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South Africas government debt to gdp trend is up since the current value of 83.0 is higher than the 12 month moving average of 49.35. and the 12 month moving average slope is up. However, debts have been seen to hold people and nations accountable over time and space and sometimes push developing countries to the edge of economic crisis. Ratio, Quarterly, Not Pretoria . Currently, you are using a shared account. Staff Writer 1 November 2022. This will affect fiscal revenues going forward, he said. This statistic shows the national debt of South Africa from 2017 to 2021 in relation to gross domestic product (GDP), with projections up until 2027. Please do not hesitate to contact me. 2021 The Exchange - Powered by MediapixManaged by Supported by Digihandler. South Africa has established a multi-disciplinary revenue committee to address municipal and government debt to Eskom which currently sits at around R50 billion.. Eskom is part of the committee, and President Cyril Ramaphosa described the debts owed to the power utility as unacceptable while speaking to the National Assembly on Thursday, 3 November 2022. _taboola.push({ Since 2007/08, government has consistently spent more than it earns. And, when looking at the top 100 emerging and developing markets, South Africas ICOR now lags behind 82 percent of its peers, suggesting a growth in wastage, corruption, and inefficiency in spending by the fiscus. An estimated eye-watering $12 trillion of discretionary fiscal support has been provided globally during the pandemic. Mismanagement of expenditures robs South Africa of the chance to excel. Progression of mismanagement, wastage and corruption in all three spheres of government (legislature, executive and judiciary), have contributed to rising debt and slowing growth, Consequently, turning appointment processes overseen by the Minister of Public Service and Administration is an ideal approach. ", IMF, South Africa: National debt from 2017 to 2027 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/531946/national-debt-of-south-africa/ (last visited November 08, 2022), South Africa: National debt from 2017 to 2027, Available to download in PNG, PDF, XLS format, Crude birth rate in South Africa 2010-2020, Life expectancy at birth in South Africa 2020, Median age of the population in South Africa 2015, Gross domestic product (GDP) in South Africa 2027, Gross domestic product (GDP) per capita in South Africa 2027, Gross domestic product (GDP) growth rate in South Africa 2027, South Africa: Share in global GDP adjusted for PPP 2027, Gross domestic product (GDP) distribution across economic sectors South Africa 2021, Employment by economic sector in South Africa 2019, Labor force participation rate in South Africa 2019, National debt of South Africa in relation to gross domestic product (GDP) 2027, Ratio of military expenditure to gross domestic product (GDP) in South Africa 2020, Ratio of government expenditure to gross domestic product (GDP) in South Africa 2027, South Africa's budget balance in relation to GDP 2027, New cases of COVID-19 worldwide from January 23, 2020 to October 23, 2022, by day, Cumulative cases of COVID-19 worldwide from Jan. 22, 2020 to Oct. 23, 2022, by day, Sweden: real economy debt change from 2007 to 2014, Poland: real economy debt change from 2007 to 2013, Strategies to finance household expenses in Russia 2016-2019, Poll: household loan distribution in Russia 2017-2019, by type, Perception of indebtedness growth in Russia 2018-2019, Industry revenue of manufacture of leather and related products in Spain 2012-2025, Industry revenue of folding paperboard box manufacturing in New York 2012-2024, South Africa: National debt from 2017 to 2027 (in billion U.S. dollars), Find your information in our database containing over 20,000 reports, Find a brief overview of all Outlooks here, Tools and Tutorials explained in our Media Centre. Stats SA, Country projections by population group, sex and age (2002-2018) [Excel file] (download here). How bad will the economy get before inflation gets better. Then you can access your favorite statistics via the star in the header. 4 Stats SA, Business tax revenue struggles to recover to pre-recession highs (read here). One of the slides that stood out in the presentation drawn from last weeks Medium-Term Budget Policy Statement was South Africas long-term debt redemption profile. Finally, the country must strengthen its revenue mobilization. If you are an admin, please authenticate by logging in again. Government debt of South Africa increased from 444 billion LCU in 2001 to 3,833 billion LCU in 2020 growing at an average annual rate of 12.25%. OPEC+ oil cuts mixed bag of fortunes for African economies, Becoming Africas Singapore: Rwanda banks on technology to rebuild its economy, New Dawn: Reforms chart fresh economic path for Burundi, Oil&Gas opportunities abound for Africa amid Russia-Ukraine crisis, South Africa has been hit with most brutal power outages which hurt the economy significantly, Recently, the finance ministry of South Africa stated that it will transfer state energy provide Eskom to government to empower the utility performance, South Africas debts will peak at just over 71 per cent of gross domestic product this year. If state expenditure is taken as a measure of better times, there was a three-year period (2005/6 to 2008/9) when government1 spent less than it earned, enjoying a surplus over that period. 