The Trading Economics Application Programming Interface (API) provides direct access to our data. According to Statistics South Africa, the country’s economy decreased by 2.0% in the first quarter of 2020. Wholesalers and motor vehicle traders also reported significant declines. South Africa Looks Toward Inclusive Recovery to Stabilize Debt, Boost Growth. November 17, 2020. GDP Ranked by Country 2020. South Africa recorded a decline in Gross Domestic Product (GDP) in the first quarter of 2020, deepening the recession it entered into at the start of the year. Households spent more on food and non-alcoholic beverages and household furniture and equipment but held back on clothing, transport and restaurants. Stats SA has called the second-quarter GDP figure a “punch in the gut” and said it should be referred to as the “pandemic quarter”. Overall, the industry shrank by 1.2% in the first quarter. South Africa’s GDP more than halved in the second quarter as the country’s fragile economy was decimated by the fallout of the coronavirus pandemic. OPINION: South Africa's economic outlook for 2020. South Africa . Statistics South Africa to release the Gross domestic product (GDP) Q2 2020. You can help safeguard our editorial independence, Eskom not only suspended the managers of two power stations. Brand South Africa notes with concern the results released by Stats SA which indicate that South Africa’s gross domestic product (GDP) declined by 3.2% in the first quarter of 2019, the largest quarterly drop in GDP in a decade. Gross Domestic Product (GDP) is the monetary market value of all final goods and services made within a country during a specific period. Gross Domestic Product (GDP) … South Africa’s gross domestic product saw an expected surge in growth between July and September this year. Statistics South Africa (Stats SA) will release the results of the Gross domestic product (GDP) for the second quarter of 2020, at a media briefing to be held on Tuesday, 8 September 2020. As a manufacturing hub, it is the most industrialized, technologically advanced, and diversified economy on the African continent. While, softer demand for electricity and water pulled the electricity, gas and water supply industry down by 5.6%, all other activities in the trade industry (food and beverages, wholesale, motor trade, and accommodation) recorded a decline in economic activity. The data reached an all-time high of 9.4 % in Sep 1967 and a record low of -17.2 % in Jun 2020. OVERVIEW. All industries recorded an increase in economic activity compared with the second quarter, with manufacturing, trade and mining leading the charge. South Africa’s economy rebounded in the third quarter of 2020 (July–September), coinciding with the easing of COVID-19 lockdown restrictions. South Africa Economic Outlook. South Africa recorded a decline in Gross Domestic Product (GDP) in the first quarter of 2020, deepening the recession it entered into at the start of the year. Brand South Africa notes with concern the results released by Stats SA which indicate that South Africa’s gross domestic product (GDP) declined by 3.2% in the first quarter of 2019, the largest quarterly drop in GDP in a decade. Statistics South Africa says it will review its data compilation methods for monitoring the country’s Gross Domestic Product early next year. Actual GDP for Q3:2020: 66.1% ; South Africa's economy plunged in the 2nd quarter of 2020 due to the impact of the Covid-19 pandemic and the hard lockdown (Level 5) and the slow and gradual unwinding of lockdown regulations over the last couple of months. South Africa’s GDP increases by 13.5% in third quarter The lifting of lockdown restrictions has led to increased spending by consumers and a resurgence across industries, allowing GDP to rise. The results presented covered the period from 1 January 2020 to 31 March 2020, which included the beginning of the COVID-19 lockdown in South Africa and some of its trading partners. South Africa is an upper-middle-income economy, one of only eight such countries in Africa. Statistics South Africa to release the Gross domestic product (GDP) Q2 2020. Statistics SA, on Tuesday 8 September, released South Africa’s Gross Domestic Product (GDP) figure for the second quarter of 2020 and it’s looking extremely daunting. July 2020 . ... Desne Masie • Nov November 3 rd, 2020. The South African GDP advanced 0.1 percent year-on-year in the third quarter of 2019, after expanding 0.9 percent in the previous period and missing market expectations of a 0.4 percent growth. Address: Regus Business Centre South Africa’s GDP more than halved in the second quarter as the country’s fragile economy was decimated by the fallout of the coronavirus pandemic. Now more than ever it’s important to have access to journalism that you can trust. July 2020 . Nigeria – GDP… Real GDP Growth YoY data in South Africa is updated quarterly, available from Mar 1961 to Jun 2020, with an average rate of 3.0 %. Its overall score has increased by 0.5 point due to a higher government integrity score. Statistics South Africa (Stats SA) will release the results of the Gross domestic product (GDP) for the second quarter of 2020, at a media briefing to be held on Tuesday, 8 September 2020. All figures are based on the latest annual report by the International Monetary Fund (IMF) and the World Bank using GDP current prices in U. S. dollars. South Africa has struggled to emerge from a n economic slump in the two years since Cyril Ramaphosa became president, promising sweeping reforms. It also said Capitec warned its shareholders to brace for an earnings loss of at least 70% in a trading update for its half-year ending August 31. By Professor Raymond Parsons Jan 1, 2020. ... 