world bank south africa gdp

Posted on November 7, 2022 by

We cultivate leading experts who share insight, research and data . Growth is expected to slow down to 2.1% in 2022 and to 1.5% in 2023. World Bank national accounts data, and OECD National Accounts data files. 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. 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. The official estimate for South Africa's GDP was $788 billion at the end of 2021 in puchasing power partity terms. GDP per capita (current US$) - South Africa from The World Bank: Data. If you continue to navigate this website beyond this page, cookies will be placed on your browser. Second, achieving a climate-resilient transition will be essential to mitigating the impact of climate change on South Africas agriculture, cities, infrastructure, and people. It presents the most current and accurate global development data available, and includes national, regional and global estimates. We face big challenges to help the worlds poorest people and ensure that everyone sees benefits from economic growth. The long term potential growth rate under the current policy environment is estimated at 3.5 percent. License : CC BY-4.0. A groundbreaking approach to conservation aims to save South Africas black rhinos and provide. 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%. It argues that if South Africa were to match the self-employment rates of its peers, it could potentially half its unemployment rates. The Gross Domestic Product (GDP) in South Africa was worth 419.95 billion US dollars in 2021, according to official data from the World Bank. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. The World Bank is a unique global partnership that finances development and aid projects to end poverty and promote prosperity. World Bank national accounts data, and OECD National Accounts data files. Most Recent Value. 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). Further, the Government plans to repurpose the site of the plant for renewable energy generation and to do . If you continue to navigate this website beyond this page, cookies will be placed on your browser. The Economic Update expects South Africa's growth to rebound to 4% in 2021, the fastest pace in over a decade, bouncing back from last year's deep contraction of 7%. South Africa's GDP per capita works out to roughly $6400 while Nigeria's works out to about $3200. Large concessional inflows and grants from the international community are needed to assist South Africa to transform its economy and lower greenhouse gas emissions. A new diagnostic reveals that overall inequality in Southern African Customs Union countries is driven by inherited circumstances. 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 Year / Range. 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. Sep 9, 2022 This statistic shows the distribution of the gross domestic product (GDP) across economic sectors in South Africa from 2011 to 2021. However, the downward revision of the GDP outlook for 2019 is attributed to high levels of unemployment . World Bank national accounts data, and OECD National Accounts data files. World Bank . The last local government elections were held in November 2021, where the ANCs support fell below 50% for the first time across all elections since the dawn of democracy. 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. The next general elections will be held in 2024. South Africa's medium-term growth prospects point to a strengthening recovery. Global data and statistics, research and publications, and topics in poverty and development, For project-related issues and complaints, World Bank Support for Country Access to COVID-19 Vaccines, Environmental and Social Policies for Projects, Greater St. Lucia Wetland Park Conservation Project. When discouraged workers are included, unemployment rates are as high as 74% for 1524-year-olds and 51% for 2534-year-olds. Each SAEU comprises two sections: the first summarizes The next general elections will be held in 2024. The World Bank Groups Country Climate and Development Reports (CCDRs) are new core diagnostic reports that integrate climate change and development considerations. Ranking Economy US dollars) 1 United States 22,996,100 2 China 17,734,063 . License: CC BY-4.0 . Watch, listen and click through the latest videos, podcasts and slideshows highlighting the World Banks work in Sub-Saharan Africa. World Bank approves $497-million in financing to lower South Africa's greenhouse gas emissions and support a just transition. Access South Africa's economy facts, statistics, project information, development research from experts and latest news. Real GDP contracted by 8.2% in 2020, the result of a decline in construction, transport and communication, manufacturing, and mining. 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. This site uses cookies to optimize functionality and give you the best possible experience. To learn more about cookies, click here. Latest news and information from the World Bank and its development work in South Africa. But it remains heavily dependent on coal,. In addition, the report shows that the COVID-19 pandemic crisis has exposed structural weaknesses in the job market. A number of exogenous factors contributed to this poor growth performance. 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. Growth is expected to slow down to 2.1% in 2022 and to 1.5% in 2023. Johannesburg: South Africa, one of the world's largest greenhouse-gas emitters, has been granted financing of $497 million to decommission one of its largest coal-fired power plants and convert it to renewable energy, the World Bank said. Data. Its total investment rate was 19.91% of GDP in 2016. This project will improve access to the information needed to select the option needed to maintain the availability of fresh water quality to the Lake St. Lucia system. We face big challenges to help the worlds poorest people and ensure that everyone sees benefits from economic growth. At the time of releasing this report, only 40% of employment losses had been recovered. South Africa services export is 7,527,868,989.40 in BoP, current US$ and services import is 9,855,835,779.09 in Bop, current US$.South Africa exports of goods and services as percentage of GDP is 30.47% and imports of goods and services as percentage of GDP is 25.53%. This site uses cookies to optimize functionality and give you the best possible experience. Nonetheless, 2016 may mark the trough of South Africa's business cycle. However, medium-term prospects for higher and more inclusive growth remain constrained. If you continue to navigate this website beyond this page, cookies will be placed on your browser. After the pandemic-induced contraction of 6.4% in 2020, South Africa's economy started to recover in 2021, with GDP growth reaching 4.9%. By the end of 2020, despite two quarters of employment growth, the number of employed people had fallen by nearly 1.5 million, and the wages of workers who still had jobs had fallen by 10 15%. CCDRs build on data and rigorous research and identify main pathways to reduce GHG emissions and climate vulnerabilities, including the costs and challenges as well as benefits and opportunities from doing so. It also highlighted expectations for global growth to expand 5.6%, the fastest post-recession pace in 80 years. World Trade Organization. In terms of purchasing power parity (PPP), the World Bank currently ranks South Africa as the third biggest economy on the continent after Egypt and Nigeria. GDP of South Africa is 301,923,639,269.55 in current US$. 