South Africa has a GDP of $400B compared to $26.3B for Zambia, ranking 41/197 and 115/197 by economy size, respectively.
South Africa has $306B in government debt (79.6% of GDP), compared to $30.3B (99% of GDP) in Zambia.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
South Africa
|
Zambia
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1960 | $8,748,596,501 | $65,652,787,806 | $698,739,721 | $3,745,698,444 |
| 1961 | $9,225,996,310 | $68,176,962,954 | $682,359,727 | $3,796,691,708 |
| 1962 | $9,813,996,074 | $72,388,888,581 | $679,279,729 | $3,702,122,212 |
| 1963 | $10,854,195,658 | $77,726,634,753 | $704,339,719 | $3,823,270,197 |
| 1964 | $11,955,995,218 | $83,897,825,365 | $822,639,671 | $4,290,246,254 |
| 1965 | $13,068,994,772 | $89,034,719,820 | $1,061,199,576 | $5,004,463,110 |
| 1966 | $14,211,394,315 | $92,986,424,439 | $1,238,999,505 | $4,725,699,011 |
| 1967 | $15,821,393,671 | $99,678,213,921 | $1,340,639,464 | $5,099,960,030 |
| 1968 | $17,124,793,150 | $103,818,221,928 | $1,573,739,371 | $5,163,624,360 |
| 1969 | $19,256,992,297 | $108,714,188,432 | $1,926,399,230 | $5,141,063,669 |
| 1970 | $21,218,391,513 | $114,420,228,111 | $1,788,779,285 | $5,387,686,297 |
| 1971 | $23,411,076,638 | $119,316,194,616 | $1,653,259,341 | $5,383,050,756 |
| 1972 | $24,515,919,217 | $121,290,674,451 | $1,872,416,680 | $5,878,768,641 |
| 1973 | $33,262,772,008 | $126,836,017,070 | $2,434,255,237 | $5,822,212,020 |
| 1974 | $41,389,186,095 | $134,587,120,945 | $2,910,981,262 | $6,196,473,040 |
| 1975 | $42,906,905,672 | $136,868,956,456 | $2,442,672,141 | $6,055,854,685 |
| 1976 | $41,150,460,288 | $139,948,316,810 | $2,742,859,263 | $6,432,587,907 |
| 1977 | $45,328,411,332 | $139,816,794,619 | $2,515,296,940 | $6,138,989,403 |
| 1978 | $51,607,412,902 | $144,031,543,620 | $2,811,032,473 | $6,172,984,907 |
| 1979 | $63,038,658,089 | $149,491,087,028 | $3,353,445,378 | $5,986,318,100 |
| 1980 | $89,411,864,402 | $159,388,269,161 | $3,884,530,854 | $6,168,040,111 |
| 1981 | $93,141,472,164 | $167,932,741,244 | $4,008,126,497 | $6,548,482,198 |
| 1982 | $85,904,057,409 | $167,288,855,025 | $3,871,117,093 | $6,364,287,628 |
| 1983 | $96,204,110,942 | $164,199,769,714 | $3,321,048,451 | $6,239,121,864 |
| 1984 | $84,870,163,366 | $172,572,564,948 | $2,719,518,933 | $6,218,106,324 |
| 1985 | $64,459,376,087 | $170,481,777,772 | $2,252,454,500 | $6,318,548,040 |
| 1986 | $73,354,771,399 | $170,512,207,474 | $1,664,413,508 | $6,364,287,628 |
| 1987 | $96,535,763,418 | $174,094,206,900 | $2,265,250,972 | $6,534,574,435 |
