The Gross Domestic Product (GDP) in South Africa expanded 0.60 percent in the fourth quarter of 2024 over the previous quarter. This dataset provides - South Africa GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The growth of the real gross domestic product (GDP) in South Africa was forecast to increase between 2024 and 2029 by in total 0.4 percentage points. This overall increase does not happen continuously, notably not in 2026 and 2028. The growth is estimated to amount to 1.49 percent in 2029. As described by the International Monetary Fund, this indicator describes the annual change in the gross domestic product at constant prices. This is expressed in national currency units. Here the gross domestic product represents the total value of the final goods and services produced during a year.Find more key insights for the growth of the real gross domestic product (GDP) in countries like Lesotho, Eswatini, and Botswana.

Key information about South Africa Real GDP Growth

• The Gross Domestic Product (GDP) in South Africa expanded 1.3 % YoY in Dec 2022, following a growth of 4.0 % in the previous quarter.
• Real GDP Growth YoY data in South Africa is updated quarterly, available from Mar 1961 to Dec 2022, with an average rate of 3.0 %.
• The data reached an all-time high of 19.4 % in Jun 2021 and a record low of -17.0 % in Jun 2020.

• In the latest reports, Nominal GDP of South Africa reached 98.8 USD bn in Sep 2022.
• Its GDP deflator (implicit price deflator) increased 4.7 % in Sep 2022.
• GDP Per Capita in South Africa reached 6,966.1 USD in Dec 2021.
• Its Gross Savings Rate was measured at 15.6 % in Sep 2022.
• For Nominal GDP contributions, Investment accounted for 14.8 % in Dec 2022.
• Public Consumption accounted for 19.9 % in Dec 2022.
• Private Consumption accounted for 66.6 % in Dec 2022.

In 2024, projections show that three out of the five African regions will have an increased growth margin as a share of Gross Domestic Product (GDP) compared to 2023, showing hope for economic recovery post-COVID-19 restrictions. In 2023, the region of East Africa is projected to have the highest share of GDP growth in Africa. It will have an estimated five percent growth rate. Furthermore, compared to the 2022 projections, 2023 showed decreased growth rate, with the exception of West Africa. However, the growth rate may now be decreasing in 2023 compared to 2022 projections due to a number of factors, including a decrease in government stimulus, ongoing uncertainty related to the pandemic, and the potential for economic headwinds such as rising inflation and interest rates. In 2021, Africa's economy was projected to recover following the impact of the pandemic, with the regional real GDPs growing significantly. In 2020, Southern Africa registered the sharpest decline in GDP growth rate in the continent, at -5.6 percent. Southern and Central Africa were the regions that suffered the most in that year, due to the coronavirus (COVID-19) pandemic's impacts on economic growth in Africa.

The latest data from show economic growth of 0.9 percent, which is an increase from the rate of growth of 0.41 percent in the previous quarter and
a decrease compared to the growth rate of 1.44 percent in the same quarter last year. The economic growth time series for South Africa cover the period...

Contains data from the World Bank's data portal. There is also a consolidated country dataset on HDX.

Economic growth is central to economic development. When national income grows, real people benefit. While there is no known formula for stimulating economic growth, data can help policy-makers better understand their countries' economic situations and guide any work toward improvement. Data here covers measures of economic growth, such as gross domestic product (GDP) and gross national income (GNI). It also includes indicators representing factors known to be relevant to economic growth, such as capital stock, employment, investment, savings, consumption, government spending, imports, and exports.

Following a worldwide trend, the coronavirus (COVID-19) pandemic is envisioned to affect negatively the economy in South Africa. As of December 2020, the GDP growth for 2019 was 0.2 percent. However, it is estimated that in 2020 the growth of real GDP will be revised at minus 8.2 percent. Furthermore, the economy was expected to pick up in 2021 and 2022, with the real GDP projected to grow by 3 percent and 1.6 percent, respectively.

In regard to South African cumulative coronavirus cases, the country is the most hit in the continent, with more than 1.55 million cases as of April 2020.

As of 2022, the real GDP growth rate in Africa was estimated at 3.7 percent, decreasing compared to the previous year when it stood at 4.8 percent. Africa's real GDP is projected to keep a stable and constant growth trend between 2023 and 2027.

Negative impact of COVID-19

Starting in 2020, the spread of the coronavirus (COVID-19) caused economic stagnation and recession in most world regions. Economies on the African continent were also negatively affected, as the health crisis determined disruptions across all economic sectors. In 2020, Africa’s real GDP dropped to minus 1.8 percent, an exceptional negative growth rate registered on the continent. Southern Africa was the most affected region, followed by Central and Western Africa, respectively.

