Markets Actual Q3 Q4 Q1 Q2 2022
Currency 14.57 14.36 14.53 14.7 14.87 15.22
Government Bond 10Y (%) 8.92 8.95 9.04 9.13 9.22 9.41
2 Year Note Yield (%) 4.96 5.02 5.1 5.18 5.26 5.42
20 Year bond Yield (%) 10.51 10.56 10.66 10.75 10.85 11.05
3 Month Bill Yield (%) 5.50 6.05 6.66 7.32 8.05 9.74
30 Year bond-Yield (%) 10.48 10.55 10.65 10.74 10.84 11.04
5 Year Note Yield (%) 7.42 7.49 7.57 7.66 7.75 7.93
Stock Market (points) 63176.23 62585 60880 59227 57618 54524

Overview Actual Q3 Q4 Q1 Q2 2022
GDP Growth Rate (%) 1.20 -0.3 1.1 0.7 0.7 1
GDP Annual Growth Rate (%) 19.30 2.5 4 2.3 1.8 2.5
Unemployment Rate (%) 34.40 35.6 36 35.8 36 36
Inflation Rate (%) 4.60 4.3 4.6 4.6 4.3 4.4
Inflation Rate Mom (%) 1.10 0.5 0.5 0.4 0.3 0.4
Interest Rate (%) 3.50 3.5 3.75 4 4.25 5
Balance of Trade (ZAR Million) 36963.95 48000 45000 61500 38000 45000
Current Account (ZAR Million) 342780.00 285000 190000 80000 -100000 -200000
Current Account to GDP (% of GDP) 2.20 2.8 2.8 -0.4 -0.4 -0.4
Government Debt to GDP (% of GDP) 83.00 87 87 90 90 90
Government Budget (% of GDP) -12.30 -9 -9 -7.4 -7.4 -7.4
Business Confidence (points) 43.00 45 36 36 43 50
Manufacturing PMI (points) 57.90 56 53.2 51.6 52 51.7
Consumer Confidence (points) -10.00 -15 -13 -7 5 8
Retail Sales MoM (%) -11.20 0.8 0.3 -2.1 3 2
Corporate Tax Rate (%) 28.00 28 28 27 27 27
Personal Income Tax Rate (%) 45.00 45 45 45 45 45

GDP Actual Q3 Q4 Q1 Q2 2022
GDP Growth Rate (%) 1.20 -0.3 1.1 0.7 0.7 1
GDP Annual Growth Rate (%) 19.30 2.5 4 2.3 1.8 2.5
GDP (USD Billion) 301.92 320 320 320 320 345
GDP Constant Prices (ZAR Million) 4504725.90 4404379 4592138 4553608 4585811 4706941
Gross National Product (ZAR Million) 3200393.00 3126628 3206856 3274002 3258000 3287027
Gross Fixed Capital Formation (ZAR Million) 631125.70 628141 670879 639751 642486 687651
GDP per capita (USD) 6748.23 7080 7080 7080 7080 7200
GDP per capita PPP (USD) 11466.19 11800 11800 11800 11800 12500
GDP From Agriculture (ZAR Million) 129761.84 118703 128434 125054 132098 131644
GDP From Construction (ZAR Million) 111106.36 112795 116604 115222 113106 119519
GDP From Manufacturing (ZAR Million) 532177.64 519504 555298 549011 541757 569180
GDP From Mining (ZAR Million) 223192.20 217057 218247 224000 227210 223703
GDP From Public Administration (ZAR Million) 367943.96 378489 384778 379708 374567 394398
GDP From Services (ZAR Million) 1051139.44 1037993 1083995 1079960 1070060 1111095
GDP From Transport (ZAR Million) 342494.83 322638 336965 327823 348660 345389
GDP From Utilities (ZAR Million) 104042.76 106321 107814 105722 105916 110509

Labour Actual Q3 Q4 Q1 Q2 2022
Unemployment Rate (%) 34.40 35.6 36 35.8 36 36
Employed Persons 14941.57 15000 14800 15200 15400 15500
Unemployed Persons (Thousand ) 7800.00 8000 8300 7800 7400 7000
Labor Force Participation Rate (%) 57.50 58 58.4 58.8 59 59.3
Wages (ZAR/Month) 23122.00 21600 21600 21600 21600 21600
Wages in Manufacturing (ZAR/Month) 19552.00 19000 19000 19000 19000 19000
Population (Million) 59.30 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 22.5 22.5 22.5
Youth Unemployment Rate (%) 64.40 64.6 65 64.8 64.4 64
Employment Rate (%) 37.70 38 37.5 38.2 39 41.3

Prices Actual Q3 Q4 Q1 Q2 2022
Inflation Rate (%) 4.60 4.3 4.6 4.6 4.3 4.4
Inflation Rate Mom (%) 1.10 0.5 0.5 0.4 0.3 0.4
Consumer Price Index CPI (points) 121.80 122 123 125 126 128
Core Consumer Prices (points) 119.30 120 120 122 123 125
Core Inflation Rate (%) 3.00 3 3.3 3.8 3.9 4
Producer Prices (points) 105.40 106 107 109 110 112
Producer Prices Change (%) 7.10 7 6.7 5.8 5.4 5
Export Prices (points) 170.00 205 210 210 210 215
Import Prices (points) 129.00 167 168 168 168 170
Food Inflation (%) 6.70 6.3 6 5.7 5.3 4.8
Inflation Expectations (Percent) 4.44 4.7 4.3 4.8 4.5 4.3
CPI Housing Utilities (points) 122.10 123 124 124 124 129
CPI Transportation (points) 123.80 120 120 125 128 125

