The South African economy expanded 0.4 percent year-on-year in the second quarter of 2018, slowing from a 0.8 percent growth in the previous period and below market expectations of a 1 percent expansion. It was the weakest growth rate since the first quarter of 2016 when the economy contracted 0.3 percent, as agriculture, forestry and fishing declined. GDP Annual Growth Rate in South Africa averaged 2.79 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 1.00 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 1.50 in 12 months time. In the long-term, the South Africa GDP Annual Growth Rate is projected to trend around 2.10 percent in 2020, according to our econometric models.

South Africa GDP Annual Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-03-06 09:30 AM GDP Growth Rate YoY 1.5% 1.3% 1.4% 1.0%
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 0.4% 0.6%



South Africa GDP Annual Growth Slows to 0.4% in Q2


The South African economy expanded 0.4 percent year-on-year in the second quarter of 2018, slowing from a 0.8 percent growth in the previous period and below market expectations of a 1 percent expansion. It was the weakest growth rate since the first quarter of 2016 when the economy contracted 0.3 percent, as production declined mainly for in agriculture, forestry and fishing activities.

Slower growth rates were recorded for trade, catering and accommodation (0.1 percent compared to 0.3 percent in Q1); finance, real estate and business services (1.8 percent compared to 2.1 percent); personal services (1.0 percent compared to 1.3 percent) while electricity, gas and water registered no growth (compared to 1.3 percent in Q1). Also, output dropped for transport, storage and communication (-0.2 percent compared to 1.8 percent) and fell further for agriculture (-5.8 percent compared to 3.2 percent) and construction (-1.1 percent compared to -0.7 percent).

Meanwhile, higher growth rates were seen in general government services (0.8 percent compared to 0.5 percent) and production of mining and quarrying declined less (-0.5 percent compared to -1.2 percent).

On a seasonally adjusted quarterly basis, the economy contracted 0.7 percent on quarter in the three months to June of 2018, following a 2.6 percent fall in the prior period and missing market consensus of a 0.6 percent growth. It was the second consecutive period of contraction, as the main contributors to the drop agriculture, transport and trade. 


Statistics South Africa | Stefanie Moya | stefanie.moya@tradingeconomics.com
9/4/2018 10:31:00 AM


Recent Releases

South Africa GDP Growth Slows to 0.8% YoY in Q1
The South African economy grew 0.8 percent year-on-year in the first quarter of 2018, easing from a 1.5 percent expansion in the previous period and below market expectations of 1.9 percent. It was the weakest growth rate since the second quarter of 2016, mainly due to a contraction in agriculture, forestry and fishing activities and mining.
Published on 2018-06-05

South Africa GDP Grows 1.5% YoY, Strongest Since 2015
The South African economy advanced 1.5 percent year-on-year in the fourth quarter of 2017, above an upwardly revised 1.3 percent growth in the previous period and beating market expectations of 1.4 percent. It is the strongest expansion since the first quarter of 2015 supported by a rebound in manufacturing and utilities and strong growth in services.
Published on 2018-03-06

South Africa GDP Annual Growth Rate Down to 0.8% in Q3
The South African economy advanced 0.8 percent year-on-year in the third quarter of 2017, below an upwardly revised 1.3 percent expansion in the previous period which was the highest growth rate in two years. Still, figures matched market expectations. Mining rose faster while agriculture eased and manufacturing shrank for the fourth quarter.
Published on 2017-12-05

South Africa Annual GDP Growth at 2-Year High in Q2
The South African economy advanced 1.1 percent year-on-year in the second quarter of 2017, above 1 percent in the previous period and beating market expectations of 0.4 percent. It is the strongest annual growth rate in two years.
Published on 2017-09-05



South Africa GDP Last Previous Highest Lowest Unit
GDP Growth Rate -0.70 -2.60 7.60 -6.10 percent [+]
GDP Annual Growth Rate 0.40 0.80 7.10 -2.60 percent [+]
GDP 349.42 295.76 416.88 7.58 USD Billion [+]
GDP Constant Prices 3132981.50 3140421.10 3161082.00 565040.00 ZAR Million [+]
Gross National Product 3074870.00 3076397.00 3129523.00 504385.00 ZAR Million [+]
Gross Fixed Capital Formation 615992.50 616799.90 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 70244.51 76566.90 84820.92 33530.55 ZAR Million [+]
GDP From Construction 108776.67 108171.67 109909.36 14702.00 ZAR Million [+]
GDP From Manufacturing 382563.62 382805.86 391090.40 228221.00 ZAR Million [+]
GDP From Mining 231638.37 228868.92 251119.50 214553.50 ZAR Million [+]
GDP From Public Administration 480320.97 480954.47 480954.47 90907.00 ZAR Million [+]
GDP From Services 643923.33 640882.86 643923.33 66256.00 ZAR Million [+]
GDP From Transport 267778.61 271183.77 271183.77 89068.60 ZAR Million [+]
GDP From Utilities 65588.74 65252.14 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 November of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
0.40 0.80 7.10 -2.60 1994 - 2018 percent Quarterly




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India 8.20 Jun/18
China 6.50 Sep/18
Turkey 5.20 Jun/18
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Australia 3.40 Jun/18
Switzerland 3.40 Jun/18
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Mexico 2.60 Sep/18
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Spain 2.50 Sep/18
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France 1.50 Sep/18
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Russia 1.30 Sep/18
Germany 1.10 Sep/18
Brazil 1.00 Jun/18
Italy 0.80 Sep/18
South Africa 0.40 Jun/18
Japan 0.30 Sep/18
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