Impact of COVID-19 on South Africa Economy Market Trends, Size, Forecast - 2019-2025

South Africa’s economy is the second-largest economy in the Africa continent, falling after Nigeria. According to the World Bank, the nominal gross domestic product (GDP) of the country was $368 billion in 2018. South Africa is considered to be the most industrialized and diversified economy among other economies of the African continent. State-owned enterprises play a vital role in the country’s economy. South African strong banking sector is rated as the positive feature of the country’s economic growth. Moreover, the country is the only African member of the G20 group. In the Africa continent, the country has gained a comparative advantage in the production of agriculture, mining, and manufacturing products.

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The report analyzes the impact of COVID-19 on the South African economy and its major verticals. South African economy is extensively diversified with key sectors such as mining, agriculture and fisheries, automobile manufacturing and assembly, food processing, clothing and textiles, telecommunication, energy, financial and business services, real estate, tourism, transportation, and wholesale and retail trade. Further, the country trades many commodities across the globe with European countries and China is the main trading partner and the country’s total trade value of goods and services equals nearly 60% of the GDP. Therefore, the tumbling global scenario due to the COVID-19 outbreak, which has put nations under lockdown, is likely to have a negative impact on the South African economy.

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Major Verticals Affected
• Metals and Minerals
• IT & Telecom
• Pharmaceutical
• Automobile
• Others (BFSI, Food & Beverages, and so on)

Company Studied
• Anglo American PLC
• Anheuser-Busch InBev SA/NV
• British American Tobacco PLC
• Compagnie Financiere Richemont SA
• FirstRand Ltd.
• Glencore PLC
• Naspers Ltd.
• Standard Bank Group Ltd.
• BHP Group PLC
• Vodacom Group Ltd.

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