| 1988 | $103,976,831,871 | $181,406,354,481 | $3,728,878,149 | $6,944,994,654 |
| 1989 | $108,055,624,082 | $185,750,664,997 | $3,994,673,161 | $6,873,912,510 |
| 1990 | $126,048,140,142 | $185,160,422,892 | $3,288,381,797 | $6,840,844,039 |
| 1991 | $135,203,698,238 | $183,275,036,204 | $3,376,806,697 | $6,838,372,211 |
| 1992 | $146,956,150,987 | $179,358,388,483 | $3,182,810,841 | $6,720,005,310 |
| 1993 | $147,194,747,566 | $181,570,878,123 | $3,273,505,344 | $7,176,782,487 |
| 1994 | $153,512,712,382 | $187,381,146,228 | $3,656,806,166 | $6,557,753,280 |
| 1995 | $171,735,933,897 | $193,189,961,763 | $3,806,983,413 | $6,747,775,257 |
| 1996 | $163,234,925,381 | $201,497,130,113 | $3,597,220,962 | $7,167,388,798 |
| 1997 | $168,978,057,328 | $206,736,055,499 | $4,303,288,480 | $7,440,753,544 |
| 1998 | $152,982,984,557 | $207,769,735,777 | $3,537,741,942 | $7,412,051,124 |
| 1999 | $151,516,957,079 | $212,756,209,431 | $3,404,284,891 | $7,756,725,565 |
| 2000 | $151,752,757,215 | $221,691,970,228 | $3,600,632,111 | $8,059,030,210 |
| 2001 | $135,429,905,923 | $227,677,653,425 | $4,094,441,301 | $8,487,518,231 |
| 2002 | $129,087,556,612 | $236,102,579,036 | $4,193,850,445 | $8,869,967,014 |
| 2003 | $197,018,965,309 | $243,065,422,272 | $4,901,869,764 | $9,485,983,916 |
| 2004 | $255,806,908,595 | $254,135,982,543 | $6,221,110,219 | $10,153,075,785 |
| 2005 | $288,867,217,197 | $267,546,870,424 | $8,331,870,169 | $10,887,711,636 |
| 2006 | $303,858,675,364 | $282,539,679,230 | $12,756,858,899 | $11,748,243,096 |
| 2007 | $333,077,117,254 | $297,685,145,427 | $14,056,957,976 | $12,729,507,610 |
| 2008 | $316,131,258,616 | $307,184,409,061 | $17,910,858,638 | $13,719,086,270 |
| 2009 | $329,754,060,647 | $302,459,639,040 | $15,328,342,304 | $14,984,033,822 |
| 2010 | $417,363,822,802 | $311,653,604,140 | $20,265,559,484 | $16,527,123,088 |
| 2011 | $458,199,494,831 | $321,528,523,982 | $23,459,515,276 | $17,447,560,253 |
| 2012 | $434,400,545,086 | $329,233,094,599 | $25,503,060,420 | $18,773,117,889 |
| 2013 | $400,886,013,596 | $337,416,077,838 | $28,037,239,463 | $19,722,575,263 |
| 2014 | $381,198,869,776 | $342,186,555,601 | $27,141,023,558 | $20,648,211,567 |
| 2015 | $346,709,790,459 | $346,709,790,459 | $21,251,216,799 | $21,251,216,799 |
| 2016 | $323,585,509,674 | $349,013,858,373 | $20,958,412,538 | $22,049,221,308 |
| 2017 | $381,448,814,653 | $353,055,253,707 | $25,873,601,261 | $22,826,646,594 |
| 2018 | $405,260,723,893 | $358,551,560,869 | $26,311,507,274 | $23,747,586,257 |
| 2019 | $389,330,032,224 | $359,483,563,937 | $23,308,667,781 | $24,089,861,649 |
