The South African GDP shrank by 0.7% on quarter in the three months to June of 2022, compared with market forecasts of a 0.8% fall, as devastating floods in KwaZulu-Natal and intense power rationing had a negative impact on a number of industries. Seven out of ten activities contracted, with manufacturing hit the most (-5.9% vs 5% in Q1). Other sharp declines were seen in agriculture (-7.7% vs -2.4%), mining & quarrying (-3.5% vs -2.1%) and trade, catering and accommodation (-1.5% vs 3.1%). On the expenditure side, both household consumption (0.6% vs 1.2%) and fixed investment (0.5% vs 3.4%) slowed while government spending fell (-0.7% vs 1.1%). Also, net trade contributed negatively as exports (0.3% vs 3.8% in Q1) rose much less than imports (5.6% vs 5.1%). Year-on-year, the economy expanded by just 0.2%, the least since Q1 of 2021, following a downwardly revised 2.7% growth in the previous period and below market estimates of a 0.6% rise. source: Statistics South Africa
GDP Growth Rate in South Africa averaged 0.62 percent from 1993 until 2022, reaching an all time high of 14 percent in the third quarter of 2020 and a record low of -17 percent in the second quarter of 2020. This page provides - South Africa GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Africa GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on September of 2022.
GDP Growth Rate in South Africa is expected to be -1.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the South Africa GDP Growth Rate is projected to trend around 1.80 percent in 2023 and 1.30 percent in 2024, according to our econometric models.