South Africa economy estimated 4.9% larger after rebasing

Key facts

• South Africa's economy was estimated to be 4.9% larger after a rebasing exercise.
• The 2022 GDP was revised to 6.99 trillion rand ($420.19 billion) from 6.67 trillion rand.
• The base year for GDP estimates was changed to 2022 from 2015.
• Mining, finance and trade sectors registered the largest output increases.
• Nominal GDP for last year was revised to 8.04 trillion rand from 7.64 trillion rand.

South Africa's economy was estimated to be 4.9% larger than previously reported following a benchmarking and rebasing exercise, the nation's statistics agency announced on Thursday. The revision adjusted the 2022 gross domestic product to 6.99 trillion rand ($420.19 billion) from an earlier estimate of 6.67 trillion rand. The agency also updated the base year for its GDP calculations to 2022 from 2015, incorporating changes in both formal and informal economic sectors. All ten tracked sectors saw increased output, with mining, finance, and trade showing the most significant gains, partly due to the inclusion of illicit activities.