Forecast economic growth in Africa

In 2021 and 2022, Africa’s economy showed signs of recovery after the COVID-19 crisis. Growth was expected to continue in the following years, with the total GDP increasing from around three trillion U.S. dollars in 2020 to four trillion U.S. dollars in 2027. The African economy was set to grow at a rapid pace, especially compared to other world regions. By 2027, Sub-Saharan Africa’s GDP is estimated to record a growth rate of over four percent, while the European Union’s economy would expand by less than two percent.

GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.

South Africa's GDP was estimated at just over 403 billion U.S. dollars in 2024, the highest in Africa. Egypt followed, with a GDP worth around 380 billion U.S. dollars, and ranked as the second-highest on the continent. Algeria ranked third, with about 260 billion U.S. dollars. These African economies are among some of the fastest-growing economies worldwide. Dependency on oil For some African countries, the oil industry represents an enormous source of income. In Nigeria, oil generates over five percent of the country’s GDP in the third quarter of 2023. However, economies such as the Libyan, Algerian, or Angolan are even much more dependent on the oil sector. In Libya, for instance, oil rents account for over 40 percent of the GDP. Indeed, Libya is one of the economies most dependent on oil worldwide. Similarly, oil represents for some of Africa’s largest economies a substantial source of export value. The giants do not make the ranking Most of Africa’s largest economies do not appear in the leading ten African countries for GDP per capita. The GDP per capita is calculated by dividing a country’s GDP by its population. Therefore, a populated country with a low total GDP will have a low GDP per capita, while a small rich nation has a high GDP per capita. For instance, South Africa has Africa’s highest GDP, but also counts the sixth-largest population, so wealth has to be divided into its big population. The GDP per capita also indicates how a country’s wealth reaches each of its citizens. In Africa, Seychelles has the greatest GDP per capita.

Key information about South Africa Nominal GDP Growth

• South Africa Nominal GDP Growth was reported at 4.279 % in Dec 2024.
• This records a decrease from the previous number of 4.471 % for Sep 2024.
• South Africa Nominal GDP Growth data is updated quarterly, averaging 11.455 % from Mar 1961 to Dec 2024, with 256 observations.
• The data reached an all-time high of 34.616 % in Sep 1980 and a record low of -13.481 % in Jun 2020.
• South Africa Nominal GDP Growth data remains active status in CEIC and is reported by CEIC Data.
• The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Nominal GDP: Y-o-Y Growth: Quarterly: Seasonally Adjusted.

South Africa ZA: GDP: Growth data was reported at 1.320 % in 2017. This records an increase from the previous number of 0.565 % for 2016. South Africa ZA: GDP: Growth data is updated yearly, averaging 3.116 % from Dec 1961 (Median) to 2017, with 57 observations. The data reached an all-time high of 7.940 % in 1964 and a record low of -2.137 % in 1992. South Africa ZA: GDP: Growth data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s South Africa – Table ZA.World Bank.WDI: Gross Domestic Product: Annual Growth Rate. Annual percentage growth rate of GDP at market prices based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;

GDP from Construction in South Africa decreased to 103608.81 ZAR Million in the fourth quarter of 2024 from 104038.81 ZAR Million in the third quarter of 2024. This dataset provides the latest reported value for - South Africa Gdp From Construction - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

South Africa ZA: GDP: Growth: Household Final Consumption Expenditure per Capita data was reported at 0.974 % in 2017. This records an increase from the previous number of -0.601 % for 2016. South Africa ZA: GDP: Growth: Household Final Consumption Expenditure per Capita data is updated yearly, averaging 1.488 % from Dec 1961 (Median) to 2017, with 57 observations. The data reached an all-time high of 7.578 % in 2006 and a record low of -5.708 % in 1985. South Africa ZA: GDP: Growth: Household Final Consumption Expenditure per Capita data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s South Africa – Table ZA.World Bank: Gross Domestic Product: Annual Growth Rate. Annual percentage growth of household final consumption expenditure per capita, which is calculated using household final consumption expenditure in constant 2010 prices and World Bank population estimates. Household final consumption expenditure (private consumption) is the market value of all goods and services, including durable products (such as cars, washing machines, and home computers), purchased by households. It excludes purchases of dwellings but includes imputed rent for owner-occupied dwellings. It also includes payments and fees to governments to obtain permits and licenses. Here, household consumption expenditure includes the expenditures of nonprofit institutions serving households, even when reported separately by the country.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted Average;

The gross domestic product (GDP) in current prices in South Africa was forecast to continuously increase between 2024 and 2029 by in total 73.2 billion U.S. dollars (+18.16 percent). After the sixth consecutive increasing year, the GDP is estimated to reach 476.21 billion U.S. dollars and therefore a new peak in 2029. This indicator describes the gross domestic product at current prices. The values are based upon the GDP in national currency converted to U.S. dollars using market exchange rates (yearly average). The GDP represents the total value of final goods and services produced during a year.Find more key insights for the gross domestic product (GDP) in current prices in countries like Lesotho, Botswana, and Eswatini.

