All details will be kept confidential and is for the use of Stats SA only. Adi Eyal, Director of Code for South Africa, says the Tax Clock is an opportunity for people to engage with the budget through the money they earn - and the tax they pay. We are not affiliated, connected, sponsored or even friendly to any political party, pressure/lobby group, or steering party in the world. This translates to about R40,000 per person living in the country. According to the National Debt Clock, the debt to GDP ratio has risen to over 117%. $309 233 098 687. 1 General government consists of 704 institutions. Harking back to better times in February’s National Budget Speech, Finance Minister Tito Mboweni quipped that his predecessor, Trevor Manuel, had given out succulent plums to highlight the prosperous times the country had then found itself in. South Africa’s gross loan debt stood at R2,2 trillion in 2016/17, according to the National Treasury. This number is an indicator of the countries economic future. If the Land and Agricultural Development Bank of South Africa (Land Bank) and National Treasury cannot reach a mutually acceptable plan with the bank’s creditors on how its approximately R40 billion debt will be restructured and its misfortunes sustainably turned around, the agricultural sector faces an uncertain future. South African government debt to GDP is fast approaching 60%, according to the International Institute of Finance (IIF), sounding alarm bells over the country’s ability to finance it. Canada experienced a gradual decrease in debt after the 1990s until 2010 when the debt began increasing again. “South Africa’s gross loan debt stood at R2.2 trillion in 2016/17, according to the National Treasury. Eskom presents the biggest risk to the fiscal framework due to its financial problems and negative impact on the lives of ordinary South Africans. South Africa 78295 64685: ... forecasts, statistics and historical data charts for - Government Debt. Interest payments accounted for 9,2% (or R146 billion) of general government expenditure (R1,58 trillion) in 2016/17. Overseas ownership of South African government debt fell to 37% of the total at the end of August, from as high as 43% in March 2018, according to national treasury data. In other words, for every R100 of total spending, R9,20 was used to pay interest on debt. And every taxpayer would have to fork out $223,000 to settle the national debt. Germany ’s debt ratio is currently at 59.81% of its GDP. Zambia was ranked in 5th place, an indication of the country’s rapidly expanding debt burden.11 South Africa was ranked in 30th position. A combination of recessions, defense budget growth, and tax cuts has raised the national debt-to-GDP ratio to record levels. However, despite Moody’s still keeping South Africa above junk, economists and analyst are under no illusions that the country is actually at investment grade, with the base expectation being that a downgrade to full junk is inevitable. Stats SA is in the process of updating its database of all users. GDP per capita year to date (annual $14,926) $2 384 449 943. With EM household and government debt reaching record highs, the rise in overall debt-to-GDP ratios since Q1 2018 has been most significant in Chile, Korea, Brazil, South Africa, Pakistan and China, it said. “The persistent economy-wide increase in EM borrowing continues to feed into higher contingent liabilities for many sovereigns,” said IIF deputy director Emre Tiftik. The succulent plums quickly shrivelled under the strain of various factors, including the 2008–2009 global financial crisis. US National Debt Clock : Real Time U.S. National Debt Clock It is estimated that around R100 billion worth of investment has been fed into the country through the WBGI since South Africa joined in 2012. 9 National Treasury, 2019 Budget Review, Table 7.8 (view here). 10 International Monetary Fund (IMF), Government Finance Statistics Yearbook and data files. On 24 February, the government presented the budget for FY 2021–2022—which begins on 1 April—to Parliament, sticking to its commitment to fiscal consolidation and debt stabilization. But one of our strategists says the "debt clock disaster" folks are wrong. In very basic terms, this can be thought of as debt that the government owes to others plus debt that it owes to itself. South Africa’s national debt has risen sharply over the past 12 months which places an incredible strain on the economy and the taxpayer. South Africa has a higher interest payment burden than some of its neighbours. The deficit in 2016/17, for example, amounted to R156 billion.5. And there is no sign that it’s going to slow down any time soon. Kindly participate in this short survey and provide your details. In its most recent review, the ratings firm cut South Africa’s growth forecast to 1.0% – higher than the 