South Africa GDP Growth Rate

The Gross Domestic Product (GDP) in South Africa expanded at an annualized 3.8 percent in the fourth quarter of 2013 over the previous quarter. GDP Growth Rate in South Africa is reported by the Statistics South Africa. From 1993 until 2013, South Africa GDP Growth Rate averaged 3.2 Percent reaching an all time high of 7.6 Percent in March of 1996 and a record low of -6.3 Percent in March of 2009. 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. 2014-04-21

Actual Previous Highest Lowest Forecast Dates Unit Frequency
3.80 0.70 7.60 -6.30 1.73 | 2014/03 1993 - 2013 Percent Quarterly

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South Africa GDP Growth Rate
LIST BY COUNTRY


CALENDAR GMT Country Event Reference Actual Previous Consensus Forecast
2013-05-28 10:30 AM South Africa
GDP Growth Rate QoQ
Q1 2013 0.90% 2.10% 1.60% 2.90%
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 3.8% 1.73%
2014-08-26 10:30 AM South Africa
GDP Growth Rate QoQ
Q2 2014 2.6%
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GDP Last Previous Highest Lowest Forecast Unit
GDP Growth Rate 3.80 2013-12-31 0.70 7.60 -6.30 1.73 2014-03-31 Percent [+]
GDP Annual Growth Rate 2.00 2013-12-31 1.70 7.10 -2.70 1.90 2014-03-31 Percent [+]
GDP Constant Prices 2013305.00 2013-11-15 1994455.00 2013305.00 376298.00 2017874.54 2014-03-31 ZAR Million [+]
Gross Fixed Capital Formation 414071.00 2013-11-15 410953.00 414071.00 46980.00 415941.94 2014-03-31 ZAR Million [+]
Gross National Product 2047644.00 2013-11-15 2049576.00 2056326.00 355030.00 2058189.05 2014-03-31 ZAR Million [+]
GDP 384.31 2012-12-31 401.80 401.80 7.34 393.96 2013-12-31 USD Billion [+]
GDP per capita 6003.46 2012-12-31 5923.99 6003.46 3394.93 6095.43 2013-12-31 USD [+]
GDP per capita PPP 10959.74 2011-12-31 10520.03 10959.74 4183.73 10995.25 2012-12-31 USD [+]
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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.

Q4 2013 GDP growth rate is the largest in two years and went up significantly from 0.7 percent annualized growth in the third quarter.

The largest contribution to the quarter-on-quarter growth came from the manufacturing industry which advanced at an annualized 12.3 percent, due to higher production of food and beverages; petroleum, chemical products, rubber and plastic products; and motor vehicles, parts and accessories.

The mining sector advanced at an annualized 15.7 percent respectively, boosted by higher production of gold, platinum and diamonds.

The wholesale, retail and motor trade; catering and accommodation industry and finance, real estate and business services grew 2.3 percent and 1.5 per cent respectively. The growth in finance, real estate and business services was due to increased activities in commercial banks.

In contrast, production of electricity, gas and water dropped by an annualized 5.6 percent, due to lower consumption of electricity and water.

Year-on-year, the economy accelerated to 2 percent, following a revised 1.7 percent expansion in the previous quarter. 

Statistics South Africa | Joana Taborda | joana.taborda@tradingeconomics.com
2/25/2014 10:11:08 AM

RECENT RELEASES

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

South Africa GDP Growth Accelerates to 3% QoQ in Q2
In the second quarter of 2013, South African seasonally adjusted GDP increased by an annualized rate of 3 percent quarter-on-quarter, the fastest pace in the last four quarters, boosted by manufacturing. Published on 2013-08-27


GDP Growth Rate | Notes
The GDP Growth Rate shows a percentage change in the seasonally adjusted GDP value in the certain quarter, compared to the previous quarter. Because of climatic conditions and holidays, the intensity of the production varies throughout the year. This makes a direct comparison of two consecutive quarters difficult. In order to adjust for these conditions, many countries calculate the quarterly GDP using so called seasonally adjusted method. The Gross Domestic Product can be determined using three different approaches: the product, the income, and the expenditure technique, which should give the same result. In sum, the product technique sums the outputs of every class of enterprise. The expenditure technique works on the principle that every product must be bought by somebody, therefore the value of the total product must be equal to people's total expenditures in buying products and services. The income technique works on the principle that the incomes of the productive factors must be equal to the value of their product, and determines GDP by finding the sum of all producers' incomes.


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