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South Africa’s 2022 GDP revised to 6,990 billion rand

By , based on SABC News

South Africa’s 2022 GDP revised to 6,990 billion randIllustrative image · RDNE Stock project · Pexels · Licence Pexels

Statistics South Africa has revised the size of the economy in 2022 to 6,990 billion rand, 4.9% higher than the previous estimate. The revision incorporates activities that had been underestimated or unrecorded, and raises GDP growth that year to 2.2%, from 2.1% previously, according to the South African statistics agency.

The national accounts reassessment by Statistics South Africa found that South Africa’s gross domestic product in 2022 amounted to 6,990 billion rand, 4.9% higher than the previous estimate. The national statistics agency published the results on 29 October.

The new methodology includes activities in the unobserved economy, including illegal mining, informal production, transport services and ride-hailing. These changes added 8.7% to measured GDP, according to Statistics South Africa. GDP growth for 2022 was also revised to 2.2%, from 2.1% previously.

The revision is part of a broader reassessment of South Africa’s national accounts. Another estimate published on 30 October puts the country’s GDP at 8,040 billion rand in the reassessment of South Africa’s GDP.

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