More support is also needed for micro-, small, and medium enterprises and for self-employed businesses (in both the formal and informal sectors). World Bank approves $497-million in financing to lower South Africa's greenhouse gas emissions and support a just transition. With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. The ruling African National Congress (ANC) had driven the policy agenda since 1994 until August 2016, when the country held the most competitive local government election in which the ANC lost majority support in four of the metropolitan cities. Year / Range. Differences between GDP compiled for the production approach and GDP compiled from the expenditure approach (by the SARB) are allocated to a "statistical discrepancy" item in the expenditure-based estimates. source: World Bank 10Y 25Y 50Y MAX Chart Compare Export API Embed South Africa GDP South Africa gdp for 2021 was $419.95B, a 25.19% increase from 2020. If you continue to navigate this website beyond this page, cookies will be placed on your browser. The World Bank is a unique global partnership that finances development and aid projects to end poverty and promote prosperity. Young people, in particular face acute unemployment rates, with incidence twice as high as among older age groups. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. The World Banks strategy in South Africa reflects the countrys development priorities and its unique leadership position at sub-regional and continental levels. Improving the effectiveness of active labor market programs through broader public-private partnerships and system enhancements. Line Bar Map. . We cultivate leading experts who share insight, research and data . License : CC BY-4.0. A new economic analysis says supporting the emerging start-up sector and young entrepreneurs can create jobs. Growth is expected to reach 4 percent in 2021, slowing to 2.1 percent in 2022 and 1.5 by 2023. South Africa secured $8.5bn in loans and grants at the UN climate talks last year from a group of rich nations to finance its switch to greener energy. With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. The report suggests that an emerging start-up sector in South Africa could help close this gap, and that simultaneously implementing policies that preserve macroeconomic stability, revitalize the jobs market and improve the investment climate to build a more inclusive economy after the pandemic, Strengthening labor market linkages of the social transfer system, Considering a negotiated moratorium on specific pieces of labor regulation, Relaxing constraints to entrepreneurship and self-employment. The World Bank Group works in every major area of development. Renewables are among the cheapest and quicker solutions to increase electricity supply and reduce the strain on existing generation capacity. This report reviews the impact of the COVID-19 (coronavirus) on South Africas labor market, which has been marked by high levels of unemployment and inactivity, even at the best of times. By improving the business climate, the entrepreneurship ecosystem and access to financing, as well as investing in skills, the government can encourage self-employment and support the growth of micro-and small enterprises.. This project will improve access to the information needed to select the option needed to maintain the availability of fresh water quality to the Lake St. Lucia system. In terms of purchasing power parity (PPP), the World Bank currently ranks South Africa as the third biggest economy on the continent after Egypt and Nigeria. With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. World Bank national accounts data, and OECD National Accounts data files. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. The GDP value of South Africa represents 0.31 percent of the world economy. The World Bank Groups Country Climate and Development Reports (CCDRs) are new core diagnostic reports that integrate climate change and development considerations. For starters the biggest economy in the world, the USA, only ranks 8th when looking at their GDP per capita. In 2020, a total of $88 million (R1.2 billion) disclosed investments went into its tech start-ups. World Bank national accounts data, and OECD National Accounts data files. The country also needs a better regulatory framework for private capital. World Trade Organization. Low-wage workers suffered almost four times more job losses than high-wage earners. But it remains heavily dependent on coal,. To learn more about cookies, click here. This is the 13 th edition of the South Africa Economic Update (SAEU) report a biannual World Bank flagship publica-tion on the state of South Africa's economy. Most Recent Value. Growth was supported by favorable global demand and commodity prices, as well as the rebound in domestic economic activities from the 2020 recession. This is in line with the government's efforts to transition the country toward a low carbon . The overall 2021 Country Policy and Institutional Assessment (CPIA) score for the regions 39 