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The economy of South Africa is a mixed economy, emerging market, and upper-middle-income economy, one of only eight such countries in Africa. The economy is the most industrialized, technologically advanced, and diversified economy in Africa.
The South African economy is essentially based on private enterprise, but the state participates in many ways. Through the Industrial Development Corporation, the apartheid-era government set up and controlled a wide array of public corporations, many relating to industrial infrastructure.
Apr 5, 2024 · Weak structural growth and the COVID-19 pandemic have exacerbated socio-economic challenges. South Africa’s GDP has recovered to its pre-pandemic levels, but the strength of the recovery has been hindered by multiple structural constraints, including ongoing power shortages and logistics bottlenecks.
South Africa economic outlook, July 2023 South Africa currently faces a cost-of-living crisis. Further monetary tightening may stabilize prices and provide relief to the poorest but it may also jeopardize economic growth.
Mar 20, 2024 · Economic growth muted as 2023 draws to a close. South Africa’s economy grew by a marginal 0,1%1 in the fourth quarter (October–December), taking the annual growth rate for 2023 to 0,6%. Real gross domestic product (GDP) in the fourth quarter was R1 158 billion. This is above the pre-COVID-19 reading of R1 150 billion, but still below the ...
The economy is projected to grow marginally, by 0.2% in 2023 and 1.5% in 2024, supported by growth in trade, tourism, mining, and manufacturing. Inflation is projected to ease to 5.9% in 2023 and decline further to 4.5% in 2024 on account of reduced fuel and food prices, subject to evolving global dynamics.
Economic Survey of South Africa - August 2022. The COVID‑19 crisis has weakened an already fragile economy. South Africa’s growth underperformed during the past decade: GDP per capita was already lower in 2019 than in 2008. Unemployment remains high, at around 35%, and youth unemployment even exceeds 50%.