05% to 0.8% held by many financial institutions – after the country posted the biggest quarterly decline in a decade. There are a few hard truths, and numbers. Helping the rand locally has been the promise of continuity at the South Africa Reserve Bank, with governor Lesetja Kganyago being reappointed for another five-year term, along with movements from government to help struggling SOEs – in particular, Eskom. Every day, Uncle Sam goes another $1.7 billion in hock. Stats SA takes a look at government spending over 13 years, focusing on how much we pay to service our debt. The debts of South Africa’s states and local government are not counted as part of the country’s national debt. National Treasury is expected to lay out its plan to save Eskom in the presentation of the Special Appropriations Bill on the 23rd of July. Unemployment is currently 25% 0.6% was the figure for the growth of the South African economy from April- June 2014 1.6 million workers have estimated to have emigrated since 1994. National Treasury says debt repayments now stand at R80bn a year. South Africa’s government and state-owned enterprises (SOEs) are sitting on astronomical debt totalling more than R3 trillion – a figure that … Stats SA, Country projections by population group, sex and age (2002-2018) [Excel file] (download here). The debt-to-GDP ratio currently stands at 129.72%, according to the National Debt Clock. The data are available from the World Bank data portal (access the data here). An increase in government debt has pushed South Africa to the largest change in emerging market debt-to-GDP year-over-year in all of Sub-Saharan Africa, the IIF said, making it the fifth-largest difference among the emerging markets assessed. South AfricaGdp and National debt. License : CC BY-4.0 South african currency coins closeup picture A tech tool helps you calculate your tax contributions to education, health, defence, or paying off national debt – per day. Debt per Citizen: $2,654. The Eçonomy of South Africá Finance 27 The Statistics $400 billion gross domestic product 2nd argest economy on the African continent. For example, if a country’s national debt-to-GDP ratio keeps rising, it’s an indicator that the country’s expenses outweigh the income and rate of production. Despite the lack of concern in the mainstream, debt has consequences. Canada’s national debt currently sits at about $1.2 trillion CAD ($925 billion USD). According to NWU Business School economist professor Raymond Parsons alarm bells are ringing for South Africa debt-to-GDP ratio, with Treasury at high risk of having to reprice its debt. 13 National Treasury, 2019 Budget Speech (read here). $5 171. Similar articles are available on the Stats SA website and can be accessed here. Eskom has enough money until the end of October, according to … Central government debt, total (% of GDP) International Monetary Fund, Government Finance Statistics Yearbook and data files, and World Bank and OECD GDP estimates. The U.S. national debt hit a new high of $28 trillion in March 2021. Servicing this level of debt can be expensive. “Growing reliance on short-term debt leaves many emerging markets exposed to sudden shifts in global risk appetite.”. It calculates minute-by-minute the time you spend contributing to government services, such as education, health or national debt - and the time that you're working for yourself. National debt figures represent how much a government owns it’s creditors. The “debt clock” – monitored and calculated by currency specialists commodity.com – is adding up all the interest payments South Africa owes, in a second-by-second breakdown. World Debt Clocks have no secret agenda. Eskom’s debt is at more than R440bn and rising, according to the power utility’s own financials. A cut by Moody’s to sub-investment grade would force South African bonds out of the World Government Bond Index (WBGI), forcing investors and hedge funds to pull their funds out of the country. How South Africa’s Debt is Calculated. Do you invest in shares listed on the JSE. … Moody’s is currently the only major ratings agency to hold South Africa in investment grade, after both S&P Global and Fitch junked the country’s rating two years ago. Government Debt in South Africa increased to 78295 USD Million in the fourth quarter of 2020 from 64685 USD Million in the third quarter of 2020. source: South African Reserve Bank. JOHANNESBURG: South Africa’s struggling national airline, South African Airways (SAA) on Friday exited a local form of bankruptcy protection called business rescue after roughly 17 months. If you only count taxpayers*, it would be ~$20,000, which isn't farcical, although a lot worse. South Africa’s gross loan debt stood at R2,2 trillion in 2016/17, according to the National Treasury.6 This translates to about R40 000 per person living in the country.7, Servicing this level of debt can be expensive. 