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. This is in line with the government's efforts to transition the country toward a low carbon . 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. Explore GDP by Country Million US$ in Current Prices 1 United States 21,433,226 6 United Kingdom 2,829,108 7 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. The country also needs a better regulatory framework for private capital. This is the 13 th edition of the South Africa Economic Update (SAEU) report a biannual World Bank flagship publica-tion on the state of South Africa's economy. South Africa GDP, PPP, in current international $ 2016-2020 Country / Region. 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. It underlines that economic growth continued to decelerate in 2016, marking the third consecutive year of negative per capita growth. Political parties negotiated coalition deals that have left the ANC unseated in Pretoria and Nelson Mandela Bay. The multilateral institution on Tuesday released its June 2021 Global Economic Prospects report. License : CC BY-4.0. World Bank national accounts data, and OECD National Accounts data files. License : CC BY-4.0. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. 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. World Bank national accounts data, and OECD National Accounts data files. 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. 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? 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. This page in: English; Espaol; Franais; . GDP (current US$) - South Africa. They will help countries prioritize the most impactful actions that can reduce greenhouse gas (GHG) emissions and boost adaptation, while delivering on broader development goals. We face big challenges to help the worlds poorest people and ensure that everyone sees benefits from economic growth. GDP (current US$) - South Africa from The World Bank: Data. Domestically, climate variations such as a prolonged drought in the Western Cape where harvests were delayed exerted a huge toll on agricultural production. Please note the exports, imports and tariff data are based on reported data and not gap filled. 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. However, growth in the region is expected to decelerate in 2022 amid a global environment with multiple (and new) shocks, high volatility, and uncertainty. South Africa Financial Data for this country As of 10/26/2022 Percentage of IBRD votes 0.75% As of 07/20/2022 Percentage of IDA votes 0.26% As of 10/26/2022 Percentage of IFC votes 0.60% As of 09/28/2022 Percentage of MIGA votes 0.86% Source Data Latest information on Voting Powers on worldbank.org website IBRD/IDA IFC MIGA 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. The World Bank had initially projected South Africa's growth to be 1.8% in June 2018. The first chapter of the ninth edition of the economic update discusses recent economic development in South Africa. The World Bank Group works in every major area of development. GDP growth is expected at below 1% in 2018, down from an already low 1.3% in 2017. South Africa's annual GDP growth was 2.08% per year in 2016. This result reinforced the new era of coalition politics particularly in the metros. This page in: English; Espaol; Franais; . Gross domestic product 2021 (millions of Ranking Economy US dollars) The report series forms an important aspect of the World Bank's ana-lytical program in various middle-income client countries. World Bank president David Malpass said he was confident in South Africa's ability to meet its just energy transition targets. 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. 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. Cape Town alone, the 'tech capital of Africa', has over 450 tech firms and employs more than 40,000 people. 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 $366.4 billion2. PRETORIA, November 1, 2022 South Africa can build a more inclusive, resilient, and sustainable economy while simultaneously responding to climate change, says the World Bank's Country Climate and Development Report (CCDR) launched today with South Africa's Presidential Climate Commission. The decommissioning and repurposing of the Komati coal-fired plant is a demonstration project that can serve as a reference on how to transition fossil-fuel assets for future projects in South Africa and around the . The report suggests that an emerging start-up sector in South Africa could help close this gap, and that simultaneously implementing policies that preserve macroeconomic stability, revitalize the jobs market and improve the investment climate to build a more inclusive economy after the pandemic, Strengthening labor market linkages of the social transfer system, Considering a negotiated moratorium on specific pieces of labor regulation, Relaxing constraints to entrepreneurship and self-employment. Renewables are among the cheapest and quicker solutions to increase electricity supply and reduce the strain on existing generation capacity. License: CC BY-4.0 . Live data and insights on Coronavirus around the world, including detailed statistics for the US, EU, and China confirmed and recovered cases, deaths, alternative data on economic activities, customer behavior, supply chains, and more. GDP per capita (current US$) - South Africa. Improving the effectiveness of active labor market programs through broader public-private partnerships and system enhancements. GDP growth is projected to be 3.5 percent in 2011, 4.1 percent in 2012 and 4.4 percent in 2013. 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. 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world bank south africa gdp