South Africa's economy grew by an annualized 6.3% in the fourth quarter of 2020, following an upwardly revised 67.3% advance in the July-September period and easily beating market expectations of a 5% rise, largely due to the further easing of lockdown restrictions. Eight out of ten industries reported positive growth rates in the fourth quarter, primarily manufacturing (21.1%), trade (9.8%), transport (6.7%), construction (11.2%) and agriculture (5.9%). Expenditure on real gross domestic product increased at an annualised rate of 6,5%, driven by household consumption, exports and fixed investment. Year-on-year, the economy shrank 4.1%, after an upwardly revised 6.2% contraction in the previous period and compared with market expectations of a 4.6% slump. Considering the full year of 2020, the GDP shrank 7%, the most since 1946, as the devastating impact of COVID-19 in the second quarter when lockdown restrictions were at their most stringent weighed heavily on the economy. source: Statistics South Africa
GDP Growth Rate in South Africa averaged 2.73 percent from 1993 until 2020, 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 May of 2021.
GDP Growth Rate in South Africa is expected to be -1.30 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 2.00 in 12 months time. In the long-term, the South Africa GDP Growth Rate is projected to trend around 2.10 percent in 2022 and 2.30 percent in 2023, according to our econometric models.