| 2020 | $337,974,655,408 | $337,307,318,680 | $18,137,764,931 | $23,418,945,737 |
| 2021 | $420,886,877,629 | $354,021,006,264 | $22,096,416,932 | $24,879,098,748 |
| 2022 | $406,920,004,594 | $360,788,046,854 | $29,163,782,140 | $26,175,604,214 |
| 2023 | $380,699,271,816 | $363,308,097,942 | $27,577,956,471 | $27,580,695,690 |
| 2024 | $400,260,724,226 | $365,414,753,362 | $26,325,775,287 | $28,695,824,119 |
Economic indicators
|
South Africa
|
Zambia
|
|
|---|---|---|
| Gross domestic product |
$400B
2024 |
$26.3B
2024 |
| GDP rank |
41/197
2024 |
115/197
2024 |
| GDP growth |
5.14%
2023-2024 |
-4.54%
2023-2024 |
| GDP per capita |
$6,253
2024 |
$1,235
2024 |
| GDP per capita rank |
112/197
2024 |
169/197
2024 |
| GDP per capita, PPP |
$15,457
2024 |
$4,224
2024 |
| Government debt |
$306B
2024 |
$30.3B
2024 |
| Debt-to-GDP ratio |
79.6%
2025 |
99%
2025 |
| Government debt per person |
$4,775
2024 |
$1,420
2024 |
| Government debt per person rank |
83/185
2024 |
132/185
2024 |
| Average annual personal income after taxes |
$13,449
2025 |
$1,168
2025 |
| Market capitalization of domestic companies |
$986B
2024 |
$7.77B
2024 |
| Number of millionaires |
90,595
2024 |
n/a |
| Number of billionaires |
7
2025 |
n/a |
| Income share by richest 10% |
50.5%
2014 |
39.1%
2022 |
| Income share by poorest 10% |
0.9%
2014 |
1.5%
2022 |
| Government expenditure, % of GDP |
34%
2025 |
27.3%
2025 |
| Consumer prices inflation |
4.36%
2023-2024 |
14.2%
2024-2025 |
| Central bank interest rate |
7%
2025 |
14.5%
2025 |
| Unemployment rate |
32.3%
2024 |
5.86%
2023 |
| Population |
65314246
|
22402291
|
GDP per capita in South Africa vs Zambia
South Africa's GDP per capita is $6,253, ranking 112/197, compared to $1,235 in Zambia, ranking 169/197. Adjusted for purchasing power (GDP per capita PPP), South Africa ranks 113th at $15,457, while Zambia ranks 164th at $4,224.
| Year | Current $ | |||
|---|---|---|---|---|
|
South Africa
|
Zambia
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1960 | $532 | - | $221.6 | - |
| 1961 | $546 | - | $209.7 | - |
| 1962 | $563 | - | $202.3 | - |
| 1963 | $605 | - | $203.2 | - |
| 1964 | $646 | - | $230 | - |
| 1965 | $685 | - | $287.4 | - |
| 1966 | $722 | - | $325 | - |
| 1967 | $779 | - | $341 | - |
| 1968 | $817 | - | $387 | - |
| 1969 | $891 | - | $459 | - |
| 1970 | $952 | - | $414 | - |
| 1971 | $1,020 | - | $372 | - |
| 1972 | $1,038 | - | $410 | - |
| 1973 | $1,369 | - | $518 | - |
| 1974 | $1,656 | - | $601 | - |
| 1975 | $1,670 | - | $490 | - |
| 1976 | $1,559 | - | $533 | - |
| 1977 | $1,671 | - | $474 | - |