IDA-eligible countries remains unchanged at 3.1. This site uses cookies to optimize functionality and give you the best possible experience. Inflation, GDP deflator: linked series (annual %), GDP deflator (base year varies by country), GDP deflator: linked series (base year varies by country), Gross value added at basic prices (GVA) (current US$), International Comparison Program & Purchasing Power Parity, International Household Survey Network (IHSN), Trust Fund for Statistical Capacity Building. If you continue to navigate this website beyond this page, cookies will be placed on your browser. The decommissioning and repurposing of the Komati coal-fired plant is a demonstration project that can serve as a reference on how to transition fossil-fuel assets for future projects in South Africa and around the . Data. Further, the Government plans to repurpose the site of the plant for renewable energy generation and to do . South Africa's GDP per capita works out to roughly $6400 while Nigeria's works out to about $3200. This page in: English; Espaol; Franais; . World Development Indicators (WDI) is the primary World Bank collection of development indicators, compiled from officially recognized international sources. South Africa Financial Data for this country As of 10/26/2022 Percentage of IBRD votes 0.75% As of 07/20/2022 Percentage of IDA votes 0.26% As of 10/26/2022 Percentage of IFC votes 0.60% As of 09/28/2022 Percentage of MIGA votes 0.86% Source Data Latest information on Voting Powers on worldbank.org website IBRD/IDA IFC MIGA In 2014, the country revised their 2010 GDP estimate - by incorporating new and better methods and source data - which increased the nominal GDP level from $229.5 billion1to $366.4 billion2. World Bank national accounts data, and OECD National Accounts data files. The report finds that South Africa entered the COVID-19 pandemic with low levels of employment and a decade of weak job creation, far below the standards of most upper middle-income countries. Road transport is relatively resilient but some provincial and rural areas will require attention. Gross domestic product (GDP) growth is projected to gather pace, increasing from 1.3 percent in 2017 to 1.4 percent in 2018, 1.8 percent in 2019, and 1.9 percent in 2020. World Bank, 1 July 2022 1. GDP growth is expected at below 1% in 2018, down from an already low 1.3% in 2017. The official estimate for South Africa's GDP was $788 billion at the end of 2021 in puchasing power partity terms. At the time of releasing this report, only 40% of employment losses had been recovered. The next general elections will be held in 2024. Economic growth in Sub-Saharan Africa (SSA) is estimated at 4 percent in 2021, up from a contraction in economic activity of 2 percent in 2020. According to the CCDR estimates the three transitions could cost around R8.5 trillion (about $500 billion in net present value) between 2022 and 2050, of which R2.4 trillion ($140 billion) would be needed before 2030. Global data and statistics, research and publications, and topics in poverty and development, For project-related issues and complaints, World Bank Support for Country Access to COVID-19 Vaccines, Environmental and Social Policies for Projects, Greater St. Lucia Wetland Park Conservation Project. The World Bank approved a R9 billion loan to make Komati station the first coal power station in SA to be converted into a renewable station. World Bank . The CCDR estimates that for each job eliminated in the shift to a low-carbon economy, two to three jobs could be created between 2022 and 2050. Data. We face big challenges to help the worlds poorest people and ensure that everyone sees benefits from economic growth. Inflation, GDP deflator (annual %) - South Africa. It presents the most current and accurate global development data available, and includes national, regional and global estimates. The report suggests that entrepreneurship and self-employment offer the biggest opportunity to create jobs in South Africa, particularly with the increasing number of start-ups, especially in the digital sector, which could become an engine of jobs growth in the future. Statistics South Africa (Stats SA) disseminates quarterly data on GDP compiled according to the production approach (GVA). However, the downward revision of the GDP outlook for 2019 is attributed to high levels of unemployment . GDP (current US$) 419.95 ( 2021 billion) GDP per capita (current US$) 6,994.2 ( 2021) GDP growth (annual %) 4.9 ( 2021) Unemployment, total (% of total labor force) (modeled ILO estimate) 33.6 ( 2021) Inflation, consumer prices (annual %) 4.6 ( 2021) Personal remittances, received (% of GDP) 0.2 ( 2020) Environment Indicator Most recent value Trend The reports suggest concrete, priority actions to support the low-carbon, resilient transition. Cape Town alone, the 'tech capital of Africa', has over 450 tech firms and employs more than 40,000 people. Gross domestic product 2021 (millions of Ranking Economy US dollars) World Bank national accounts data, and OECD National Accounts data