South Africa economy at a glance

Latest figures for South Africa: inflation, growth, interest rates, jobs, bond yields, debt and taxes. Updated 6 November 2026. Open South Africa on the interactive map →

Key figures

Indicator	Latest	Period	Previous
Inflation (consumer prices, year on year)	4.5%	September 2026	4.4% August 2026
Core inflation (excluding food and energy)	4.0%	September 2026	4.1% August 2026
Real GDP growth (year on year)	1.0%	Q2 2026	2.1% Q1 2026
Policy rate (South African Reserve Bank)	7.25%	November 2026	7.25% October 2026
Unemployment rate	33.6%	June 2026	32.7% March 2026
10-year government bond yield	8.94%	October 2026	8.95% September 2026
Manufacturing PMI (Absa Purchasing Managers' Index (BER))	49.6	October 2026	48.7 September 2026
Retail sales (year on year)	3.3%	August 2026	3.4% July 2026
Industrial production (year on year)	−4.3%	August 2026	1.1% July 2026
Stock market (FTSE/JSE All Share Index)	113,286	November 2026	+2.1% over 12 months

Questions and answers

What is the inflation rate in South Africa?

South Africa's annual inflation rate was 4.5% in September 2026, up from 4.4% in August 2026.

What is the interest rate in South Africa?

The South African Reserve Bank repo rate is 7.25% (as of November 2026). The next rate decision is due on 19 November 2026.

How fast is South Africa's economy growing?

South Africa's real GDP grew 1.0% year on year in Q2 2026. The IMF's October 2026 World Economic Outlook forecasts growth of 1.0% in 2026 and 1.3% in 2027.

What is the unemployment rate in South Africa?

South Africa's unemployment rate was 33.6% in June 2026, up from 32.7% in March 2026.

What is South Africa's 10-year government bond yield?

South Africa's 10-year government bond yield averaged 8.94% in October 2026.

How much government debt does South Africa have?

South Africa's government debt is about 78.4% of GDP (latest annual figure), with a budget deficit of 4.5% of GDP.

What is South Africa's credit rating?

South Africa's sovereign credit ratings: S&P BB, Moody's Ba2, Fitch BB.

What is the VAT rate in South Africa?

South Africa's standard VAT rate is 15% (2026 rules).

What is the corporate tax rate in South Africa?

South Africa's corporate income tax rate is 27.0% (2026 rules).

Who leads South Africa?

South Africa is led by President Cyril Ramaphosa (head of state and government). Next election: Local government (municipal) elections, 4 November 2026; next national election due 2029.

Outlook

The Treasury's October mini-budget projects growth of 1.2% in 2026, 1.6% in 2027 and 2% by 2029, a little above the IMF's October WEO (1.0% in 2026 and 1.3% in 2027). The SARB's September forecasts are 1.2% growth and 4.4% inflation for 2026, and headline CPI rose to 4.5% in September. The main downside risks are the persistent oil shock and possible El Nino food-price pressure, which led the SARB to hike to 7.25% (Nedbank sees a high risk of another hike in November), plus weak mining and manufacturing (Q2 GDP -0.2% q/q, unemployment 33.6%). Upside risks are the revenue windfall improving the fiscal path (deficit seen at 4.3% of GDP this year, debt now falling), further rating upgrades (S&P and Moody's are both on positive outlook) and continued energy and logistics reforms.

Why South Africa matters for the world economy

South Africa supplies most of the world's platinum, palladium-group metals, chrome and manganese and is a major gold and coal exporter, so its mining output and logistics (Transnet ports and rail) affect global auto-catalyst, steel-alloy and precious-metal supply. China is its largest market (about 11% of exports), followed by Germany, the US, Japan and the UK, with Germany and the UK exposed through vehicle and component trade. The rand is one of the most liquid EM currencies and is often used as a proxy hedge for broader EM and commodity risk. South Africa is also the main financial and trade hub for southern Africa, and Mozambique, Botswana, Namibia and Zimbabwe depend heavily on it.

Politics

The ANC has governed through a multi-party Government of National Unity with the DA, IFP, Patriotic Alliance and smaller parties since losing its majority in 2024. The 4 November municipal elections are an early test of the coalition. Ipsos metro polls show the DA ahead or level in several large cities and MK dominant in eThekwini. Finance Minister Godongwana's 21 October Medium-Term Budget Policy Statement cut the growth forecast but reported a commodity-driven revenue overrun, a slightly smaller deficit and debt stabilising at 78.4% of GDP, which supports the improving credit-rating trend.

System: Parliamentary republic with an executive president elected by Parliament.

Economy and taxes

GDP: US$427 billion
Population: 63.1 million
Government debt: 78.4% of GDP
Budget balance: −4.5% of GDP
Current account: −0.5% of GDP
Exports: 31.4% of GDP
Main exports: Platinum-group metals, gold, coal, iron ore, manganese and chrome ore, vehicles and parts, citrus and other fruit, machinery
Top export markets: China (11.0%), Germany (7.6%), United States (7.1%), Japan (4.7%), United Kingdom (4.6%)
IMF growth forecast: 1.0% in 2026, 1.3% in 2027
Currency: ZAR
Freelancer tax: A self-employed person earning the average wage (ZAR 359,472 a year) pays about 15.9% of it in income tax and social contributions (2026 rules)
Top income tax rate: 45.0%
Gold reserves: 125.5 tonnes (September 2026)
Energy self-sufficiency: 102% (2024)

Recent news

4 November 2026 South Africans vote in municipal elections seen as a test for the coalition EWN
About 12 million of more than 29 million registered voters had cast ballots by 5pm in the local government elections, led by Gauteng with 3 million. Almost all stations opened on time, and counting follows the 9pm close.
2 November 2026 US ends South Africa's duty-free access under AGOA from January EWN
The US administration said it is terminating South Africa's preferential access under the 26-year-old African Growth and Opportunity Act, so goods that entered duty-free will face tariffs from January. The DA and FF+, both partners in the unity government, warned of thousands of job losses.
2 November 2026 Factory PMI improves for a second month but stays below 50 Trading Economics / BER
The Absa PMI rose to 49.6 in October from a revised 48.7, the mildest contraction in five months, with all five sub-indices improving. Purchase prices jumped to 73.7 on fuel costs and a weaker rand, and the six-month outlook fell.
21 October 2026 South African inflation edges up to 4.5% as fuel costs bite Stats SA
Annual CPI rose from 4.4% in August, with transport prices up 10.8% on the year, while core inflation eased to 4.0% from 4.1%. Inflation stays well above the SARB's 3% target ahead of its 19 November meeting.
21 October 2026 Mini-budget cuts the growth forecast but trims the deficit and the fuel levy EWN
Godongwana lowered 2026 growth to 1.2% from 1.6%, but commodity-driven tax gains let the deficit narrow to 4.3% of GDP from the 4.5% planned. A temporary fuel-levy cut of R3 a litre on diesel and R1.50 on petrol starts on 4 November.
16 October 2026 Revenue windfall expected to shrink deficit in mid-term budget EWN
Economists expect the 21 October MTBPS to show tax collections running R50bn or more ahead of plan on mining taxes, personal income tax and VAT, with this year's deficit near 3.5% of GDP rather than the 4% projected in February.

Headlines and summaries are compiled daily from the linked reports with AI assistance.