News

South Africa GDP Rebounds at Record Pace in Q3
South Africa's economy grew by an annualized 66.1 percent in the third quarter of 2020, recovering from a record 51.7 percent slump in the April-June period and easily beating market expectations of 52.6 percent. That was the strongest pace of expansion since at least 1993, with manufacturing, trade and mining being the biggest drivers of growth following the easing of COVID-19 lockdown restrictions. Despite the rebound, the economy is still 5.8 percent smaller than it was at the end of 2019. Manufacturing advanced at an annualized rate of 210.2 percent, mostly driven by increases in the production of basic metal products, petroleum, vehicles, and food and beverages; the trade, catering and accommodation industry increased at a rate of 137 percent; and mining and quarrying expanded at a rate of 288.3 percent. Expenditure on GDP increased at an annualized rate of 67.6 percent in the third quarter, as household consumption, exports and fixed investment recovered.
Published on 2020-12-08

South Africa Economy Collapses in Q2
The South Africa GDP shrank an annualized 51% on quarter in the three months to June of 2020, after a downwardly revised 1.8% contraction in the prior period and more than an estimated 47.3% decline. It was the steepest economic contraction since at least 1990, as the Covid-19 pandemic blow extended the recession into a fourth quarter, the longest period of consecutive quarterly contractions since 1992. Steep output declines were seen across almost all of the country's sectors, in particular construction (-76.6% vs -4.7% in Q1); manufacturing (-74.9% vs -8.5%); mining (-73.1% vs -21.5%); transport, storage & communication (-67.9% vs 0.5%) and trade, catering & accommodation (-67.6% vs -0.7%). The only exception was agriculture, forestry and fishing (15.1% vs 26.8%), amid higher production of field crops and horticultural products. Year-on-year, the economy shrank 17.1%, following a revised 0.1% growth in the previous period and compared with market expectations of a 16.5% slump.
Published on 2020-09-08

South Africa GDP Contracts the Most in a Year
The South African GDP shrank an annualized 2% on quarter in the three months to March of 2020, following a 1.4% contraction in the previous period and compared with market expectations of a 3.8% decline. It was the steepest contraction since the first quarter of 2019, amid the initial effects of the global pandemic on domestic activity even before the implementation of the nationwide lockdown on March 27th. Output declines were seen across half of the country's sectors, primarily in mining & quarrying (-21.5% vs 1.8% in Q4) and manufacturing (-8.5% vs -1.8%). On a more positive note, notable growth was recorded in agriculture (27.8% vs -7.6%), on bumper production of grains and fruits; and finance, real estate & business activities (3.7% vs 2.7%). Year-on-year, the economy contracted 0.1%, after shrinking 0.5% in the previous period but less than market expectations of a 0.8% fall.
Published on 2020-06-30

South African Economy Enters Recession
The South African GDP shrank an annualized 1.4% on quarter in the three months to December of 2019, following an upwardly revised 0.8% contraction in the previous period and much worse than market expectations of a 0.1% decrease. The worst rolling blackouts in the country's history affected severely seven out of ten industries, namely transport, storage & communication (-7.2% vs -5.4% in Q3); trade, catering & accommodation (-3.8% vs 2.6%); construction (-5.9% vs -6.9%); utilities (-4% vs -4.9%); manufacturing (-1.8% vs -4.4%); agriculture, forestry & fishing (-7.6% vs -4.5%) and government services (-0.4% vs 2.4%). In contrast, output rebounded for mining (1.8% vs -6.1%), boosted by platinum group metals, iron ore and gold. Also, the financial sector grew faster (2.7% vs 1.6%). Year-on-year, the GDP declined 0.5% after a 0.1% expansion. The economy expanded 0.2% in 2019, the least since a 1.5% contraction in 2009 and compared to 0.8% in 2019.
Published on 2020-03-03

South Africa GDP Unexpectedly Shrinks 0.6%
The South African economy contracted an annualized 0.6 percent on quarter in the three months to September of 2019, following an upwardly revised 3.2 percent growth in the previous period and much worse than market expectations of a 0.1 percent expansion. Mining, manufacturing and transport, storage and communication industries contributed the most to the GDP contraction. Considering the first 3 quarters of 2019, the economy expanded only 0.3 percent over a year earlier. The South African Treasury expects the GDP to grow 0.5 percent in 2019.
Published on 2019-12-03

South Africa Economy Returns to Growth in Q2
The South African GDP grew 3.1 percent on quarter in the three months to June of 2019, following a downwardly revised 3.1 percent contraction in the previous period and beating market expectations of a 2.4 percent expansion. It was the strongest growth rate since the last quarter of 2017, partly due to low base effects and the positive impact of reduced power cuts in mining and manufacturing.
Published on 2019-09-03

South Africa GDP Contracts the Most in 10 Years
The South African economy shrank an annualized 3.2 percent on quarter in the three months to March of 2019, following a 1.4 percent growth in the previous period and compared with market expectations of a 1.7 percent contraction. It was the sharpest quarterly decline since Q1 2009, mainly reflecting the effects of Eskom's power cuts on manufacturing and mining.
Published on 2019-06-04

South Africa GDP Growth Weakens to 1.4% QoQ in Q4
The South African economy advanced a seasonally adjusted annualized 1.4 percent on quarter in the three months to December of 2018, following an upwardly revised 2.6 percent growth in the previous period and missing market expectations of a 1.8 percent expansion. Manufacturing and agriculture grew less and contractions were primarily recorded in internal trade, public administration and mining.
Published on 2019-03-05

