The South African economy rose by 0.4% in Q2 2024, up from a revised flat reading in the previous period, as the country experienced no load-shedding throughout the entire quarter for the first time in years. Seven out of ten industries registered growth, with the finance, real estate, and business services sector leading the way (+1.3%, contributing 0.3 percentage points). Significant contributions also came from trade (+1.2%), manufacturing (+1.1%) and the electricity, gas, and water (+3.1%) sectors. On the demand side, growth was positively influenced by increased household consumption (+1.4%), government spending (+1%), and a rise in inventory levels. Net trade, however, contributed negatively to expenditure on GDP, as exports decreased by 0.4% and imports rose by 1,7%. Fixed investment shrank by 1.4%. On a yearly basis, the GDP rose by 0.3% in Q2, following a 0.5% increase in the previous three-month period. source: Statistics South Africa

The Gross Domestic Product (GDP) in South Africa expanded 0.40 percent in the second quarter of 2024 over the previous quarter. GDP Growth Rate in South Africa averaged 0.59 percent from 1993 until 2024, reaching an all time high of 13.70 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 November of 2024.

The Gross Domestic Product (GDP) in South Africa expanded 0.40 percent in the second quarter of 2024 over the previous quarter. GDP Growth Rate in South Africa is expected to be 1.00 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 0.50 percent in 2025 and 1.20 percent in 2026, according to our econometric models.




Calendar GMT Reference Actual Previous Consensus TEForecast
2024-06-04 09:30 AM
GDP Growth Rate QoQ
Q1 -0.1% 0.3% 0.1% 0.2%
2024-09-03 09:30 AM
GDP Growth Rate QoQ
Q2 0.4% 0% 0.4%
2024-12-03 09:30 AM
GDP Growth Rate QoQ
Q3 0.4% 0.7%


Related Last Previous Unit Reference
GDP Growth Rate YoY 0.30 0.50 percent Jun 2024
GDP Constant Prices 4653982.00 4631266.00 ZAR Million Jun 2024
GDP from Agriculture 123793.00 126412.00 ZAR Million Jun 2024
GDP from Construction 103164.00 102694.00 ZAR Million Jun 2024
GDP from Manufacturing 523370.00 517439.00 ZAR Million Jun 2024
GDP from Mining 201480.00 203128.00 ZAR Million Jun 2024
GDP from Public Administration 372958.00 371064.00 ZAR Million Jun 2024
GDP from Services 1132270.00 1117279.00 ZAR Million Jun 2024
GDP from Transport 380838.00 389488.00 ZAR Million Jun 2024
GDP from Utilities 100954.00 97914.00 ZAR Million Jun 2024
GDP Growth Rate 0.40 0.00 percent Jun 2024

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
0.40 0.00 13.70 -17.00 1993 - 2024 percent Quarterly


News Stream
South Africa's Economy Rises by 0.4% QoQ in Q2
The South African economy rose by 0.4% in Q2 2024, up from a revised flat reading in the previous period, as the country experienced no load-shedding throughout the entire quarter for the first time in years. Seven out of ten industries registered growth, with the finance, real estate, and business services sector leading the way (+1.3%, contributing 0.3 percentage points). Significant contributions also came from trade (+1.2%), manufacturing (+1.1%) and the electricity, gas, and water (+3.1%) sectors. On the demand side, growth was positively influenced by increased household consumption (+1.4%), government spending (+1%), and a rise in inventory levels. Net trade, however, contributed negatively to expenditure on GDP, as exports decreased by 0.4% and imports rose by 1,7%. Fixed investment shrank by 1.4%. On a yearly basis, the GDP rose by 0.3% in Q2, following a 0.5% increase in the previous three-month period.
2024-09-03
South Africa's Economy Unexpectedly Contracts in Q1
The South African economy contracted by 0.1% on quarter in Q1 2024, compared to an upwardly revised 0.3% rise in Q4 2023 and missing market forecasts of a 0.1% rise. Six of the ten economic activities experienced declines, as rolling blackouts intensified, with manufacturing (-1.4%), mining (-2.3%) and construction (-3.1%) contributing the most to the poor economic performance. Conversely, agriculture was the main positive contributor, increasing by 13.5%, mainly driven by a buoyant horticulture sector that recorded a rise in the production of fruit. On the expenditure side, household consumption fell by 0.3%, government spending decreased by 0.3% and fixed investment slipped by 1.8%. Changes in inventories also contributed negatively to the GDP. Meanwhile, exports and imports decreased by 2.3% and 5.1%, respectively. Year-on-year, the GDP rose by 0.5% in Q1 2024, following an upwardly revised 1.4% growth in the previous period and slightly below market estimates of a 0.6% increase.
2024-06-04
South Africa's Economy Dodges Recession in Q4
The South African economy rose by 0.1% in Q4 2023, compared to the previous quarter's 0.2% decline and below the expected 0.3% growth. Six out of ten industries contributed to this growth, with the transport sector contributing the most and expanding by 2.9%. Moreover, mining activity rebounded by 2.4% (vs -1% in Q3), while manufacturing saw a slight uptick of 0.2% (vs -1.1%), amidst fewer rotational power cuts. However, agriculture (-9.7%) and trade (-2.9%) experienced steep declines. On the expenditure side, household consumption rose by 0.2%, and changes in inventories contributed 1 percentage point. However, government spending fell 0.3% and fixed investment shrank 0.2%. Net exports contributed negatively by 1pp, following increases of 0,6% and 4,0% in exports and imports, respectively. Year-on-year, the GDP grew by 1.2% in Q4, following a 0.7% decrease in Q3 and above market estimates of a 0.9% rise. South Africa's economy grew by 0.6% in 2023, down from 1.9% the previous year.
2024-03-05