South Africa’s economic freedom score is 59.7, making its economy the 99th freest in the 2021 Index. Publish your articles and forecasts in our website. In South Africa, we forecast GDP growth of 4.5% GDP in 2021; only a partial output recovery following the estimated 7.5% contraction last year. The rand, however, is one of the most volatile currencies among the same peer set, over the same period. Download historical data for 20 million indicators using your browser. As has been the trend in South Africa's GDP of late, the Agricultural sector is the major contributor to South Africa's economic growth at this time, with seasonally adjusted constant prices annualised growth in Agriculture sitting at 44.2% for the third quarter of 2017. South Africa's economic policy has focused on controlling inflation while empowering a broader economic base; however, the country faces structural constraints that also limit economic growth, such as skills shortages, declining global competitiveness, and frequent work stoppages due to strike action. GDP refers … Current Price Gross Domestic Product in South Africa . Read more. The previous quarter (October to December 2012) showed an annualised growth of 2,1%. South Africa GDP deflator (implicit price deflator) increased 4.5 % in Sep 2020, compared with an increase of 2.4 % in the previous quarter. More. Differences between GDP compiled for the production approach and GDP compiled from the expenditure approach (by the SARB) are allocated to a "statistical discrepancy" item in the expenditure-based estimates. The manufacturing sector provides an opportunity to significantly accelerate the country’s growth and development. In 2019, contribution of travel and tourism to GDP (% of GDP) for South Africa was 8.7 %. GDP per Capita in South Africa (with a population of 57,009,756 people) was $7,487 in 2017, a decrease of $8 from $7,495 in 2016; this represents a change of-0.1% in GDP per capita. Gross domestic product (GDP), expenditure: Michael Manamela (Chief Director) 012 310 8520 082 888 2205 michaelm@statssa.gov.za: Litshani Ligudu (Director) 012 310 4674 082 884 4279 litshanil@statssa.gov.za: Environmental-economic accounts: Gerhardt Bouwer (Chief Director) 012 310 8241 082 888 2409 gerhardb@statssa.gov.za: GDP Growth Rate in 2017 was 1.32%, representing a change of 5,547,001,381 US$ over 2016, when Real GDP was $421,266,226,143. Direct access to our calendar releases and historical data. Dollars) Growth slows markedly in Q4, but beats market expectations. European Union ranked first for GDP globally in 2012. South Africa External Debt accounted for 52.7 % of the country's Nominal GDP in 2019, compared with the ratio of 46.9 % in the previous year. According to the circular flow model, an economy will be stable if: a. Command economy c. Pure market economy d. Mixed economy e. None of the above 7. As has been the trend in South Africa's GDP of late, the Agricultural sector is the major contributor to South Africa's economic growth at this time, with seasonally adjusted constant prices annualised growth in Agriculture sitting at 44.2% for the third quarter of 2017. Statistics South Africa (Stats SA) disseminates quarterly data on GDP compiled according to the production approach (GVA). Gross Domestic Product. It is the economy… South Africa. GDP rallies as lockdown restrictions ease. South Africa’s economic freedom score is 59.7, making its economy the 99th freest in the 2021 Index. Economy | February 24th 2021 South Africa's unemployment rate hits a … South Africa has developed a diversified manufacturing base that has shown its resilience and potential to compete in the global economy. © World Economics Limited. 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%. Investment as a percentage of South Africa's gross domestic product has been in decline since 2016 and hit a record low of 13% last year, according to International Monetary Fund data. GDP rallies as lockdown restrictions ease. Real GDP (constant, inflation adjusted) of South Africa reached $426,813,227,524 in 2017. South Africa GDP deflator (implicit price deflator) increased 4.5 % in Sep 2020, compared with an increase of 2.4 % in the previous quarter. According to the IMF, South Africa’s debt-to-GDP ratio will increase by 15.5 percentage points to 77.7% of GDP at the end of 2020 from 62.2% at the end of December 2019. South Africa's GDP per capita equaled to 7.3 thousand dollars. South African Rand. Statistics South Africa (Stats SA) disseminates quarterly data on GDP compiled according to the production approach (GVA). Traditional economic system b. {"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}. - World Economics 127 economic data series with tags: South Africa, GDP. Economic growth softened markedly in the final quarter of 2020, with GDP expanding 6.3% in seasonally-adjusted annualized terms (SAAR), which was down from Q3’s record bounce-back of 67.3%. ️See new videos early, participate in exclusive Q&As, and more! The South African economy recorded its third consecutive quarter of economic decline, falling by 2,0% (seasonally adjusted and annualised) in the first quarter of 2020.1 This