Did the South African economy triple since 1994?

President Cyril Ramaphosa speaks at an event to celebrate 30 years of freedom at Union Buildings on 27 April 2024, in Pretoria. Picture: Per-Anders Pettersson/Getty Images

For example, if a country is producing 100 widgets at R5 each in a given year, its annual GDP is 100 x R5=R500. If in the next year, the country again produces 100 widgets, but inflation averages 10% pushing the widget price up to R5.50, the GDP figure moves to 100 x 5.5=R 550, although the economy has produced the same number of widgets.

“GDP has grown from 2 389 241 million in 1994 to 4 626 933 million in 2023 or 93.7% over this period. Therefore, GDP has not even doubled in real terms over this period, as this amounts to an average annual growth rate of 2.2% per year in real terms. “At the end of 2023, the South African economy was closer to 2.5 times bigger than in 1994. In real GDP terms, the South African economy is slightly less than twice the size of 1994.

“In nominal terms, the size of the economy was R545 billion in 1994 and rose to R6.97 trillion in 2023, reflecting a notable 1178.8% growth over the timeframe. However, incorporating the impact of inflation and population growth, GDP figures rose from R2.389 trillion in 1994 to R4.627 trillion in 2023, signifying a 93.7% growth across the period. When factoring in population growth, GDP growth from 1994 to 2023 stands at 28%.

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