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. GDP Growth Rate in South Africa averaged 2.78 percent from 1993 until 2018, 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.

South Africa GDP Growth Rate
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South Africa GDP 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 quarter of contraction with the biggest downward contributions coming from agriculture, transport and trade.

The agriculture, forestry and fishing industry declined 29.2 percent, after contracting 33.6 percent in the the first quarter of 2018, mainly due to lower production of field crops and horticultural products. 

Transportation, storage and communication went down 4.9 percent, reversing from a 0.9 percent expansion in Q1. Decreases were reported for land transport, air transport and transport support services.

The trade, catering and accommodation sector decreased 1.9 percent, following a 3.1 percent fall, as retail and motor trade dropped.

Manufacturing fell 0.3 percent, after a 6.7 percent decline. Most of the divisions reported negative growth rates with the largest downward contributors coming from motor vehicles, parts and accessories and the furniture and ‘other’ manufacturing divisions.

In contrast, the main positive contributions came from mining and quarrying (4.9 percent from -10.3 percent in Q1); finance, real estate and business services (1.9 percent from 1.1 percent); construction (2.3 percent from -1.9 percent) and utilities (2.1 percent from 0.2 percent).

Year-on-year, the economy expanded 0.4 percent in the second quarter of 2018, slowing from a 0.8 percent growth in the previous period and below market expectations of a 1 percent expansion. It was the weakest growth rate since the first quarter of 2016 when the economy contracted 0.3 percent.


Statistics South Africa | Stefanie Moya | stefanie.moya@tradingeconomics.com
9/7/2018 10:14:22 AM



Calendar GMT Actual Previous Consensus TEForecast
2018-03-06 09:30 AM GDP Growth Rate QoQ 3.1% 2.3% 1.8% 1.5%
2018-06-05 09:30 AM GDP Growth Rate QoQ -2.2% 3.1% -0.5% 1.0%
2018-09-04 09:30 AM GDP Growth Rate QoQ -0.7% -2.6% 0.6% -0.8%
2018-12-04 09:30 AM GDP Growth Rate QoQ -0.7% 0.5%


South Africa GDP Last Previous Highest Lowest Unit
GDP Growth Rate -0.70 -2.60 7.60 -6.10 percent [+]
GDP Annual Growth Rate 0.40 0.80 7.10 -2.60 percent [+]
GDP 349.42 295.76 416.88 7.58 USD Billion [+]
GDP Constant Prices 3132981.50 3140421.10 3161082.00 565040.00 ZAR Million [+]
Gross National Product 3074870.00 3076397.00 3129523.00 504385.00 ZAR Million [+]
Gross Fixed Capital Formation 615992.50 616799.90 652624.20 73065.00 ZAR Million [+]
GDP per capita 7524.51 7519.50 7582.60 4527.30 USD [+]
GDP per capita PPP 12294.88 12286.70 12389.70 8862.00 USD [+]
GDP From Agriculture 70244.51 76566.90 84820.92 33530.55 ZAR Million [+]
GDP From Construction 108776.67 108171.67 109909.36 14702.00 ZAR Million [+]
GDP From Manufacturing 382563.62 382805.86 391090.40 228221.00 ZAR Million [+]
GDP From Mining 231638.37 228868.92 251119.50 214553.50 ZAR Million [+]
GDP From Public Administration 480320.97 480954.47 480954.47 90907.00 ZAR Million [+]
GDP From Services 643923.33 640882.86 643923.33 66256.00 ZAR Million [+]
GDP From Transport 267778.61 271183.77 271183.77 89068.60 ZAR Million [+]
GDP From Utilities 65588.74 65252.14 70556.22 46746.92 ZAR Million [+]


South Africa GDP Growth Rate

South Africa is the most developed country in Africa and was the largest until 2014, when it was overtaken by Nigeria. The largest sector of the economy is services which accounts for around 73 percent of GDP. Within services, the most important are finance, real estate and business services (21.6 percent); government services (17 percent); wholesale, retail and motor trade, catering and accommodation (15 percent); and transport, storage and communication (9.3 percent). Manufacturing accounts for 13.9 percent; mining and quarrying for around 8.3 percent and agriculture for only 2.6 percent. This page provides - South Africa GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Africa GDP Growth Rate - actual data, historical chart and calendar of releases - was last updated on November of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
-0.70 -2.60 7.60 -6.10 1993 - 2018 percent Quarterly




Country Last
Singapore 4.70 Sep/18
United States 3.50 Sep/18
Indonesia 3.09 Sep/18
India 1.90 Jun/18
China 1.60 Sep/18
Australia 0.90 Jun/18
Mexico 0.90 Sep/18
Russia 0.90 Jun/18
Turkey 0.90 Jun/18
Canada 0.70 Jun/18
Switzerland 0.70 Jun/18
South Korea 0.60 Sep/18
Spain 0.60 Sep/18
United Kingdom 0.60 Sep/18
France 0.40 Sep/18
Brazil 0.20 Jun/18
Euro Area 0.20 Sep/18
Netherlands 0.20 Sep/18
Italy 0.00 Sep/18
Saudi Arabia -0.05 Mar/18
Germany -0.20 Sep/18
Japan -0.30 Sep/18
South Africa -0.70 Jun/18
Argentina -4.00 Jun/18


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