followed a contraction of -1,4% and -0,8% in the fourth and third quarters of 2019, respectively. This suggests that we misprice risk and miss opportunities. South Africa External Debt: % of Nominal GDP data is updated yearly, available from Dec 1985 to Dec 2019. All industries recorded an increase in economic activity compared with the second quarter, with manufacturing, trade and mining leading the charge. The Gross Domestic Product (GDP) in South Africa was worth 351.43 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. The statistic depicts South Africa's real gross domestic product (GDP) growth rate from 2015 to 2019, with projections up until 2025. This was in spite of the country’s being the most developed economy on the continent. It also came as a surprise considering the fact that Egypt, which dethroned it from second place, has a much less developed economic base. By comparison, the world average debt-to-GDP ratio will increase by 14.1 percentage points to 97.6% of GDP in December 2020 from 83.5%. % of GDP 2019 South Africa % of GDP: Exports % of GDP 2000-2019 South Africa (red) Exports % of GDP 2019 South Africa (red) Find all indicators on Economy. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. Growth rate of South Africa's economic sectors for quarter 1 of 2019. More. The country has the second highest GDP of Africa , which added up to 350 billion U.S. dollars in 2019. South Africa, ranked as an upper middle-income economy, accounts for 24% of Africa's gross domestic product (PPP) and is the second largest economy in Africa behind Nigeria. South Africa's economy shrank by 7% in 2020. The gross domestic product (GDP) is equal to the total expenditures for all final goods and services produced within the country in a stipulated period of time. South Africa’s electricity constraint will curb growth in 2021, after shaving around 1 percentage point off growth in each of the last 2 years. The government faces growing pressure from urban constituencies to improve the … Economy | March 23rd 2021 South Africa on course for another bumper harvest. 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. The economy of the provinces varies widely with Gauteng being the richest in terms of the GDP per capita and the Eastern Cape province ranking the lowest in the list. HCI and GDP Per Capita PPP (log scale, horizontal axis) Productivity relative to benchmark of complete education and full health. Today, India's GDP is 1/3 of China's. Economic growth softened markedly in the final quarter of 2020, with GDP expanding 6.3% in seasonally-adjusted annualized terms (SAAR), which was down from Q3’s record bounce-back of 67.3%. Extensive investment from foreign capital followed. Government spending equals tax revenue c. Imports equal exports d. Leakages equal injections e. Economy | March 5th 2021 South Africa loosens restrictions as second wave ebbs. The Gross Domestic Product per capita in South Africa was last recorded at 7346 US dollars in 2019. South Africa has a relatively stable economy, as seen by its GDP growth, which has been the lowest in volatility when compared against BRIC peers over 1994-2017. Nominal (current) Gross Domestic Product (GDP) of South Africa is $348,871,647,960 (USD) as of 2017. Gross domestic product shrank 7%, compared with a 0.2% expansion in 2019, according to a report released by Statistics South Africa Tuesday. South Africa’s economy recorded its first annual contraction in 12 years in 2020 due to the pandemic but it extended its rebound in the last quarter, official data showed Tuesday. South Africa Economic Growth After this year’s projected contraction at the hands of Covid-19, the economy is seen rebounding in 2021 as domestic and foreign demand revive. South Africa gdp for 2018 was $784.75B, a 0.84% increase from 2018. That said, the result came in above market analysts’ expectations of a 5.0% expansion. The gross domestic product of South Africa has nearly tripled to $400 billion since 1996, and its foreign exchange reserves have added up from $3 billion to almost $50 billion which has resulted in a diverse economy … South Africa's economic policy has focused on controlling inflation while empowering a broader economic base; however, the country faces structural constraints that also limit economic growth, such as skills shortages, declining global competitiveness, and frequent work stoppages due to … And Namibia, South Africa, Mauritius, Botswana, and eSwatini are considered middle-income countries while Madagascar, Mozambique, and Zimbabwe are in fragile situations.2 GDP GROWTH AND COUNTRY DRIVERS The three biggest economies—Angola, South Africa, and Zambia —contribute about World Economics Limited. The Trading Economics Application Programming Interface (API) provides direct access to our data. According to the IMF, South Africa’s debt-to-GDP ratio will increase by 15.5 percentage points to 77.7% of GDP at the end of 2020 from 62.2% at the end of December 2019. Looser Covid-19 restrictions and vaccine rollout will support the economy in the second half of 2021. Gross domestic product (GDP), expenditure: Michael Manamela (Chief Director) 012 310 