The South African GDP advanced by 1.9% on quarter in the three months to March of 2022, following an upwardly revised 1.4% rise in the previous period and well above market estimates of a 1.2% rise helped by the easing of all remaining Covid-19 restrictions. Eight out of ten activities recorded growth, notably manufacturing (4.9% vs 2.4% in Q4); trade, catering and accommodation (3.1% vs 3.9%); finance, real estate and business services (1.7% vs -0.7%); and transport, storage and communication (1.8% vs 2.9%). On the expenditure side, fixed investment picked up (3.6% vs 1.6%) while private consumption expenditure slowed (1.3% vs 2.3%). At the same time, net trade contributed negatively as exports (3.9% vs 8.3% in Q4) rose less than imports (4.9% vs 8.4%). Year-on-year, the economy expanded by 3%, accelerating from a 1.7% growth in the prior period, and matching market forecasts. The statistics agency said the economy is about the same size as it was before the pandemic. source: Statistics South Africa
GDP Growth Rate in South Africa averaged 0.64 percent from 1993 until 2022, reaching an all time high of 13.90 percent in the third quarter of 2020 and a record low of -17.40 percent in the second quarter of 2020. This page provides - South Africa GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Africa GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2022.
GDP Growth Rate in South Africa is expected to be 0.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the South Africa GDP Growth Rate is projected to trend around 0.60 percent in 2023 and 0.70 percent in 2024, according to our econometric models.