| 1978 | $1,852 | - | $514 | - |
| 1979 | $2,202 | - | $595 | - |
| 1980 | $3,029 | - | $669 | - |
| 1981 | $3,050 | - | $670 | - |
| 1982 | $2,717 | - | $627 | - |
| 1983 | $2,938 | - | $520 | - |
| 1984 | $2,504 | - | $413 | - |
| 1985 | $1,839 | - | $332 | - |
| 1986 | $2,027 | - | $238.2 | - |
| 1987 | $2,586 | - | $315 | - |
| 1988 | $2,702 | - | $504 | - |
| 1989 | $2,727 | - | $526 | - |
| 1990 | $3,093 | $6,382 | $422 | $1,522 |
| 1991 | $3,243 | $6,383 | $423 | $1,534 |
| 1992 | $3,462 | $6,275 | $389 | $1,505 |
| 1993 | $3,400 | $6,375 | $391 | $1,607 |
| 1994 | $3,489 | $6,611 | $426 | $1,464 |
| 1995 | $3,856 | $6,875 | $433 | $1,501 |
| 1996 | $3,618 | $7,208 | $400 | $1,585 |
| 1997 | $3,700 | $7,433 | $466 | $1,631 |
| 1998 | $3,310 | $7,463 | $373 | $1,601 |
| 1999 | $3,242 | $7,667 | $350 | $1,654 |
| 2000 | $3,218 | $8,095 | $359 | $1,709 |
| 2001 | $2,847 | $8,428 | $397 | $1,785 |
| 2002 | $2,688 | $8,792 | $394 | $1,837 |
| 2003 | $4,062 | $9,139 | $446 | $1,942 |
| 2004 | $5,221 | $9,714 | $549 | $2,068 |
| 2005 | $5,837 | $10,441 | $711 | $2,213 |
| 2006 | $6,077 | $11,250 | $1,052 | $2,378 |
| 2007 | $6,592 | $12,047 | $1,119 | $2,555 |
| 2008 | $6,185 | $12,525 | $1,376 | $2,708 |
| 2009 | $6,375 | $12,261 | $1,136 | $2,872 |
| 2010 | $7,973 | $12,637 | $1,451 | $3,098 |
| 2011 | $8,646 | $13,143 | $1,625 | $3,228 |
| 2012 | $8,077 | $12,987 | $1,710 | $3,324 |
| 2013 | $7,332 | $13,369 | $1,821 | $3,477 |
| 2014 | $6,857 | $13,359 | $1,707 | $3,441 |
| 2015 | $6,112 | $13,398 | $1,296 | $3,337 |
| 2016 | $5,651 | $13,519 | $1,239 | $3,313 |
| 2017 | $6,618 | $13,738 | $1,483 | $3,392 |
| 2018 | $6,914 | $13,347 | $1,464 | $3,442 |
| 2019 | $6,534 | $13,361 | $1,259 | $3,361 |
| 2020 | $5,581 | $12,671 | $952 | $3,157 |
| 2021 | $6,843 | $13,711 | $1,127 | $3,503 |
| 2022 | $6,523 | $14,759 | $1,447 | $3,841 |
| 2023 | $6,023 | $15,194 | $1,331 | $4,077 |
| 2024 | $6,253 | $15,457 | $1,235 | $4,224 |
Spending and national debt comparison
In 2024, South Africa's government spending was $133B, accounting for 34% of its GDP, while Zambia's spent $6.71B, or 27.3% of GDP.
Debt-to-GDP ratio is 79.6% in South Africa and 99% in Zambia, ranking 42/185 and 25/185, respectively.
| Year | % of GDP | |||
|---|---|---|---|---|
|
South Africa
|
Zambia
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 1960 | 16.7% | 52.9% | - | - |
| 1961 | 15.7% | 52.8% | - | - |
| 1962 | 15.9% | 45.7% | - | - |
| 1963 | 15.9% | 43.4% | - | - |
| 1964 | 11.3% | 30% | - | - |
| 1965 | 18.2% | 42.7% | - | - |
| 1966 | 18.3% | 41.4% | - | - |
