Highlights 2 Economic overview • Growth prospects for the South African economy are expected to improve gradually over the five-year outlook period. The quality of economic data across Asia-Pacific region varies considerably across countries, mainly as a result of lack of statistical capacity. South Africa GDP (Gross Domestic Product) was INT$676.30billion for 2019 in PPP terms. 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 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%. And the number of -0.6% just shows that South Africa's economy continues to struggle to find any form of traction to grow. Annual percentage growth rate of GDP at market prices based on constant local currency. South Africa: PMI increases in August. Spending increases by 4,6% Local government spent R105,9 billion in the quarter ended June 2020, up by R4,6 billion (or 4,6%) compared with the quarter ended June 2019, according to the latest read more » 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. {"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}. GDP is forecast to expand by 1.5% in 2019, with the growth momentum projected to accelerate towards 3.2% by 2022. South Africa gdp growth rate for 2018 was 0.79%, a 0.63% decline from 2017. ... 1961 - 2019 GDP (constant 2010 US$) ... GDP per capita growth (annual %) Download. Sub-Saharan Africa gdp growth rate for 2019 was 2.28%, a 0.13% decline from 2018. 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. Its Gross Savings Rate was measured at 10.7 % in Jun 2020. The tax revenue-to-GDP ratio declined marginally to 25.7% in 2019 from 25.9% in 2018. Selected Countries and Economies. GDP growth (annual %) - South Africa from The World Bank: Data. GDP PPP based on: 2011 International Dollars. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. CSV XML EXCEL. Southern Africa’s subdued growth is due mainly to South Africa’s weak development, which affects neighboring countries. According to Stats SA, GDP growth … Growth in Southern Africa is expected to remain moderate in 2019 and 2020 after a modest recovery in 2017 and 2018. Aggregates are based on constant U.S. dollars. Macroeconomic Performance and Prospects. Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). 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%. 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%. 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. This represents the percentage change in GDP from one year to the next, providing a country’s annual rate of economic growth. It is estimated that the application of the latest standard would add US$824 billion. Read more. To learn more about cookies, click here. October 30, 2020. 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. 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 … 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). Refugees have included an estimated 350,000 Mozambicans during its 1980s civil war and, more recently, several thousand Somalis, Congolese, and Ethiopians. Annual percentage growth rate of GDP at market prices based on constant local currency. “Growth in South Africa is expected to … International Comparison Program & Purchasing Power Parity, International Household Survey Network (IHSN), Trust Fund for Statistical Capacity Building. Improved economic growth across Africa has been broad, with variation across economies and regions. South Africa economic growth for 2018 was $790.44B, a 0.73% increase from 2018. 4 December 2019: South Africa's GDP for Q3:2019 came in at -0.6%. The combination of president Mbeki and finance minister Manual proved to be the most successful economic combination in South Africa's young history. South Africa is an upper-middle-income economy, one of only eight such countries in Africa. GDP Per Capita in South Africa reached 6,130.3 USD in Dec 2019. The South African economy grew by 1.3% in 2017 and 0.8% in 2018. 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. South Africa GDP (Gross Domestic Product) was INT$676.30billion for 2019 in PPP terms. The most unreliable economic data is produced in Argentina which has manipulated inflation and GDP statistics since 2007. World Economics Limited. 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? WDI Tables. The economy plunged deeper into recession in the second quarter, with GDP nosediving 51.0% at a seasonally-adjusted annualized rate (SAAR). This forecast would change in the event of a deteriorating global economy. South Africa gdp growth rate for 2019 was 0.15%, a 0.63% decline from 2018. The latest general elections were held in May 2019. 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. Education Latest Trend Ranking; Youth not … Chart. Find Out, Online tool for visualization and analysis. This resulted in the economy being no larger in 2019Q1 than it was a year earlier. All rights reserved.Terms & Conditions. Second-quarter 2019 GDP data due on Tuesday 3 September, will probably show that South Africa dodged a recession after a sharp contraction in Q1. DataBank. September 3, 2020 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. September 8, 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. That’s hardly a … - … South Africa gdp growth rate for 2016 was 0.40%, a 0.79% decline from 2015. 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 … South Africa: GDP records largest drop on record in Q2. Most American countries use a national income accounting standard that fails to record the informal economy. The World Bank projects 2019 growth at 1.3%, accelerating further to 1.7% in 2020. 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. 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. 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. The World Bank has cut South Africa’s growth forecast for 2019 through to 2021, citing weak investor sentiment and lingering policy uncertainty. 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. The African Development Bank launched their annual African Economic Outlook report on Thursday noting that Africa’s general economic performance continues to recover and GDP growth is projected to accelerate to 4.0% in 2019 and 4.1% in 2020. Structural reforms urgently needed as annual growth drops to 0% y-o-y. Growth for 2019 is now projected at 0.8%, … In 2019, GDP growth for South Africa was 0.2 %. • To achieve higher, more inclusive growth and create jobs, South Africa needs to strengthen the capability of the state and enact comprehensive structural reforms. 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 $784.75B, a 0.84% increase from 2018. Sub-Saharan Africa gdp growth rate for 2018 was 2.41%, a 0.14% decline from 2017. Due to inflation targeting, the exchange rate pass-through to inflation has been limited. All rights reserved. Thematic data tables from WDI. South Africa gdp growth rate for 2018 was 0.79%, a 0.63% decline from 2017. Sub-Saharan Africa gdp growth rate for 2017 was 2.55%, a 1.31% increase from 2016. Continues to struggle to find any form of traction to grow Capacity.! 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