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If state expenditure is taken as a measure of better times, there was a three-year period (2005/6 to 2008/9) when government1 spent less than it earned, enjoying a surplus over that period. According to analysis by Bianca Botes, treasury partner at Peregrine Treasury Solutions, much of the rand’s movement over the last month has been at the behest of international markets and manoeuvring, particularly the in the US, where the Federal Reserve pointed to rate cuts, reigniting investor appetite for riskier EM markets, and president Donald Trump pushed his trade war. This throws cold water on the conventional “spend now, worry about the debt … Not that bad, actually. 4 Stats SA, Business tax revenue struggles to recover to pre-recession highs (read here). The economy floundered in 2008/09, sliding into recession for three consecutive quarters.3 Government revenue fell in 2009/10, mainly underpinned by a fall in tax collected from businesses.4, Revenue bounced back the following year, but not enough to lift government out of the red. South African government debt to GDP is fast approaching 60%, according to the International Institute of Finance (IIF), sounding alarm bells over the country’s ability to finance it. More recently, strong retail sales data in the US this week saw the rand retreat against the dollar after reaching highs of R13.85/$ during trade on Tuesday, but the currency is still expected to stick around the R14 to the dollar levels, she said. 7 Based on a total population estimate of 55,9 million for the year 2016. These include 47 national government departments, 123 provincial government departments, 257 municipalities, 251 extra-budgetary accounts and 26 higher education institutions. Studies have shown that a debt to GDP ratio over 90% retards economic growth by about 30%. Also working in South Africa’s favour is the anticipation of rate cut on Thursday (18 July). The clock is ticking for 24 people living at the former South African National Circus School next to Hartleyvale Stadium in Observatory. The country's debt has grown by 44 percent and the trade deficit stands at six percent. With debt at 54% of our total GDP, our interest payment alone is estimated at over R174bn per … Consumer price index (CPI), Producer price index (PPI), Government finance: national and provincial government, Supply and use tables, Satellite accounts, Regional GDP, Gross domestic product (GDP), expenditure, Structural industry statistics (large sample surveys of industries, Population Statistics (Census and Community Survey), Labour Statistics- Quarterly Labour Force Survey (QLFS), Tourism Statistics (Domestic Tourism Survey), Crime and Safety Statistics (Victims of Crime Survey), Service Delivery Statistics (General Household Survey), Transport Statistics (National Travel Survey), Government finances: surplus, deficit and debt. Download the Financial statistics of consolidated general government report and time series data here. 6 This translates to about R40 000 per person living in the country. Believe it or not, there was a time – not so long ago – when the South African government actually spent less than it earned. This is more than what was spent on the hospital (R105 billion), tertiary education (R77 billion) and housing (R69 billion) functions during that period.8, National Treasury expects this figure to rise, reaching 13% of total expenditure in 2021/22.9, How do we square up against other countries? 8 For a breakdown on what general government spent money on in 2016/17, see this Stats SA infographic. The debts of South Africa’s states and local government are not counted as part of the country’s national debt. Gross National Product. 6 National Treasury, 2019 Budget Review, Table 10 (view here). 07-05-2021 23:29:27. It warned that in this economic environment government’s stated goals of boosting the economy would be far more difficult to achieve, and even warned of a high chance of the country entering into a recession yet again. 3 Stats SA, The South African economy shrinks by 0,7% (read here). South Africa - Public Debt Government presents improved consolidation path, yet still relies on public wage cuts. Since 2007/08, government has consistently spent more than it earns. MAKE YOUR VOICE HEARD AT THE FIRST SA NATIONAL CONFERENCE ON MIGRATION, SA tourism industry struggles amidst COVID-19 pandemic, Education inflation the lowest in 30 years, The peaks and troughs of municipal income. Reasonable spending and reducing South Africa’s debt were two important prescripts underlying the National Budget Speech in February.13 In the words of the Minister of Finance, if “we plant anew” seeds that will set us on the track to renewal, we will be able to return the “plum” times that we once enjoyed. South Africa is a middle-income, emerging market with an abundant supply of natural resources; South Afica is also the world’s largest producer of platinum, gold, chromium; Second largest economy in Africa; As of 2013 48.9% of South Africa’s population was using the internet Scroll down to view a live counter. The country’s debt has been rising as a proportion of the nation’s GDP for some years. Follow $40. 