The Financial Services and Insurance sector in South Africa saw a Gross Value Added (GVA) of 57.74 billion USD in 2023. Starting in 2024, the forecasted GVA values are 58.17 billion USD, 58.62 billion USD in 2025, 59.07 billion USD in 2026, 59.51 billion USD in 2027, and 59.95 billion USD in 2028. This indicates a steady year-on-year growth with variations in percentage reflecting a gradual increase: 0.75% from 2024 to 2025, 0.77% from 2025 to 2026, 0.74% from 2026 to 2027, and 0.74% from 2027 to 2028. Over the five-year period, the compound annual growth rate (CAGR) stands at approximately 0.75%.
Future trends to watch for include the impact of digital transformation in financial services, potential economic policy changes, and the development of financial inclusion strategies. These factors could significantly affect growth rates and GVA in this sector.
