The South African GDP grew 3.1 percent on quarter in the three months to June of 2019, following a downwardly revised 3.1 percent contraction in the previous period and beating market expectations of a 2.4 percent expansion. It was the strongest growth rate since the last quarter of 2017, partly due to low base effects and the positive impact of reduced power cuts in mining and manufacturing. GDP Growth Rate in South Africa averaged 2.71 percent from 1993 until 2019, reaching an all time high of 7.60 percent in the fourth quarter of 1994 and a record low of -6.10 percent in the first quarter of 2009.

GDP Growth Rate in South Africa is expected to be 0.90 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in South Africa to stand at 1.40 in 12 months time. In the long-term, the South Africa GDP Growth Rate is projected to trend around 1.70 percent in 2020, according to our econometric models.

South Africa GDP Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-12-04 09:30 AM GDP Growth Rate QoQ Q3 2.2% -0.4% 1.6% 0.5%
2019-03-05 09:30 AM GDP Growth Rate QoQ Q4 1.4% 2.6% 1.6% 1.6%
2019-06-04 09:30 AM GDP Growth Rate QoQ Q1 -3.2% 1.4% -1.7% -1.4%
2019-09-03 09:30 AM GDP Growth Rate QoQ Q2 3.1% -3.1% 2.4% 2.3%
2019-12-03 09:30 AM GDP Growth Rate QoQ Q3 3.1% 0.9%



South Africa Economy Returns to Growth in Q2

The South African GDP grew 3.1 percent on quarter in the three months to June of 2019, following a downwardly revised 3.1 percent contraction in the previous period and beating market expectations of a 2.4 percent expansion. It was the strongest growth rate since the last quarter of 2017, partly due to low base effects and the positive impact of reduced power cuts in mining and manufacturing.

The electricity, gas and water sector recorded the largest gain since Q4 2017 (3.2 percent from -7.4 percent in Q1), largely due to an increase in electricity distributed as state power utility Eskom somehow managed to keep electricity supply.

Mining surged 14.4 percent, the most since Q2 2016, after shrinking 10.8 percent in Q1 2019, mainly due to positive contributions of iron ore, manganese ore, coal and ‘other’ metal ores including platinum.

Manufacturing rose 2.1 percent, following a 8.8 percent decline in the previous period, as four of the ten manufacturing divisions reported positive growth. The largest contributions to the increase were food and beverages; basic iron and steel, non-ferrous metal products, metal products and machinery; and motor vehicles, parts and accessories and other transport equipment.

Finance, real estate and business services, the largest industry in the South African economy, grew by 4.1 percent, after rising 1.1 percent in the previous period, amid stronger performances by the banking and insurance sectors. Also, gains were posted by trade, catering & accomodation (3.9 percent vs -3.6 percent); government services (3.4 percent vs 2.4 percent) and personal services (0.8 percent vs 1.1 percent).

In contrast, the agriculture, forestry and fishing sector shrank 0.1 percent, following a 0.4 percent contraction in the previous period, on the back of lower production of field crops and horticultural products. Other declines were seen in transport, storage & communication (-0.3 percent vs -4.4 percent) and construction (-1.6 percent vs -2.0 percent).

Year-on-year, the GDP expanded 0.9 percent, after stalling in the previous period and beating market expectations of a 0.8 percent growth.


Statistics South Africa | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
9/3/2019 1:03:47 PM


News

South Africa GDP Contracts the Most in 10 Years
The South African economy shrank an annualized 3.2 percent on quarter in the three months to March of 2019, following a 1.4 percent growth in the previous period and compared with market expectations of a 1.7 percent contraction. It was the sharpest quarterly decline since Q1 2009, mainly reflecting the effects of Eskom's power cuts on manufacturing and mining.
Published on 2019-06-04

South Africa GDP Growth Weakens to 1.4% QoQ in Q4
The South African economy advanced a seasonally adjusted annualized 1.4 percent on quarter in the three months to December of 2018, following an upwardly revised 2.6 percent growth in the previous period and missing market expectations of a 1.8 percent expansion. Manufacturing and agriculture grew less and contractions were primarily recorded in internal trade, public administration and mining.
Published on 2019-03-05

