Despite global economic instability and geopolitical tensions, Gauteng remains the “engine of the national economy”.

This is according to Gauteng Finance and Economic Development MEC Lebogang Mel, who presented the Gauteng 2026/27 budget on Tuesday.

The province contributes approximately 33% of South Africa's domestic growth product and provincial growth is expected to exceed South Africa's real economic growth forecast to reach 1.6% in 2026.

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“Gauteng remains the engine of the country's economy, driven by finance, trade and transport, among other sectors. The province's annual gross domestic product (GDP) by sector exceeds R2.4 trillion.

“However, data from our 2026 Socio-Economic Review and Outlook shows that metropolitan municipalities and district municipalities face substantial economic and structural challenges. These have hindered investment, growth and job creation in local economies.

“That said, economic projections for the medium term point to steady recovery and provincial economic growth is expected to reach 2.1% in 2026 – well above the national average,” the Mail said.

He said the province is positioned to “continue to increase the number of jobs created in the province.”

“In 2025, we create more than 250,000 jobs in the province, with 95,000 jobs created in the second quarter of 2025 – the highest number of jobs created by a single province in South Africa.

“More than 6 million people are currently employed in Gauteng. Trade and construction were among the leading sectors for job creation, showing that despite the difficult environment we are in, businesses are confident in the province's ability to turn things around,” he said.

investment commitments

Turning to Gauteng's investment campaign, the Mail reports that about 28% of the R312.5 billion in pledges received from the 2025 Gauteng Investment Conference (GIC) has been converted into active projects.

“But conferences are not judged by attendance numbers or headlines. They are judged by implementation. So it's important that we not only account for what was promised, but also account for what was delivered.

“As of February this year, 28% of the investment pledges secured in 2025 have already been converted into projects and are being implemented. (Some) 18 out of 60 projects are now in the roll-out stage. These projects are worth more than R80 billion that will unlock this into the real economy.

“These are not theoretical commitments. These are projects under construction, expansion underway, energy development moving forward and jobs being created. This conversion rate is central to our credibility,” he said.

The next iteration of GIC is expected to be held in April.

“For the upcoming GIC, we aim to secure new investment commitments. We are committed to securing investments of R800 billion by the end of the 7th administration.

“This target is not aspirational. It is pipeline-backed and supported by structured engagement with domestic investors, foreign direct investors and sector leaders. It is based on 2025 momentum – but it moves us from mobility to institutionalisation. We are institutionalizing marketing, origination, facilitation and distribution,” Mel stressed.

revenue measures

The Mail highlighted that only 5% of the province's revenue is derived from its own sources, collected from motor vehicle licences, gambling taxes, patient fees and interest earned on treasury investments.

The province's total revenue collections for 2026/2027 are projected to reach approximately R8.2 billion.