The South African GDP shrank by 0.7% on quarter in the three months to June of 2022, compared with market forecasts of a 0.8% fall, as devastating floods in KwaZulu-Natal and intense power rationing had a negative impact on a number of industries. Seven out of ten activities contracted, with manufacturing hit the most (-5.9% vs 5% in Q1). Other sharp declines were seen in agriculture (-7.7% vs -2.4%), mining & quarrying (-3.5% vs -2.1%) and trade, catering and accommodation (-1.5% vs 3.1%). On the expenditure side, both household consumption (0.6% vs 1.2%) and fixed investment (0.5% vs 3.4%) slowed while government spending fell (-0.7% vs 1.1%). Also, net trade contributed negatively as exports (0.3% vs 3.8% in Q1) rose much less than imports (5.6% vs 5.1%). Year-on-year, the economy expanded by just 0.2%, the least since Q1 of 2021, following a downwardly revised 2.7% growth in the previous period and below market estimates of a 0.6% rise. source: Statistics South Africa

GDP Growth Rate in South Africa averaged 0.62 percent from 1993 until 2022, reaching an all time high of 14.00 percent in the third quarter of 2020 and a record low of -17.00 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 December of 2022.

GDP Growth Rate in South Africa is expected to be 0.40 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 1.80 percent in 2023 and 1.30 percent in 2024, according to our econometric models.

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South Africa GDP Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-06-07 09:30 AM Q1 1.9% 1.4% 1.2% 1%
2022-09-06 09:30 AM Q2 -0.7% 1.7% -0.8% -0.7%
2022-12-06 09:30 AM Q3 -0.7% -1.3%


Related Last Previous Unit Reference
GDP Growth Rate -0.70 1.80 percent Jun 2022
GDP Annual Growth Rate 0.20 2.70 percent Jun 2022
GDP Constant Prices 4565988.30 4598552.90 ZAR Million Jun 2022
GDP from Utilities 102113.81 103340.70 ZAR Million Jun 2022
GDP from Transport 357921.23 349652.71 ZAR Million Jun 2022
GDP from Services 1102659.80 1077251.80 ZAR Million Jun 2022
GDP from Public Administration 370230.01 375385.41 ZAR Million Jun 2022
GDP from Mining 202227.12 209463.72 ZAR Million Jun 2022
GDP from Manufacturing 509641.19 541715.09 ZAR Million Jun 2022
GDP from Construction 105100.04 107642.33 ZAR Million Jun 2022
GDP from Agriculture 117364.93 127157.60 ZAR Million Jun 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
-0.70 1.80 14.00 -17.00 1993 - 2022 percent Quarterly

News Stream
South Africa GDP Contracts in Q2
The South African GDP shrank by 0.7% on quarter in the three months to June of 2022, compared with market forecasts of a 0.8% fall, as devastating floods in KwaZulu-Natal and intense power rationing had a negative impact on a number of industries. Seven out of ten activities contracted, with manufacturing hit the most (-5.9% vs 5% in Q1). Other sharp declines were seen in agriculture (-7.7% vs -2.4%), mining & quarrying (-3.5% vs -2.1%) and trade, catering and accommodation (-1.5% vs 3.1%). On the expenditure side, both household consumption (0.6% vs 1.2%) and fixed investment (0.5% vs 3.4%) slowed while government spending fell (-0.7% vs 1.1%). Also, net trade contributed negatively as exports (0.3% vs 3.8% in Q1) rose much less than imports (5.6% vs 5.1%). Year-on-year, the economy expanded by just 0.2%, the least since Q1 of 2021, following a downwardly revised 2.7% growth in the previous period and below market estimates of a 0.6% rise.
2022-09-06
South Africa GDP Grows More than Expected
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.
2022-06-07
South Africa GDP Rebounds Less than Expected
The South African GDP advanced by 1.2% on quarter in the three months to December of 2021, following an upwardly revised 1.7% contraction in the previous period and slightly below market estimates of a 1.3% rise. Five out of ten activities recorded growth in production, notably agriculture, forestry and fishing (12.2%), on increased production of animal products; trade, accommodation and catering (2.9%); manufacturing (2.8%) and personal services (2.7%). Meanwhile, main declines were seen for mining (-3.1%), on lower output from iron ore, gold and coal; utilities (-3.4%); construction (-2.2%) and finance (-0.8%). Year-on-year, the economy expanded by 1.7%, slowing from a 2.9% growth in the prior period, matching market forecasts. Considering the full year of 2021, the South African economy expanded by 4.9%, the most in 14 years, recovering from a 6.4% decline in 2020.
2022-03-08