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, 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.

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.

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.

South Africa: Economic growth: the rate of change of real GDP: The latest value from 2023 is 0.7 percent, a decline from 1.91 percent in 2022. In comparison, the world average is 3.43 percent, based on data from 184 countries. Historically, the average for South Africa from 1961 to 2023 is 2.79 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 dataset showing South Africa gdp growth rate by year from 1961 to 2023.

South Africa: Exports of goods and services, annual growth: The latest value from 2023 is 3.53 percent, a decline from 7.39 percent in 2022. In comparison, the world average is 5.19 percent, based on data from 130 countries. Historically, the average for South Africa from 1961 to 2023 is 2.63 percent. The minimum value, -17.02 percent, was reached in 2009 while the maximum of 10.94 percent was recorded in 1995.

Key information about South Africa GDP Deflator Growth

• South Africa GDP deflator (implicit price deflator) increased 5.6 % in Mar 2023, compared with an increase of 4.7 % in the previous quarter.
• South Africa GDP Deflator Growth data is updated quarterly, available from Mar 1961 to Mar 2023, with an average rate of 7.5 %.
• The data reached an all-time high of 24.9 % in Jun 1980 and a record low of -0.0 % in Dec 1962.

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


Related information about South Africa GDP Deflator Growth

• In the latest reports, South Africa GDP expanded 0.2 % YoY in Mar 2023.
• Its Nominal GDP reached 95.9 USD bn in Mar 2023.
• South Africa GDP Per Capita reached 6,667.3 USD in Dec 2022.
• Its Gross Savings Rate was measured at 14.5 % in Mar 2023.

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 per capita growth (annual %) in South Africa was reported at --0.66909 % in 2024, according to the World Bank collection of development indicators, compiled from officially recognized sources. South Africa - GDP per capita growth (annual %) - actual values, historical data, forecasts and projections were sourced from the World Bank on July of 2025.

GDP per capita growth of South Africa sank by 231.09% from 0.5 % in 2022 to -0.6 % in 2023. Since the 456.28% jump in 2020, GDP per capita growth plummeted by 91.79% in 2023. Annual percentage growth rate of GDP per capita based on constant local currency. Aggregates are based on constant U.S. dollars. GDP per capita is gross domestic product divided by midyear population. 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.

Broad money growth of South Africa slumped by 12.09% from 8.6 % in 2022 to 7.6 % in 2023. Since the 54.29% surge in 2020, broad money growth sank by 19.45% in 2023. Broad money (IFS line 35L..ZK) is the sum of currency outside banks; demand deposits other than those of the central government; the time, savings, and foreign currency deposits of resident sectors other than the central government; bank and traveler’s checks; and other securities such as certificates of deposit and commercial paper.

Historical chart and dataset showing South Africa population growth rate by year from 1961 to 2023.

Adjusted net national income (annual % growth) in South Africa was reported at 6.8356 % in 2021, according to the World Bank collection of development indicators, compiled from officially recognized sources. South Africa - Adjusted net national income (annual % growth) - actual values, historical data, forecasts and projections were sourced from the World Bank on June of 2025.

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.

Historical dataset showing South Africa population growth rate by year from 1961 to 2023.

Key information about South Africa Labour Productivity Growth

• South Africa Labour Productivity improved by 0.89 % YoY in Sep 2024, compared with a drop of 1.52 % in the previous quarter
• South Africa Labour Productivity Growth data is updated quarterly, available from Mar 2009 to Sep 2024, averaging at -0.03 %
• The data reached an all-time high of 13.02 % in Jun 2021 and a record low of -8.06 % in Dec 2022

CEIC calculates Labour Productivity Growth from quarterly Real GDP and quarterly Employment. Statistics South Africa provides Real GDP in local currency, at 2015 prices and Employment