South Africa’s economy is $37B bigger than previously thought

The country’s statistics authorities said they updated the way they calculate gross domestic product.

South Africa’s economy is 11% bigger than previously estimated, after statistics authorities changed the way they calculate gross domestic product. GDP at current prices measured 5.52 trillion rand ($369 billion) in 2020, compared with a previous estimate of 4.97 trillion rand, said Joe de Beer, deputy director-general of economic data at Statistics South Africa, told reporters Wednesday in the capital, Pretoria. The economy remains Africa’s second-biggest, lagging behind Nigeria. The upward revision means some key fiscal metrics, including the ratio of debt as a percentage of GDP, may now look better, De Beer said in an interview. Ratios in which GDP is the denominator will decline if the numerator remains the same, he said.