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

The Gross Domestic Product (GDP) in South Africa expanded an annualized 4.10 percent in the fourth quarter of 2014 over the previous quarter. GDP Growth Rate in South Africa averaged 3.09 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 -6.10 percent in the first quarter of 2009. GDP Growth Rate in South Africa is reported by the Statistics South Africa.

      Forecast    
South Africa GDP Growth Rate


Actual Previous Highest Lowest Dates Unit Frequency
4.10 2.10 7.60 -6.10 1993 - 2014 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 Sunday, March 29, 2015.


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.

Manufacturing increased 9.5 percent, after shrinking 1 percent in the previous period, boosted by production of petroleum, chemical products, rubber and plastic, basic iron and steel, non-ferrous metal products, metal products and machinery division, motor vehicles, parts and accessories and other transport equipment.

The mining and quarrying sector surged 15.2 percent, up from a 3.9 percent increase in the previous quarter and driven by other metal ores including platinum and other mining and quarrying including diamonds.

The growth in finance, real estate and business services (3.5 percent from 2.4 percent in the previous quarter) was due to increases in activities in the financial markets and banking.

In contrast, the agriculture, forestry and fishing industry increased at a slower 7.5 percent (9.5 percent in the previous quarter) while wholesale, retail, catering and accommodation industry shrank 0.3 percent due to decreases in turnover in most trade divisions.

Year-on-year, the economy expanded 1.3 percent in the last three months of 2014, slowing from a revised 1.6 percent increase in the previous period.

Considering full 2014, the GDP expanded 1.5 percent, the lowest figure since a 1.5 percent contraction in 2009.

Statistics South Africa | Joana Taborda | joana.taborda@tradingeconomics.com
2/24/2015 9:54:22 AM


Recent Releases

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


Calendar GMT Event Actual Previous Consensus Forecast (i)
2014-08-26 10:30 AM
GDP Growth Rate QoQ  Q2
0.6% -0.6% 0.9% 1.6%
2014-11-25 09:30 AM
GDP Growth Rate QoQ  Q3
1.4% 0.5% (R) 1.4% 0.62%
2015-02-24 09:30 AM
GDP Growth Rate QoQ  Q4
4.1% 2.1% (R) 3.7% 3.4%
2015-05-26 09:30 AM
GDP Growth Rate QoQ  Q1
4.1% 0.4%
2015-08-25 09:30 AM
GDP Growth Rate QoQ  Q2
0.35%
2015-11-24 09:30 AM
GDP Growth Rate QoQ  Q3
-0.01%


South Africa GDP Last Previous Highest Lowest Unit
GDP 350.63 382.34 403.89 7.36 USD Billion [+]
GDP Growth Rate 4.10 2.10 7.60 -6.10 percent [+]
GDP Annual Growth Rate 1.30 1.60 7.10 -2.60 percent [+]
GDP Constant Prices 3040251.00 3009503.00 3040251.00 565040.00 ZAR Million [+]
Gross National Product 3644.00 4515.00 2914842.00 2962.72 ZAR Million [+]
GDP per capita 5916.46 5885.22 5916.46 3394.93 USD [+]
Gross Fixed Capital Formation 624408.00 620442.00 640491.00 73065.00 ZAR Million [+]
GDP per capita PPP 12105.55 12041.63 12105.55 9151.06 USD [+]


GDP Growth Rate Reference Previous Highest Lowest Unit
Australia 0.50 Nov/14 0.40 4.50 -2.00 percent [+]
Brazil 0.30 Nov/14 0.20 4.50 -4.20 percent [+]
Canada 0.60 Nov/14 0.80 3.33 -1.80 percent [+]
China 1.50 Nov/14 1.90 2.50 1.40 percent [+]
Euro Area 0.30 Nov/14 0.20 1.30 -2.80 percent [+]
France 0.10 Nov/14 0.30 1.60 -1.70 percent [+]
Germany 0.70 Nov/14 0.10 2.10 -3.70 percent [+]
India 1.60 Nov/14 2.20 5.80 -1.90 percent [+]
Indonesia -2.06 Nov/14 3.16 3.82 -3.57 percent [+]
Italy 0.00 Nov/14 -0.10 6.00 -3.50 percent [+]
Japan 0.40 Nov/14 -0.60 3.20 -4.00 percent [+]
Mexico 0.70 Nov/14 0.50 2.90 -6.60 percent [+]
Netherlands 0.80 Nov/14 0.30 2.00 -2.20 percent [+]
Russia 0.04 Aug/14 0.14 4.10 -5.40 percent [+]
South Korea 0.30 Nov/14 0.80 6.80 -7.00 percent [+]
Spain 0.80 Feb/15 0.70 1.53 -1.60 percent [+]
Switzerland 0.60 Nov/14 0.70 1.90 -2.20 percent [+]
Turkey 0.40 Aug/14 -0.50 6.69 -7.57 percent [+]
United Kingdom 0.50 Nov/14 0.70 5.00 -2.70 percent [+]
United States 2.20 Nov/14 5.00 16.90 -10.00 percent [+]