files. A groundbreaking approach to conservation aims to save South Africas black rhinos and provide. They will help countries prioritize the most impactful actions that can reduce greenhouse gas (GHG) emissions and boost adaptation, while delivering on broader development goals. GDP (current US$) - South Africa from The World Bank: Data. South Africa GDP, PPP, in current international $ 2016-2020 Country / Region. The last local government elections were held in November 2021, where the ANCs support fell below 50% for the first time across all elections since the dawn of democracy. The global recovery is helping South Africa, especially given strong performance by China and the United States, two of its main trading partners. This report calls upon all of us to spur change, and build solid social compact, building-in just transition principles and practices into climate policy and planning. On the demand side, all components declined, with the largest contraction, 32.4%, recorded in investment. Watch, listen and click through the latest videos, podcasts and slideshows highlighting the World Banks work in Sub-Saharan Africa. South Africa gdp for 2020 was $335.44B, a 13.53% decline from 2019. A number of exogenous factors contributed to this poor growth performance. It argues that if South Africa were to match the self-employment rates of its peers, it could potentially half its unemployment rates. South African economy to rebound in 2021: World Bank By XINHUA - January 6, 2021 In its latest Global Economic Prospects report, the World Bank predicts South Africa's growth will rebound to 3.3 percent in 2021 0.7 percentage point below previous forecasts before softening to a near potential pace of 1.7 percent in 2022. If you continue to navigate this website beyond this page, cookies will be placed on your browser. Ministers Enoch Godongwana and Pravin Gordhan met with Malpass . The next general elections will be held in 2024. Please note the exports, imports and tariff data are based on reported data and not gap filled. Sep 9, 2022 This statistic shows the distribution of the gross domestic product (GDP) across economic sectors in South Africa from 2011 to 2021. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. Political parties negotiated coalition deals that have left the ANC unseated in Pretoria and Nelson Mandela Bay. The first chapter of the ninth edition of the economic update discusses recent economic development in South Africa. If you continue to navigate this website beyond this page, cookies will be placed on your browser. Line Bar Map. Line Bar Map. Label. However, medium-term prospects for higher and more inclusive growth remain constrained. Large concessional inflows and grants from the international community are needed to assist South Africa to transform its economy and lower greenhouse gas emissions. Komati will be the first coal fired power plant in the country's history to be decommissioned, with several more expected to follow in the coming years, in line with South Africa's goal of becoming a low carbon and resilient economy. Johannesburg: South Africa, one of the world's largest greenhouse-gas emitters, has been granted financing of $497 million to decommission one of its largest coal-fired power plants and convert it to renewable energy, the World Bank said. South Africa's real GDP growth was 0.2% in 2019. The report finds that job losses in COVID-19 times are disproportionally concentrated among low income earners, worsening already severe inequalities despite the governments decisive and pro-poor response with transfer programs that partially cushioned the negative impacts of the pandemic. The World Bank Group works in every major area of development. South Africa's annual GDP growth was 2.08% per year in 2016. The challenge is that these new jobs will not necessarily emerge in the same timeframe, nor in the same sectors and locations, requiring joint public-private interventions to develop new skills within the workforce and facilitate movements across the labor market. South Africa services export is 7,527,868,989.40 in BoP, current US$ and services import is 9,855,835,779.09 in Bop, current US$.South Africa exports of goods and services as percentage of GDP is 30.47% and imports of goods and services as percentage of GDP is 25.53%. GDP growth (annual %) Source:WITS - Country Profile 2015 2016 2017 2018 2019 South Africa 1.50 1.25 1.00 0.75 0.50 0.25 0.00 Table View Country Name 2015 2016 2017 2018 2019 South Africa 1.19 0.40 1.41 0.79 0.15 6 Egypt's GDP (PPP$ in current prices) was PPP$1 290 billion according to the World Bank's estimate, higher than that of Nigeria (PPP$1 069 billion) and South Africa (PPP$717 billion). GDP (current US$) - South Africa. The project will also create opportunities for the affected workers and communities. Latest news and information from the World Bank and its development work in South Africa. Access South Africa's economy facts, statistics, project information, development research from experts and latest news. In South Africa self-employment