South Africa’s informal economy is estimated to be worth around R750 billion, hidden from many economic indicators and even the taxman.
Informal economy expert GG Alcock told delegates at the recent Biznews Conference in London that South Africa’s economy is much healthier than indicators suggest.
Alcock’s views are backed up by data from property educator Khali Masooane, who said the Soweto market has doubled in price in the past decade. A prominent trend is that people move from their communal households into their own homes, creating a large sector of backroom rentals. Alcock said there are around 50,000 out-of-home fast food outlets in townships, which generate around R90 billion in revenue.
A recent Nielsen survey estimated that the spazarette sector achieved an annual spend of R189 billion across 100,000 outlets. “The businesses and entrepreneurs exist already. We have hundreds of thousands of them but don’t recognise them,” he said.
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