Economic growth, quarterly in South Africa, December, 2024 The most recent value is 0.57 percent as of Q4 2024, an increase compared to the previous value of -0.15 percent. Historically, the average for South Africa from Q2 1960 to Q4 2024 is 0.69 percent. The minimum of -16.84 percent was recorded in Q2 2020, while the maximum of 13.76 percent was reached in Q3 2020. | TheGlobalEconomy.com

South Africa ZA: GDP: Growth: Gross Value Added: Agriculture data was reported at 17.716 % in 2017. This records an increase from the previous number of -10.237 % for 2016. South Africa ZA: GDP: Growth: Gross Value Added: Agriculture data is updated yearly, averaging 2.810 % from Dec 1961 (Median) to 2017, with 57 observations. The data reached an all-time high of 30.376 % in 1974 and a record low of -27.260 % in 1992. South Africa ZA: GDP: Growth: Gross Value Added: Agriculture data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s South Africa – Table ZA.World Bank: Gross Domestic Product: Annual Growth Rate. Annual growth rate for agricultural value added based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. Agriculture corresponds to ISIC divisions 1-5 and includes forestry, hunting, and fishing, as well as cultivation of crops and livestock production. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. The origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3 or 4.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted Average; Note: Data for OECD countries are based on ISIC, revision 4.

Contains data from the World Bank's data portal. There is also a consolidated country dataset on HDX.

Private markets drive economic growth, tapping initiative and investment to create productive jobs and raise incomes. Trade is also a driver of economic growth as it integrates developing countries into the world economy and generates benefits for their people. Data on the private sector and trade are from the World Bank Group's Private Participation in Infrastructure Project Database, Enterprise Surveys, and Doing Business Indicators, as well as from the International Monetary Fund's Balance of Payments database and International Financial Statistics, the UN Commission on Trade and Development, the World Trade Organization, and various other sources.

As of 2023, the GDP of Africa was estimated at roughly 3.1 trillion U.S. dollars. This was the highest value since 2010 when the continent's GDP amounted to approximately 2.1 trillion U.S. dollars. The GDP value in Africa generally followed an upward trend in recent years and was estimated to exceed 4.2 trillion U.S. dollars by 2027.

Leading the charge: the three leading African economies

Among the African countries, in 2021, Nigeria had the highest GDP with approximately 442 billion U.S. dollars. South Africa and Egypt followed. These three countries have the largest economies for various reasons. The most notable factors are their population size, natural resources, and level of economic development. Furthermore, Africa was projected to have a real GDP growth rate of 3.9 percent in 2023. Libya was the economy experiencing the highest growth rate in that year.

The Sub-Saharan African economy on the rise

A global comparison showed that Sub-Saharan Africa had the smallest GDP among all world regions in 2021, amounting to 1.87 trillion U.S. dollars. A closer look revealed that Sub-Saharan Africa had a GDP per capita of 1,626.3 U.S. dollars in 2021, again the lowest worldwide. However, the region's economy was forecast to experience continued growth in the following years, with the real GDP increasing by 3.7 percent in 2023.

South Africa ZA: GDP: Growth: Gross Capital Formation data was reported at 1.620 % in 2017. This records an increase from the previous number of -8.058 % for 2016. South Africa ZA: GDP: Growth: Gross Capital Formation data is updated yearly, averaging 3.048 % from Dec 1961 (Median) to 2017, with 57 observations. The data reached an all-time high of 32.217 % in 1980 and a record low of -20.726 % in 1982. South Africa ZA: GDP: Growth: Gross Capital Formation data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s South Africa – Table ZA.World Bank.WDI: Gross Domestic Product: Annual Growth Rate. Annual growth rate of gross capital formation based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. Gross capital formation (formerly gross domestic investment) consists of outlays on additions to the fixed assets of the economy plus net changes in the level of inventories. Fixed assets include land improvements (fences, ditches, drains, and so on); plant, machinery, and equipment purchases; and the construction of roads, railways, and the like, including schools, offices, hospitals, private residential dwellings, and commercial and industrial buildings. Inventories are stocks of goods held by firms to meet temporary or unexpected fluctuations in production or sales, and 'work in progress.' According to the 1993 SNA, net acquisitions of valuables are also considered capital formation.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;