Industry TFP estimates for South Africa

Julius Pain, Mpho Rapapali and Daan Steenkamp

No 10412, Occasional Bulletin of Economic Notes from South African Reserve Bank

Abstract: Productivity is the main driver of per capita income growth over the long-term and is therefore crucial for assessment of the historical and potential growth of an economy. We produce estimates of Total Factor Productivity (TFP) for industries in South Africa as no up-to-date estimates exist for South Africa.We show that productivity growth has slowed meaningfully since the global financial crisis, and that production has shifted to sectors with little exposure to international competition and low productivity growth. We argue that this augurs ill for the long term sustainable growth rate of the economy. We argue that structural reforms aimed at boosting the supply-side performance of the economy are overdue and discuss the initiatives that other economies have implemented to improve productivity.

Date: 2020-11-24
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