represents only 10% of all jobs, compared to 30% in most upper middle-income countries such as Turkey, Mexico and Brazil. By strengthening social assistance, labor market intermediation, and reskilling and upskilling programs, South Africa can better support workers during the transition. Priority should be given to investments that will not only increase resilience but also lower greenhouse gas emissions, such as investments in irrigation, agronomic practices, sustainable land management, and ecosystem restoration. The report series forms an important aspect of the World Bank's ana-lytical program in various middle-income client countries. The findings are an important contribution and an early quantification of the investment costs in building climate resilience and implementing measures to mitigate the risks we face., About Country Climate and Development Reports (CCDRs). Label. We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face. It offers four sets of interventions that would combine time-bound emergency support for poorer workers with reforms to increase the size of the labor market: Global data and statistics, research and publications, and topics in poverty and development, Press Release: Preserving Macroeconomic Stability, Revitalizing Jobs and Improving Investment Climate Critical for South Africas Post-COVID-19 Recovery, Report: South Africa Economic Update, Building back better from COVID-19, Blog: South Africa after COVID-19: Light at the end of a very long tunnel, The World Bank in Eastern and Southern Africa, World Bank Support for Country Access to COVID-19 Vaccines, Environmental and Social Policies for Projects, South Africa Economic Update, Building back better from COVID-19, A new World Bank economic analysis for South Africa finds that young entrepreneurs are one of the countrys best hopes of solving the jobs crisis, which has been worsened by the COVID-19 global pandemic in an environment of weakened economic growth. A holistic approach is required immediately in Mpumalanga, the province most affected by the closure of coal mines and coal-fired power plants. 31 South Africa 419,946 32 Bangladesh 416,265 33 Egypt, Arab Rep. 404,143 . In South Africa, self-employment including own-account workers with own businesses, freelancers, only represents 10% of all jobs, compared to around 30% in most upper-middle income economies such as Turkey, Mexico, or Brazil., To generate employment, South Africa would have to address three chronic labor market challenges: extremely high rates of inactivity, high rates of unemployment, and low levels of self-employment, said Marie Francoise Marie-Nelly World Bank Country Director for South Africa, Botswana, Eswatini, Lesotho and Namibia. With IDAs help, hundreds of millions of people have escaped povertythrough the creation of jobs, access to clean water, schools, roads, nutrition, electricity, and more. Domestically, climate variations such as a prolonged drought in the Western Cape where harvests were delayed exerted a huge toll on agricultural production. Each SAEU comprises two sections: the first summarizes GDP of South Africa is 301,923,639,269.55 in current US$. South Africa's medium-term growth prospects point to a strengthening recovery. The World Bank Group Board of Executive Directors has approved South Africa's request for a $497million project to decommission and repurpose the Komati coal-fired power plant using renewables and batteries. GDP growth is projected to be 3.5 percent in 2011, 4.1 percent in 2012 and 4.4 percent in 2013. Growth is expected to slow down to 2.1% in 2022 and to 1.5% in 2023. License: CC BY-4.0 . A new diagnostic reveals that overall inequality in Southern African Customs Union countries is driven by inherited circumstances. PRETORIA,July 12, 2021 The thirteenth edition of the South Africa Economic Update, Building back better from COVID-19, with a special focus on jobs, examines how supporting young entrepreneurs could be one of the ways the country could address, unemployment, among its other pressing social challenge in an environment of weakened economic growth. Among 1524-year-olds, 63% are unemployed and looking for work, whereas among 2534-year-olds, this rate reaches 41%. The World Bank had initially projected South Africa's growth to be 1.8% in June 2018. Thousands. In a statement overnight Thursday, the bank said the newly-closed Komati power station about 170 kilometers (105 miles) northeast of Johannesburg will be . GDP per capita (current US$) - South Africa. Growth is expected to slow down to 2.1% in 2022 and to 1.5% in 2023. In addition, the report shows that the COVID-19 pandemic crisis has exposed structural weaknesses in the job market. PRETORIA, November 1, 2022 South Africa can build a more inclusive, resilient, and sustainable economy while simultaneously responding to climate change, says the World Bank's Country Climate and Development Report (CCDR) launched today with South Africa's Presidential Climate Commission. By the end of 2020, despite two quarters of employment growth, the number of