Excluding South Africa, the continent’s largest economy, growth in Sub-Saharan Africa is forecast to rise to 6%. South Africa economic growth for 2018 was $784.75B, a 0.84% increase from 2018. This represents the percentage change in GDP from one year to the next, providing a country’s annual rate of economic growth. We could already be in a recession, with little evidence that the economy caught fire in the second quarter. The economy plunged deeper into recession in the second quarter, with GDP nosediving 51.0% at a seasonally-adjusted annualized rate (SAAR). Sub-Saharan Africa gdp growth rate for 2019 was 2.28%, a 0.13% decline from 2018. Growth for 2019 is now projected at 0.8%, … View South Africa's Real GDP Growth from Mar 1961 to Jun 2020 in the chart: What was South Africa's Real GDP Growth in Jun 2020? The fiscal deficit remained high at an estimated 4.3% in 2019, up from 4.2% in 2018, as the country continued to face revenue shortfalls due to slow economic growth. {"2006":53482846.01, "2007":56449944.30, "2008":58492620.82, "2009":57593407.32, "2010":59257605.06, "2011":61108092.62, "2012":62464692.28, "2013":64016939.88, "2014":65025654.49, "2015":65802060.80, "2016":66064611.02, "2017":66999425.27, "2018":67526710.75, "2019":67630026.61}, [{"1950":81.82, "1951":85.66, "1952":88.69, "1953":92.86, "1954":98.34, "1955":103.25, "1956":108.98, "1957":113.15, "1958":115.53, "1959":120.68, "1960":124.18, "1961":128.72, "1962":136.91, "1963":146.92, "1964":158.74, "1965":168.30, "1966":176.03, "1967":188.31, "1968":196.50, "1969":205.59, "1970":216.51, "1971":225.78, "1972":229.51, "1973":240.01, "1974":254.67, "1975":258.99, "1976":264.82, "1977":264.57, "1978":272.54, "1979":282.87, "1980":301.60, "1981":317.77, "1982":316.55, "1983":310.71, "1984":326.55, "1985":322.59, "1986":322.65, "1987":329.43, "1988":343.27, "1989":351.49, "1990":350.37, "1991":346.80, "1992":339.39, "1993":343.58, "1994":354.69, "1995":365.74, "1996":381.49, "1997":391.59, "1998":393.61, "1999":402.90, "2000":419.64, "2001":431.11, "2002":446.93, "2003":460.11, "2004":481.06, "2005":506.45, "2006":534.83, "2007":564.50, "2008":584.93, "2009":575.93, "2010":592.58, "2011":611.08, "2012":624.65, "2013":640.17, "2014":650.26, "2015":658.02, "2016":660.65, "2017":669.99, "2018":675.27, "2019":676.30}], {"1972":1.7, "1973":4.6, "1974":6.1, "1975":1.7, "1976":2.2, "1977":-0.1, "1978":3.0, "1979":3.8, "1980":6.6, "1981":5.4, "1982":-0.4, "1983":-1.8, "1984":5.1, "1985":-1.2, "1986":0.0, "1987":2.1, "1988":4.2, "1989":2.4, "1990":-0.3, "1991":-1.0, "1992":-2.1, "1993":1.2, "1994":3.2, "1995":3.1, "1996":4.3, "1997":2.6, "1998":0.5, "1999":2.4, "2000":4.2, "2001":2.7, "2002":3.7, "2003":2.9, "2004":4.6, "2005":5.3, "2006":5.6, "2007":5.5, "2008":3.6, "2009":-1.5, "2010":2.9, "2011":3.1, "2012":2.2, "2013":2.5, "2014":1.6, "2015":1.2, "2016":0.4, "2017":1.4, "2018":0.8, "2019":0.2}. Nominal GDP in the third quarter of 2019 was estimated at R1,29 trillion, higher than the R1,26 trillion recorded in the second quarter of 2019. The South African economy fell back into the mostly unfree category in 2019 after 24 years in the ranks of the moderately free. World Bank report indicates South Africa GDP growth will expand by 1.3% in 2019 A slash in expected GDP numbers makes 2019 a somber year for the economy. Given population growth, gross domestic product (GDP) per capita growth has been close to nil since 2014, leaving little room to reduce poverty. In 2019, real GDP growth for South Africa was 0.2 %. - … South Africa fell five places in the World Economic Forum’s Global Competitiveness Report 2018, to 67th out of 140 economies. South Africa: GDP records largest drop on record in Q2. The use of different national income standards across Europe has an impact on cross-country comparability and in some cases leads to an underestimation of GDP. Selected Countries and Economies. Southern Africa’s subdued growth is due mainly to South Africa’s weak development, which affects neighboring countries. Due to inflation targeting, the exchange rate pass-through to inflation has been limited. During