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.