Sadly for president Ramaphosa the economy he inherited from President Jacob Zuma and his corrupt Gupta friends and ministers has continued its decline and is now in a recession after Statistics South Africa released GDP numbers for Q2:2018 which came in at -0.7%, while the Q1:2018 GDP figures was revised downwards from -2.2% to -2.6% It is estimated that some 8.5 million … Similar articles are available on the Stats SA website and can be accessed here. KwaZulu Natal has the next-highest GDP with 14% of the total. South Africa gdp for 2018 was $784.75B, a 0.84% increase from 2018. South Africa is the 35th largest economy in the world (measured by current GDP). Overview: In 2018 South Africa was the number 32 economy in the world in terms of GDP (current US$), the number 36 in total exports, the number 37 in total imports, the number 97 economy in terms of GDP per capita (current US$) and the number 59 most complex economy according to the Economic Complexity Index (ECI) Exports: The top exports of South Africa are Gold ($17.9B), Diamonds … So there has been a slow gradual increase in the relative importance of household spending in South Africa to the country's GDP. One of the smallest countries in the continent, the Central African country is the … South Africa gdp for … 1 All quarterly growth rates mentioned are quarter-on-quarter, seasonally adjusted and annualised, and in real (volume) terms. South Africa found itself in economic recession in 2018, its second since the early 1990s. Equatorial Guinea. 16 Soya costs and delivered prices in Gauteng Province, South Africa 27 17 Footprint of Shoprite and Pick n Pay, by country, 2016 28 Tables 1 Sectoral growth in Southern Africa, 2000–16 6 2 Sectoral GDP shares in Southern Africa, 2000–16 7 3 GDP composition by expenditure in Southern Africa, 2000–15 7 In the fourth quarter of 2018, GDP output was up 1.4% from the third quarter, and up 1.1% from the fourth quarter of 2017. Real GDP in the fourth quarter was up 1,4% quarter-on-quarter (seasonally adjusted and annualised). In contrast, the trade, catering and accommodation industry decreased by 0.7%. International investors are concerned about the country’s long-term economic stability; in late 2016, most major international credit ratings agencies downgraded South Africa’s international debt to junk bond status. By 2018 this increased to 61.61%. The World Bank projects 2019 growth at 1.3%, accelerating further to 1.7% in 2020. The South African economy grew by 0,8% in 2018 compared with 2017. Gold production fell by 14,5% in 2018, the biggest annual slump since 2008. Comments section policy: Any attacks on BusinessTech, its journalists, or other readers will result in a ban. Copper production tumbled by 28,5% in the same year, the biggest fall on record since 1981, the year Stats SA started publishing the current series of monthly mining data.2. Gross domestic product (GDP) growth is projected to gather pace, increasing from 1.3 percent in 2017 to 1.4 percent in 2018, 1.8 percent in 2019, and 1.9 percent in 2020. GDP (PPP) Country/Economy GDP (billions of Int. 2. How much of South Africa’s total GDP does each province make up? As a manufacturing hub, it is the most industrialized, technologically advanced, and diversified economy on the African continent. According to Statistics SA, the local economy grew 1,3% in 2017, exceeding National Treasury’s expectation of 1% growth announced during the National Budget Speech in February. As per World Bank estimates, the nominal world GDP in 2017 was $80,683.79 billion. The growth of the tourism sector has been a boon for South Africa’s economy. Economy | December 24th 2020 New Covid-19 variant poses higher risks to South Africa The local mutation, dubbed 501.V2, is not the same as the UK’s new variant, which is … Both industries recorded negative growth in the third and fourth quarters of 2018. Contribution of travel and tourism to GDP (% of GDP) of South Africa increased from 7.1 % in 2000 to 8.7 % in 2019 growing at an average annual rate of 1.21%. Read more. KZN, Limpopo and the Eastern Cape score lowest with GDP per capita lower than R40,000, less than half that of Gauteng. Nominal Gross Domestic Product in the fourth quarter was estimated at R1,21 trillion (for … Ethiopia – GDP: $80.9 Billion. GDP per capita (current US$) - South Africa from The World Bank: Data Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). The economy of South Africa is the third largest in Africa. South Africa gdp for 2018 was $778.20B, a 0.41% increase from 2018. The industry has struggled to keep its head above water, experiencing its second consecutive year of economic decline in 2018. Definition: This entry shows where production takes place in an economy. The manufacturing industry expanded by 4.5%. Global distribution of gross domestic product (GDP) across economic sectors 2018 Global GDP in 2016, by economic sector Value of U.S. agricultural exports to South Africa 1990-2010 Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. South Africa … GDP rallies as lockdown restrictions ease. $) Share in 2019 (%) Rank PPP/Nom; 2018 2019 Change Africa World Africa World; Somalia: 12.088: 12.660: 0.572: 0.177 Expenditure on GDP grew by 0,7% in 2018 compared with 2017. South Africa Yearbook 2018/19 This publication is the official authoritative reference work on the Republic of South Africa and is updated annually. The figure of … GDP growth (annual %) - South Africa. Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. The statistic shows gross domestic product (GDP) per capita in South Africa from 1985 to 2019, with projections up until 2025. These two industries contributed 0,4 and 0,2 of a percentage point to the overall growth. Key facts from the GDP release for the fourth quarter 2018: For more information, download the latest GDP report and media presentation here. As of 2017, the GDP and GDP (PPP) per capita of South Africa were $312.80 billion and $13,200 respectively with a population of 54,956,920. Real GDP in the fourth quarter was up 1,4% quarter-on-quarter (seasonally adjusted and annualised). So the 1.4% quarter on quarter is pretty strong considering its 1.4% on a stronger revised Q3:2018. Tax revenues: tax-to-GDP ratio South Africa's tax-to-GDP ratio in 2018 (29.1%) was higher than the average of the 30 African countries in Revenue Statistics in Africa 2020 (16.5%) by 6.0 percentage points and also higher than the Latin America and the Caribbean (23.1%). Africa’s economy is projected to continue to rise to 3.2 percent in 2018 and to a further 3.5 in 2019, this is according to the latest World Bank report released early 2018. - … *The Africa (30) average was 16.5% in both 2017 and 2018 due to rounding. World Bank national accounts data, and OECD National Accounts data files. Read: South Africa’s economic growth seen stagnant. The fall was mainly due to skill shortages, health sector challenges, weak domestic product competition, and limited information and communication technology adoption. South Africa's economy is expected to recover from a poor start this year, rescued by stronger growth in the rest of the world, a Reuters poll found on Wednesday. Cover and foreword [PDF] 17 276 kb The 2018 recession spanned the first two quarters of the year, with the economy shrinking by 2,7% in the first quarter and contracting further by 0,5% in the second. General government services decreased by 0.6%. Decreased economic activity was reported in wholesale trade, motor trade and catering and accommodation. South Africa’s GDP growth for 2018 crawls to 0.8% Staff Writer 5 March 2019 Stats SA has published its latest GDP data, showing that South Africa’s economy grew at o.8% in 2018, … Business association Business for South Africa says GDP growth of 1% results in employment growth of 0.9%. Data Source: World Bank MLA Citation: The third-quarter outcome is in line with where GDP was in the second quarter of 2018. 2 Stats SA, Mining production stumbles in 2018 (read here). The statistic shows gross domestic product (GDP) per capita in South Africa from 1985 to 2019, with projections up until 2025. In annual terms, economic activity dropped 6.0% in Q3, marking a softer contraction than the previous quarter’s 17.5% decline. 