The South African GDP declined 0.5% year-on-year in the fourth quarter of 2019, after expanding 0.1% in the previous period and compared with market expectations of a 0.1% drop. This was the steepest economic downturn since the fourth quarter of 2009. The impact of unprecedented power blackouts was reflected across sectors, namely utilities (-3.6% vs -2.4% in Q3); manufacturing (-2.6% vs -1.5%); mining (-1.% vs -0.7%); transport, storage & communication (-3.7% vs -1%) and construction (-4.6% vs -3.7%). Meanwhile, agricultural activity rebounded (2.1% vs -7.4%). On a quarterly basis, the economy shrank an annualized 1.4% 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 economy advanced by 0.2% in 2019, the least since the global financial crisis in 2009, and far below 0.8% a year ago.
GDP Annual Growth Rate in South Africa averaged 2.65 percent from 1994 until 2019, reaching an all time high of 7.10 percent in the fourth quarter of 2006 and a record low of -2.60 percent in the second quarter of 2009. This page provides - South Africa GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Africa GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2020. source: Statistics South Africa
GDP Annual Growth Rate in South Africa is expected to be -4.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in South Africa to stand at -2.80 in 12 months time. In the long-term, the South Africa GDP Annual Growth Rate is projected to trend around 3.80 percent in 2021 and 2.90 percent in 2022, according to our econometric models.