The South African economy advanced by 19.3 percent year-on-year in the second quarter of 2021, after a downwardly revised 2.6 percent decline in the previous period and beating market forecasts of a 17.5 percent growth. It was the first economic expansion after four quarters of contraction and the strongest on record, reflecting a low base last year and helped by the relaxation of Covid-19 restrictions during the period. source: Statistics South Africa

GDP Annual Growth Rate in South Africa averaged 2.44 percent from 1994 until 2021, reaching an all time high of 19.30 percent in the second quarter of 2021 and a record low of -16.80 percent in the second quarter of 2020. 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 - data, historical chart, forecasts and calendar of releases - was last updated on September of 2021.

GDP Annual Growth Rate in South Africa is expected to be 2.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the South Africa GDP Annual Growth Rate is projected to trend around 2.50 percent in 2022 and 2.70 percent in 2023, according to our econometric models.

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South Africa GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
19.30 -2.60 19.30 -16.80 1994 - 2021 percent Quarterly
2015=100, NSA

Calendar GMT Actual Previous Consensus TEForecast
2020-12-08 09:30 AM Q3 -6% -17.5% -7.2% -7.5%
2021-03-09 09:30 AM Q4 -4.1% -6.2% -4.6% -4.8%
2021-06-08 09:30 AM Q1 -3.2% -4.2% -3.2% -3%
2021-09-07 09:30 AM Q2 19.3% -2.6% 17.5% 17%
2021-12-07 09:30 AM Q3 2.5%

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.