The South African economy rose by 0.4% on quarter in the three months to March 2023, after a downwardly revised 1.1% decline in the prior quarter, thus avoiding a technical recession despite record levels of power outages. Figures came in line with market forecasts. Eight of the ten economic activities reported positive growth rates in the first quarter, with manufacturing (+1.5% vs -1.2% in Q4) and finance, real estate & business services (+0.6% vs -1.6%) making the biggest contributions to growth. Also, transport (+1.1% vs +0.9%), personal services (+0.8% vs -0.1%) and trade, catering & accommodation (0.7% vs -2.2%) supported the expansion. On the expenditure side, exports were buoyant in Q1, expanding by 4.1%, while imports advanced by 4.4%. At the same time, government spending rose by 1.2% and household consumption went up by 0.4%. Year-on-year, the GDP advanced by 0.2% in Q1, in line with market estimates, following a downwardly revised 0.8% rise in the previous period. source: Statistics South Africa
GDP Growth Rate in South Africa averaged 0.61 percent from 1993 until 2023, reaching an all time high of 13.70 percent in the third quarter of 2020 and a record low of -17.00 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 August of 2023.
GDP Growth Rate in South Africa is expected to be 0.70 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 1.20 percent in 2024 and 1.60 percent in 2025, according to our econometric models.