ECONOMY

General Information

The main currency of South Africa is ZAR – South African rand (R).

Among the key priorities of the country's socio-economic development are stimulation of economic growth, overcoming structural constraints (energy crisis, logistics problems), combating unemployment and social inequality.

According to World Bank data, South Africa's nominal GDP in 2024 amounted to 400,26 bil. US dollars. Economic growth remains moderate and is estimated at 1,1% for 2025.

For the successful implementation of the government's economic goals, South Africa established a division into special economic zones (SEZs).

The structure of the economy is distributed as follows: approximately 60% of GDP is formed by the service sector; 30% – by industry; 2-3% – by agriculture.

The main sources of foreign exchange earnings remain the export of mineral resources, including platinum, gold, coal, and diamonds, as well as automotive and agricultural products.

Share of Economic Sectors

South Africa's economy is based on three key sectors: services, industry, and agriculture.

The service sector in South Africa is the dominant sector of the economy. It accounts for approximately 60% of GDP. Tourism and telecommunications are the most developed in the country. In addition, various financial and accounting services, as well as business management services, are widespread in the country.

The share of industry in the country's economy is almost 30% of GDP. The main industry in South Africa is the mining industry. Copper, gold, coal, manganese and iron ores (over 40 types of minerals in total) are extracted in the country. Such industries as metalworking, mechanical engineering, chemical, light and food industries, as well as ferrous and non-ferrous metallurgy and woodworking are also developed. One of the most popular industries is automotive.

The share of agriculture in the country's economy is approximately 2-3% of GDP. This is due to the fact that slightly less than half of the country's entire territory is suitable for agriculture. Another reason was apartheid, under which the main fertile lands (75%) were allocated for private use by the white population of South Africa. At the same time, South Africa almost completely provides itself with agricultural products. The agricultural complex is mainly represented by crop farming and animal husbandry. The most prominent representatives of agricultural crops in South Africa are sugar cane, cereals (corn, wheat, barley, oats), legumes, tobacco, as well as fruits.

Foreign trade in 2023 reached an export volume of 145 bil. US dollars with imports of 107 bil. dollars. Key trading partners: China, USA, Germany, Japan, and the United Kingdom.

Export and Import

Exports form a significant part of South Africa's economic activity – 31,85% of GDP. Key export items are:

Mineral products: platinum, gold, coal, diamonds (24,1%);
Mining industry products (9,3%);
Vehicles and equipment (9,2%);
Chemical products (6,2%);
Agricultural products: wines, citrus fruits, fruits (5,2%).

Main export partners: China (15%), USA (9%), Germany (8%), Japan (6%), United Kingdom (4%).

A significant part of imports is formed by:

Machinery and electrical equipment (23,3%);
Mineral fuels: oil and petroleum products (16,9%);
Chemical goods (12,6%);
Vehicles (7,7%).

Main import partners: China (21%), Germany (10%), USA (7%), India (5%), Saudi Arabia (3%).

Labor Force

South Africa's labor force as of the second quarter of 2025 is approximately 25,2 million people. The unemployment rate remains high and reached 33,2% in the second quarter of 2025.

The distribution of employment by economic sectors demonstrates the predominance of the service sector.

The average monthly wage reached 28,289 rand (approximately 1630 US dollars).

South Africa's labor market is characterized by:

High unemployment rate;
Significant share of informal employment.