It underlines that economic growth continued to decelerate in 2016, marking the third consecutive year of negative per capita growth. A groundbreaking approach to conservation aims to save South Africas black rhinos and provide. At the time of releasing this report, only 40% of employment losses had been recovered. World Bank president David Malpass said he was confident in South Africa's ability to meet its just energy transition targets. World Bank national accounts data, and OECD National Accounts data files. For starters the biggest economy in the world, the USA, only ranks 8th when looking at their GDP per capita. The report highlights key policies and investments needed to achieve South Africa's climate goals . World Bank national accounts data, and OECD National Accounts data files. On the demand side, all components declined, with the largest contraction, 32.4%, recorded in investment. 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. The World Bank is a unique global partnership that finances development and aid projects to end poverty and promote prosperity. 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. Label. Inflation, GDP deflator (annual %) - South Africa. 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. 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. 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 . 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? However, growth in the region is expected to decelerate in 2022 amid a global environment with multiple (and new) shocks, high volatility, and uncertainty. The World Bank Group works in every major area of development. Growth is expected to slow down to 2.1% in 2022 and to 1.5% in 2023. The World Bank Group works in every major area of development. The official estimate for South Africa's GDP was $788 billion at the end of 2021 in puchasing power partity terms. This is in line with the government's efforts to transition the country toward a low carbon . 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. This result reinforced the new era of coalition politics particularly in the metros. GDP per capita, PPP (current international $), GDP per capita, PPP (constant 2017 international $), International Comparison Program & Purchasing Power Parity, International Household Survey Network (IHSN), Trust Fund for Statistical Capacity Building. The report also suggests that South Africa consider policies that target labor market outcomes and that can make a difference in the pace of employment recovery. Third, supporting a just transition will be essential given that poor people are both more exposed to climate risks and less able to cope with them. The project will also create opportunities for the affected workers and communities. License : CC BY-4.0. Gross domestic product (GDP) growth is projected to gather pace, increasing from 1.3 percent in 2017 to 1.4 percent in 2018, 1.8 percent in 2019, and 1.9 percent in 2020. Domestically, climate variations such as a prolonged drought in the Western Cape where harvests were delayed exerted a huge toll on agricultural production. Inflation, GDP deflator: linked series (annual %), GDP deflator (base year varies by country), GDP deflator: linked series (base year varies by country), Gross value added at basic prices (GVA) (current US$), International Comparison Program & Purchasing Power Parity, International Household Survey Network (IHSN), Trust Fund for Statistical Capacity Building. 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. The report highlights key policies and investments needed to achieve South Africas climate goals through a triple transition that is low-carbon, climate-resilient and just. [Note: Even though Global Development Finance (GDF) is no longer listed in the WDI database name, all . By implementing a low-carbon transition that aims to significantly lower emissions of greenhouse gases, South Africa can harness investments in new technologies to help resolve the protracted energy crisis. PRETORIA, November 1, 2022 South Africa can build a more inclusive, resilient, and sustainable economy while simultaneously responding to climate change, says the World Banks Country Climate and Development Report (CCDR) launched today with South Africas Presidential Climate Commission. It argues that if South Africa were to match the self-employment rates of its peers, it could potentially half its unemployment rates. Global data and statistics, research and publications, and topics in poverty and development, World Bank Support for Country Access to COVID-19 Vaccines, Environmental and Social Policies for Projects, Publication: South Africa's Country Climate and Development Report (CCDR). 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 World Bank Groups Country Climate and Development Reports (CCDRs) are new core diagnostic reports that integrate climate change and development considerations. We cultivate leading experts who share insight, research and data . The long term potential growth rate under the current policy environment is estimated at 3.5 percent. It presents the most current and accurate global development data available, and includes national, regional and global estimates. This site uses cookies to optimize functionality and give you the best possible experience. 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.. In a statement overnight Thursday, the bank said the newly-closed Komati power station about 170 kilometers (105 miles) northeast of Johannesburg will be . World Bank national accounts data, and OECD National Accounts data files. 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. World Bank . As public documents, CCDRs aim to inform governments, citizens, the private sector and development partners and enable engagements with the development and climate agenda. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. South Africa secured $8.5bn in loans and grants at the UN climate talks last year from a group of rich nations to finance its switch to greener energy. Growth is expected to reach 4 percent in 2021, slowing to 2.1 percent in 2022 and 1.5 by 2023. The World Bank approved a R9 billion loan to make Komati station the first coal power station in SA to be converted into a renewable station. License: CC BY-4.0 . The next general elections will be held in 2024. Each SAEU comprises two sections: the first summarizes GDP (current US$) 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 Access South Africa's economy facts, statistics, project information, development research from experts and latest news. A new diagnostic reveals that overall inequality in Southern African Customs Union countries is driven by inherited circumstances. 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. Large concessional inflows and grants from the international community are needed to assist South Africa to transform its economy and lower greenhouse gas emissions. Further reading However, medium-term prospects for higher and more inclusive growth remain constrained. South Africa's annual GDP growth was 2.08% per year in 2016. 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. Please note the exports, imports and tariff data are based on reported data and not gap filled. The Economic Update expects South Africas growth to rebound to 4% in 2021, the fastest pace in over a decade, bouncing back from last years deep contraction of 7%. 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. Road transport is relatively resilient but some provincial and rural areas will require attention. 31 South Africa 419,946 32 Bangladesh 416,265 33 Egypt, Arab Rep. 404,143 . GDP of South Africa is 301,923,639,269.55 in current US$. Most Recent Value. 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 Trade Organization. South Africa's GDP per capita works out to roughly $6400 while Nigeria's works out to about $3200. However, medium-term prospects for higher and more inclusive growth remain constrained. License : CC BY-4.0. The CCDR estimates that for each job eliminated in the shift to a low-carbon economy, two to three jobs could be created between 2022 and 2050. . South Africa's real GDP growth was 0.2% in 2019. This in turn would contribute to a broader rebound among commodity exporters, emerging markets and developing economies, and overall global growth. License : CC BY-4.0. Gross domestic product 2021 (millions of Ranking Economy US dollars) World Economics has developed a database presenting GDP in Purchasing Power Parity terms with added estimates for the size of the informal economy and adjustments for out-of-date GDP base year data. Increasing climate shocks such as droughts, floods, and heatwaves are especially disruptive in coastal cities, poor agricultural provinces, and the underdeveloped peri-urban areas of the main metropolitan centerswhich are home to the majority of the countrys people and the location of most of its economic activity. Political parties negotiated coalition deals that have left the ANC unseated in Pretoria and Nelson Mandela Bay. The World Banks strategy in South Africa reflects the countrys development priorities and its unique leadership position at sub-regional and continental levels. Priority should be given to investments that will not only increase resilience but also lower greenhouse gas emissions, such as investments in irrigation, agronomic practices, sustainable land management, and ecosystem restoration. It also highlighted expectations for global growth to expand 5.6%, the fastest post-recession pace in 80 years. If you continue to navigate this website beyond this page, cookies will be placed on your browser. After the pandemic-induced contraction of 6.4% in 2020, South Africa's economy started to recover in 2021, with GDP growth reaching 4.9%. GDP (current US$) - South Africa. 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. The global recovery is helping South Africa, especially given strong performance by China and the United States, two of its main trading partners. To learn more about cookies, click here. This page in: English; Espaol; Franais; . CCDRs build on data and rigorous research and identify main pathways to reduce GHG emissions and climate vulnerabilities, including the costs and challenges as well as benefits and opportunities from doing so. 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. Further, the Government plans to repurpose the site of the plant for renewable energy generation and to do . Growth was supported by favorable global demand and commodity prices, as well as the rebound in domestic economic activities from the 2020 recession. By strengthening social assistance, labor market intermediation, and reskilling and upskilling programs, South Africa can better support workers during the transition. If you continue to navigate this website beyond this page, cookies will be placed on your browser. To learn more about cookies, click here. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. This page in: English; Espaol; Franais; . A number of exogenous factors contributed to this poor growth performance. Explore GDP by Country Million US$ in Current Prices 1 United States 21,433,226 6 United Kingdom 2,829,108 7 Ministers Enoch Godongwana and Pravin Gordhan met with Malpass . When discouraged workers are included, unemployment rates are as high as 74% for 1524-year-olds and 51% for 2534-year-olds. World Development Indicators (WDI) is the primary World Bank collection of development indicators, compiled from officially recognized international sources. Latest news and information from the World Bank and its development work in South Africa. Line Bar Map. GDP per capita (current US$) - South Africa. Data. Improving the effectiveness of active labor market programs through broader public-private partnerships and system enhancements. This site uses cookies to optimize functionality and give you the best possible experience. The reports suggest concrete, priority actions to support the low-carbon, resilient transition. The report series forms an important aspect of the World Bank's ana-lytical program in various middle-income client countries. In 2021, agriculture had contributed around. A holistic approach is required immediately in Mpumalanga, the province most affected by the closure of coal mines and coal-fired power plants. Inflation was 0.10, as of 2016. . 