Money Actual Q3 Q4 Q1 Q2 2022
Interest Rate (%) 3.50 3.5 3.75 4 4.25 5
Interbank Rate (%) 3.68 3.68 3.93 4.18 4.43 4.93
Money Supply M0 (ZAR Million) 298889.00 295000 292000 289000 287000 285000
Money Supply M1 (ZAR Million) 2212022.00 2180000 2140000 1950000 2050000 1900000
Money Supply M2 (ZAR Million) 3490057.00 3450000 3300000 3200000 3000000 290000
Money Supply M3 (ZAR Million) 4195909.00 4150000 4050000 3980000 3900000 3800000
Foreign Exchange Reserves (USD Million) 58408.00 58000 56500 57300 56800 57000
Banks Balance Sheet (ZAR Million) 6521715.00 6450000 6300000 6050000 5900000 5800000
Deposit Interest Rate (%) 3.80 3.8 4.05 4.3 4.55 5.05
Central Bank Balance Sheet (ZAR Million) 966523.00 950000 900000 870000 850000 845000

Trade Actual Q3 Q4 Q1 Q2 2022
Balance of Trade (ZAR Million) 36963.95 48000 45000 61500 38000 45000
Current Account (ZAR Million) 342780.00 285000 190000 80000 -100000 -200000
Current Account to GDP (% of GDP) 2.20 2.8 2.8 -0.4 -0.4 -0.4
Imports (ZAR Million) 108044.35 112000 100000 98500 102000 105000
Exports (ZAR Million) 145008.30 160000 145000 160000 140000 150000
External Debt (USD Million) 164726.00 173000 180000 175000 172000 176000
Tourist Arrivals 258521.00 265000 180000 220000 250000 260000
Terms Of Trade (points) 131.90 104 106 106 106 108
Weapons Sales (SIPRI TIV Million) 37.00 125 125 125 125 95
Foreign Direct Investment (ZAR Billion) 6138.00 20000 -6000 18000 24000 -2500

Government Actual Q3 Q4 Q1 Q2 2022
Government Debt to GDP (% of GDP) 83.00 87 87 90 90 90
Government Budget (% of GDP) -12.30 -9 -9 -7.4 -7.4 -7.4
Government Budget Value (ZAR Million) -139791.00 -35000 -16000 17000 3000 -10000
Government Spending (ZAR Million) 895811.00 917673 936789 917542 911936 960209
Government Revenues (ZAR Million) 79590.00 120000 150000 165000 138000 140000
Government Debt (USD Million) 76176.00 68000 74000 72500 68900 73200
Fiscal Expenditure (ZAR Million) 219381.00 155000 166000 148000 135000 150000
Military Expenditure (USD Million) 3475.00 3400 3400 3270 3270 3270

Taxes Actual Q3 Q4 Q1 Q2 2022
Corporate Tax Rate (%) 28.00 28 28 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 2022
Business Confidence (points) 43.00 45 36 36 43 50
Manufacturing PMI (points) 57.90 56 53.2 51.6 52 51.7
Industrial Production (%) -4.10 1.6 -2 1.4 -1.6 1.3
Industrial Production Mom (%) -8.00 1.3 2 -1 1.6 1.6
Capacity Utilization (%) 74.60 78 80 80.7 81 82
Bankruptcies (Companies) 165.00 180 200 170 210 180
Total Vehicle Sales (Units) 41425.00 45000 43500 42200 43000 45000
Car Registrations 27157.00 26300 28000 24600 25500 26100
Leading Economic Index (%) -2.30 0.8 1.6 1.3 2 2.4
Mining Production (%) 10.30 -3 5 2.5 -1.6 2
Steel Production (Thousand Tonnes) 292.30 440 420 420 420 530
Coincident Index (points) 93.20 97 96.5 94.8 94.5 95
Composite PMI (points) 49.90 51 49.7 50.6 51.2 53
Gold Production (%) 13.40 3 5 6 3.6 4.3
Electricity Production (Gigawatt-hour) 22285.00 21500 21300 20800 19700 21000

Consumer Actual Q3 Q4 Q1 Q2 2022
Consumer Confidence (points) -10.00 -15 -13 -7 5 8
Retail Sales MoM (%) -11.20 0.8 0.3 -2.1 3 2
Retail Sales YoY (%) -0.80 7.2 1.4 3 2.3 2.1
Consumer Spending (ZAR Million) 2959898.00 2899774 3032116 3012500 3013176 3107919
Disposable Personal Income (ZAR Million) 3182389.00 3126418 3271565 3255584 3239672 3353355
Personal Savings (%) 0.70 0.4 0.6 0.6 0.6 0.6
Private Sector Credit (%) 0.61 1 2 1.8 2.1 1.6
Bank Lending Rate (%) 7.00 7 10 7.5 7.75 8.25
Households Debt To GDP (% of GDP) 36.10 35.7 35.8 36 36 36
Households Debt To Income (%) 77.10 73 73 75 75 75
Gasoline Prices (USD/Liter) 1.25 1.19 1.13 1.07 1.02 0.97

Housing Actual Q3 Q4 Q1 Q2 2022
Building Permits (ZAR Thousand) 8048707.00 9800000 9650000 9500000 10500000 9400000


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.