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South Africa Snapshot - PESTLE, SWOT, Risk and Macroeconomic Analysis report is designed to provide in-depth information about South Africa including it’s PESTLE (political, economic, social, technological, legal and environmental), SWOT (Strengths, Weaknesses, Opportunities and Threats) and country risk analysis backed by macroeconomic data.
South Africa, officially the Republic of South Africa, is a country located at the southern tip of Africa, with over 1,739 miles of coastline that stretches along the South Atlantic and Indian oceans. It shares its borders with the neighboring countries of Namibia, Botswana and Zimbabwe, and to the east are Mozambique and Swaziland, and within it lies Lesotho, an enclave surrounded by South African territory.
South Africa is estimated to have population of 61.991 million in the year 2023 and expected to reach 65.861 million by 2027, increasing at a CAGR of 1.53%.
South Africa’s real gross domestic product (GDP) was ZAR 4293.356 billion in 2020 and while recovering from the COVID-19 impact it increased by 0.787% to be around ZAR 4504.292 billion in 2021. It is further expected to increase by 1.44% and reach ZAR 4907.995 billion by 2027.
South Africa’s unemployment rate was 29.175% of total labor force in 2020. Due to slowdown in global economic activity due to COVID-19 pandemic, the unemployment in South Africa increased by 14.94% and reached 34.3% in 2021. Unemployment is further estimated to increase by a CAGR of 2.01% and reach 38.644% of total labor force in South Africa by 2027.
South Africa’s per capita GDP was USD 6738.926 whereas purchasing power parity (PPP) based per capita GDP was USD 15555.895 for the year 2022.
In 2022, South Africa government’s revenue was ZAR 1846.402 billion whereas the expenditure was ZAR 2170.853 billion. This is expected to result in South Africa government’s net lending / borrowing negative at ZAR 324.451 billion in 2022 indicating that not enough financial resources were made available by the South Africa government to boost economic growth.
The current account balance for South Africa was positive USD 4.946 billion for the year 2022 and is expected to further decrease at a CAGR of 215.04% and reach negative USD 9.965 billion by 2027. This negative current account balance indicates that South Africa will become a net borrower from the rest of the world till 2027.
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