The South African economy expanded 1.1 percent year-on-year in the fourth quarter of 2018, after an upwardly revised 1.3 percent growth in the prior period while markets had expected it to advance 0.6 percent. Slower growth was seen in internal trade, utilities and public administration while the agricultural sector shrank. In 2018, the GDP advanced 0.8 percent, below an upwardly revised 1.4 percent in 2017. GDP Annual Growth Rate in South Africa averaged 2.76 percent from 1994 until 2018, reaching an all time high of 7.10 percent in the fourth quarter of 2006 and a record low of -2.60 percent in the second quarter of 2009.

GDP Annual Growth Rate in South Africa is expected to be 0.60 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in South Africa to stand at 0.90 in 12 months time. In the long-term, the South Africa GDP Annual Growth Rate is projected to trend around 2.00 percent in 2020, according to our econometric models.

South Africa GDP Annual Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-06-05 09:30 AM GDP Growth Rate YoY 0.8% 1.5% 1.9% 1.3%
2018-09-04 09:30 AM GDP Growth Rate YoY 0.4% 0.8% 1% 1.3%
2018-12-04 09:30 AM GDP Growth Rate YoY 1.1% 0.4% 0.5% 0.6%
2019-03-05 09:30 AM GDP Growth Rate YoY 1.1% 1.3% 0.6% 0.7%
2019-06-04 09:30 AM GDP Growth Rate YoY 1.1% -0.5%
2019-09-03 09:30 AM GDP Growth Rate YoY 0.6%
2019-12-03 09:30 AM GDP Growth Rate YoY 0.9%



South Africa GDP Annual Growth Slows Less than Expected

The South African economy expanded 1.1 percent year-on-year in the fourth quarter of 2018, after an upwardly revised 1.3 percent growth in the prior period while markets had expected it to advance 0.6 percent. Slower growth was seen in internal trade, utilities and public administration while the agricultural sector shrank.

Trade, catering and accommodation (0.3 percent vs 1.1 percent in Q3), utilities (1.1 percent vs 1.4 percent) and government services (1.0 percent vs 1.6 percent) rose much less. In addition, declines were seen in agriculture, forestry & fishing (-0.6 percent vs 9.4 percent); mining (-3.4 percent vs -3.8 percent) and construction (-1.1 percent vs -0.8 percent).

Meanwhile, faster growth was recorded in finance, real estate and business services (3.1 percent vs 1.9 percent); personal services (1.1 percent vs 0.7 percent); transport, storage & communication (2.4 percent vs 1.9 percent) and manufacturing (1.3 percent vs 1.2 percent).

On a seasonally adjusted quarterly basis, the economy expanded 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 growth. The slowdown was mainly driven by manufacturing, agriculture, trade, catering & accomodation and public administration.

Considering full 2018, the GDP advanced 0.8 percent, far below an upwardly revised 1.4 percent in 2017. Slower expansions were observed in finance, insurance and business services (1.8 percent vs 2.1 percent) and personal services (1.0 percent vs 1.3 percent). Additionally, contractions were recorded in agriculture (-4.8 percent vs 21.1 percent); mining (-1.7 percent vs 4.2 percent) and construction (-1.2 percent vs -0.6 percent). On the other hand, manufacturing rebounded (1 percent vs -0.2 percent).

The government and central bank see the economy expanding by 1.5 percent and 1.7 percent, respectively, in 2019.


Statistics South Africa | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
3/5/2019 1:33:18 PM



South Africa GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.40 2.60 7.60 -6.10 percent [+]
GDP Annual Growth Rate 1.10 1.30 7.10 -2.60 percent [+]
GDP 349.42 295.76 416.88 7.58 USD Billion [+]
GDP Constant Prices 3161721.00 3150985.20 3161721.00 565040.00 ZAR Million [+]
Gross National Product 3096702.00 3099991.00 3129892.00 504385.00 ZAR Million [+]
Gross Fixed Capital Formation 604716.90 608540.10 644549.00 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 73759.84 72378.48 89120.92 33530.55 ZAR Million [+]
GDP From Construction 107396.44 107574.93 110107.16 14702.00 ZAR Million [+]
GDP From Manufacturing 393954.72 389629.35 393954.72 228221.00 ZAR Million [+]
GDP From Mining 227291.33 229490.48 251119.50 214553.50 ZAR Million [+]
GDP From Public Administration 479333.04 480100.05 480100.05 90907.00 ZAR Million [+]
GDP From Services 645928.42 647524.22 647524.22 66256.00 ZAR Million [+]
GDP From Transport 278622.84 273485.01 278622.84 89068.60 ZAR Million [+]
GDP From Utilities 66047.02 66013.98 70556.22 46746.92 ZAR Million [+]


South Africa GDP Annual 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 Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Africa GDP Annual Growth Rate - actual data, historical chart and calendar of releases - was last updated on May of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
1.10 1.30 7.10 -2.60 1994 - 2018 percent Quarterly




Country Last Previous
India 6.60 Dec/18
China 6.40 Mar/19
Indonesia 5.07 Mar/19
Saudi Arabia 3.60 Dec/18
United States 3.20 Mar/19
Spain 2.40 Mar/19
Australia 2.30 Dec/18
South Korea 1.80 Mar/19
United Kingdom 1.80 Mar/19
Netherlands 1.70 Mar/19
Canada 1.60 Dec/18
Switzerland 1.40 Dec/18
Euro Area 1.20 Mar/19
Mexico 1.20 Mar/19
Singapore 1.20 Mar/19
Brazil 1.10 Dec/18
France 1.10 Mar/19
South Africa 1.10 Dec/18
Japan 0.80 Mar/19
Germany 0.70 Mar/19
Russia 0.50 Mar/19
Italy 0.10 Mar/19
Turkey -3.00 Dec/18
Argentina -6.20 Dec/18


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