South Africa's economy grew by an annualized 66.1 percent in the third quarter of 2020, recovering from a record 51.7 percent slump in the April-June period and easily beating market expectations of 52.6 percent. That was the strongest pace of expansion since at least 1993, with manufacturing, trade and mining being the biggest drivers of growth following the easing of COVID-19 lockdown restrictions. Despite the rebound, the economy is still 5.8 percent smaller than it was at the end of 2019. Manufacturing advanced at an annualized rate of 210.2 percent, mostly driven by increases in the production of basic metal products, petroleum, vehicles, and food and beverages; the trade, catering and accommodation industry increased at a rate of 137 percent; and mining and quarrying expanded at a rate of 288.3 percent. Expenditure on GDP increased at an annualized rate of 67.6 percent in the third quarter, as household consumption, exports and fixed investment recovered. source: Statistics South Africa
GDP Growth Rate in South Africa averaged 2.68 percent from 1993 until 2020, reaching an all time high of 66.10 percent in the third quarter of 2020 and a record low of -51.70 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 December of 2020.
GDP Growth Rate in South Africa is expected to be 7.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in South Africa to stand at 2.00 in 12 months time. In the long-term, the South Africa GDP Growth Rate is projected to trend around 1.80 percent in 2021 and 2.30 percent in 2022, according to our econometric models.