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. GDP Growth Rate in South Africa averaged 2.71 percent from 1993 until 2019, 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 expected to be -1.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in South Africa to stand at -0.20 in 12 months time. In the long-term, the South Africa GDP Growth Rate is projected to trend around 2.10 percent in 2020, according to our econometric models.

South Africa GDP Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-09-04 09:30 AM GDP Growth Rate QoQ Q2 -0.7% -2.6% 0.6% -0.8%
2018-12-04 09:30 AM GDP Growth Rate QoQ Q3 2.2% -0.4% 1.6% 0.5%
2019-03-05 09:30 AM GDP Growth Rate QoQ Q4 1.4% 2.6% 1.6% 1.6%
2019-06-04 09:30 AM GDP Growth Rate QoQ Q1 -3.2% 1.4% -1.7% -1.4%
2019-09-03 09:30 AM GDP Growth Rate QoQ Q2 -3.2% -1.0%
2019-12-03 09:30 AM GDP Growth Rate QoQ Q3 0.8%



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.

The electricity, gas and water sector posted the largest decline since Q3 2015 (-6.9 percent from 0.2 percent), mostly due to reduced electricity distribution amid severe blackouts imposed by power utlity Eskom during the period

Manufacturing declined 8.8 percent, after a 4.5 percent expansion in Q4 2018, as seven of the ten manufacturing divisions reported negative growth. The three largest contributions to the decrease were petroleum, chemical products, rubber and plastic products; motor vehicles, parts and accessories and other transport equipment; and wood and wood products, paper, publishing and printing.

Mining shrank 10.8 percent, following a 3.8 percent decline in the previous period, mostly due to ‘other’ mining and quarrying (including diamonds), iron ore and coal.

The agriculture, forestry and fishing sector plummeted 13.2 percent, after a 7.9 percent surge in Q4, mainly because of a drop in the production of field crops and horticultural products.

Other declines were seen in trade, catering and accommodation (-3.6 percent from -0.7 percent) and transport & storage (-4.4 percent from 7.7 percent), as a result of decreases in both passenger and freight land transport.

In addition, growth slowed in finance, real estate and business services (1.1 percent from 2.7 percent) and personal services (1.1 percent vs 1.7 percent). Conversely, government services rose 1.2 percent, recovering from a 0.6 percent drop in the previous period, mainly attributed to an increase in civil service employment related to the general election.

Year-on-year, the economy showed no growth, following a 1.1 percent expansion in the previous period and missing market expectations of a 0.7 percent growth.



Statistics South Africa | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
6/4/2019 2:07:35 PM



South Africa GDP Last Previous Highest Lowest Unit
GDP Growth Rate -3.20 1.40 7.60 -6.10 percent [+]
GDP Annual Growth Rate 0.00 1.10 7.10 -2.60 percent [+]
GDP 366.30 348.87 416.42 7.58 USD Billion [+]
GDP Constant Prices 3133613.50 3160551.30 3160551.30 565040.00 ZAR Million [+]
Gross National Product 3109703.00 3096702.00 3129892.00 504385.00 ZAR Million [+]
Gross Fixed Capital Formation 597800.80 604716.90 644549.00 73065.00 ZAR Million [+]
GDP per capita 7432.90 7487.90 7582.70 4624.10 USD [+]
GDP per capita PPP 12143.47 12233.37 12388.26 9014.28 USD [+]
GDP From Agriculture 71198.35 73759.84 89120.92 33530.55 ZAR Million [+]
GDP From Construction 106790.38 107396.44 110107.16 14702.00 ZAR Million [+]
GDP From Manufacturing 384990.99 393954.72 393954.72 228221.00 ZAR Million [+]
GDP From Mining 220907.55 227291.33 251119.50 214553.50 ZAR Million [+]
GDP From Public Administration 480794.59 479333.04 480794.59 90907.00 ZAR Million [+]
GDP From Services 647668.90 645928.42 647668.90 66256.00 ZAR Million [+]
GDP From Transport 275505.11 278622.84 278622.84 89068.60 ZAR Million [+]
GDP From Utilities 64870.47 66047.02 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 July of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
-3.20 1.40 7.60 -6.10 1993 - 2019 percent Quarterly




Country Last Previous
United States 3.10 Mar/19
China 1.60 Jun/19
India 1.60 Dec/18
Turkey 1.30 Mar/19
Saudi Arabia 1.07 Dec/18
Spain 0.70 Mar/19
Japan 0.60 Mar/19
Switzerland 0.60 Mar/19
Netherlands 0.50 Mar/19
United Kingdom 0.50 Mar/19
Australia 0.40 Mar/19
Euro Area 0.40 Mar/19
Germany 0.40 Mar/19
France 0.30 Mar/19
Canada 0.10 Mar/19
Italy 0.10 Mar/19
Argentina -0.20 Mar/19
Brazil -0.20 Mar/19
Mexico -0.20 Mar/19
Russia -0.40 Mar/19
South Korea -0.40 Mar/19
Indonesia -0.52 Mar/19
South Africa -3.20 Mar/19
Singapore -3.40 Jun/19


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