The South African GDP grew 1.2% on quarter in the three months to June of 2021, following a 1% expansion in the previous period and compared with market expectations of a 0.7% growth. Six out of ten industries reported positive growth rates in the second quarter, with transport (6.9% vs -1.1% in Q1), personal services (2.5% vs 0.6%) and trade (2.2% vs 2.6%) industries making the most significant contributions. Also, the agricultural sector rebounded sharply (6.2% vs -0.1%) due to increased production of field crops, horticulture and animal products. Conversely, declines were seen in manufacturing (-0.8% vs 0.5%), construction (-1.4% vs 0.5%), finance, real estate and business services (-0.4% vs 1.3%) and government services (-0.9% vs 0.3%). Year-on-year, the economy advanced at a record 19.3%, beating market forecasts of a 17.5% growth. Statistics South Africa no longer reports an annualized growth rate and now uses 2015 as the base year for the data. source: Statistics South Africa
GDP Growth Rate in South Africa averaged 0.64 percent from 1993 until 2021, reaching an all time high of 13.90 percent in the third quarter of 2020 and a record low of -17.40 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 October of 2021.
GDP Growth Rate in South Africa is expected to be -8.00 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 Growth Rate is projected to trend around 1.00 percent in 2022 and 0.60 percent in 2023, according to our econometric models.