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. source: Statistics South Africa

The Gross Domestic Product (GDP) in South Africa expanded 0.10 percent in the fourth quarter of 2023 over the previous quarter. GDP Growth Rate in South Africa averaged 0.60 percent from 1993 until 2023, 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 April of 2024.

The Gross Domestic Product (GDP) in South Africa expanded 0.10 percent in the fourth quarter of 2023 over the previous quarter. GDP Growth Rate in South Africa is expected to be 0.70 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 0.80 percent in 2025 and 1.20 percent in 2026, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-12-05 09:30 AM
GDP Growth Rate QoQ
Q3 -0.2% 0.5% -0.1% -0.2%
2024-03-05 09:30 AM
GDP Growth Rate QoQ
Q4 0.1% -0.2% 0.3% 0.4%
2024-06-04 09:30 AM
GDP Growth Rate QoQ
Q1 0.1% 0.7%


Related Last Previous Unit Reference
GDP Growth Rate YoY 1.20 -0.70 percent Dec 2023
GDP Constant Prices 4631217.90 4626742.70 ZAR Million Dec 2023
GDP from Agriculture 102904.41 113942.51 ZAR Million Dec 2023
GDP from Construction 106529.81 108024.04 ZAR Million Dec 2023
GDP from Manufacturing 527645.41 526641.41 ZAR Million Dec 2023
GDP from Mining 204870.18 200133.74 ZAR Million Dec 2023
GDP from Public Administration 372524.43 374636.84 ZAR Million Dec 2023
GDP from Services 1118007.97 1111284.33 ZAR Million Dec 2023
GDP from Transport 388246.86 377313.62 ZAR Million Dec 2023
GDP from Utilities 98553.87 96362.10 ZAR Million Dec 2023
GDP Growth Rate 0.10 -0.20 percent Dec 2023

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
0.10 -0.20 13.70 -17.00 1993 - 2023 percent Quarterly

News Stream
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
South Africa's Q3 GDP Contracts More than Expected
The South African economy shrank by 0.2% on quarter in Q3 2023, after a downwardly revised 0.5% rise in Q2 and worse than market forecasts of a 0.1% fall, mainly attributed to persistent rotational load shedding, logistical constraints, as well as the challenging global environment. Five of the 10 economic activities experienced declines, with agriculture (-9.6%), manufacturing (-1.3%) and construction (-2.8%) making the most significant contributions to the overall weak performance. On the expenditure side, fixed investment contracted by 3.4% and household consumption decreased by 0.3%, while government spending rose by 0.3%. Net exports contributed negatively by 2.6 percentage points, following an increase of 0.6% in exports and a decrease of 8.6% in imports. Year-on-year, the GDP decreased by 0.7% in Q3, following a downwardly revised 1.5% rise in the previous period and compared with market estimates of a 0.2% fall.
2023-12-05
South Africa Economy Expands More than Expected in Q2
The South African economy advanced by 0.6% on quarter in Q2 2023, after a 0.4% expansion in the prior quarter and better than market forecasts of a 0.1% rise, in part due to easing rolling blackouts. Six of the ten economic activities reported positive growth rates, with manufacturing (+2.2%) and finance (+0.7%) driving much of the upward momentum. At the same time, mining rose 1.3% and agriculture rebounded by 4.2%, after two straight quarters of decline. On the demand side, gross fixed capital formation (+3.9%) dominated growth, amid a sharp rise in investments in machinery and equipment, which included products related to renewable energy. In addition, government spending rose 1.7%. Meanwhile, household consumption decreased (-0.3%) and net external demand contributed negatively to the GDP, as exports (+0.9%) rose much less than imports (+3.3%). Year-on-year, the GDP grew by 1.6% in Q2, quickening from a 0.2% rise in the previous period and above market estimates of a 1.1% growth.
2023-09-05