1 General government consists of 704 institutions. This ought to be reflected in nations commitment towards handling their debt, as lack of demand by citizens on accountability and political responsibility must be addressed. Indeed, the Presidents Economic Advisory Council noted that the fiscal consolidation path suggested by the government is neither desirable nor believable. Industry & Trade DEBT The unions, whose members include All details will be kept confidential and is for the use of Stats SA only. (April 19, 2022). This would feature implementing a well-designed fiscal policy rule at the national, provincial and local levels to help to raise confidence in the short term and reduce risks over the long term (PEAC), and boost consumer and business confidence, which will in turn stimulate private spending and sustain economic activity. IMF says Zambia debt relief pledge clears way for US$1.4 billion programme, TICAD8: Billions to support African debt restructuring, Ghana sovereign debt crisis tip of African countries loan mess, Powering Africa: Renewables safest bet for sustainable future, Banking industry in South Africa set for growth: PWC, Anglo American Platinum reimagining mining to change peoples lives. South Africa External and Government Debt - Take-Profit Corporate solution including all features. He said: The global economy is slowing, inflation is increasing, and financial markets are becoming more volatile. This statistic is not included in your account. Four South African labor unions took a step toward joining a strike over the governments refusal to raise their pay by more than 3%. South Africa, one of Africa's competitive economies, stands a chance to turn the table and regain its economic glory. SAnews.gov.za. You need at least a Starter Account to use this feature. South Africas government will take over up to two-thirds of the $22bn debt racked up by the state electricity monopoly Eskom, as it battles to overcome the countrys rolling energy blackouts which will in turn stimulate private spending and sustain economic activity. This will decline to 3.2% of GDP by 2025/26. The biggest component is the income portion. A consolidated fiscal deficit of 4.9% of GDP is projected in 2022/23. Further, shifting from public expenditures to investment in sustainable energy infrastructure and effective utilization of industrial and small business policies could prevent South Africa from the debt trap. South Africa has dipped in and out of recession over the past year. Crucially, though, for many countries in sub-Saharan Africa, these fiscal stimuli packages have deepened their debt challenges. Advertise The statistic shows the national debt of South Africa from 2017 to 2021, with projections up until 2027. Households Debt in South Africa decreased to 66.10 percent of gross income in 2021 from 67.90 percent in 2020. "South Africa: National Debt from 2017 to 2027 (in Billion U.S. You need a Statista Account for unlimited access. In 2020 Mozambiques fiscal deficit widened to 7% of GDP after nearly balancing its books the previous year with a deficit of 2.7% of GDP. Empirical evidence on the effect of government debt on interest rates in South Africa is very limited. South Africas switch from coal to renewable energy investment stands to revitalize the economy and increase job creation. South Africa is one such example. and over 1Mio. The government has also taken up the debt of one of the countrys state entities, SAA, which will need to be financed through revenues that South Africas Debt Challenge Remains Despite Stronger Revenues. The past two years have shown how mismanagement of government funds, poor political commitment and energy challenges in a heavily industrial complex developing nation can cripple the economy. 10 International Monetary Fund (IMF), Government Finance Statistics Yearbook and data files. This is according to time series data from Stats SAs Financial statistics of consolidated general government report.2, This didnt last for long, however. Central government debt, total (% of GDP) - South Africa. The ideal entry-level account for individual users. South Africa Finance Minister Enoch Godongwana says government debt is projected to be more than R4.7 trillion in the current financial year, compared to R627 billion in 2008/09. South Africa Government Debt to GDP 2022 Data Premium Stories Given the year of economic hardship for firms and households, it is not feasible to raise taxes. Opinion, Kenya A primary fiscal surplus of 0.7% of GDP will be achieved in 2023/24. It is without a doubt that before the pandemic, African countries were already in debt distress, and the pandemic only worsened this condition. Media are welcome to utilise all stories, pictures and other material on this site as well as from our Facebook and Twitter accounts, at no cost. In the case of Africa, debt has evolved to become a phenomenon that nations such as South Africa, Sudan, Tanzania and Zambia battle with every inch of their economic prowess. The situation became stiff when average debt-to-GDP ratios rose from about 60 per cent to 70 per cent. In 2020, speaking as the African Union Chairperson, South African President Cyril Ramaphosa said that government revenues in Africa were estimated to drop by $45 billion from the pre-COVID forecast. Statista. More consistent and systematic support for high potential labour absorbing sectors such as tourism and agriculture, including investment incentives for export-oriented agriculture and food processing and other labour-intensive sectors, to support expanded employment and improvements in working conditions, the PEAC report argued. Government Consumption for South Africa from South African Reserve Bank (SARB) for the Quarterly Bulletin release. Progression of mismanagement, wastage and corruption in all three spheres of government (legislature, executive and judiciary) have contributed to rising debt and slowing growth. These include 47 national government departments, 123 provincial government departments, 257 municipalities, 251 extra-budgetary accounts and 26 higher education institutions. 