South Africa: Net incurrence of liabilities, total (current LCU)

Key figures

What the numbers say

In 2024, South Africa's net incurrence of liabilities, total (current LCU) rose 22.8% on 2023 (from 337.76 billion to 414.86 billion).

Across the 30 yearly changes before that (1994 to 2023), the average change was +27.4% and a typical year strayed about 101.5% from that (the standard deviation). This year's change was 0.0 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

On record, the biggest yearly rise was 465.7% in 2008 and the biggest yearly fall was 67.4% in 2006. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2015 to 2024 there is no clear straight-line trend: a straight line explains 14% of the movement over 10 observed years, so the value is moving around more than it is heading anywhere.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

In 2024, South Africa had the 24th highest value of the 55 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.

Closest to South Africa in the 2024 ranking

• Madagascar — 20th of 55: 815.64 billion
• Thailand — 21st of 55: 571.5 billion
• Mongolia — 22nd of 55: 420.26 billion
• Armenia — 24th of 55: 399.87 billion
• Ethiopia — 25th of 55: 253.89 billion
• Dominican Republic — 26th of 55: 208.08 billion

What this measures

Net incurrence of government liabilities includes foreign financing (obtained from nonresidents) and domestic financing (obtained from residents), or the means by which a government provides financial resources to cover a budget deficit or allocates financial resources arising from a budget surplus. The net incurrence of liabilities should be offset by the net acquisition of financial assets. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.

Limitations: For most countries central government finance data have been consolidated into one account, but for others only budgetary central government accounts are available. Countries reporting budgetary data are noted in the country metadata. Because budgetary accounts may not include all central government units (such as social security funds), they usually provide an incomplete picture. In federal states the central government accounts provide an incomplete view of total public finance. Data on government revenue and expense are collected by the IMF through questionnaires to member countries and by the Organisation for Economic Co-operation and Development (OECD).

All 53 values

Net incurrence of liabilities, total (current LCU) in nearby economies

• Angola — -778.29 billion (2024)
• Botswana — 8.29 billion (2023)
• Burkina Faso — 900.19 billion (2024)
• Burundi — 181.93 billion (2021)
• Cabo Verde — 16.42 billion (2020)
• Cameroon — 593.86 billion (2021)
• Central African Republic — 50.67 billion (2021)
• Congo, Dem. Rep. — 1.39 trillion (2022)
• Congo, Rep. — 119.5 billion (2021)
• Côte d'Ivoire

More public sector data for South Africa

• Military expenditure (current USD) — 3.17 billion (2025)
• Military expenditure (current LCU) — 56.76 billion (2025)
• Military expenditure (% of GDP) — 0.74% (2025)
• Arms exports (SIPRI trend indicator values) — 115 million (2025)
• Arms imports (SIPRI trend indicator values) — 30 million (2025)
• Net incurrence of liabilities, total (% of GDP) — 5.64% (2024)
• Net investment in nonfinancial assets (current LCU) — 98.59 billion (2024)
• Net investment in nonfinancial assets (% of GDP) — 1.34% (2024)
• Net lending (+) / net borrowing (-) (current LCU) — -352.78 billion (2024)

Reading data like this

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Questions people ask

What is South Africa's net incurrence of liabilities, total (current LCU)?

414.86 billion in 2024, according to the World Bank (World Development Indicators).

How has it changed since 1972?

It is up 47,750% from 867 million in 1972 (12.6% a year on average, compounded). The highest value was 699.09 billion in 2020 and the lowest 732 million in 1973.

How does South Africa rank?

24th highest of 55 economies with data for 2024.

Is the latest change in net incurrence of liabilities, total (current LCU) unusual for South Africa?

In 2024, South Africa's net incurrence of liabilities, total (current LCU) rose 22.8% on 2023 (from 337.76 billion to 414.86 billion). Across the 30 yearly changes before that (1994 to 2023), the average change was +27.4% and a typical year strayed about 101.5% from that (the standard deviation). This year's change was 0.0 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

Source

World Bank, World Development Indicators, indicator GC.LBL.TOTL.CN, licensed CC BY 4.0. Original source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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