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 shrinking for two consecutive periods, mainly driven by manufacturing, transport and communication and real state and business services. GDP Growth Rate in South Africa averaged 2.77 percent from 1993 until 2018, 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 1.10 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 1.70 in 12 months time. In the long-term, the South Africa GDP Growth Rate is projected to trend around 2.20 percent in 2020, according to our econometric models.

South Africa GDP Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-03-06 09:30 AM GDP Growth Rate QoQ 3.1% 2.3% 1.8% 1.5%
2018-06-05 09:30 AM GDP Growth Rate QoQ -2.2% 3.1% -0.5% 1.0%
2018-09-04 09:30 AM GDP Growth Rate QoQ -0.7% -2.6% 0.6% -0.8%
2018-12-04 09:30 AM GDP Growth Rate QoQ 2.2% -0.4% 1.6% 0.5%
2019-03-06 09:30 AM GDP Growth Rate QoQ 2.2% 0.6%
2019-06-05 09:30 AM GDP Growth Rate QoQ
2019-09-04 09:30 AM GDP Growth Rate QoQ



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.

The agriculture, forestry and fishing industry advanced 6.5 percent, after contracting 31.9 percent in the second quarter of the year, mostly due to higher production of field crops, horticultural and animal products.

Manufacturing grew by 7.5 percent, following a 0.6 percent expansion, driven by production of basic iron and steel, metal products and machinery, wood and paper, petroleum products and motor vehicles. 

Transportation, storage and communication rose by 5.7 percent, compared to a 4.9 percent decline in the previous period, boosted by freight transportation.

The finance, real estate and business services sector increased by 2.3 percent, after expanding 1.9 percent in Q2, mainly due to financial intermediation and insurance and real estate. Additionally, general government services rebounded by 1.5 percent, following a 0.4 percent drop.

On the other hand, the main negative contributions came from mining and quarrying (-8.8 percent compared to 8.1 percent in Q2); construction (-2.7 percent compread to 2.1 percent) and utilities (-0.9 percent compared to 2.2 percent).

Year-on-year, the economy expanded 1.1 percent year-on-year in the third quarter of 2018, after a 0.4 percent growth in the prior period and above market consensus of a 0.5 percent expansion. It was the strongest growth rate since the last quarter of 2017. 


Statistics South Africa | Stefanie Moya | stefanie.moya@tradingeconomics.com
12/4/2018 5:12:04 PM



South Africa GDP Last Previous Highest Lowest Unit
GDP Growth Rate 2.20 -0.40 7.60 -6.10 percent [+]
GDP Annual Growth Rate 1.10 0.40 7.10 -2.60 percent [+]
GDP 349.42 295.76 416.88 7.58 USD Billion [+]
GDP Constant Prices 3152768.40 3135182.70 3161082.00 565040.00 ZAR Million [+]
Gross National Product 3099991.00 3074870.00 3129892.00 504385.00 ZAR Million [+]
Gross Fixed Capital Formation 607742.50 615744.10 652624.20 73065.00 ZAR Million [+]
GDP per capita 7524.51 7519.50 7582.60 4527.30 USD [+]
GDP per capita PPP 12294.88 12286.70 12389.70 8862.00 USD [+]
GDP From Agriculture 70644.48 69544.51 84820.92 33530.55 ZAR Million [+]
GDP From Construction 107969.93 108723.50 109909.36 14702.00 ZAR Million [+]
GDP From Manufacturing 390369.75 383348.36 391090.40 228221.00 ZAR Million [+]
GDP From Mining 228080.48 233376.82 251119.50 214553.50 ZAR Million [+]
GDP From Public Administration 482324.46 480474.15 482324.46 90907.00 ZAR Million [+]
GDP From Services 647524.22 643866.31 647524.22 66256.00 ZAR Million [+]
GDP From Transport 271525.01 267778.61 271525.01 89068.60 ZAR Million [+]
GDP From Utilities 65471.98 65615.03 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 February of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
2.20 -0.40 7.60 -6.10 1993 - 2018 percent Quarterly




Country Last Previous
United States 3.40 Sep/18
South Africa 2.20 Sep/18
China 1.50 Dec/18
India 1.50 Sep/18
Singapore 1.40 Dec/18
South Korea 1.00 Dec/18
Brazil 0.80 Sep/18
Spain 0.70 Dec/18
Canada 0.50 Sep/18
Netherlands 0.50 Dec/18
Australia 0.30 Sep/18
France 0.30 Dec/18
Japan 0.30 Dec/18
Mexico 0.30 Dec/18
Russia 0.30 Sep/18
Euro Area 0.20 Dec/18
United Kingdom 0.20 Dec/18
Germany 0.00 Dec/18
Saudi Arabia -0.05 Mar/18
Italy -0.20 Dec/18
Switzerland -0.20 Sep/18
Argentina -0.70 Sep/18
Turkey -1.10 Sep/18
Indonesia -1.69 Dec/18


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