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South Africa Debt to GDP Ratio

South Africa's government debt-to-GDP ratio hit an all-time high of 76.9% in 2024. This increased from 73.9% in 2023. The rise results from ongoing fiscal deficits. These deficits are caused by high spending on social programs and public sector wages. Slow economic growth has reduced revenue. Corporate income tax and VAT shortfalls also widened the deficit, requiring more borrowing. South Africa's record low government debt to GDP was 27.8% in 2008 and record high was 76.9% in 2024.

Yearly Historical Data (2000-2024)

(in %)
Year Debt to GDP Ratio
2024 76.9%
2023 73.4%
2022 72.8%
2021 69.9%
2020 70.7%
2019 63.3%
2018 56.6%
2017 53.1%
2016 51.6%
2015 49.3%
2014 47%
2013 44.1%
2012 41%
2011 38.2%
2010 34.7%
2009 31.3%
2008 27.8%
2007 28.3%
2006 32.6%
2005 34.6%
2004 35.9%
2003 36.9%
2002 36.9%
2001 43.5%
2000 43.3%
South Africa Debt to GDP Ratio : Definition
South Africa's government debt to GDP shows the country's total government debt as a percentage of its gross domestic product. It's calculated by dividing total government debt by GDP. A higher ratio suggests potential repayment difficulties.
Indicator Last Value Prior Value Period
Current Account to GDP Ratio -0.6% -1.6% Dec'24
Interest Rate 7% 7.25% Sep'25
Private Credit (% GDP) 90.55% 91.72% 2023