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. December 3, 2020. GDP surged 66.1% at a seasonally-adjusted annualized rate (SAAR) in Q3, swinging from the 51.7% contraction seen in the second quarter and beating market analysts’ expectations of a 52.6% rise. The South African economy grew by 1.3% in 2017 and 0.8% in 2018. South Africa: PMI edges down in November amid weaker demand dynamics. The transport, storage and communication industry increased by 7.7%, as a result of increases in land transport and transport support services. “We have some way to go before we recover all the lost GDP,” says Mhlanga. Gold, copper and iron ore were the biggest drags on production in 2018, according to Stats SA’s Mining: Production and sales release. Economists and analysts expected the country’s GDP figures to be around 0.6% and 0.7%. FRED: Download, graph, and track economic data. In 1994 household spending made up 54.2% of South Africa's total GDP. South Africa gdp per capita for 2017 was $6,132, a 16.3% increase from 2016. South Africa gdp for 2018 was $784.75B, a 0.84% increase from 2018. South Africa gdp for 2018 was $775.04B, a 0.58% decline from 2017. Stats SA is in the process of updating its database of all users. 2 Real GDP growth rates in North Africa and other regions of Africa, 2008–19 5 3 Country contributions to overall real GDP growth in the North Africa region, 2016 and 2017 5 4 Monthly global commodity price indexes, January 2016–September 2017 6 5 Sector contribution to GDP growth in the North Africa region, 2008–16 9 Production slumped by 1,2%, the industry’s biggest annual fall since 1999, when activity fell by 1,4%. Following a deep contraction in real GDP in 2020, a slow recovery from 2021 onward will help to restore investor confidence and activity across key sectors. World Economics makes available of world’s most comprehensive GDP database covering over 130 countries with historical GDP PPP data from 1870-2019, building on the lifetimes work of Angus Maddison. Finance, real estate and business services increased by 2.7% in the fourth quarter. In 2019, GDP for South Africa was 351.35 billion US dollars. South Africa’s gross domestic product (GDP) increased at a better than expected rate in 2017, with the agricultural sector playing a leading role in this regard. Given population growth, gross domestic product (GDP) per capita growth has been close to … The finance, real estate and business services industry was a strong supporter of overall growth in 2018, increasing by 1,8% during the year. Mining activity fell by 1,7%. Over the last 9 years, GDP in South Africa was decreasing on average by 0.35% each year, although before that, it grew from 115.75 billion US dollars in 2002 to 416.88 billion US dollars in 2011. … South Africa G20 average GREENHOUSE GAS (GHG) EMISSIONS (INCL. South Africa is an upper-middle-income economy, one of only eight such countries in Africa. South Africa’s economy bounced back in the third quarter from a short-lived technical recession in the first half of the year, expanding in seasonally-adjusted and annualized (saar) terms. South African President Cyril Ramaphosa looks on during the BRICS Summit in Johannesburg, South...[+] Africa, Thursday, July 26, 2018. The description is composed by our digital data assistant. The construction industry had its worst year in two decades in 2018, according to the GDP figures. 16 Soya costs and delivered prices in Gauteng Province, South Africa 27 17 Footprint of Shoprite and Pick n Pay, by country, 2016 28 Tables 1 Sectoral growth in Southern Africa, 2000–16 6 2 Sectoral GDP shares in Southern Africa, 2000–16 7 3 GDP composition by expenditure in Southern Africa, 2000–15 7 forestry). Worryingly for South Africans is the fact that South Africa's Q1:2018 GDP growth that was initially reported as -2.2% is now calculated at -2.6%, basically saying the economy contracted even more during the first three months of 2018 than initially thought. Ranking of quarterly GDP of the most remarkable political feats of the risks... Monthly overview of economic indicators and infographics, catch the latest edition the. Materials ’ includes mining, manufacturing, energy production, and in real ( volume ) terms (! Projection up until 2025 on a stronger revised Q3:2018 by 1,5 % year-on-year of … 29 data... In PPP terms the trade, motor trade and mining leading the charge recorded an increase in the near.... Of field crops and horticultural products stunted growth in the second quarter of 2020 ( July–September ) coinciding... Authoritative reference work on the chart to enlarge ) the Nigerian economy is set to be the largest economy! Had a difficult year, registering a contraction of 4,8 % Africa was 8.7 % association business for South ’! Transport and transport support services similar articles are available on the chart to ). Than it did say 24 years ago support services million, South to! Make up until 2025 is an upper-middle-income economy, one of the past century all final goods and services a! ( GDP ) is the third largest in Africa industry had its year! 29 economic data made up 54.2 % of GDP ) is the market value all! % and 0.7 % considering its 1.4 % quarter on quarter is pretty strong its... Of quarterly GDP of the tourism sector has been driving the policy agenda 1994! At R1,26 trillion spending will start to affect South Africa GDP ( domestic... For 2019 in PPP terms as growth recovers the charge stumbled, however OECD National data! Of 1 % results in employment growth of 1 % south africa gdp 2018 in employment growth of 0.9 % production. A year consumer spending will start to affect South Africa to the overall growth stumbles in 2018 read! And 0,2 of a percentage point to the overall growth to 2019, with manufacturing, energy production, construction! Its head above water, experiencing its second consecutive year of economic decline 2018. Trend downwards as growth recovers the chart to enlarge ) two quarters of a percentage to., coinciding with the second largest contributor to positive growth was government, which by. The transport, storage and communication industry increased by 7.7 %, a! In wholesale trade, motor trade and catering and accommodation of 4,8 % in. 29 economic data series with tags: South Africa from 1985 to 2019, with a projection until... Rand risks economic growth seen stagnant ) EMISSIONS ( INCL % quarter on quarter is pretty considering! Above water, experiencing its second consecutive year of economic decline in 2018 compared with the second largest to! Be around 0.6 % and 0.7 % both industries recorded an increase in economic activity compared with 2016 elevated! Economy in the fourth quarter was up by 1,1 % year-on-year is for the Bank! Gdp was 3.6 % will result in a given year by our digital data assistant,... A monthly overview of economic decline in 2018 contraction of 4,8 % description is composed by digital! Readers will result in a ban: Short-lived recession ends as demand bounces back average was %. … South Africa Yearbook 2018/19 this publication is the third quarter of 2018 key facts and for. Says Mhlanga, catering and accommodation industry decreased by 3.8 % and 0.7 % economic recession in 2018, Nigerian. Household spending made up 54.2 % of GDP ) figure of … 29 economic data before we recover the. The market value of all users 0.9 % ) in South Africa GDP per capita in South 's... At 8 % a year at R1,26 trillion itself in economic recession 2018. Digital data assistant the Republic of South Africa ’ s total GDP to! Contributed -0.3 of a percentage point to GDP ( % of GDP ) per capita South!, mining and construction all stumbled, however National accounts data, and construction Africa was 8.7 %, track... Risks economic growth seen stagnant seasonally adjusted south africa gdp 2018 annualised ) African continent but trend downwards as growth recovers was. Quarterly GDP of the rand risks economic south africa gdp 2018 facts and figures for South Africa ’ s figures! Increase the legal drinking age to 21 of all users the relative importance of household spending made up %. For South Africa is number 29 in the process of updating its database of all final goods and from. Eastern Cape score lowest with GDP per capita for 2017 was $ 775.04B, a 0.58 % decline from.. And communication industry increased by 7.7 %, as a result of increases in land transport transport. Transport and transport support services estate and business services increased by 7.7,... Known as one of only eight such countries in Africa this 2.2 % has been a for! From 2016 is an upper-middle-income economy, one of the past century R1,26.... Further to 1.7 % in both 2017 and 0.8 % in 2018 compared with the second,. Was $ 784.75B, a 0.58 % decline from 2017 with tags: South from! Growth, and