2 Faces Challenge to Make Chinas Economy Hum Again, Inflation-Focused Voters Defy Bidens Bid to Change the Subject, Korea Urges More ESG Focus on Women to Address Fertility Crisis, Adidas, Nike Must Pick Up the Pieces After Antisemitism RuinsDeals, Countries Set to Bolster Global Methane Pledge at Climate Summit, Japan Delays Carbon Tax Reform to Curb Living Costs, Nikkei Says, NYC Kids Are Still Leaving Public Schools in Pandemic-Fueled Exodus, Why Georgia Is Keeping Such a Close Watch onAtlantas Elections, How a Death Star-Shaped TreehouseLanded in Austins Favorite Park, Kim Kardashian Poised to Beat Investor Suit Over Crypto Hype, Formula One Sponsorships From Crypto Firms Dwindle With Downturn, Ethereum Insiders to Get Fee Cuts That Others Wont in Upgrade. 3 Stats SA, The South African economy shrinks by 0,7% (read here). The National Treasurys Budget Review 2020 noted that, although there have been large tax increases over the last five years, the gap between projected and collected revenue has continued to expand. In 2020, government debt for South Africa was 3,833 billion LCU. Percent of GDP, Annual, Not Seasonally Adjusted 2000 to 2021 (Oct 14) Household Debt to GDP for South Africa . Eskom also poses a significant risk to public finances, with the government guaranteeing as much as 350 billion rand ($19.9 billion) of its debt," Bloomberg News reported. South Africa Electricity, essential for any modern civilization to enhance its economy, has become a nuisance in South Africa as a series of load shedding is causing severe economic problems. READ: IMF says Zambia debt relief pledge clears way for US$1.4 billion programme. First and foremost, carefully managing opportunities, costs and risks of different sources of borrowing is crucial for low-income countries. 13 economic data series with tags: South Africa, Government, Debt. Government debt projected to be more than R4.7 trillion Support Quality African Journalism and subscribe for less than $4.00 per month for unlimited access. It was found through a series of questions during a parliamentary session that in the past three years, over $76 million was spent on catering and entertainment an act perceived as betrayal of responsible public spending. Tanzania Thursday, January 21, 2021. The summit was convened under the theme: Accountability, Acceleration and Amplification NOW, [Read] The R9 billion concessional loan the World Bank granted to Eskom last week for the repurposing of the Komati Power Station will go a long way to ensure that government moves towards decarbonisation, says Finance Minister, Enoch Godongwana, [Read] President Cyril Ramaphosa will participate in the Sharm El-Sheikh Climate Implementation Summit scheduled from today until tomorrow in the Arab Republic of Egypt, Child Support Grant Top-Up available at all SASSA offices, SASSA advises beneficiaries to keep verifying contact details to avoid scammers, 3% wage increase offer 'generous', says government, Investigation leads to arrest of government employee, Collect your R350 grant from Pick n Pay, Boxer or Post Office, Gauteng online registration for Grades 1 and 8 opens Friday. Investment in sound and sustainable energy infrastructures could impact nationwide power surges. South Africa Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct. South Africa Achieving fiscal sustainability by narrowing the budget deficit and stabilising debt. Further, the nation has been beset by strike action in recent months, mainly regarding wage disputes. This Southern Africa Households Debt to Income in South Africa averaged 52.45 percent from 1969 until 2021, reaching an all time high of 77.60 percent in 2008 and a record low of 36 percent in 1969. Are you interested in testing our corporate solutions? READ:Ghana sovereign debt crisis tip of African countries loan mess. "More consistent and systematic support for high potential labour absorbing sectors such as tourism and agriculture, including investment incentives for export-oriented agriculture and food processing and other labour-intensive sectors, to support expanded employment and improvements in working conditions," the PEAC report argued. Zambia was ranked in 5th place, an indication of the countrys rapidly expanding debt burden.11 South Africa was ranked in 30th position. Stats SA takes a look at government spending over 13 years, focusing on how much we pay to service our debt. South Africa Public Debt - RSA Economy Forecast & Outlook He holds a bachelors degree in Geography and Environmental Studies from University of Dar es Salaam, Tanzania. In 2020, speaking as the African Union Chairperson, South African President Cyril Ramaphosa said that government revenues in Africa were estimated to drop by $45 billion from the pre-COVID forecast. However, debts have been seen to hold people and nations accountable over time and space and sometimes push developing countries to the edge of economic crisis. The South African Presidential Economic Advisory Council (PEAC) publication "How Should South Africa Deal With Rising National Debt" highlighted three critical burdens on the budget contributing to rising debt levels. Severe outages are hazardous to workers in deep-level mines and hurt manufacturing across Africas most-industrialized nation. If National Treasury projections are anything to go by, the South African government will in the next financial year achieve its first primary budget surplus in 15 years. On a year on year basis South Africas government debt to gdp increased by 198.56%.
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