The South African economy rose by 0.4% on quarter in the three months to March 2023, after a downwardly revised 1.1% decline in the prior quarter, thus avoiding a technical recession despite record levels of power outages. Figures came in line with market forecasts. Eight of the ten economic activities reported positive growth rates in the first quarter, with manufacturing (+1.5% vs -1.2% in Q4) and finance, real estate & business services (+0.6% vs -1.6%) making the biggest contributions to growth. Also, transport (+1.1% vs +0.9%), personal services (+0.8% vs -0.1%) and trade, catering & accommodation (0.7% vs -2.2%) supported the expansion. On the expenditure side, exports were buoyant in Q1, expanding by 4.1%, while imports advanced by 4.4%. At the same time, government spending rose by 1.2% and household consumption went up by 0.4%. Year-on-year, the GDP advanced by 0.2% in Q1, in line with market estimates, following a downwardly revised 0.8% rise in the previous period. source: Statistics South Africa

GDP Growth Rate in South Africa averaged 0.61 percent from 1993 until 2023, reaching an all time high of 13.70 percent in the third quarter of 2020 and a record low of -17.00 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 August of 2023.

GDP Growth Rate in South Africa is expected to be 0.70 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 1.20 percent in 2024 and 1.60 percent in 2025, according to our econometric models.

Ok
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.

API Features Documentation Interested? Click here to contact us
Please Paste this Code in your Website
Width
Height
 Preview

South Africa GDP Growth Rate



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-03-07 09:30 AM Q4 -1.3% 1.8% -0.4% -0.3%
2023-06-06 09:30 AM Q1 0.4% -1.1% 0.4% 0.3%
2023-09-05 09:30 AM Q2 0.4% 0.1%


Related Last Previous Unit Reference
GDP Growth Rate 0.40 -1.10 percent Mar 2023
GDP Annual Growth Rate 0.20 0.80 percent Mar 2023
GDP Constant Prices 4596782.10 4577504.70 ZAR Million Mar 2023
GDP from Utilities 96569.51 97554.77 ZAR Million Mar 2023
GDP from Transport 379300.35 375173.44 ZAR Million Mar 2023
GDP from Services 1092750.50 1085695.91 ZAR Million Mar 2023
GDP from Public Administration 370102.85 369275.40 ZAR Million Mar 2023
GDP from Mining 200109.59 198273.30 ZAR Million Mar 2023
GDP from Manufacturing 524415.37 516486.38 ZAR Million Mar 2023
GDP from Construction 111869.68 110686.25 ZAR Million Mar 2023
GDP from Agriculture 127319.09 145175.12 ZAR Million Mar 2023

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.
Actual Previous Highest Lowest Dates Unit Frequency
0.40 -1.10 13.70 -17.00 1993 - 2023 percent Quarterly

News Stream
South Africa Economy Averts Recession in Q1
The South African economy rose by 0.4% on quarter in the three months to March 2023, after a downwardly revised 1.1% decline in the prior quarter, thus avoiding a technical recession despite record levels of power outages. Figures came in line with market forecasts. Eight of the ten economic activities reported positive growth rates in the first quarter, with manufacturing (+1.5% vs -1.2% in Q4) and finance, real estate & business services (+0.6% vs -1.6%) making the biggest contributions to growth. Also, transport (+1.1% vs +0.9%), personal services (+0.8% vs -0.1%) and trade, catering & accommodation (0.7% vs -2.2%) supported the expansion. On the expenditure side, exports were buoyant in Q1, expanding by 4.1%, while imports advanced by 4.4%. At the same time, government spending rose by 1.2% and household consumption went up by 0.4%. Year-on-year, the GDP advanced by 0.2% in Q1, in line with market estimates, following a downwardly revised 0.8% rise in the previous period.
2023-06-06
South Africa GDP Contracts More than Expected
The South African GDP shrank by 1.3% on quarter in the three months to December of 2022, compared to market expectations of a 0.4% fall and following an upwardly revised 1.8% rise in the prior quarter. It was the sharpest contraction since the third quarter of 2021, mostly due to a sharp rise in power blackouts in recent months. Seven out of ten activities recorded declines, notably finance (-2.3%); trade, catering & accommodation (-2.1%); mining (-3.2%), agriculture (-3.3%), and manufacturing (-0.9%). On the expenditure side, net exports subtracted 1.1 percentage points from total growth, as exports shrank 4.8% and imports declined 0.8%. Government spending fell by 0.7% while household consumption rose by 0.9%. Year-on-year, the economy advanced by 0.9%, the least in seven quarters, below market estimates of 2.2% growth and after an upwardly revised 4.2% growth in the prior period. In 2022, the economy expanded by 2%, following a growth of 4.9% in 2021.
2023-03-07
South Africa GDP Growth Surprises on the Upside
The South African GDP rose by 1.6% on quarter in the three months to September of 2022, well above market forecasts of a 0.6% increase, following a 0.7% contraction in the prior quarter, partly because of a low base in the second quarter, when floods disrupted operations at a key export port in Durban. Eight out of ten activities expanded in the third quarter, with the agricultural sector (19.2%) making the biggest contribution to growth, on bumper crops. Significant increases were also seen in transportation & storage (3.7%); construction (3.1%), mining (2.1%); finance, real estate and business services (1.9%) and manufacturing (1.5%).On the expenditure side, both government spending (0.5%) and fixed investment (0.3%) rose while household consumption shrank (-0.3%). Meanwhile, net trade contributed positively as exports (4.2%) rose much faster than imports (0.6%). Year-on-year, the economy advanced by a notable 4.1%, the most since Q2 of 2021, beating market estimates of a 2.8% rise.
2022-12-06