SA economy 5% bigger after rebasing: Stats SA

South Africa’s economy is now estimated to be about five percent larger than previously thought. This follows Statistics South Africa'S rebasing and benchmarking of the country’s gross domestic product figures. The exercise updates the base year used to measure the economy from 2015 to 2022 while incorporating more comprehensive data and improved measurement methods.

Stats SA has said that the revisions provide a more accurate picture of the size and structure of the country's economy. Stats SA also improved its estimates of economic activities that have previously been difficult to measure accurately. ALSO READ: Some political parties not impressed with the medium-term budget speech MTBPS 2026: Godongwana tables mid-term budget with new fiscal anchor laws on the horizon These include illegal and informal economic activity, electricity generated by households and businesses and e-hailing services.

By capturing more of these activities, the revised figures provide a more complete picture of the contribution different sectors make to the economy. The mining sector, for example, recorded the biggest upward revision in nominal GDP at 12.5 percent, partly because of better coverage of illegal mining.

The changes are important because GDP is one of the key measures used to assess the size and performance of the economy. It also influences how economic growth, productivity and the contribution of different industries are understood. Never miss a major story.

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