South Africa Economic Outlook 2024

October 2024

Overview

Global financial markets and local business surveys show improved sentiment towards South Africa’s economy since the formation of the 10-party Government of National Unity (GNU). Business leaders and financial market investors have welcomed what this diverse body of voices and range of approaches to solving our societal challenges could mean for the economy. 

The outlook for SA Inc (companies whose earnings are predominantly linked to the South African economy) has improved significantly over the past several months. Positive contributors include a hiatus in electricity load-shedding since March 2025—the longest period without planned power cuts in more than five years. 

In support of improving economic conditions, and on the back of recent successes in addressing the country’s energy and logistics challenges, the private business sector has recommitted to supporting the government in accelerating important economic reforms. If implemented immediately, these reforms could significantly increase economic growth in 2025 and bring down the country’s unemployment rate. 

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In this edition: 

Signs of improvement in South Africa’s near-term economic prospects

Fresh momentum in post-election business environment as reforms continue

This edition looks at several perspectives on the current state and near-term outlook for the South African economy, its operating environment and industry-level prospects. It includes comments from industry leaders at PwC South Africa about the short-term outlook for their industries, including mining, manufacturing, construction, retail, transport and real estate sectors. 

Key content in this report includes:

  • The good news story: A more favourable perspective about post-election Mzansi

  • Industry-level prospects: Our industry leaders reflect on the near-term outlook for their sectors’ operating conditions

  • Righting the ship: What the government and private business are doing to reach 3.3% economic growth

  • Investment decisions now: Highlighting mergers and acquisitions (M&A) considerations in mining, insurance and business services

  • How we can help: Economic perspectives, industry-level insights and M&A services

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Contact us

Lullu Krugel

Lullu Krugel

PwC Africa ESG Platform Leader, Strategy& and Chief Economist, Strategy& South Africa

Tel: +27 (0) 82 708 2330

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