This is TIPS’s third publication on the State of Small Business in South Africa which is a periodic special edition of our Real Economy Bulletin. The series provides baseline data on the number of small businesses and their contribution to the economy, as well as their distribution by industry and location, ownership by race, gender and age, investment and profitability. The bulletin first looks at the number of small business, both formal and informal, and the rate of growth. The figures show how the legacy of apartheid has left the country lagging behind other upper middle-income countries, which is a…