Business & Markets · Credit to private sector · South Africa
South Africa’s credit to private sector fell to 89.4% of GDP in 2024.
89.4% of GDP
2024
Down 0.26 pp from 2023.
Updated 8 Oct 2026
In plain words
89.4% of GDP
What it is. This measure adds up the funds that domestic banks and other financial institutions have provided to households and companies, then divides the total by the size of the economy. It gives a sense of how deeply private borrowing runs through the financial system. Borrowing from abroad is left out, and the ratio averages across all borrowers whatever their circumstances.
Neither way is good in itself. A higher ratio means households and firms can draw on more financing, and it also means more debt to service. A lower ratio means lighter debt burdens and a smaller pool of funding for borrowers. The latest figure, for 2024, is 89.4% of GDP, down 0.26 percentage points from 89.7% of GDP a year earlier. It is the lowest reading since 2015, when it stood at 127.2% of GDP.
Why it matters. At 89.4% of GDP, domestic lending to South African households and businesses remains large relative to the economy, though well below the 127.2% of GDP recorded in 2015. Lenders now provide a smaller amount of credit relative to national income than they did at the start of the window. The next annual reading will show whether the ratio keeps falling from its 2024 level.
| Period | Credit to private sector · South Africa |
|---|---|
| 2015 | 127.2% of GDP |
| 2016 | 124.4% of GDP |
| 2017 | 127% of GDP |
| 2018 | 118.4% of GDP |
| 2019 | 117.2% of GDP |
| 2020 | 109.1% of GDP |
| 2021 | 93.2% of GDP |
| 2022 | 91.6% of GDP |
| 2023 | 89.7% of GDP |
| 2024 | 89.4% of GDP |
Source: World Bank, World Development Indicators (CC BY 4.0) · Licence: CC BY 4.0
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Strata-AF™ Data, Credit to private sector, South Africa, 2024; source World Bank, World Development Indicators (CC BY 4.0), retrieved 8 Oct 2026; https://data.strata-af.com/business/private-sector-credit/south-africa
Data insights · Worked out from the published figures
What this means
Working this out from the published figures…
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Methodology
Domestic credit to the private sector as a share of GDP. Unit: % of GDP.
Source: World Bank, World Development Indicators (series FS.AST.PRVT.GD.ZS), retrieved through the World Bank API and published under CC BY 4.0. Updated annually; the World Bank's own source notes apply.