| 1967 | 18.8% | 41.1% | - | - |
| 1968 | 19.4% | 42.7% | - | - |
| 1969 | 18.8% | 44.4% | - | - |
| 1970 | 20% | 43.3% | - | - |
| 1971 | 19.9% | 41.1% | - | - |
| 1972 | 22.9% | 41.1% | - | - |
| 1973 | 21% | 38.2% | - | - |
| 1974 | 19.1% | 33.7% | - | - |
| 1975 | 21.2% | 32.8% | - | - |
| 1976 | 23% | 35% | - | - |
| 1977 | 27.3% | 45.3% | - | - |
| 1978 | 26.8% | 44.7% | - | - |
| 1979 | 26.5% | 41.9% | - | - |
| 1980 | 21.8% | 33.3% | - | - |
| 1981 | 23.3% | 27.4% | - | - |
| 1982 | 23.8% | 31.3% | - | - |
| 1983 | 25.1% | 28.7% | - | - |
| 1984 | 25.2% | 23.2% | - | - |
| 1985 | 26.8% | 26.3% | - | - |
| 1986 | 27.8% | 32.5% | - | - |
| 1987 | 28% | 33.5% | - | - |
| 1988 | 23.9% | 30.6% | - | - |
| 1989 | 29.6% | 33.3% | - | - |
| 1990 | 28.7% | 31.8% | - | - |
| 1991 | 27.8% | 34.7% | - | - |
| 1992 | 29.8% | 34.8% | - | - |
| 1993 | 29.1% | 39.8% | - | - |
| 1994 | 31.3% | 46.4% | - | - |
| 1995 | 27.2% | 47% | - | - |
| 1996 | 28.5% | 44.3% | - | - |
| 1997 | 27.9% | 45.8% | - | - |
| 1998 | 27.1% | 45.8% | - | - |
| 1999 | 26.7% | 45.9% | - | - |
| 2000 | 22.6% | 37.9% | 21.4% | 261% |
| 2001 | 22.6% | 38% | 28% | 210.2% |
| 2002 | 22.2% | 31.8% | 27.6% | 180.2% |
| 2003 | 22.6% | 31.5% | 27.3% | 159.5% |
| 2004 | 22.7% | 30.7% | 23.3% | 129.9% |
| 2005 | 25.1% | 29.6% | 22.5% | 75.7% |
| 2006 | 24.7% | 28% | 19.7% | 25% |
| 2007 | 24.4% | 24.3% | 19.9% | 21.9% |
| 2008 | 26% | 24% | 19.5% | 19.2% |
| 2009 | 28.5% | 27% | 17.8% | 20.5% |
| 2010 | 28.3% | 31.2% | 18.1% | 18.9% |
| 2011 | 28.1% | 34.7% | 19.5% | 20.8% |
| 2012 | 28.6% | 37.4% | 21.9% | 24.9% |
| 2013 | 28.9% | 40.4% | 24% | 25.9% |
| 2014 | 29.3% | 43.3% | 24.3% | 33.9% |
| 2015 | 30.2% | 45.2% | 27.6% | 61.9% |
| 2016 | 29.9% | 47.1% | 23.9% | 61.2% |
| 2017 | 29.9% | 48.6% | 25% | 66.6% |
| 2018 | 30.2% | 51.5% | 27.7% | 81.2% |
| 2019 | 31.4% | 56.1% | 29.8% | 103.3% |
| 2020 | 34.6% | 68.9% | 34% | 140% |
| 2021 | 32.5% | 68.7% | 30.5% | 111% |
| 2022 | 31.9% | 70.8% | 28.2% | 99.5% |
| 2023 | 32.5% | 73.4% | 27.4% | 129.1% |
| 2024 | 33.2% | 76.4% | 25.5% | 114.9% |
| 2025 | 34% | 79.6% | 27.3% | 99% |
Government deficit by year
In 2024, South Africa's government deficit, the difference between spending and revenue, was -$24.2B, equivalent to -6.05% of GDP. This compares to Zambia's deficit of -$874M, or -3.32% of GDP.
Over the past 25 years, South Africa recorded a fiscal deficit in 23 of those years, while Zambia ran a deficit in 23 years. On average, South Africa posted an annual deficit equal to -3.25% of GDP, compared to deficit of -4.15% of GDP for Zambia.