President Thabo Mbeki's tenure as leader of South Africa, South Africa experienced an average GDP growth rate of 3.25% (quarter on quarter annualised) and inflation averaged 5.6%. Based on the various economic indicators in South Africa for the first few months of 2019, we do predict the first quarter GDP growth of 2019 for South Africa to be a negative number. To learn more about cookies, click here. Though South Africa real GDP growth fluctuated substantially in recent years, it tended to decrease through 2000 - 2019 period ending at 0.2 % in 2019. Sub-Saharan Africa gdp growth rate for 2016 was 1.24%, a 1.61% decline from 2015. South Africa gdp growth rate for 2018 was 0.79%, a 0.63% decline from 2017. The World Bank projects 2019 growth at 1.3%, accelerating further to 1.7% in 2020. Read more. That’s hardly a … Unadjusted real GDP growth for the first nine months of the year was 0,3% year-on-year. South Africa economic growth for 2018 was $790.44B, a 0.73% increase from 2018. Though South Africa GDP growth fluctuated substantially in recent years, it tended to decrease through 1970 - 2019 period ending at 0.2 % in 2019. Online tool for visualization and analysis. Education Latest Trend Ranking; Youth not … © World Economics Limited. Growth for 2019 is now projected at 0.8%, half a percentage point lower than April’s forecast and unchanged from 2018, according to the bank’s October Africa’s Pulse report. And the number of -0.6% just shows that South Africa's economy continues to struggle to find any form of traction to grow. It is estimated that the application of the latest standard would add US$824 billion. Since 1996, at the end of over twelve years of international sanctions, South Africa's Gross Domestic Product almost tripled to peak at $400 billion in 2011, but has since declined to roughly $385 billion in 2019. South Africa Annual growth rate (%) Total Annual growth rate (%) Apr-2019-Nov-2020 South Africa (red), OECD - Total (black) Total Annual growth rate (%) ... % of GDP 2019 South Africa (red) Find all indicators on Economy. GDP is forecast to expand by 1.5% in 2019, with the growth momentum projected to accelerate towards 3.2% by 2022. This site uses cookies to optimize functionality and give you the best possible experience. South Africa: PMI increases in August. Education Latest Trend Ranking; Youth not … The latest general elections were held in May 2019. An interest rate cut on 18 July now seems inevitable. International Comparison Program & Purchasing Power Parity, International Household Survey Network (IHSN), Trust Fund for Statistical Capacity Building. WDI Tables. The bar chart below shows the quarter on quarter annualised growth rates for Q3:2019 compared to Q1:2019. 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. Its Gross Savings Rate was measured at 10.7 % in Jun 2020. SA's economy shrank by more than 3% in the first quarter of 2019 - as loadshedding, a strike at gold mines, and a dire lack of investment hit growth. All rights reserved.Terms & Conditions. “Growth in South Africa is expected to … South Africa’s stability and economic growth has acted as a magnet for refugees and asylum seekers from nearby countries, despite the prevalence of discrimination and xenophobic violence. Thematic data tables from WDI. For example, South Africa’s real GDP in 2018 was R3 144,5 billion, increasing to R3 149,3 billion in 2019 (constant 2010 prices). 4 December 2019: South Africa's GDP for Q3:2019 came in at -0.6%. IMF lowers South Africa’s growth forecast for 2019 to a paltry 0.7% By Siphelele Dludla Oct 15, 2019 JOHANNESBURG – The International Monetary Fund … South Africa is an upper-middle-income economy, one of only eight such countries in Africa. All rights reserved. Most American countries use a national income accounting standard that fails to record the informal economy. South Africa gdp growth rate for 2017 was 1.41%, a 1.02% increase from 2016. • To achieve higher, more inclusive growth and create jobs, South Africa needs to strengthen the capability of the state and enact comprehensive structural reforms. This resulted