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Stats SA says the economy is about 5% larger

Published

Statistics South Africa now puts last year's nominal GDP at R8.04-trillion, up from R7.64-trillion, after it rebased and benchmarked its figures. The revision widens South Africa's lead over Nigeria as the biggest economy in Sub-Saharan Africa.

Statistics South Africa said on Thursday that it moved the base year for its figures from 2015 to 2022. It also added activity that earlier methods did not observe, and it used more complete data and better ways of measuring.

All 10 sectors tracked showed higher output. Mining, finance and trade had the largest increases. Mining had the biggest upward revision in nominal GDP, at 12.5 percent, partly because of better coverage of illegal mining.

Nigeria's nominal GDP last year was 441.5-trillion naira. Johann Els, chief economist at financial services firm PSG, said the revisions would make South Africa's debt numbers look better, in particular its debt-to-GDP ratio.

Key facts

Who
Statistics South Africa (statistics agency that rebased and benchmarked GDP figures); Johann Els (chief economist at financial services firm PSG); Risenga Maluleke (Statistician General)
What
Statistics South Africa rebased and benchmarked its gross domestic product figures, updating the base year from 2015 to 2022 and incorporating more comprehensive data and improved measurement methods. The revisions put the economy about five percent larger, with the mining sector showing the biggest upward revision in nominal GDP at 12.5 percent, partly due to better coverage of illegal mining.
When
29 October 2026
Where
South Africa, Nigeria
Status
Reported

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