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
South Africa
|
Zambia
|
|
| 1913 | -4.15% | - |
| 1914 | -11.6% | - |
| 1915 | -10.7% | - |
| 1916 | -2.57% | - |
| 1917 | -3.52% | - |
| 1918 | -3.7% | - |
| 1919 | -2.6% | - |
| 1920 | -5.52% | - |
| 1921 | -5.38% | - |
| 1922 | -4.51% | - |
| 1923 | -5.53% | - |
| 1924 | -4.72% | - |
| 1925 | -4.92% | - |
| 1926 | -4.76% | - |
| 1927 | -3.79% | - |
| 1928 | -3.29% | - |
| 1929 | -4.41% | - |
| 1930 | -5.19% | - |
| 1931 | -5.31% | - |
| 1932 | -4.72% | - |
| 1933 | -3.31% | - |
| 1934 | -3.29% | - |
| 1935 | -3.2% | - |
| 1936 | -2.58% | - |
| 1937 | -2.16% | - |
| 1938 | -3.91% | - |
| 1939 | -2.96% | - |
| 1940 | -10.9% | - |
| 1941 | -7.3% | - |
| 1942 | -9.08% | - |
| 1943 | -8.49% | - |
| 1944 | -8.94% | - |
| 1945 | -7.41% | - |
| 1946 | -4.03% | - |
| 1947 | -1.82% | - |
| 1948 | -6.03% | - |
| 1949 | -6.87% | - |
| 1950 | -2.33% | - |
| 1951 | -0.4% | - |
| 1952 | -4.14% | - |
| 1953 | -3.72% | - |
| 1954 | -2.53% | - |
| 1955 | -2.9% | - |
| 1956 | -2.12% | - |
| 1957 | -2.8% | - |
| 1958 | -3.5% | - |
| 1959 | -4.4% | - |
| 1960 | -2.36% | - |
| 1961 | -3.25% | - |
| 1962 | -1.4% | - |
| 1963 | -2.26% | - |
| 1964 | -1.19% | - |
| 1965 | -3.15% | - |
| 1966 | -3.04% | - |
| 1967 | -3.8% | - |
| 1968 | -3.38% | - |
| 1969 | -3.94% | - |
| 1970 | -3.19% | - |
| 1971 | -1.96% | - |
| 1972 | -5.39% | - |
| 1973 | -4.54% | - |
| 1974 | -1.5% | - |
| 1975 | -2.62% | - |
| 1976 | -4.19% | - |
| 1977 | -5.52% | - |
| 1978 | -5.42% | - |
| 1979 | -4.65% | - |
| 1980 | -1.91% | - |
| 1981 | -3.72% | - |
| 1982 | -3.88% | - |
| 1983 | -5.3% | - |
| 1984 | -5.24% | - |
| 1985 | -4.86% | - |
| 1986 | -5.69% | - |
| 1987 | -6.36% | - |
| 1988 | -3.29% | - |
| 1989 | -8.3% | - |
| 1990 | -3.82% | - |
| 1991 | -4.85% | - |
| 1992 | -7.09% | - |
| 1993 | -8.54% | - |
| 1994 | -8.09% | - |
| 1995 | -4.38% | - |
| 1996 | -4.53% | - |
| 1997 | -4.08% | - |
| 1998 | -2.56% | - |
| 1999 | -2.21% | - |
| 2000 | -1.38% | 1.16% |
| 2001 | -1.02% | -5.89% |
| 2002 | -0.96% | -4.5% |
| 2003 | -1.59% | -5.31% |
| 2004 | -1.04% | -2.51% |
| 2005 | -0.1% | -2.37% |
| 2006 | 0.81% | 16.9% |
| 2007 | 1.22% | -1.04% |
| 2008 | -0.49% | -0.67% |
| 2009 | -4.67% | -2.06% |
| 2010 | -4.51% | -2.43% |
| 2011 | -3.7% | -1.78% |
| 2012 | -4.04% | -3.16% |
| 2013 | -3.9% | -6.4% |
| 2014 | -3.93% | -5.43% |
| 2015 | -4.37% | -8.88% |
| 2016 | -3.72% | -5.69% |
| 2017 | -4.02% | -7.5% |
| 2018 | -3.73% | -8.31% |
| 2019 | -5.07% | -9.41% |
| 2020 | -9.62% | -13.8% |
| 2021 | -5.52% | -8.13% |
| 2022 | -4.26% | -7.82% |
| 2023 | -5.45% | -5.48% |
| 2024 | -6.05% | -3.32% |
| 2025 | -6.55% | -4.92% |
Inflation comparison by year
Over the past 29 years, South Africa has recorded an average annual inflation rate of 5.49%, compared with 15.2% in Zambia. In 2024, inflation was 4.36% in South Africa and 14.2% in Zambia.
