South Africa GDP Growth Rate 1993-2014 | Data | Chart | Calendar

The Gross Domestic Product (GDP) in South Africa expanded an annualized 0.60 percent in the second 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 -0.60 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. Content for - South Africa GDP Growth Rate - was last refreshed on Saturday, October 25, 2014.

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.

On a quarter-on-quarter basis, the mining sector shrank for the second consecutive quarter by an annualized 9.4 percent, following a 24.7 percent fall in the previous period and hurt by lower gold and platinum production.

Manufacturing contracted 2.1 percent, after a 4.4 percent fall in the first quarter. Lower production was reported for: food, beverages and tobacco; petroleum, chemical products, rubber and plastic products; motor vehicles, parts and accessories and other transport; and glass and non-metallic mineral products.

Electricity, gas and water supply; and retail and wholesale trade sharank by 0.6 percent and 0.2 percent, respectively. 

The largest contributors to the quarter-on-quarter growth were reported for general government services (+2.9 percent) and the transport, storage and communication (+4.0 percent). Finance, real estate and business services rose by 1.5 percent boosted by banking activities and contributing 0.3 percent to growth. The agriculture sector advanced 4.9 percent while construction rose 5 percent. 

Year-on-year, the economy advanced 1 percent, lower than a 1.6 percent increase in the previous period. 

Statistics South Africa | Joana Taborda |
8/26/2014 12:43:59 PM

Recent Releases

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. Published on 2014-05-27

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

Calendar GMT Country Event Reference Actual Previous Consensus Forecast
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% -0.6% 0.9% 1.6%
2014-11-25 09:30 AM South Africa
GDP Growth Rate QoQ
Q3 2014 0.6% -0.19%

South Africa GDP Last Previous Highest Lowest Unit
GDP 350.63 382.34 403.89 7.36 USD Billion [+]
GDP Growth Rate 0.60 -0.60 7.60 -6.30 Percent [+]
GDP Annual Growth Rate 1.00 1.60 7.10 -2.70 Percent [+]
GDP Constant Prices 2013212.00 2010165.00 2013305.00 376298.00 ZAR Million [+]
Gross National Product 2057894.00 2076102.00 2076102.00 355030.00 ZAR Million [+]
GDP per capita 5916.46 5885.22 5916.46 3394.93 USD [+]
Gross Fixed Capital Formation 417174.00 416704.00 417174.00 46980.00 ZAR Million [+]
GDP per capita PPP 12105.55 12041.63 12105.55 9151.06 USD [+]