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South Africa
14.05.24 11:45

South African government releases report on country's economy

The report charts the changes in the economy since 1994

In a comprehensive assessment conducted by the Department of Planning, Monitoring and Evaluation, South Africa's economic growth and development over the past 30 years has been thoroughly analysed and revealed in a recent report.

The findings show that South Africa continues to maintain its position as one of the largest economies on the African continent and boasts the highest level of industrialisation and technological development compared to other countries in the region. This is reported by Pretoria News, a partner of TV BRICS.

Key highlights of the report, prepared in collaboration with government officials at both provincial and national levels, indicate that the country has achieved a long-term average GDP growth rate of 2.4 per cent between 1994 and 2022.

Employment data showed significant growth, with the labour force increasing from 11.3 million in 1994 to 28.3 million in 2023, leading to an increase in total employment from 8.9 million to 16.7 million over the same period.

Financial inclusion in South Africa was found to be significantly high, with around 84 per cent of the population having bank accounts in 2022, up from just 54 per cent in 2010. The report also recognises significant progress in internet accessibility, with near ubiquitous 3G and 4G/LTE network coverage and growing adoption of 5G technology reaching 7.5 per cent of the population.

With an internet penetration rate of 68.2 per cent, the report recognises the critical role of digital connectivity in driving social and economic progress in the country.

The report also highlighted that multilateral structures such as BRICS, can provide an opportunity for the expansion of trade, investment and industrialisation.

Photo: iStock
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