| Year | Inflation | ||
|---|---|---|---|
|
South Africa
|
Zambia
|
South Africa
|
Zambia
|
| 1996 | 7.35% | 38.6% | |
| 1997 | 8.6% | 21.4% | |
| 1998 | 6.88% | 22.7% | |
| 1999 | 5.18% | 23.9% | |
| 2000 | 5.34% | 24.1% | |
| 2001 | 5.7% | 21.4% | |
| 2002 | 9.49% | 22.2% | |
| 2003 | 5.68% | 21.4% | |
| 2004 | -0.69% | 18% | |
| 2005 | 2.06% | 18.3% | |
| 2006 | 3.24% | 9% | |
| 2007 | 6.18% | 10.7% | |
| 2008 | 9.91% | 12.4% | |
| 2009 | 7.24% | 13.4% | |
| 2010 | 4.07% | 8.5% | |
| 2011 | 5% | 8.7% | |
| 2012 | 5.74% | 6.6% | |
| 2013 | 5.78% | 7% | |
| 2014 | 6.13% | 7.8% | |
| 2015 | 4.52% | 10.1% | |
| 2016 | 6.6% | 17.9% | |
| 2017 | 5.19% | 6.6% | |
| 2018 | 4.51% | 7.5% | |
| 2019 | 4.1% | 9.2% | |
| 2020 | 3.23% | 15.7% | |
| 2021 | 4.62% | 22% | |
| 2022 | 7.04% | 11% | |
| 2023 | 6.08% | 10.9% | |
| 2024 | 4.36% | 15% | |
| 2025 | - | 14.2% | |
Top exports between countries
|
South Africa
|
|
|---|---|
| Export category | Export value |
| Machinery & equipment | $1.16B |
| Chemicals & pharma | $492M |
| Raw materials & minerals | $449M |
| Metals | $287M |
| Processed food, beverages & tobacco | $272M |
| Textiles & consumer goods | $135M |
| Raw agricultural goods | $89.5M |
| Wood & paper products | $85.6M |
| Animal & marine products | $37.5M |
| Weapons & explosives | $24.1M |
|
Zambia
|
|
|---|---|
| Export category | Export value |
| Processed food, beverages & tobacco | $108M |
| Precious metals & jewellery | $105M |
| Raw materials & minerals | $104M |
| Metals | $64.3M |
| Machinery & equipment | $41.2M |
| Textiles & consumer goods | $34M |
| Raw agricultural goods | $12.7M |
| Chemicals & pharma | $4.07M |
| Animal & marine products | $2.19M |
| Weapons & explosives | $841K |
Balance of trade
|
South Africa
|
Zambia
|
|
|---|---|---|
Current account balance
|
-$2.58B
2024 |
-$583M
2023 |
| Current account balance ranking |
149/189
2024 |
105/189
2023 |
| Current account balance, % of GDP |
-0.64%
2024 |
-2.11%
2023 |
| Goods imports |
$99.8B
2024 |
$9.15B
2023 |
| Goods exports |
$112B
2024 |
$10.5B
2023 |
| Service imports |
$20B
2024 |
$1.71B
2023 |
| Service exports |
$16.1B
2024 |
$933M
2023 |
| Imports of goods and services, % of GDP |
29.9%
2024 |
37.4%
2023 |
| Exports of goods and services, % of GDP |
31.8%
2024 |
40.8%
2023 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
South Africa
|
Zambia
|
|
|---|---|---|
| Economic freedom | 57.3 | 50.9 |
| Economic freedom ranking | 114/197 | 162/197 |
| Property rights | 44.3 | 45.8 |
| Government integrity | 45.1 | 36.7 |
| Judicial effectiveness | 57.7 | 45.3 |
| Tax burden | 67.9 | 74.7 |
| Government spending | 68.6 | 75 |
| Fiscal health | 45.8 | 0 |
| Business freedom | 64 | 45.9 |
| Labor freedom | 71 | 48.7 |
| Monetary freedom | 74.5 | 68.2 |
| Trade freedom | 68.4 | 65.8 |
| Investment freedom | 40 | 55 |
| Financial freedom | 40 | 50 |
Economic freedom by year comparison
The Economic Freedom Index for South Africa is 57.3, ranking 114/197, compared to 50.9 for Zambia, ranking 162/197. The chart below displays a comparison of annual changes in economic freedom indexes.