in the economy being no larger in 2019Q1 than it was a year earlier. South Africa Annual growth rate (%) Total Annual growth rate (%) Apr-2019-Nov-2020 South Africa (red), OECD - Total (black) Total Annual growth rate (%) ... % of GDP 2019 South Africa (red) Find all indicators on Economy. South Africa gdp growth rate for 2019 was 0.15%, a 0.63% decline from 2018. South Africa GDP (Gross Domestic Product) was INT$676.30billion for 2019 in PPP terms. South Africa GDP (Gross Domestic Product) was INT$676.30billion for 2019 in PPP terms. The economic outlook for Sub-Saharan Africa (SSA) is positive, with growth rising to 5.3% in 2012, and 5.6% in 2013, over the pre-crisis average level of 5%. Even though South Africa’s 257 municipalities increased their spending in the quarter ended June 2020, the rise was slower than increases recorded in previous quarters. South Africa gdp growth rate for 2018 was 0.79%, a 0.63% decline from 2017. Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). Country. The South African economy grew by 1.3% in 2017 and 0.8% in 2018. The International Monetary Fund has lowered its growth forecasts for South Africa from 1.5% to 1.3% for 2019. In 2019, GDP growth for South Africa was 0.2 %. Refugees have included an estimated 350,000 Mozambicans during its 1980s civil war and, more recently, several thousand Somalis, Congolese, and Ethiopians. Chart. The combination of president Mbeki and finance minister Manual proved to be the most successful economic combination in South Africa's young history. Sub-Saharan Africa gdp growth rate for 2018 was 2.41%, a 0.14% decline from 2017. The combination of president Mbeki and finance minister Manual proved to be the most successful economic combination in South Africa's young history. CSV XML EXCEL. Overview outh Africa’s GDP growth forecast for 2019 has been revised to 1.5 per cent, from an estimated 1.7 per cent at … Highlights 2 Economic overview • Growth prospects for the South African economy are expected to improve gradually over the five-year outlook period. South Africa gdp growth rate for 2016 was 0.40%, a 0.79% decline from 2015. GDP Per Capita in South Africa reached 6,130.3 USD in Dec 2019. Growth in Southern Africa is expected to remain moderate in 2019 and 2020 after a modest recovery in 2017 and 2018. Missing data, out of date base years, disputed population data and the size of the unrecorded informal economy means that international rankings of countries in terms of GDP and GDP per capita are meaningless. This forecast would change in the event of a deteriorating global economy. This represents an annual GDP growth rate of 0,2%. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. World Economics Limited. South Africa gdp growth rate for 2019 was 0.15%, a 0.63% decline from 2018. "Growth rate of real gross domestic product (GDP) of selected South Asian countries from 2015 to 2019 with forecasts from 2020 to 2021." Year-on-year growth Stats SA has published the latest GDP data for South Africa, showing that the country’s economy shrank in the fourth quarter of 2019. DataBank. List (2019) Rates in bold italic are IMF staff estimates.. Rank Country/region Real GDP growth rate (%) 1 South Sudan 11.3: 2 Rwanda 10.1: 3 Libya 9.9: 4 Dominica 9.2 If you continue to navigate this website beyond this page, cookies will be placed on your browser. During President Thabo Mbeki's tenure as leader of South Africa, South Africa experienced an average GDP growth rate of 3.25% (quarter on quarter annualised) and inflation averaged 5.6%. Annual percentage growth rate of GDP at market prices based on constant local currency. Statistics South Africa (StatsSA) reported on June 4 that the South African economy contracted by 3.2% quarter-on-quarter (q-o-q) during the first quarter of 2019 – the biggest decline in 10 years. Annual percentage growth rate of GDP at market prices based on constant local currency. GDP PPP based on: 2011 International Dollars. Structural reforms urgently needed as annual growth drops to 0% y-o-y. September 8, 2020. 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