GDP growth: The GDP increased by 0.5% in the third quarter of 2025. Growth in the year to the third quarter was 1.9%, but it was somewhat inflated by an extraordinary jump reported for agriculture. Construction and utilities, however, shrank 5.6% over the past year. Read more.

Employment: In the year to the third quarter of 2025, employment grew by 109 000 jobs, or 0.6%. While total employment has risen 4.2% since the 2020 COVID-19 pandemic, it has lagged behind the working-aged population. Methodological changes in the Quarterly Labour Force Survey this quarter have been accompanied by delayed publication of some details, however. Read more.

Infrastructure: Both electricity and freight transport stagnated in the year to the third quarter of 2025. Eskom saw a 4% decline in output, although it remained 4% higher than in the third quarter of 2023. Private generation for the national grid was essentially the same as a year earlier. Read more.

International trade: Both exports and imports rose modestly year-on-year, by 2% and 1% respectively. Quarterly growth was stronger, with exports up 5% and imports 8%. The imposition of high tariffs by the US from early September did not visibly affect South African exports in the quarter. Ferrochrome exports, however, crashed, falling from a quarterly average of R20 billion in 2023 to R5 billion in the third quarter of 2025. Read more.

Investment and profitability: Gross fixed capital formation recovered some 5.4% in the third quarter of 2025, mostly due to a jump in public sector investment. The increase reversed a decline that had begun in mid-2023, at the height of the loadshedding crisis. Still, private investment was almost flat, and the investment rate continued to decline. Profitability increased across the economy outside of mining. Read more.

Foreign direct investment projects: The TIPS Foreign Direct Investment Tracker monitors FDI projects on a quarterly basis, using published information. In the third quarter of 2025 it recorded 20 projects. Eleven of these reported an investment value for a total of R55.8 billion, but much of the proposed spending will take place outside of South Africa. In addition, 15 projects announced earlier were updated. Read more.

Briefing Note 1: Key findings from updates to the National Employment Vulnerability Assessment (NEVA) - by Danae Govender, Michael Hector, Nokwanda Maseko, Muhammed Patel and Kate Rivett-Carnac. TIPS has undertaken an update of the vulnerability assessment for five value chains that are particularly exposed to the climate crisis (petroleum-based transport, coal, metals, agriculture and tourism). The findings will inform updated Sector Jobs Resilience Plans that aim to improve resilience to the impacts of the climate crisis. Read the Briefing Note online: Key findings from updates to the NEVA.

Briefing Note 2: The mining value chain and decarbonisation - by Sakhile Ndlovu and Akhona Myataza. This note draws on a forthcoming TIPS publication, Decarbonising the mining value chain in South Africa: Technological options for a low-carbon future. Read the Briefing Note online: The mining value chain and decarbonisation.