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.

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.

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.

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.

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.

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;

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 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...

GDP from Manufacturing in South Africa decreased to 521697.34 ZAR Million in the fourth quarter of 2024 from 524783.42 ZAR Million in the third quarter of 2024. This dataset provides the latest reported value for - South Africa Gdp From Manufacturing - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

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.

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.

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.

Il Prodotto Interno Lordo (PIL) in Sudafrica è aumentato dello 0,30 percento nel terzo trimestre del 2024 rispetto allo stesso trimestre dell'anno precedente. Valori correnti, dati storici, previsioni, statistiche, grafici e calendario economico - Sudafrica - Tasso di Crescita annuale del PIL.

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.

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.

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;

South Africa ZA: GDP: Growth: GNI per Capita data was reported at -0.208 % in 2017. This records an increase from the previous number of -1.035 % for 2016. South Africa ZA: GDP: Growth: GNI per Capita data is updated yearly, averaging 1.184 % from Dec 1961 (Median) to 2017, with 57 observations. The data reached an all-time high of 4.951 % in 1964 and a record low of -4.301 % in 1983. South Africa ZA: GDP: Growth: GNI 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.WDI: Gross Domestic Product: Annual Growth Rate. Annual percentage growth rate of GNI per capita based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. GNI per capita is gross national income divided by midyear population. GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;

In 2022, the Gross Domestic Product (GDP) of North Africa grew by 4.3 percent compared to the previous year. Due to the COVID-19 pandemic, the North African economy shrank by 1.4 percent in 2020. Economic recovery was observed in the following year, with the GDP rising by almost 12 percent. North Africa's economic growth is set to remain stable in the coming years.

Graph and download economic data for National Accounts: GDP by Expenditure: Constant Prices: Gross Domestic Product: Total for South Africa (ZAFGDPRQPSMEI) from Q1 1961 to Q4 2024 about South Africa, real, GDP, and rate.