South Africa GDP Growth Rate

The Gross Domestic Product (GDP) in South Africa contracted an annualized 0.60 percent in the first quarter of 2014 over the previous quarter. GDP Growth Rate in South Africa averaged 3.16 Percent from 1993 until 2014, reaching an all time high of 7.60 Percent in the fourth quarter of 1994 and a record low of -6.30 Percent in the first quarter of 2009. GDP Growth Rate in South Africa is reported by the Statistics South Africa.


South Africa GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-0.60 3.80 7.60 -6.30 1993 - 2014 Percent Quarterly
South Africa export-based economy is the largest and most developed in Africa. The country is rich in natural resources and is a leading producer of platinum, gold, chromium and iron. From 2002 to 2008, South Africa grew at an average of 4.5 percent year-on-year, its fastest expansion since the establishment of democracy in 1994. However, in recent years, successive governments have failed to address structural problems such as the widening gap between rich and poor, low-skilled labour force, high unemployment rate, deteriorating infrastructure, high corruption and crime rates. As a result, since the recession in 2008, South Africa growth has been sluggish and below African average. This page provides - South Africa GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

South Africa GDP Contracts in Q1

South African economy shrank a seasonally adjusted annualized 0.6 percent in the first quarter of 2014. It is the first contraction since the 2009 recession, as the strike in the platinum sector dragged mining and manufacturing output down.

Output in the mining and quarrying industry contracted sharply by 24.7 percent quarter-on-quarter, due to lower production in the mining of gold, the mining of other metal ores (including platinum) and ‘other’ mining and quarrying (including diamonds).

The manufacturing industry shrank 4.44 percent, mainly due to lower production of petroleum, chemical products, rubber and plastic products, basic iron and steel, non-ferrous metal products, metal products and machinery division. 

In contrast, construction activities recorded the highest growth rate (4.9 percent qoq), followed by agriculture (2.5 percent). The wholesale, retail and motor trade; catering and accommodation industry advanced 2.1 percent and economic activity in finance, real estate and business services grew 2.0 percent, due to activities in the equity, bond and other financial markets. 

Year-on-year, the economy advanced 1.6 percent, slowing from a 2 percent expansion in the previous quarter. 

Statistics South Africa | Joana Taborda |
5/27/2014 10:51:07 AM

Recent Releases

South African GDP Growth Accelerates in Q4
South African economic growth quickened to a better-than-expected annualized rate of 3.8 percent over the previous quarter, as both mining and manufacturing sectors grew at double-digit rates. In 2013, the economy grew a meager 1.9 percent. Published on 2014-02-25

South African GDP Slows More Than Expected in Q3
In the third quarter of 2013, South African economy expanded an annualized seasonally adjusted 0.7 percent over the previous quarter, down from 3.2 percent in the previous three-month period and well below market expectations. It is the lowest growth rate recorded in the last four years, as the strikes in the automotive sector dragged manufacturing down. Published on 2013-11-26

Calendar GMT Country Event Reference Actual Previous Consensus Forecast
2013-08-27 10:30 AM South Africa
GDP Growth Rate QoQ
Q2 2013 3.0% 0.90% 2.1% 2.39%
2013-11-26 09:30 AM South Africa
GDP Growth Rate QoQ
Q3 2013 0.7% 3.2% (R) 1.2% 3.43%
2014-02-25 09:30 AM South Africa
GDP Growth Rate QoQ
Q4 2013 3.8% 0.7% 3.4% 1.92%
2014-05-27 10:30 AM South Africa
GDP Growth Rate QoQ
Q1 2014 -0.6% 3.8% -0.1% 0.8%
2014-08-26 10:30 AM South Africa
GDP Growth Rate QoQ
Q2 2014 -0.6% 2.6%

GDP Last Previous Highest Lowest Unit
GDP 350.63 382.34 403.89 7.36 USD Billion [+]
GDP Growth Rate -0.60 3.80 7.60 -6.30 Percent [+]
GDP Annual Growth Rate 1.60 2.00 7.10 -2.70 Percent [+]
GDP Constant Prices 2010165.00 2013305.00 2013305.00 376298.00 ZAR Million [+]
Gross National Product 2076102.00 2047644.00 2076102.00 355030.00 ZAR Million [+]
GDP per capita 5916.46 5885.22 5916.46 3394.93 USD [+]
Gross Fixed Capital Formation 416704.00 414071.00 416704.00 46980.00 ZAR Million [+]
GDP per capita PPP 10959.74 10520.03 10959.74 4183.73 USD [+]

Overview    |     Worldbank    |     Calendar    |     Countries    |     Indicators    |     News