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 Gross Domestic Product (GDP) in South Africa expanded 0.10 percent in the first quarter of 2025 over the previous quarter. This dataset provides - South Africa GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

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.

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.

South Africa gdp growth rate for 2023 was 0.60%, a 1.31% decline from 2022.

<ul style='margin-top:20px;'>

<li>South Africa gdp growth rate for 2022 was <strong>1.91%</strong>, a <strong>2.79% decline</strong> from 2021.</li>
<li>South Africa gdp growth rate for 2021 was <strong>4.70%</strong>, a <strong>10.67% increase</strong> from 2020.</li>
<li>South Africa gdp growth rate for 2020 was <strong>-5.96%</strong>, a <strong>6.22% decline</strong> from 2019.</li>
</ul>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.

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.

CEIC calculates Real GDP Growth from quarterly Real GDP. Statistics South Africa provides Real GDP in local currency, at 2015 prices. Real GDP Growth prior to Q1 1994 is calculated from Real GDP at 2010 prices.


Related information about South Africa Real GDP Growth

• 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.

As shown in this statistic, the growth of the real gross domestic product (GDP) in South Africa lies at approximately 0.98 percent in 2025.Fluctuating decline between 1980 and 2025Between 1980 and 2025 a total decrease by approximately 5.64 percentage points can be observed. The data emphasizes however that this decrease did not happen continuously.Continuous rise between 2025 and 2030The growth will amount to around 1.81 percent in 2030, according to forecasts. There is an overall increase by approximately 0.83 percentage points since 2025. This growth reflects a steady upward trend.This indicator describes the annual change in the gross domestic product at constant prices, expressed in national currency units. Here the gross domestic product represents the total value of the final goods and services produced during a year.

The Gross Domestic Product (GDP) in South Africa was worth 380.70 billion US dollars in 2023, according to official data from the World Bank. The GDP value of South Africa represents 0.36 percent of the world economy. This dataset provides the latest reported value for - South Africa GDP - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

South Africa: Economic growth forecast: The latest value from 2030 is 1.81 percent, an increase from 1.8 percent in 2029. In comparison, the world average is 3.25 percent, based on data from 182 countries. Historically, the average for South Africa from 1980 to 2030 is 1.98 percent. The minimum value, -6.17 percent, was reached in 2020 while the maximum of 6.62 percent was recorded in 1980.

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.

CEIC calculates quarterly Nominal GDP Growth from quarterly Nominal GDP. South African Reserve Bank provides Nominal GDP in local currency.

Full Year GDP Growth in South Africa decreased to 0.60 percent in 2024 from 0.70 percent in 2023. This dataset includes a chart with historical data for South Africa Full Year Gdp Growth.

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.

GDP Counterfactual Tracker: % Change from Pre-Crisis Trend: High data was reported at 1.841 % in 30 Jan 2022. This records an increase from the previous number of 0.595 % for 23 Jan 2022. GDP Counterfactual Tracker: % Change from Pre-Crisis Trend: High data is updated weekly, averaging -0.195 % from May 2020 (Median) to 30 Jan 2022, with 91 observations. The data reached an all-time high of 4.133 % in 28 Nov 2021 and a record low of -15.040 % in 10 May 2020. GDP Counterfactual Tracker: % Change from Pre-Crisis Trend: High data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s South Africa – Table ZA.OECD.WT: GDP Growth Tracker: Weekly.

GDP from Construction in South Africa decreased to 99808.81 ZAR Million in the first quarter of 2025 from 103719.97 ZAR Million in the fourth 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 GDP per capita for 2023 was $6,023, a 7.68% decline from 2022.

<ul style='margin-top:20px;'>

<li>South Africa GDP per capita for 2022 was <strong>$6,523</strong>, a <strong>4.68% decline</strong> from 2021.</li>
<li>South Africa GDP per capita for 2021 was <strong>$6,843</strong>, a <strong>22.63% increase</strong> from 2020.</li>
<li>South Africa GDP per capita for 2020 was <strong>$5,581</strong>, a <strong>14.59% decline</strong> from 2019.</li>
</ul>GDP per capita is gross domestic product divided by midyear population. 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. Data are in current U.S. dollars.

The gross domestic product (GDP) in current prices in South Africa lies at approximately 410.34 billion U.S. dollars in 2025.Fluctuating rise between 1980 and 2025Compared to the earliest depicted observation from 1980 there is a total increase by approximately 320.93 billion U.S. dollars. Looking at the trajectory between 1980 and 2025, one can observe that this increase however did not happen continuously.Continuous rise between 2025 and 2030The GDP will lie at around 490.01 billion U.S. dollars in 2030, according to forecasts. There is an overall increase by approximately 79.67 billion U.S. dollars since 2025. This growth reflects a steady upward trend.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.

Graph and download economic data for Gross Portfolio Equity Assets to GDP for South Africa (DDDM09ZAA156NWDB) from 1999 to 2020 about South Africa, equity, participation, gross, assets, and GDP.

The Gross Domestic Product (GDP) in South Africa expanded 0.80 percent in the first quarter of 2025 over the same quarter of the previous year. This dataset provides - South Africa GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Graph and download economic data for Outstanding Total International Debt Securities to GDP for South Africa (DDDM07ZAA156NWDB) from 1980 to 2020 about issues, South Africa, debt, and GDP.

This dataset provides values for GDP reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.