South Africa Economy Returns to Growth in Q3
The South African economy grew a seasonally adjusted annualized 2.2 percent on quarter in the three months to September of 2018, following a downwardly revised 0.4 percent contraction in the previous period and beating market expectations of a 1.6 percent expansion. It was the strongest growth rate since the last quarter of 2017 and after shrinking for two consecutive periods, mainly driven by manufacturing, transport and communication and real state and business services.
Published on 2018-12-04

South Africa GDP Contracts 0.7% in Q2
The South African economy shrank a seasonally adjusted annualized 0.7 percent on quarter in the three months to June of 2018, following a 2.6 percent contraction in the prior period and missing market consensus of a 0.6 percent growth. It was the second consecutive quarter of contraction with the biggest downward contributions coming from agriculture, transport and trade.
Published on 2018-09-07



South Africa GDP Last Previous Highest Lowest Unit
GDP Growth Rate 3.10 -3.10 7.60 -6.10 percent [+]
GDP Annual Growth Rate 0.90 0.00 7.10 -2.60 percent [+]
GDP 366.30 348.87 416.42 7.58 USD Billion [+]
GDP Constant Prices 3156566.50 3133297.20 3160551.30 565040.00 ZAR Million [+]
Gross National Product 3109703.00 3096702.00 3129892.00 504385.00 ZAR Million [+]
Gross Fixed Capital Formation 607257.10 598360.20 644549.00 73065.00 ZAR Million [+]
GDP per capita 7432.90 7487.90 7582.70 4624.10 USD [+]
GDP per capita PPP 12143.47 12233.37 12388.26 9014.28 USD [+]
GDP From Agriculture 69690.51 70443.35 89120.92 33530.55 ZAR Million [+]
GDP From Construction 106423.38 106850.38 110107.16 14702.00 ZAR Million [+]
GDP From Manufacturing 386951.40 384990.99 393954.72 228221.00 ZAR Million [+]
GDP From Mining 228480.61 220907.55 251119.50 214553.50 ZAR Million [+]
GDP From Public Administration 486277.80 482227.01 486277.80 90907.00 ZAR Million [+]
GDP From Services 654270.43 647668.90 654270.43 66256.00 ZAR Million [+]
GDP From Transport 275280.76 275505.11 278622.84 89068.60 ZAR Million [+]
GDP From Utilities 65317.74 64798.02 70556.22 46746.92 ZAR Million [+]


South Africa GDP Growth Rate

South Africa is the most developed country in Africa and was the largest until 2014, when it was overtaken by Nigeria. The largest sector of the economy is services which accounts for around 73 percent of GDP. Within services, the most important are finance, real estate and business services (21.6 percent); government services (17 percent); wholesale, retail and motor trade, catering and accommodation (15 percent); and transport, storage and communication (9.3 percent). Manufacturing accounts for 13.9 percent; mining and quarrying for around 8.3 percent and agriculture for only 2.6 percent. This page provides - South Africa GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Africa GDP Growth Rate - actual data, historical chart and calendar of releases - was last updated on September of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
3.10 -3.10 7.60 -6.10 1993 - 2019 percent Quarterly




Country Last Previous
Indonesia 4.20 Jun/19
South Africa 3.10 Jun/19
United States 2.00 Jun/19
China 1.60 Jun/19
Turkey 1.20 Jun/19
India 1.00 Jun/19
South Korea 1.00 Jun/19
Canada 0.90 Jun/19
Australia 0.50 Jun/19
Netherlands 0.50 Jun/19
Spain 0.50 Jun/19
Brazil 0.40 Jun/19
France 0.30 Jun/19
Japan 0.30 Jun/19
Switzerland 0.30 Jun/19
Euro Area 0.20 Jun/19
Italy 0.00 Jun/19
Mexico 0.00 Jun/19
Saudi Arabia 0.00 Mar/19
Germany -0.10 Jun/19
Argentina -0.20 Mar/19
United Kingdom -0.20 Jun/19
Russia -0.40 Mar/19
Singapore -3.30 Jun/19


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