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. 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 It finds that despite the governments solid response to the pandemic, jobs have been severely impacted, and recovery is slow. However, the downward revision of the GDP outlook for 2019 is attributed to high levels of unemployment . 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. License: CC BY-4.0 . The World Bank had initially projected South Africa's growth to be 1.8% in June 2018. We face big challenges to help the worlds poorest people and ensure that everyone sees benefits from economic growth. *South Africa's GDP now $370bn, Nigeria's $432bn Nigeria has maintained her position as Africa's biggest economy after South Africa released the report of its rebased Gross Domestic. Recently, Zimbabwe's GDP data for 2017 has been revised upwards by 20 percent, and Ghana's nominal GDP increased by 32 percent. More support is also needed for micro-, small, and medium enterprises and for self-employed businesses (in both the formal and informal sectors). South Africa services export is 7,527,868,989.40 in BoP, current US$ 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%. South Africa GDP, PPP, in current international $ 2016-2020 Country / Region. As we work toward implementing our ambitious climate objectives, the difficult question remains how we uplift people and communities in the transition to a low emissions economy and ensure that the poorest and most vulnerable are not left behind as we resolve the tripartite challenges of inequality, poverty, and unemployment,saysDr. Crispian Olver, Executive Director of the Presidential Climate Commission. South Africa's medium-term growth prospects point to a strengthening recovery. But it remains heavily dependent on coal,. 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 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. 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. 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 ($140 billion) would be needed before 2030. Its total investment rate was 19.91% of GDP in 2016. Photo: Eskom. GDP (current US$) - South Africa from The World Bank: Data. Watch, listen and click through the latest videos, podcasts and slideshows highlighting the World Banks work in Sub-Saharan Africa. 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. We face big challenges to help the worlds poorest people and ensure that everyone sees benefits from economic growth. If you continue to navigate this website beyond this page, cookies will be placed on your browser. The GDP value of South Africa represents 0.31 percent of the world economy. 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. 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. To learn more about cookies, click here. South Africas political transition is known as one of the most remarkable political feats of the past century. Young people, in particular face acute unemployment rates, with incidence twice as high as among older age groups. The country also needs a better regulatory framework for private capital. Data. 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. Among 1524-year-olds, 63% are unemployed and looking for work, whereas among 2534-year-olds, this rate reaches 41%. GDP per capita (current US$) - South Africa from The World Bank: Data. World Bank national accounts data, and OECD National Accounts data files. In South Africa self-employment represents only 10% of all jobs, compared to 30% in most upper middle-income countries such as Turkey, Mexico and Brazil. The next general elections will be held in 2024. Low-carbon growth trajectory will also help strengthen countrys competitiveness, and reduce local air, water, and soil pollution that negatively impacts people, the environment, labor productivity, and food and water security. They will help countries prioritize the most impactful actions that can reduce greenhouse gas (GHG) emissions and boost adaptation, while delivering on broader development goals. Nonetheless, 2016 may mark the trough of South Africa's business cycle. Statistics South Africa (Stats SA) disseminates quarterly data on GDP compiled according to the production approach (GVA). South African economy to rebound in 2021: World Bank By XINHUA - January 6, 2021 In its latest Global Economic Prospects report, the World Bank predicts South Africa's growth will rebound to 3.3 percent in 2021 0.7 percentage point below previous forecasts before softening to a near potential pace of 1.7 percent in 2022. The report finds that job losses in COVID-19 times are disproportionally concentrated among low income earners, worsening already severe inequalities despite the governments decisive and pro-poor response with transfer programs that partially cushioned the negative impacts of the pandemic. CCDRs will feed into other core Bank Group diagnostics, country engagements and operations, and help attract funding and direct financing for high-impact climate action. 6 Egypt's GDP (PPP$ 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). Sep 9, 2022 This statistic shows the distribution of the gross domestic product (GDP) across economic sectors in South Africa from 2011 to 2021. 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. 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