The South African GDP shrank an annualized 2% on quarter in the three months to March of 2020, following a 1.4% contraction in the previous period and compared with market expectations of a 3.8% decline. It was the steepest contraction since the first quarter of 2019, amid the initial effects of the global pandemic on domestic activity even before the implementation of the nationwide lockdown on March 27th. Output declines were seen across half of the country's sectors, primarily in mining & quarrying (-21.5% vs 1.8% in Q4) and manufacturing (-8.5% vs -1.8%). On a more positive note, notable growth was recorded in agriculture (27.8% vs -7.6%), on bumper production of grains and fruits; and finance, real estate & business activities (3.7% vs 2.7%). Year-on-year, the economy contracted 0.1%, after shrinking 0.5% in the previous period but less than market expectations of a 0.8% fall.

GDP Growth Rate in South Africa averaged 2.60 percent from 1993 until 2020, 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. 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 August of 2020. source: Statistics South Africa

GDP Growth Rate in South Africa is expected to be -7.00 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 2.60 in 12 months time. In the long-term, the South Africa GDP Growth Rate is projected to trend around 1.80 percent in 2021 and 2.30 percent in 2022, according to our econometric models.

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South Africa GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-2.00 -1.40 7.60 -6.10 1993 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2019-09-03 09:30 AM Q2 3.1% -3.1% 2.4% 2.3%
2019-12-03 09:30 AM Q3 -0.6% 3.2% 0.1% 0.3%
2020-03-03 09:30 AM Q4 -1.4% -0.8% -0.1% -0.4%
2020-06-30 09:30 AM Q1 -2% -1.4% -3.8% -3.5%
2020-09-08 09:30 AM Q2 -32%
2020-12-08 09:30 AM Q3 -7%


News Stream
South Africa GDP Contracts the Most in a Year
The South African GDP shrank an annualized 2% on quarter in the three months to March of 2020, following a 1.4% contraction in the previous period and compared with market expectations of a 3.8% decline. It was the steepest contraction since the first quarter of 2019, amid the initial effects of the global pandemic on domestic activity even before the implementation of the nationwide lockdown on March 27th. Output declines were seen across half of the country's sectors, primarily in mining & quarrying (-21.5% vs 1.8% in Q4) and manufacturing (-8.5% vs -1.8%). On a more positive note, notable growth was recorded in agriculture (27.8% vs -7.6%), on bumper production of grains and fruits; and finance, real estate & business activities (3.7% vs 2.7%). Year-on-year, the economy contracted 0.1%, after shrinking 0.5% in the previous period but less than market expectations of a 0.8% fall.
2020-06-30
South African Economy Enters Recession
The South African GDP shrank an annualized 1.4% on quarter in the three months to December of 2019, following an upwardly revised 0.8% contraction in the previous period and much worse than market expectations of a 0.1% decrease. The worst rolling blackouts in the country's history affected severely seven out of ten industries, namely transport, storage & communication (-7.2% vs -5.4% in Q3); trade, catering & accommodation (-3.8% vs 2.6%); construction (-5.9% vs -6.9%); utilities (-4% vs -4.9%); manufacturing (-1.8% vs -4.4%); agriculture, forestry & fishing (-7.6% vs -4.5%) and government services (-0.4% vs 2.4%). In contrast, output rebounded for mining (1.8% vs -6.1%), boosted by platinum group metals, iron ore and gold. Also, the financial sector grew faster (2.7% vs 1.6%). Year-on-year, the GDP declined 0.5% after a 0.1% expansion. The economy expanded 0.2% in 2019, the least since a 1.5% contraction in 2009 and compared to 0.8% in 2019.
2020-03-03
South Africa GDP Unexpectedly Shrinks 0.6%
The South African economy contracted an annualized 0.6 percent on quarter in the three months to September of 2019, following an upwardly revised 3.2 percent growth in the previous period and much worse than market expectations of a 0.1 percent expansion. Mining, manufacturing and transport, storage and communication industries contributed the most to the GDP contraction. Considering the first 3 quarters of 2019, the economy expanded only 0.3 percent over a year earlier. The South African Treasury expects the GDP to grow 0.5 percent in 2019.
2019-12-03
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.
2019-09-03

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.