The South African GDP shrank 1.5% on quarter in the three months to September of 2021, after a downwardly revised 1.1% rise in the second quarter and compared with market estimates of a 1.2% decline. This was the first economic contraction after four consecutive quarters of growth. Six out of ten industries recorded a decline in production, with agriculture (-13.6% vs 6.2% in Q2), trade (-5.5% vs 2.2%) and manufacturing (-4.2% vs -1%) the hardest hit, amid the twin impact of social unrest during July and tighter lockdown restrictions. The transport and communications industry also shrank (-2.2% vs 6.9%), as road freight transport into and out of KwaZulu-Natal was severely disrupted by the violence, and several domestic airlines recorded flight cancellations following travel restrictions imposed by the Alert Level 4 lockdown. Year-on-year, the economy advanced by 2.9%, slowing from a record 19.1% growth in the prior period and below market forecasts of a 3.5% rise. source: Statistics South Africa
GDP Growth Rate in South Africa averaged 0.62 percent from 1993 until 2021, reaching an all time high of 13.90 percent in the third quarter of 2020 and a record low of -17.40 percent in the second quarter of 2020. This page provides - South Africa GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Africa GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on December of 2021.
GDP Growth Rate in South Africa is expected to be 2.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the South Africa GDP Growth Rate is projected to trend around 1.00 percent in 2022 and 0.60 percent in 2023, according to our econometric models.