The South African GDP contracted 17.1% year-on-year in the second quarter of 2020, following a revised 0.1% growth in the previous period and compared with market expectations of a 16.5% slump. It was the strongest economic downturn since at least 1994, amid the impact of one of the strictest coronavirus lockdowns in the world which forced all non-essential activities to shut down operations. On a quarterly basis, the economy crashed at a record 51% in the three months to June of 2020, following a downwardly revised 1.8% contraction in the previous period and more than an estimated 47.3% plunge. source: Statistics South Africa
GDP Annual Growth Rate in South Africa averaged 2.44 percent from 1994 until 2020, reaching an all time high of 7.10 percent in the fourth quarter of 2006 and a record low of -17.10 percent in the second quarter of 2020. 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 November of 2020.
GDP Annual Growth Rate in South Africa is expected to be -8.00 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 3.00 in 12 months time. In the long-term, the South Africa GDP Annual Growth Rate is projected to trend around 3.50 percent in 2021 and 2.40 percent in 2022, according to our econometric models.