employed people had fallen by nearly 1.5 million, and the wages of workers who still had jobs had fallen by 10 15%. It also highlighted expectations for global growth to expand 5.6%, the fastest post-recession pace in 80 years. Photo: Eskom. Private financing will have an important role to play, including through reforms in the domestic financial market and in the private-public partnership framework, says AdamouLabara, IFC Country Manager for South Africa. It finds that despite the governments solid response to the pandemic, jobs have been severely impacted, and recovery is slow. GDP per capita, PPP (current international $), GDP per capita, PPP (constant 2017 international $), International Comparison Program & Purchasing Power Parity, International Household Survey Network (IHSN), Trust Fund for Statistical Capacity Building. Second, achieving a climate-resilient transition will be essential to mitigating the impact of climate change on South Africas agriculture, cities, infrastructure, and people. *South Africa's GDP now $370bn, Nigeria's $432bn Nigeria has maintained her position as Africa's biggest economy after South Africa released the report of its rebased Gross Domestic. As public documents, CCDRs aim to inform governments, citizens, the private sector and development partners and enable engagements with the development and climate agenda. We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face. The report highlights key policies and investments needed to achieve South Africa's climate goals . Further reading South Africas political transition is known as one of the most remarkable political feats of the past century. We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face. World Bank national accounts data, and OECD National Accounts data files. It underlines that economic growth continued to decelerate in 2016, marking the third consecutive year of negative per capita growth. Ranking Economy US dollars) 1 United States 22,996,100 2 China 17,734,063 . GDP per capita (current US$) - South Africa from The World Bank: Data. License: CC BY-4.0 . The Gross Domestic Product (GDP) in South Africa was worth 419.95 billion US dollars in 2021, according to official data from the World Bank. Nonetheless, 2016 may mark the trough of South Africa's business cycle. This site uses cookies to optimize functionality and give you the best possible experience. To learn more about cookies, click here. World Economics has developed a database presenting GDP in Purchasing Power Parity terms with added estimates for the size of the informal economy and adjustments for out-of-date GDP base year data. Inflation was 0.10, as of 2016. . [Note: Even though Global Development Finance (GDF) is no longer listed in the WDI database name, all . This site uses cookies to optimize functionality and give you the best possible experience. CCDRs will feed into other core Bank Group diagnostics, country engagements and operations, and help attract funding and direct financing for high-impact climate action. Recently, Zimbabwe's GDP data for 2017 has been revised upwards by 20 percent, and Ghana's nominal GDP increased by 32 percent. However, growth in the region is expected to decelerate in 2022 amid a global environment with multiple (and new) shocks, high volatility, and uncertainty. World Bank president David Malpass said he was confident in South Africa's ability to meet its just energy transition targets. Low-carbon growth trajectory will also help strengthen countrys competitiveness, and reduce local air, water, and soil pollution that negatively impacts people, the environment, labor productivity, and food and water security. If South Africa were to match the self-employment rate of its peers, it could potentially halve its unemployment rates, said Wolfgang Fengler, World Bank Program Leader. Adding more power to the grid is needed to address the chronic deficit of power generation that leads to rolling blackouts, harming productivity and economic growth, says Marie-Francoise Marie-Nelly, World Banks Country Director for South Africa. The World Bank has revised the South African economy's growth outlook from 3.3% to 3.5%. When discouraged workers are included, unemployment rates are as high as 74% for 1524-year-olds and 51% for 2534-year-olds. After the pandemic-induced contraction of 6.4% in 2020, South Africa's economy started to recover in 2021, with GDP growth reaching 4.9%. South Africa's economy needs to expand consistently at 5% for years to create jobs and lower an unemployment rate that's among the world's highest, according to central bank Deputy Governor . Live data and insights on Coronavirus around the world, including detailed statistics for the US, EU, and China confirmed and recovered cases, deaths, alternative data on economic activities, customer behavior, supply chains, and more. This page in: English; Espaol; Franais; . GDP per capita of the world's 50 biggest What does the graph above look like if we ranked these countries based on GDP per capita? 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