South Africa GDP Growth Rate 1993-2015 | Data | Chart | Calendar

The Gross Domestic Product (GDP) in South Africa contracted an annualized 1.30 percent in the second quarter of 2015 over the previous quarter. GDP Growth Rate in South Africa averaged 3.02 percent from 1993 until 2015, reaching an all time high of 7.60 percent in the fourth quarter of 1994 and a record low of -6.10 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
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Actual Previous Highest Lowest Dates Unit Frequency
-1.30 1.30 7.60 -6.10 1993 - 2015 percent Quarterly
South Africa is the second largest economy 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. Content for - South Africa GDP Growth Rate - was last refreshed on Friday, August 28, 2015.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-02-24 09:30 AM Q4 4.1% 2.1%(R) 3.7% 3.4%
2015-05-26 10:30 AM Q1 1.3% 4.1% 1.7% 1.4%
2015-08-25 10:30 AM Q2 -1.3% 1.3% 0.5% 0.8%
2015-11-24 09:30 AM Q3 -1.3% 0.3%


South African Economy Unexpectedly Contracts QoQ in Q2


South African GDP shrank an annualized 1.3 percent on quarter in the three months to June of 2015, following a 1.3 percent expansion in the previous period. It is the first contraction in five quarters due to drop in manufacturing, mining and agriculture.

Figures came far below market expectations for a 0.5 percent expansion. Yet, the country has been struggling with several power shortages and lower commodity prices, dragging mining and manufacturing down.

Manufacturing contributed the most to contraction, declining for the second straight quarter by 6.3 percent due to lower production of basic iron and steel, non-ferrous metal products, metal products and machinery; and petroleum, chemical products, rubber and plastic products.

The mining sector shrank 6.8 percent due to lower production of coal and other metal ores and agriculture fell 17.4 percent, mainly due to drop in the production of field crops and horticultural products.

In contrast, finance, real estate and business services expanded by 2.7 percent due to growth in financial markets and banking sector and personal services went up by 1.3 percent.

Year-on-year, the economy expanded 1.2 percent, the worst performance since a 2009 recession. 

Statistics South Africa | Joana Taborda | joana.taborda@tradingeconomics.com
8/25/2015 12:52:35 PM


Recent Releases

South Africa GDP Growth Slows in Q1
The South African economy expanded an annualized 1.3 percent on quarter in the first three months of 2015, down from 4.1 percent in the previous quarter and below market expectations, due to a slump in agriculture and manufacturing.
Published on 2015-05-26

South Africa GDP Growth Beats Forecasts
The South African economy expanded an annualized 4.1 percent on quarter in the last three months of 2014, up from a revised 2.1 percent increase in the previous quarter and beating market expectations. While the manufacturing sector grew for the first time in three quarters, mining posted the highest gain in a year.
Published on 2015-02-24

South Africa GDP Up 1.4%
The South African economy advanced a seasonally adjusted annualized 1.4 percent in the third quarter of 2014, following a revised 0.5 percent expansion in the previous period. It is the highest growth rate in three quarters boosted by trade and financial services and a rebound in the mining sector.
Published on 2014-11-25

South Africa GDP Grows Below Expectations
The South African economy expanded a seasonally adjusted annualized 0.6 percent in the second quarter of 2014, after contracting 0.6 percent in the first three months of the year. The agriculture, financial and transport sectors helped the country to avoid recession but a five-month strike in the platinum mines weighted on the growth.
Published on 2014-08-26


South Africa GDP Last Previous Highest Lowest Unit
GDP 349.82 366.06 416.60 7.36 USD Billion [+]
GDP Growth Rate -1.30 1.30 7.60 -6.10 percent [+]
GDP Annual Growth Rate 1.20 2.10 7.10 -2.60 percent [+]
GDP Constant Prices 3040592.00 3050345.00 3050345.00 565040.00 ZAR Million [+]
Gross National Product 2944705.00 2914842.00 2944705.00 504385.00 ZAR Million [+]
GDP per capita 6086.45 6090.27 6090.27 3543.52 USD [+]
Gross Fixed Capital Formation 627181.00 624408.00 640491.00 73065.00 ZAR Million [+]
GDP per capita PPP 12446.37 12454.19 12454.19 9546.25 USD [+]
GDP From Agriculture 67151.46 70444.42 73704.94 33530.55 ZAR Million [+]
GDP From Construction 104729.00 104674.00 104729.00 14702.00 ZAR Million [+]
GDP From Manufacturing 375680.72 381819.78 391090.40 228221.00 ZAR Million [+]
GDP From Mining 235539.65 239744.42 251119.50 214553.50 ZAR Million [+]
GDP From Public Administration 468073.00 467364.00 468270.00 90907.00 ZAR Million [+]
GDP From Services 606667.00 602667.00 606667.00 66256.00 ZAR Million [+]
GDP From Transport 256125.48 256027.00 256125.48 89068.60 ZAR Million [+]
GDP From Utilities 67318.06 67812.04 70556.22 46746.92 ZAR Million [+]


GDP Growth Rate Reference Previous Highest Lowest Unit
Australia 0.90 Mar/15 0.50 4.50 -2.00 percent [+]
Brazil -1.90 Jun/15 -0.70 3.90 -3.90 percent [+]
Canada -0.10 Mar/15 0.60 3.33 -1.80 percent [+]
China 1.70 Jun/15 1.40 2.50 1.40 percent [+]
Euro Area 0.30 Jun/15 0.40 1.30 -2.90 percent [+]
France 0.00 Jun/15 0.60 7.70 -5.00 percent [+]
Germany 0.40 Jun/15 0.30 2.00 -4.50 percent [+]
India 2.06 Mar/15 1.36 5.30 -1.70 percent [+]
Indonesia 3.78 Jun/15 -0.18 3.83 -3.57 percent [+]
Italy 0.20 Jun/15 0.30 6.00 -3.50 percent [+]
Japan -0.40 Jun/15 1.00 3.20 -4.00 percent [+]
Mexico 0.50 Jun/15 0.40 2.90 -6.60 percent [+]
Netherlands 0.10 Jun/15 0.60 2.00 -2.20 percent [+]
Russia -1.29 Mar/15 -0.55 4.10 -5.40 percent [+]
South Korea 0.30 Jun/15 0.80 6.80 -7.00 percent [+]
Spain 1.00 Jun/15 0.90 1.60 -1.60 percent [+]
Switzerland 0.20 Jun/15 -0.20 2.10 -1.90 percent [+]
Turkey 1.30 Mar/15 0.80 6.69 -7.57 percent [+]
United Kingdom 0.70 Jun/15 0.40 5.00 -2.70 percent [+]
United States 3.70 Jun/15 0.60 16.90 -10.00 percent [+]