Nigeria vs South Africa: Economic Indicators Comparison
Nigeria with a GDP of $397.3B ranked the 32nd largest economy in the world, while South Africa ranked 35th with $368.3B. By GDP 5-years average growth and GDP per capita, Nigeria and South Africa ranked 132nd vs 151st and 149th vs 95th, respectively.
Gross Domestic Product & Income
| Stat |  Nigeria |  South Africa |
|---|---|---|
| GDP | $397.3B | $368.3B |
| GDP growth, 1 year | 1.9% | 0.8% |
| GDP growth, 5-years average | 2% | 1.1% |
| Population | 190.9M | 57.7M |
| GDP per capita | $2k | $6.4k |
| GDP per capita growth | -0.67% | -0.57% |
| Purchasing Power Parity conversion factor | 110.03 | 6.16 |
| Price level ratio of PPP conversion factor GDP to market exchange rate | 0.34 | 0.47 |
| GDP per capita, PPP adjusted | $6k | $14k |
| GNI, Atlas method | $384.8B | $332.3B |
| GNI per capita | $2k | $5.8k |
| GNI, PPP adjusted | $1.1T | $765.8B |
| GNI per capita, PPP adjusted | $5.7k | $13k |
Financial system and Human development
| Stat | Nigeria | South Africa |
|---|---|---|
| Income Tax Rate | 24% | 45% |
| Corporate Tax Rate | 30% | 28% |
| Inflation, consumer prices | 12.1% | 4.6% |
| Inflation, GDP deflator | 10.2% | 3.9% |
| Unemployment | 6% | 27% |
| Economic Freedom Index | 57.2 | 58.8 |
| Personal Freedom Index | 6.01 | 6.92 |
| Human Freedom Index | 6.1 | 6.78 |
| Property Rights Index | 38.1 | 58.4 |
| Judical Effectiveness Index | 32.2 | 38 |
| Business Freedom Index | 54.7 | 62 |
| Fiscal Health Index | 64.1 | 64 |
| Labor Freedom Index | 84 | 58.8 |
| Investment Freedom Index | 45 | 45 |
| Financial Freedom Index | 40 | 50 |
| Trade Freedom Index | 62.4 | 75.8 |
| Monetary Freedom Index | 61.7 | 75.9 |
| Government Spending Index | 96.2 | 67.4 |
| Tax Burden Index | 85.1 | 63.7 |
| Government Integrity Index | 22.3 | 46.6 |
| Corruption Perceptions Index | 27 | 43 |
| Life expectancy at birth, years | 54 | 63.5 |
| Suicide mortality rate, per 100,000 people | 9.5 | 11.6 |
| Mortality caused by road traffic injury, per 100,000 people | 21.4 | 25.9 |
| Intentional homicides, per 100,000 people | 9.9 | 35.9 |
| International tourism, number of arrivals | 5.3M | 10.5M |
Government debt & reserves
| Stat | Nigeria | South Africa |
|---|---|---|
| Central government debt, % of GDP | 28.4% | 56.7% |
| External debt stocks, % of GNI | 12.4% | 50.6% |
| External debt stocks | $47B | $179.3B |
| Short-term debt, % of total reserves | 0% | 70.9% |
| Total debt service, % of exports and primary income | 8.3% | 19.9% |
| Adjusted net savings including particulate emission damage, % of GNI | 1.4% | 0.6% |
| Gross savings, % of GDP | 19.3% | 14.9% |
| Gross capital formation, % of GDP | 19.8% | 17.9% |
| Total reserves including gold | $42.8B | $51.6B |
| Foreign direct investment net inflows | $2B | $5.5B |
Exports, imports and economic structure
| Stat | Nigeria | South Africa |
|---|---|---|
| Exports of goods and services, % of GDP | 15.5% | 29.9% |
| Imports of goods and services, % of GDP | 17.5% | 29.6% |
| Current account balance (balance of payments) | $5.3B | -$13.4B |
| Revenue excluding grants, % of GDP | N/A | 30.9% |
| Grants excluding technical cooperation, BoP | $2B | $817.9M |
| Personal remittances received | $24.3B | $929M |
| Industry including construction value added, % of GDP | 25.7% | 25.9% |
| Agriculture, forestry and fishing value added, % of GDP | 21.2% | 2.2% |
| Charges for the use of intellectual property, payments BoP | $252.8M | $1.8B |
| Charges for the use of intellectual property, receipts BoP | $7.8M | $120.7M |
| Expense, % of GDP | N/A | 34.4% |
| Government Expenditure, % of GDP | 11.2% | 33% |
