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.

In 2024, projections show that ***** out of the **** 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 **** 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 **** 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 0.80 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.

In 2024, the growth of the real gross domestic product (GDP) in South Africa was estimated at about 0.58 percent. Between 1980 and 2024, the figure dropped by approximately 6.04 percentage points, though the decline followed an uneven course rather than a steady trajectory. The forecast shows the growth will steadily grow by around 1.23 percentage points from 2024 to 2030.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.

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.

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.

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.

The Gross Domestic Product (GDP) in South Africa was worth 400.26 billion US dollars in 2024, according to official data from the World Bank. The GDP value of South Africa represents 0.38 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.

The gross domestic product (GDP) in current prices in South Africa was estimated at about 400.19 billion U.S. dollars in 2024. Between 1980 and 2024, the GDP rose by approximately 310.78 billion U.S. dollars, though the increase followed an uneven trajectory rather than a consistent upward trend. The GDP will steadily rise by around 89.82 billion U.S. dollars over the period from 2024 to 2030, reflecting a clear 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.

South Africa: Economic growth: the rate of change of real GDP: The latest value from 2024 is 0.58 percent, a decline from 0.7 percent in 2023. In comparison, the world average is 3.20 percent, based on data from 177 countries. Historically, the average for South Africa from 1961 to 2024 is 2.75 percent. The minimum value, -6.17 percent, was reached in 2020 while the maximum of 7.94 percent was recorded in 1964.

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.

Historical chart and dataset showing South Africa GDP by year from 1960 to 2023.

In 2024, Niger's real GDP is estimated to grow by 10.4 percent compared to the previous year. During 2023, the GDP is estimated to have increased by only 1.4 percent, nevertheless a positive trend. The country's real GDP is forecast to continue growing but at a slower pace. Between 2025 and 2029, it is expected to grow annually by roughly six percent. Furthermore, the GDPs of Senegal, Libya, and Rwanda might increase by around 8.3 percent, 7.8 percent, and 6.9 percent during 2024, respectively. Niger: A dependence on agriculture A large portion of Niger's economy comes from agriculture. In 2022, agriculture accounted for almost 40 percent of the GDP. Niger is not the only country in Africa where agriculture plays a crucial role. For example, agriculture made up nearly 60 percent of Sierra Leone’s GDP in 2022. Such dependence could mean that any disruptions in the agricultural products market could have significant effects on the country's GDP. Sub-Saharan Africa's economy will be among the fastest-growing regions worldwide Three African countries have significantly larger economies, namely, Nigeria, South Africa, and Egypt. As of 2022, these countries' GDP stood at nearly 477.4 billion, 475.2 billion, and 405.7 billion U.S. dollars. Furthermore, it is anticipated that Sub-Saharan Africa's GDP growth in 2026 will rank as the second-fastest growing economic region in the world after the ASEAN-5 countries, with a growth rate of approximately four percent. In contrast, economic areas such as the European Union are forecast to grow at only about 1.5 percent in the same year.

GDP, billion currency units in South Africa, March, 2025 The most recent value is 1798.8 billion South African Rand as of Q1 2025, a decline compared to the previous value of 1928.18 billion South African Rand. Historically, the average for South Africa from Q1 1993 to Q1 2025 is 780.79 billion South African Rand. The minimum of 110.83 billion South African Rand was recorded in Q1 1993, while the maximum of 1928.18 billion South African Rand was reached in Q4 2024. | TheGlobalEconomy.com

The Gross Domestic Product per capita in South Africa was last recorded at 5708.96 US dollars in 2024. The GDP per Capita in South Africa is equivalent to 45 percent of the world's average. This dataset provides the latest reported value for - South Africa GDP per capita - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Key information about South Africa Investment: % of GDP

• South Africa Investment accounted for 12.6 % of its Nominal GDP in Dec 2024, compared with a ratio of 15.2 % in the previous quarter.
• South Africa investment share of Nominal GDP data is updated quarterly, available from Mar 1960 to Dec 2024, with an average ratio of 19.4 %.
• The data reached an all-time high of 40.6 % in Sep 1981 and a record low of 10.1 % in Dec 2020.

CEIC calculates Investment as % of Nominal GDP from quarterly Nominal Gross Capital Formation and quarterly Nominal GDP. Gross Capital Formation is calculated as the sum of Gross Fixed Capital Formation and Changes in Inventories. Statistics South Africa provides Nominal Gross Capital Formation in local currency and Nominal GDP in local currency.


Related information about South Africa Investment: % of GDP

• In the latest reports, South Africa GDP expanded 0.2 % YoY in Mar 2023.
• South Africa Nominal GDP reached 95.9 USD bn in Mar 2023.
• Its GDP deflator (implicit price deflator) increased 5.6 % in Mar 2023.
• South Africa GDP Per Capita reached 6,667.3 USD in Dec 2022.
• Its Gross Savings Rate was measured at 13.7 % in Sep 2024.

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: Gross Domestic Product, billions of U.S. dollars: The latest value from 2024 is 400.26 billion U.S. dollars, an increase from 380.7 billion U.S. dollars in 2023. In comparison, the world average is 612.35 billion U.S. dollars, based on data from 176 countries. Historically, the average for South Africa from 1960 to 2024 is 173.19 billion U.S. dollars. The minimum value, 8.75 billion U.S. dollars, was reached in 1960 while the maximum of 458.2 billion U.S. dollars was recorded in 2011.

Key information about South Africa Public Consumption: % of GDP

• South Africa Public Consumption accounted for 19.1 % of its Nominal GDP in Dec 2024, compared with a share of 19.3 % in the previous quarter.
• South Africa Public Consumption share of Nominal GDP ratio is updated quarterly, available from Mar 1960 to Dec 2024, with an average number of 16.7 %.
• The data reached an all-time high of 22.7 % in Jun 2020 and a record low of 8.6 % in Jun 1963.

CEIC calculates Government Consumption as % of Nominal GDP from quarterly Government Consumption Expenditure and quarterly Nominal GDP. Statistics South Africa provides Government Consumption Expenditure in local currency and Nominal GDP in local currency.


Related information about South Africa Public Consumption: % of GDP

• In the latest reports, South Africa GDP expanded 0.2 % YoY in Mar 2023.
• South Africa Nominal GDP reached 95.9 USD bn in Mar 2023.
• Its GDP deflator (implicit price deflator) increased 5.6 % in Mar 2023.
• South Africa GDP Per Capita reached 6,667.3 USD in Dec 2022.
• Its Gross Savings Rate was measured at 13.7 % in Sep 2024.
• For Nominal GDP contributions, Investment accounted for 12.6 % in Dec 2024.
• Private Consumption accounted for 67.3 % in Dec 2024.

South Africa: Value added by industry as percent of GDP: The latest value from 2024 is 24.41 percent, a decline from 24.62 percent in 2023. In comparison, the world average is 26.35 percent, based on data from 151 countries. Historically, the average for South Africa from 1960 to 2024 is 31.11 percent. The minimum value, 23.34 percent, was reached in 2020 while the maximum of 42.4 percent was recorded in 1980.