South Africa's economy grew by an annualized 4.6% in the first quarter of 2021, following a downwardly revised 5.8% advance in the October-December period and easily beating market expectations of a 2.5% rise. Eight out of ten industries reported positive growth rates in the first quarter, with mining (18.1%), boosted by the production of platinum group metals, iron ore, gold and chromium; finance (7.4%) and trade (6.2%) making the most significant contributions. Manufacturing also increased 1.6%. Meanwhile, contractions were seen in agriculture (-3.2%), dragged lower by weaker production figures for field crops and animal products; and utilities (-2.6%), due to load shedding and a decline in the supply of water. On the expenditure side, household spending and changes in inventories helped spur growth. Year-on-year, the economy shrank 3.2%, after an upwardly revised 4.2% contraction in the previous period and matching market consensus. source: Statistics South Africa

GDP Growth Rate in South Africa averaged 2.74 percent from 1993 until 2021, reaching an all time high of 67.30 percent in the third quarter of 2020 and a record low of -51.70 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 June of 2021.

GDP Growth Rate in South Africa is expected to be -1.70 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 0.70 in 12 months time. In the long-term, the South Africa GDP Growth Rate is projected to trend around 0.60 percent in 2022 and 1.00 percent in 2023, according to our econometric models.

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South Africa GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
4.60 5.80 67.30 -51.70 1993 - 2021 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-09-08 09:30 AM Q2 -51% -1.8% -47.3% -40%
2020-12-08 09:30 AM Q3 66.1% -51.7% 52.6% 54%
2021-03-09 09:30 AM Q4 6.3% 67.3% 5% 3.9%
2021-06-08 09:30 AM Q1 4.6% 5.8% 2.5% 2.7%
2021-09-07 09:30 AM Q2 4.6% -1.7%
2021-12-07 09:30 AM Q3 3.4%


News Stream
South Africa GDP Grows More than Expected in Q1
South Africa's economy grew by an annualized 4.6% in the first quarter of 2021, following a downwardly revised 5.8% advance in the October-December period and easily beating market expectations of a 2.5% rise. Eight out of ten industries reported positive growth rates in the first quarter, with mining (18.1%), boosted by the production of platinum group metals, iron ore, gold and chromium; finance (7.4%) and trade (6.2%) making the most significant contributions. Manufacturing also increased 1.6%. Meanwhile, contractions were seen in agriculture (-3.2%), dragged lower by weaker production figures for field crops and animal products; and utilities (-2.6%), due to load shedding and a decline in the supply of water. On the expenditure side, household spending and changes in inventories helped spur growth. Year-on-year, the economy shrank 3.2%, after an upwardly revised 4.2% contraction in the previous period and matching market consensus.
2021-06-08
South Africa GDP Grows More than Expected in Q4
South Africa's economy grew by an annualized 6.3% in the fourth quarter of 2020, following an upwardly revised 67.3% advance in the July-September period and easily beating market expectations of a 5% rise, largely due to the further easing of lockdown restrictions. Eight out of ten industries reported positive growth rates in the fourth quarter, primarily manufacturing (21.1%), trade (9.8%), transport (6.7%), construction (11.2%) and agriculture (5.9%). Expenditure on real gross domestic product increased at an annualised rate of 6,5%, driven by household consumption, exports and fixed investment. Year-on-year, the economy shrank 4.1%, after an upwardly revised 6.2% contraction in the previous period and compared with market expectations of a 4.6% slump. Considering the full year of 2020, the GDP shrank 7%, the most since 1946, as the devastating impact of COVID-19 in the second quarter when lockdown restrictions were at their most stringent weighed heavily on the economy.
2021-03-09
South Africa GDP Rebounds at Record Pace in Q3
South Africa's economy grew by an annualized 66.1 percent in the third quarter of 2020, recovering from a record 51.7 percent slump in the April-June period and easily beating market expectations of 52.6 percent. That was the strongest pace of expansion since at least 1993, with manufacturing, trade and mining being the biggest drivers of growth following the easing of COVID-19 lockdown restrictions. Despite the rebound, the economy is still 5.8 percent smaller than it was at the end of 2019. Manufacturing advanced at an annualized rate of 210.2 percent, mostly driven by increases in the production of basic metal products, petroleum, vehicles, and food and beverages; the trade, catering and accommodation industry increased at a rate of 137 percent; and mining and quarrying expanded at a rate of 288.3 percent. Expenditure on GDP increased at an annualized rate of 67.6 percent in the third quarter, as household consumption, exports and fixed investment recovered.
2020-12-08
South Africa Economy Collapses in Q2
The South Africa GDP shrank an annualized 51% on quarter in the three months to June of 2020, after a downwardly revised 1.8% contraction in the prior period and more than an estimated 47.3% decline. It was the steepest economic contraction since at least 1990, as the Covid-19 pandemic blow extended the recession into a fourth quarter, the longest period of consecutive quarterly contractions since 1992. Steep output declines were seen across almost all of the country's sectors, in particular construction (-76.6% vs -4.7% in Q1); manufacturing (-74.9% vs -8.5%); mining (-73.1% vs -21.5%); transport, storage & communication (-67.9% vs 0.5%) and trade, catering & accommodation (-67.6% vs -0.7%). The only exception was agriculture, forestry and fishing (15.1% vs 26.8%), amid higher production of field crops and horticultural products. Year-on-year, the economy shrank 17.1%, following a revised 0.1% growth in the previous period and compared with market expectations of a 16.5% slump.
2020-09-08

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.