South Africa GDP Growth Rate1993-2020 Data | 2021-2022 Forecast | Calendar

South Africa's economy grew by an annualized 66.1 percent in the third quarter of 2020, recovering from a record 51.7 percent slump in the April-June period and easily beating market expectations of 52.6 percent. That was the strongest pace of expansion since at least 1993, with manufacturing, trade and mining being the biggest drivers of growth following the easing of COVID-19 lockdown restrictions. Despite the rebound, the economy is still 5.8 percent smaller than it was at the end of 2019. Manufacturing advanced at an annualized rate of 210.2 percent, mostly driven by increases in the production of basic metal products, petroleum, vehicles, and food and beverages; the trade, catering and accommodation industry increased at a rate of 137 percent; and mining and quarrying expanded at a rate of 288.3 percent. Expenditure on GDP increased at an annualized rate of 67.6 percent in the third quarter, as household consumption, exports and fixed investment recovered.

The South Africa GDP shrank an annualized 51% on quarter in the three months to June of 2020, after a downwardly revised 1.8% contraction in the prior period and more than an estimated 47.3% decline. It was the steepest economic contraction since at least 1990, as the Covid-19 pandemic blow extended the recession into a fourth quarter, the longest period of consecutive quarterly contractions since 1992. Steep output declines were seen across almost all of the country's sectors, in particular construction (-76.6% vs -4.7% in Q1); manufacturing (-74.9% vs -8.5%); mining (-73.1% vs -21.5%); transport, storage & communication (-67.9% vs 0.5%) and trade, catering & accommodation (-67.6% vs -0.7%). The only exception was agriculture, forestry and fishing (15.1% vs 26.8%), amid higher production of field crops and horticultural products. Year-on-year, the economy shrank 17.1%, following a revised 0.1% growth in the previous period and compared with market expectations of a 16.5% slump.

The South African GDP shrank an annualized 2% on quarter in the three months to March of 2020, following a 1.4% contraction in the previous period and compared with market expectations of a 3.8% decline. It was the steepest contraction since the first quarter of 2019, amid the initial effects of the global pandemic on domestic activity even before the implementation of the nationwide lockdown on March 27th. Output declines were seen across half of the country's sectors, primarily in mining & quarrying (-21.5% vs 1.8% in Q4) and manufacturing (-8.5% vs -1.8%). On a more positive note, notable growth was recorded in agriculture (27.8% vs -7.6%), on bumper production of grains and fruits; and finance, real estate & business activities (3.7% vs 2.7%). Year-on-year, the economy contracted 0.1%, after shrinking 0.5% in the previous period but less than market expectations of a 0.8% fall.

The South African GDP shrank an annualized 1.4% on quarter in the three months to December of 2019, following an upwardly revised 0.8% contraction in the previous period and much worse than market expectations of a 0.1% decrease. The worst rolling blackouts in the country's history affected severely seven out of ten industries, namely transport, storage & communication (-7.2% vs -5.4% in Q3); trade, catering & accommodation (-3.8% vs 2.6%); construction (-5.9% vs -6.9%); utilities (-4% vs -4.9%); manufacturing (-1.8% vs -4.4%); agriculture, forestry & fishing (-7.6% vs -4.5%) and government services (-0.4% vs 2.4%). In contrast, output rebounded for mining (1.8% vs -6.1%), boosted by platinum group metals, iron ore and gold. Also, the financial sector grew faster (2.7% vs 1.6%). Year-on-year, the GDP declined 0.5% after a 0.1% expansion. The economy expanded 0.2% in 2019, the least since a 1.5% contraction in 2009 and compared to 0.8% in 2019.