South Africa’s economy has been reappraised upward, with its Gross Domestic Product (GDP) rising 5% against the previously estimated figure. The revision reinforces the country’s position as the largest economy in Sub-Saharan Africa, ahead of Nigeria. The update was announced on Thursday (28) by Statistics South Africa as part of a national accounts revision and rebasing exercise.

According to the statistics authority, South Africa’s nominal GDP reached approximately $482.9 billion in 2025, up from $459 billion recorded the previous year. These figures reflect the size of the economy at current prices, converted into US dollars. National accounts revisions are standard procedures for statistics institutes and allow for the incorporation of new information on economic activity, improving estimates of national output.

Nigeria, meanwhile, recorded a nominal GDP of approximately $328.7 billion in 2025, retaining its position as the second-largest economy in Sub-Saharan Africa. South Africa already held a superior position relative to Nigeria in terms of economic size measured in dollars — a gap further widened by the depreciation of the naira, Nigeria’s currency, which has reduced the dollar value of that country’s economy.

The revision also included a change to the base year used in calculating GDP, which shifted from 2015 to 2022. This adjustment updates the reference framework used in the national accounts and more accurately reflects the composition of the South African economy, including activities that were previously not adequately captured.

Among the activities incorporated or better reflected in the new estimates are own-use electricity generation, undeclared mining and manufacturing activities, and transport services provided through digital platforms. The inclusion of these activities provides a more comprehensive picture of economic output and helps explain the upward revision to the GDP figure.

According to the statistical authorities, all ten economic sectors analysed recorded higher levels of output than previously estimated. Mining, financial services, and trade posted the largest increases, standing out as the areas that contributed most to the upward revision of the South African economy’s size.

Johann Els, chief economist at financial services firm PSG, said the revision could have positive effects on South Africa’s public debt indicators, particularly the debt-to-GDP ratio. This metric compares the value of public debt against the size of the economy and is closely monitored by authorities, as it allows an assessment of the weight of the state’s financial commitments and the economy’s capacity to sustain them.