South Africa: Net lending (+) / net borrowing (-) (current LCU)

Key figures

What the numbers say

In 2024, South Africa's net lending (+) / net borrowing (-) (current LCU) fell 5.3 billion on 2023 (from -347.48 billion to -352.78 billion).

Across the 30 yearly changes before that (1994 to 2023), the average change was −10.29 billion and a typical year strayed about 73.81 billion from that (the standard deviation). This year's change was 0.1 standard deviations above 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 269.75 billion in 2021 and the biggest yearly fall was 228.64 billion in 2020. 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 the straight-line trend is downward, about 19.54 billion a year. A straight line explains 31% of the movement over 10 observed years.

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 71st highest value of the 90 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

• Poland — 68th of 90: -250.67 billion
• Costa Rica — 69th of 90: -252.19 billion
• Thailand — 70th of 90: -280.86 billion
• Armenia — 72nd of 90: -369.71 billion
• Brazil — 73rd of 90: -670.3 billion
• Burkina Faso — 74th of 90: -758.19 billion

What this measures

Net lending (+) / net borrowing (–) equals government revenue minus expense, minus net investment in nonfinancial assets. It is also equal to the net result of transactions in financial assets and liabilities. Net lending/net borrowing is a summary measure indicating the extent to which government is either putting financial resources at the disposal of other sectors in the economy or abroad, or utilizing the financial resources generated by other sectors in the economy or from abroad. 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 lending (+) / net borrowing (-) (current LCU) in nearby economies

• Angola — -1.35 trillion (2024)
• Botswana — -11.15 billion (2023)
• Burkina Faso — -758.19 billion (2024)
• Burundi — -47.83 billion (2021)
• Cabo Verde — -16.52 billion (2020)
• Cameroon — -686.91 billion (2021)
• Central African Republic — -56.35 billion (2021)
• Congo, Dem. Rep. — -2.92 trillion (2022)
• Congo, Rep. — 107.42 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 (current LCU) — 414.86 billion (2024)
• 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)

Reading data like this

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Questions people ask

What is South Africa's net lending (+) / net borrowing (-) (current LCU)?

-352.78 billion in 2024, according to the World Bank (World Development Indicators).

How has it changed since 1972?

It is down 578,224% from -61 million in 1972. The highest value was 21.7 billion in 2007 and the lowest -552.2 billion in 2020.

How does South Africa rank?

71st highest of 90 economies with data for 2024.

Is the latest change in net lending (+) / net borrowing (-) (current LCU) unusual for South Africa?

In 2024, South Africa's net lending (+) / net borrowing (-) (current LCU) fell 5.3 billion on 2023 (from -347.48 billion to -352.78 billion). Across the 30 yearly changes before that (1994 to 2023), the average change was −10.29 billion and a typical year strayed about 73.81 billion from that (the standard deviation). This year's change was 0.1 standard deviations above 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.NLD.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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