| Year | Economic freedom index | |
|---|---|---|
|
South Africa
|
Zambia
|
|
| 1995 | 60.7 | 55.1 |
| 1996 | 62.5 | 59.6 |
| 1997 | 63.2 | 62.1 |
| 1998 | 64.3 | 62.7 |
| 1999 | 63.3 | 64.2 |
| 2000 | 63.7 | 62.8 |
| 2001 | 63.8 | 59.5 |
| 2002 | 64 | 59.6 |
| 2003 | 67.1 | 55.3 |
| 2004 | 66.3 | 54.9 |
| 2005 | 62.9 | 55 |
| 2006 | 63.7 | 56.8 |
| 2007 | 63.5 | 56.2 |
| 2008 | 63.4 | 56.2 |
| 2009 | 63.8 | 56.6 |
| 2010 | 62.8 | 58 |
| 2011 | 62.7 | 59.7 |
| 2012 | 62.7 | 58.3 |
| 2013 | 61.8 | 58.7 |
| 2014 | 62.5 | 60.4 |
| 2015 | 62.6 | 58.7 |
| 2016 | 61.9 | 58.8 |
| 2017 | 62.3 | 55.8 |
| 2018 | 63 | 54.3 |
| 2019 | 58.3 | 53.6 |
| 2020 | 58.8 | 53.5 |
| 2021 | 59.7 | 50.4 |
| 2022 | 56.2 | 48.7 |
| 2023 | 55.7 | 47.8 |
| 2024 | 55.3 | 48.4 |
| 2025 | 57.3 | 50.9 |
More economic indicators
|
South Africa
|
Zambia
|
|
|---|---|---|
| Services, % of GDP |
62.7%
2024 |
55.1%
2024 |
| Industry, % of GDP |
24.4%
2024 |
37.5%
2024 |
| Agriculture, forestry, and fishing, % of GDP |
2.92%
2024 |
1.8%
2024 |
|
GNI, Atlas method
|
$390B
2024 |
$27B
2024 |
| GNI per capita, PPP |
$15,150
2024 |
$3,950
2024 |
| Total reserves including gold |
$65.4B
2024 |
$4.09B
2024 |
| Total reserves ranking |
36/177
2024 |
106/177
2024 |
|
Net foreign direct investment
|
-$3.59B
2024 |
$31.1M
2023 |
|
Net inflows of foreign direct investment
|
$2.33B
2024 |
$1.24B
2024 |
|
Net outflows of foreign direct investment
|
-$1.26B
2024 |
-$170M
2024 |
|
Servicing debt to the IMF, % of GNI
|
6.1%
2023 |
3.61%
2023 |
| Poverty at national poverty lines |
55.5%
2014 |
60%
2022 |
|
Gross capital formation, % of GDP
|
13.9%
2024 |
31.4%
2023 |
GDP per capita map
GDP per capita
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Economy comparisons
The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.
Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.
A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).
Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.
Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.
Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.
Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.