8520 082 888 2205 michaelm@statssa.gov.za: Litshani Ligudu (Director) 012 310 4674 082 884 4279 litshanil@statssa.gov.za: Environmental-economic accounts: Gerhardt Bouwer (Chief Director) 012 310 8241 082 888 2409 gerhardb@statssa.gov.za: Riaan Grobler (Director) 012 406 3474 084 515 2908 … Because so many countries had a similar shock to their economies in 2020, South Africa’s debt situation will not be high by international standards after the crisis. GDP falls by 2,0%. The Human Capital Index (HCI) database provides data at the country level for each of the components of the Human Capital Index as well as for the overall index, disaggregated by gender. More. South Africa GDP Per Capita data is updated yearly, available from Dec 1957 to Dec 2019, with an average number of 2,852.965 USD. South Africa remains a dual economy with one of the highest, persistent inequality rates in the world, with a consumption expenditure Gini coefficient of 0.63 in 2015. In a conversation with IMF Country Focus, the Director-General of South Africa’s National Treasury Dondo Mogajane explains how the government has responded to the COVID-19 crisis, how IMF financing will help to stabilize the economy, and strategies for addressing debt and spurring growth. The gross domestic product (GDP) measures of national income and output for a given country's economy. South Africa gdp … South Africa Gross Domestic Product (GDP) Per Capita reached 6,130.300 USD in Dec 2019, compared with 6,509.037 USD in Dec 2018. “With economic activity in South Africa already on a weak footing before the pandemic hit, output is expected to have fallen 7.8 percent last year,” said the report. FRED: Download, graph, and track economic data. That said, high unemployment and persistent electricity shortages are likely to weigh on growth, while frail fiscal metrics and a ballooning public debt stock pose additional risks. Economic growth softened markedly in the final quarter of 2020, with GDP expanding 6.3% in seasonally-adjusted annualized terms (SAAR), which was down from Q3’s record bounce-back of 67.3%. Differences between GDP compiled for the production approach and GDP compiled from the expenditure approach (by the SARB) are allocated to a "statistical discrepancy" item in the expenditure-based estimates. African economies are growing fast. Education Latest Trend Ranking; Youth not in employment, education or training (NEET) Indicator: 11.8 15-19 year-old men % in same age group 2018 The biggest contributor to growth in the first quarter of 2013 was … South Africa GDP (Gross Domestic Product) was INT$676.30billion for 2019 in PPP terms. The quality of economic data across Asia-Pacific region varies considerably across countries, mainly as a result of lack of statistical capacity. And one of the biggest decliners of the main sectors in the South African economy was the manufacturing industry. The South African economy at some point in 2016 fell to third place on the list of Africa’s top 10 economies. GDP PPP based on: 2011 International Dollars. South Africa recorded a GDP growth rate of 1.5% in 2014, 1.3% in … South Africa GDP Deflator Growth data is updated quarterly, available from Mar 1961 to Sep 2020, with an average rate of 7.8 %. All rights reserved.Terms & Conditions. It is very interesting to compare India and China over their GDPs. The GDP value of South Africa represents 0.29 percent of the world economy. Savings equal investment b. The sector accounted for 13% of South Africa’s GDP (as at Q3 2017). In its latest Global Economic Prospects report, the World Bank predicts South Africa’s growth will rebound to 3.3 percent in 2021 — 0.7 percentage point below previous forecasts — before softening to a near potential pace of 1.7 percent in 2022. Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. 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. % of GDP 2019 South Africa % of GDP: Exports % of GDP 2000-2019 South Africa (red) Exports % of GDP 2019 South Africa (red) Find all indicators on Economy. The most unreliable economic data is produced in Argentina which has manipulated inflation and GDP statistics since 2007. This suggests that we misprice risk and miss opportunities. The Human Capital Index (HCI) database provides data at the country level for each of the components of the Human Capital Index as well as for the overall index, disaggregated by gender. The provinces of South Africa by GDP per capita are as below: 1. Risks facing agriculture in 2021—and in the medium-term—include water shortages and an increased minimum wage. In 2015 South Africa had a GDP of $725.005 billion and a nominal GDP of $323.809 billion. The South African Reserve Bank expects GDP overall this year to fall more than 7 per cent, the South African economy’s worst contraction since the Great Depression of the 1930s. South Africa - South Africa - Economy: The economy of South Africa was revolutionized in the late 19th century when diamonds and gold were discovered there. South Africa has nine provinces, each with its own provincial government. a. The rand, however, is one of the most volatile currencies among the same peer set, over the same period.