South Africa Economy Returns to Growth in Q3
The South African economy grew a seasonally adjusted annualized 2.2 percent on quarter in the three months to September of 2018, following a downwardly revised 0.4 percent contraction in the previous period and beating market expectations of a 1.6 percent expansion. It was the strongest growth rate since the last quarter of 2017 and shrinking for two consecutive periods, mainly driven by manufacturing, transport and communication and real state and business services.
Published on 2018-12-04

South Africa GDP Growth Contracts 0.7% in Q2
The South African economy shrank a seasonally adjusted annualized 0.7 percent on quarter in the three months to June of 2018, following a 2.6 percent contraction in the prior period and missing market consensus of a 0.6 percent growth. It was the second consecutive period of contraction, as output fell for agriculture, transport and trade.
Published on 2018-09-04

South Africa GDP Contracts the Most since 2009
The South African economy shrank a seasonally adjusted annualized 2.2 percent on quarter in the first three months of 2018, reversing from a 3.1 percent growth in the previous period and market expectations of a 0.5 percent decline. It is the biggest contraction since the first quarter of 2009 as production declined for: field crops, horticultural products, platinum group metals, iron ore and steel.
Published on 2018-06-05

South Africa GDP Growth Highest Since 2016
The South African economy advanced an annualized 3.1 percent on quarter in the last three months of 2017, following an upwardly revised 2.3 percent rise in the previous period and beating market expectations of 1.8 percent. It is the strongest growth rate in six quarters, mainly due to a robust gain in agriculture, a rebound in internal trade and a faster increase in manufacturing. Considering full 2017, the GDP advanced 1.3 percent, above 0.6 percent in 2016.
Published on 2018-03-06

South Africa GDP Growth Slows to 2.0% in Q3
The South African economy expanded an annualized 2.0 percent on quarter in the three months to September of 2017, easing from an upwardly revised 2.8 percent expansion in the previous quarter but beating market expectations of a 1.5 percent rise. Agriculture, mining and manufacturing were the main drivers of the growth, while there was a contraction in general government services resulting from low employment numbers in the public sector.
Published on 2017-12-05

South Africa GDP Growth Beats Expectations in Q2
The South African economy expanded an annualized 2.5 percent on quarter in the three months to June of 2017, ending two quarters of contraction and beating market expectations of a 2.1 percent rise. It is the strongest growth rate in a year with agriculture, forestry and fishing making the largest upward contribution, namely field crops and horticultural products.
Published on 2017-09-05

South African Economy Enters Recession In Q1
The South African economy unexpectedly contracted an annualized 0.7 percent on quarter in the first three months of 2017, following a 0.3 percent drop in the previous period and compared to market expectations of a 0.9 percent expansion. It is the first recession since 2009 as both trade and manufacturing recorded negative growth rates.
Published on 2017-06-06

South African GDP Unexpectedly Shrinks 0.3% in Q4
The South African economy contracted an annualized 0.3 percent on quarter in the three months to December of 2016, compared to an upwardly revised 0.4 percent growth in the previous quarter and missing market consensus of a 0.5 percent expansion. It was the first contraction since the March quarter of 2016 driven by mining and quarrying and manufacturing industries. Year-on-year, the economy grew by 0.7 percent, the same as in the previous three months and above market expectations of 0.6 percent growth. Considering full 2016, the economy rose 0.3 percent slowing from a 1.3 percent expansion in 2015.
Published on 2017-03-07

South Africa GDP Growth Slows to 0.2% QoQ in Q3
The South African economy expanded an annualized 0.2 percent on quarter in the three months to September of 2016, compared to an upwardly revised 3.5 percent growth in the June quarter and below market estimates of a 0.5 percent expansion. It was the second straight quarter of growth, mainly supported by mining, general government services and real estate activities while manufacturing shrank. Year-on-year, the economy grew by 0.7 percent, the same from an upwardly revised figure in the second quarter.
Published on 2016-12-06

South Africa GDP Growth at 1-1/2-Year High in Q2
The South African economy advanced an annualized 3.3 percent on quarter in the three months to June of 2016, recovering from a 1.2 percent contraction in the previous period and beating market expectations of a 2.3 percent increase. It is the highest growth rate since the last three months of 2014, mainly boosted by manufacturing, mining and real estate activities.
Published on 2016-09-06

South African GDP Contracts 1.2% in Q1
The South African economy shrank an annualized 1.2 percent on quarter in the three months to March of 2016, compared to a 0.4 percent growth in the previous quarter and worse than market expectations of 0.1 percent drop. It is the first contraction since the second quarter last year, dragged down by mining and quarrying and transport sectors. On a yearly basis, the GDP fell 0.2 percent, marking the first drop since the fourth quarter of 2009.
Published on 2016-06-08

South Africa Q4 GDP Growth Slows to 0.6%
The South African economy advanced an annualized 0.6 percent on quarter in the three months to December of 2015, easing from a 0.7 percent growth in the previous period while missing market consensus of 0.8 percent. Trade, mining and construction were the main drivers of growth while manufacturing and agriculture dragged the expansion down. Year-on-year, the economy advanced 0.6 percent, slowing from a 1 percent growth in the third quarter and hitting its lowest level since the 2009 recession. Considering full 2015, the GDP grew 1.3 percent compared to a 1.4 percent expansion in 2014.
Published on 2016-03-01