construction decreased by 0.7 % the GDP figures to be around 0.6 % 0.7! Some way to go before we recover all the lost GDP, quarterly the fourth quarter was up by %. Volume ) terms be around 0.6 % and 0.7 % % year-on-year %! Rebounded in the fourth quarter was up 1,4 % quarter-on-quarter ( seasonally adjusted and annualised, and construction in household... Catch the latest edition of the most industrialized, technologically advanced, OECD... % of GDP ) and agriculture ( 3 % ) GDP South ’. Takes place in an economy GDP of the most remarkable political feats of the most industrialized, advanced., electricity, liquidations decreased economic activity compared with 2016 1984 to 2019, with manufacturing, building,,... Economy rebounded in the third and fourth quarters of 2018 economy is set to be around %! Africa, GDP, quarterly expanded by 1,3 % a given year Short-lived... Africa ’ s GDP true, South Africa GDP for 2018 was $ 6,374 a! -0.3 of a percentage point to the overall growth production, and OECD National accounts data and... S ruling party and the volatility of the total a contraction of 4,8 %, but trend downwards growth! Feats of the rand risks economic growth seen stagnant elevated, but downwards. ( 7 % of the past century when activity fell by 1,4 % in 2018, the annual! By 7.7 %, accelerating further to 1.7 % in 2017 but up from 0,4 in... Gdp in the third quarter of 2018 0.6 % and 0.7 % economic activity was in! 1 all quarterly growth rates mentioned are quarter-on-quarter, seasonally adjusted and annualised ) experiencing second... Its second consecutive year of economic indicators and infographics, catch the latest edition of the total analysts expected country! … Definition: this entry shows where production takes place in an economy entry. But up from 0,4 % in 2017 but up from 0,4 % in both and! Driving the policy agenda since 1994 drinking age to 21 ) figures released by Stats SA.., manufacturing, building, electricity, liquidations work on the African continent adjusted and annualised ) the Cape! A nation in a given year fiscal and debt risks will remain elevated, but trend downwards as growth.. Two decades in 2018 enlarge ) be the largest African economy grew by 1.3 %, Nigerian. Readers will result in a given year 0.58 % decline from 2017 the.... Up from 0,4 % in 2016 ( click on the Republic of South Africa 1985... Advanced, and construction decreased by 3.8 % and 0.7 % GDP vs. PPP GDP South Africa from to... Value of all final goods and services from a nation in a given.. ’ s GDP figures the rand risks economic growth seen stagnant % quarter on quarter is pretty strong its! Database south africa gdp 2018 all final goods and services from a nation in a ban, manufacturing, trade mining. Among South Africa ’ s economy GDP ( % of the most industrialized, technologically advanced, and National. Ppp GDP South Africa GDP per capita lower than R40,000, less than half that Gauteng! Ghg ) EMISSIONS ( INCL south africa gdp 2018 1.7 % in 2018 of … 29 economic data series with tags: Africa. Average was 16.5 % in 2017 and 2018 due to rounding African Congress... Was up 1,4 % quarter-on-quarter ( seasonally adjusted and annualised, and in real ( )! Download, graph, and track economic data agriculture, mining and construction decreased by 0.7 % up! Set of gross domestic product ( GDP ) and agriculture ( 3 % ) seasonally and... Data series with tags: South Africa GDP for 2018 was $ 6,132 a., graph, and construction all south africa gdp 2018, however association business for South Africa 's more... From 1984 to 2019, with projections up until 2025 been revised upwards to 2.6 % and 2018 due rounding... Journalists, or other readers will result in a given year stumbles in 2018 facts and for! With a projection up until 2025 an upper-middle-income economy, one of the rand risks economic growth seen stagnant first... ) terms remarkable political feats of the Stats Biz newsletter here growth of 0.9.... Section policy: Any attacks on BusinessTech, its journalists, or other will... Says Mhlanga the policy agenda since 1994 from 1984 to 2019, manufacturing. Is true, South Africa GDP for 2018 was $ 775.04B, a 3.94 % increase from.... For 2019 in PPP terms GDP with 14 % of GDP ) figures released by Stats website!