 59.1
Wages (ZAR/Month) 23133.00 21600 21600 21600 21600 21600
Wages in Manufacturing (ZAR/Month) 19788.00 19000 19000 19000 19000 19000
Population (Million) 58.80 60.88 60.88 60.88 60.88 61.93
Retirement Age Women 60.00 60 60 60 60 60
Retirement Age Men 60.00 60 60 60 60 60
Minimum Wages (ZAR/Hour) 21.69 21.69 21.69 21.69 22.5 22.5
Youth Unemployment Rate (%) 63.30 64 63 62.8 62.8 62
Employment Rate (%) 38.01 37.6 38 40 41.7 42

Prices Actual Q2 Q3 Q4 Q1 2022
Inflation Rate (%) 4.40 4.7 4.3 4.6 4.6 4.4
Inflation Rate Mom (%) 0.70 0.8 0.5 0.5 0.4 0.4
Consumer Price Index CPI (points) 120.10 120 122 123 125 128
Core Consumer Prices (points) 118.30 119 120 120 122 125
Core Inflation Rate (%) 3.00 3.1 3 3.3 3.8 4
Producer Prices (points) 103.50 104 107 107 109 112
Producer Prices Change (%) 6.70 6.5 8 6.7 5.8 5
Export Prices (points) 203.40 200 205 210 210 215
Import Prices (points) 160.50 165 167 168 168 170
Food Inflation (%) 6.30 6.5 6.3 6 5.7 4.8
Inflation Expectations (Percent) 4.21 4.7 5 5 4.8 4.3
CPI Housing Utilities (points) 118.20 121 123 124 124 129
CPI Transportation (points) 122.50 115 120 120 125 125

Money Actual Q2 Q3 Q4 Q1 2022
Interest Rate (%) 3.50 3.5 3.75 4 4 4
Interbank Rate (%) 3.69 3.68 3.93 4.18 4.18 4.18
Money Supply M0 (ZAR Million) 286346.00 290000 288000 283000 280000 276800
Money Supply M1 (ZAR Million) 2196440.00 2300000 2180000 214000 195000 200000
Money Supply M2 (ZAR Million) 3465045.00 3491000 3450000 3300000 3200000 290000
Money Supply M3 (ZAR Million) 4142361.00 4100000 4050000 4000000 3960000 3800000
Banks Balance Sheet (ZAR Million) 6429640.00 6530000 6250000 6100000 5900000 5450000
Foreign Exchange Reserves (USD Million) 54139.00 54200 53800 54500 54100 54600
Deposit Interest Rate (%) 3.77 3.75 4 4.25 4.25 4.25
Central Bank Balance Sheet (ZAR Million) 846974.00 900000 840000 855000 830000 780000

Trade Actual Q2 Q3 Q4 Q1 2022
Balance of Trade (ZAR Million) 51240.00 67000 43000 -1542 28000 40000
Current Account (ZAR Million) 267348.00 165000 80000 150000 -60000 -100000
Current Account to GDP (% of GDP) 2.20 2 2 2 -0.6 -0.6
Imports (ZAR Million) 110229.99 108000 112000 95000 97000 100000
Exports (ZAR Million) 161473.21 175000 155000 145000 125000 140000
External Debt (USD Million) 170836.00 185000 183000 180000 178000 181000
Tourist Arrivals 223135.00 115000 118500 160000 220000 400000
Weapons Sales (SIPRI TIV Million) 37.00 125 125 125 125 95
Terms Of Trade (points) 126.70 106 104 106 106 108
Foreign Direct Investment (ZAR Billion) 16010.00 18000 25000 -6000 18000 -2500

Government Actual Q2 Q3 Q4 Q1 2022
Government Debt to GDP (% of GDP) 83.00 87 87 87 90 90
Government Budget (% of GDP) -12.30 -9 -9 -9 -7.4 -7.4
Government Budget Value (ZAR Million) -74457.00 -33000 -35000 -16000 -20000 -40000
Government Spending (ZAR Million) 657183.00 750423 687119 683084 672595 698795
Government Revenues (ZAR Million) 85754.00 127000 120000 150000 125000 110000
Government Debt (USD Million) 78295.00 82000 78000 80000 78000 81000
Fiscal Expenditure (ZAR Million) 160210.00 160000 155000 166000 145000 150000
Military Expenditure (USD Million) 3475.00 3400 3400 3400 3270 3270

Taxes Actual Q2 Q3 Q4 Q1 2022
Corporate Tax Rate (%) 28.00 28 28 28 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 Q2 Q3 Q4 Q1 2022
Business Confidence (points) 50.00 50 45 36 32 38
Manufacturing PMI (points) 57.80 54.8 56 53.2 51.6 51.7
Industrial Production (%) 87.90 8 1.8 2 1.4 2
Industrial Production Mom (%) -1.20 -2 1.3 2 1 1.3
Capacity Utilization (%) 78.10 70 80 80 80.7 81
Bankruptcies (Companies) 158.00 170 200 220 155 180
Total Vehicle Sales (Units) 38337.00 40000 39400 41000 39100 41700
Car Registrations 24122.00 24400 26000 28000 24000 26300
Leading Economic Index (%) 1.70 1.7 0.8 1.6 1.3 1
Mining Production (%) 116.50 -10 -3 5 2.5 2
Steel Production (Thousand Tonnes) 292.30 420 440 420 420 530
Coincident Index (points) 97.00 93 92 92.5 92 92
Composite PMI (points) 53.20 53.8 52.7 51 53 53
Electricity Production (Gigawatt-hour) 20098.00 19650 20300 19800 20600 21000
Gold Production (%) 177.90 18 1.3 1.1 6 5.2

Consumer Actual Q2 Q3 Q4 Q1 2022
Consumer Confidence (points) -9.00 -12 -15 -18 2 8
Retail Sales MoM (%) -0.80 4.5 0.8 0.3 -2.1 2
Retail Sales YoY (%) 95.80 6 3 1.4 3 2.6
Consumer Spending (ZAR Million) 1940020.00 1882658 1979783 1998520 1967832 2044485
Disposable Personal Income (ZAR Million) 3145736.00 3012557 3205722 3277857 3227525 3353248
Personal Savings (%) 0.50 0.4 0.4 0.6 0.6 0.6
Private Sector Credit (%) -1.76 1.2 1.6 2 1.8 1.8
Bank Lending Rate (%) 7.00 7 7.25 10 7.5 7.5
Households Debt To GDP (% of GDP) 36.10 35.6 35.7 35.8 36 36
Households Debt To Income (%) 77.10 73 73 73 75 75
Gasoline Prices (USD/Liter) 1.25 0.93 0.88 0.86 0.8 0.76

Housing Actual Q2 Q3 Q4 Q1 2022
Building Permits (ZAR Thousand) 8832031.00 7500000 8250000 8500000 7300000 8500000


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.