🇿🇦 South Africa
Public Sector Debt · 2026
Total Debt
83.3%
of GDP
Global Rank
#44
of 192
Interest Burden
19%
of govt revenue
S&P Rating
BB-
Credit rating
SOE Debt
+3.8%
2 categories
Interest Cost
5.3%
of GDP (govt only)
Where the Debt Sits
Central Government
Central Government: 79.5%Infrastructure: 2.5%Public Corps: 1.3%
Who Holds This Debt
Holder Breakdown
Domestic 70%
Foreign 30%
Domestic: 70%Foreign: 30%
Currency Denomination
Local 90%
Foreign 10%
Local currency: 90%Foreign currency: 10%
Full Debt Breakdown
Central Government79.5% of GDP
Central GovernmentIMF WEO — General Government Debt
72.4%Eskom debt (absorbed onto sovereign balance sheet, 2023)IMF WEO — General Government DebtEskom debt formally transferred to sovereign via Eskom Debt Relief Act 2023. R254B over 3 years. Previously tracked as Energy SOE.
7.1%Infrastructure SOEs2.5% of GDP
Transnet (ports, freight rail, pipelines)Transnet Annual ReportState-owned logistics company. ~R130B debt. Severe operational and financial crisis.
2.5%Public Corporations1.3% of GDP
SAA, Denel, and other SOEsNational Treasury SOE reportsMultiple troubled SOEs that have required government bailouts.
1.3%Total Corporate Debt33.6% of GDP
Nonfinancial corporate debt (total)BIS Credit Statistics Q3 2025Eskom ~8% GDP, Transnet ~1.8%. SOE portion ~10%.
33.6%Household Debt33.5% of GDP
Household debtBIS Credit Statistics Q3 2025Moderate. Unsecured lending concerns.
33.5%Unfunded Pension Liabilities15.0% of GDP
GEPF unfunded contingency + social grantsGEPF Annual Report 2021/22; National TreasuryGEPF actually well-funded (119%). Net of Future Fund.
15.0%All Layers Total165.4%
Credit Ratings
S&P
BB-
Moody's
Ba2
Fitch
BB-
Data Sources
IMF WEO — General Government Debtgeneral_government · Updated semi_annual
Dec 202679.5% GDP
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