Global GDP Growth: Overview
Real GDP is computed using prices from the base year adjusted for inflation. A measure of economic growth, real GDP changes demonstrate whether the economic activity has increased or decreased. The US, China, Japan, Germany, and India have the top five economies in the world in terms of real GDP. With a value of $12.7 trillion, China had the second-largest real GDP behind the US in 2021. Japan ranked third globally with a $6 trillion real GDP during the same period. The next two largest economies are Germany and India, with real GDPs of $3.8 trillion and $2.9 trillion, respectively.
South Africa Exports: Overview
According to the IMF, the volume of exports of goods and services contracted by 10.3% in 2020, compared to a 2.5% contraction in the previous year.
Pearls, precious and semi-precious stones, and metals were the largest component of South Africa’s export basket in 2020. Its share increased from 16% in 2017 to 22.6% in 2020. On the other hand, the share of ores, slag, and ash also increased to 15% in 2020, from 12.8% in 2017. South Africa’s substantial natural resource base supports its mineral exports. Automotive exports are a major contributor to economic growth. In 2020, South Africa’s export of vehicles decreased by 26.5% compared to an increase in the previous year. Overall merchandise exports by South Africa declined by 4.7% in 2020, mostly due to heightened global uncertainties.
Germany, China, and the US were the top three trading partners of South Africa, accounting for 31.4% of the total trade (exports and imports) in 2020.
South Africa Exports as a % of GDP
Exports as a % of GDP of South Africa was 29.9% in 2021, while South Africa’s exports as a % of GDP was decreased by 1.5% year on year basis in 2021. Between 2010-2021, the exports as a % of GDP in South Africa increased by 4.7%. The exports as a % of GDP were highest in the year 2014 (30.8%), and lowest in the year 2010 (28.5%).
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