South Africa's economy grew by an annualized 4.6% in the first quarter of 2021, following a downwardly revised 5.8% advance in the October-December period and easily beating market expectations of a 2.5% rise. Eight out of ten industries reported positive growth rates in the first quarter, with mining (18.1%), boosted by the production of platinum group metals, iron ore, gold and chromium; finance (7.4%) and trade (6.2%) making the most significant contributions. Manufacturing also increased 1.6%. Meanwhile, contractions were seen in agriculture (-3.2%), dragged lower by weaker production figures for field crops and animal products; and utilities (-2.6%), due to load shedding and a decline in the supply of water. On the expenditure side, household spending and changes in inventories helped spur growth. Year-on-year, the economy shrank 3.2%, after an upwardly revised 4.2% contraction in the previous period and matching market consensus. source: Statistics South Africa
GDP Growth Rate in South Africa averaged 2.74 percent from 1993 until 2021, reaching an all time high of 67.30 percent in the third quarter of 2020 and a record low of -51.70 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 2021.
GDP Growth Rate in South Africa is expected to be -1.70 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 0.70 in 12 months time. In the long-term, the South Africa GDP Growth Rate is projected to trend around 0.60 percent in 2022 and 1.00 percent in 2023, according to our econometric models.