2 When interpreting these figures, note that the data published in the Financial statistics of consolidated general government report (a) are adjusted for the reference period 1 April – 31 March and (b) in order to compare across all levels of government, data are converted from an accrual basis of recording system to a cash basis of recording system. The South African national debt has become a … For South Africa, government debt has long been the axe hanging over the country’s credit rating neck, which is being held up by a single thread in the form of Moody’s. 7. At that time, the national debt was over $2.7 trillion and 50% of the gross domestic product. The $28 trillion gross federal debt equals debt held by the public plus debt held by federal trust funds and other government accounts. Unfortunately, government financial data are not available for Zimbabwe, eSwatini and Madagascar, as confirmed by Open Data Watch.12. The rand (South African currency) lost 20 percent of its value in 2013, causing the price of goods in the country to increase significantly. Countries generally borrow money to cover financial deficits so that they can provide services to their citizens. 5 The surplus/deficit is calculated by subtracting total cash adjusted expenditure (cash payments for operating activities and purchases of non-financial assets) from total cash adjusted revenue flows. By 10h00 on Wednesday the rand was trading at the following levels against the major currencies: Read: South African interest rates may fall, and not due to politics. South Africa devoted a larger proportion of its budget to paying interest than other countries such as Russia and China, according to data from the International Monetary Fund (IMF).10 (Click on the map to enlarge). For a monthly overview of economic indicators and infographics, catch the latest edition of the Stats Biz newsletter here. Emerging market debt hit a record $69 trillion in the first quarter of 2019, the IIF said, now amounting to over 216% of GDP for the market. SAA was placed under administration in December 2019 and its long-standing financial woes worsened during the Covid-19 pandemic. State-owned enterprises are not included. Our only aim is to provide clear and up to date information about the ongoing debt crisis. “The original Budget projections in February this year were predicated on an expected 1.5% growth in 2019, which is clearly no longer realistic, given the poor economic growth performance in the first half of 2019,” he said. Despite South Africa’s woes on the debt front, its currency is enjoying renewed levels of strength, pointing to rising debt and the looming threat of a downgrade already being priced into the market. Studies have shown that a debt to GDP ratio of over 90% retards economic growth by about 30%. Debt figures are derived from national definitions and therefore may vary from country to country. Real estate investor Seymour Durst created the debt clock in 1989. Learn more about different ways to measure our national debt. This is according to time series data from Stats SA’s Financial statistics of consolidated general government report.2, This didn’t last for long, however. Moody’s has granted South Africa a reprieve on many reviews, but has also explicitly warned against rising debt levels, as well as the core underlying causes which include low growth, failing state owned companies and policy uncertainty. Of the 109 countries for which data are available, Lebanon, Sri Lanka, Jamaica and Brazil devoted the highest proportion of their respective budgets to interest payments in 2016. Interest payments accounted for 9,2% (or R146 billion) of general government expenditure (R1,58 trillion) in 2016/17. The national debt of South Africa is the money owed by the country’s federal government, which is based in Pretoria. The debt-to-GDP ratio gives insight into whether the U.S. has the ability to cover all of its debt. The Economy of South Africa . Government Debt in South Africa averaged 38887.30 USD Million from 2002 until 2020, reaching an all time high of 81061 USD Million in the first quarter of 2018 and a record low of 11594 USD Million in the first quarter of 2003. The summary table is available here. GDP (PPP) year to date. Durst is famously quoted as … Namibia, Botswana and Lesotho all contribute proportionally smaller chunks of their budgets to service debt. GDP today. 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