2020 before picking up progressively with GDP growth of 2.5% in 2021 (Table 1). TheSouthAfrican.com is all about South Africa and the stories that affect South Africans, wherever they are in the world. Its overall score has increased by 0.5 point due to a higher government integrity score. Comparing this year’s data with corresponding periods last year certainly isn’t comparing apples to apples. ... All suggestions for corrections of any errors about South Africa Economy 2020 should be addressed to the CIA or the source cited on each page. - … Under its “pessimistic” scenario—with a prolonged economic and social reopening and the pandemic lasting for 30 months—South Africa’s GDP could drop 7.9 percentage points in 2020, compared with pre-pandemic projections, and more than 80,000 people would lose their jobs. November 17, 2020. Here we discuss the 10 wealthiest countries in Africa 2020 and the nature of their economies. Nigeria – GDP… The industry experienced its eighth consecutive quarter of economic decline, slumping further by 76.6%. The economy of South Africa is the third largest in Africa. The impact of the 300 basis points of rate cuts in 2020 has yet to filter through to the economy, Governor Lesetja Kganyago said. ... All suggestions for corrections of any errors about South Africa Economy 2020 should be addressed to the CIA or the source cited on each page. 16.1% of GDP (2017 est.) South Africa’s economic freedom score is 58.8, making its economy the 106th freest in the 2020 Index. Statistics and historical data on GDP growth rate, per capita PPP, constant prices. “This was the lowest level of production since the first quarter of 2009 when the economy generated R649 billion,” it said in a statement. 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. The South African GDP advanced 0.1 percent year-on-year in the third quarter of 2019, after expanding 0.9 percent in the previous period and missing market expectations of a 0.4 percent growth. Direct access to our calendar releases and historical data. … Brand South Africa views Statistics SA’s GDP results as a wake-up call. ... Desne Masie • Nov November 3 rd, 2020. It said that Eskom not only suspended the managers of two power stations but added that former Eskom CEO Tshediso Matona had to appear before the State Capture Inquiry on Monday amid rolling blackouts. South Africa GDP Value was 351 USD Billion in 2020. It has attributed the sharp downfall to months of an unprecedented COVID-19 pandemic and subsequent lockdown. “The change in Statistics South Africa’s reported GDP growth rate will reduce the large swings that we have come to see in the data, especially when the economy is hit by a shock. Postal: Blue Sky Publications (Pty) Ltd T/A TheSouthAfrican, PO Box 44354, Claremont, 7735, South Africa, United Kingdom– Blue Sky Publications Ltd – Company Registration Number: 04683692. South Africa has struggled to emerge from a n economic slump in the two years since Cyril Ramaphosa became president, promising sweeping reforms. Stats SA said mining and manufacturing were the most significant contributors to the economy’s poor performance in the first quarter. 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 … This boosted the country’s GDP and gave it the influence to overtake South Africa and become the number one country with the African biggest economy. Former darling of Loftus Versfeld on his way back to Pretoria? ... 2020 before picking up progressively with GDP growth of 2.5% in 2021 (Table 1). Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. South Africa’s economic freedom score is 58.8, making its economy the 106th freest in the 2020 Index. ... South Africa GDP … Consumer spending remained positive in the first quarter, with household consumption expenditure increasing by 0.7%. A steep decline of 51% was reported. South Africa's GDP has Recovered to Over 66% Growth, says Stats SA's General risenga Maluleka. 16.6% of GDP (2016 est.) 16.4% of GDP (2015 est.) Here we discuss the 10 wealthiest countries in Africa 2020 and the nature of their economies. Top 20 Largest Economies In Africa. 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. South Africa GDP (Gross Domestic Product) was INT$676.30billion for 2019 in PPP terms. Under an “optimistic” scenario, GDP would likely fall 5.1 percent. South Africa’s President Cyril Ramaphosa announced an R500 billion ($26bn) stimulus package to deal with the devasting economic impact of COVID-19 and a … The economic scenario likely remained challenging in Q3, after the historic plunge in activity in Q2. TOP 10 RICHEST AFRICAN COUNTRIES IN 2020 RANKED BY GDP & PRIMARY EXPORTS. 1. Total World GDP: $91.98 Tn. This contraction dwarfs the annualised slowdown of 6.1% recorded in the first quarter of 2009 during the global financial crisis. Annualised data showed large fluctuations as Covid-19 rattled the economy in 2020. Photo: SA News The South African economy finally began its journey to recovery during the third quarter of 2020, after being sent into a tailspin by the … Total World GDP: $91.98 Tn. Publish your articles and forecasts in our website. Air travel came to an almost complete halt, contributing to the fall in economic activity in the transport and communication industry. South Africa’s President Cyril Ramaphosa announced an R500 billion ($26bn) stimulus package to deal with the devasting economic impact of COVID-19 and a … It is an important indicator of the economic strength of a country. The South African calls on its readers to stand alongside our journalists as guardians of the future of independent and ethical journalism. This boosted the country’s GDP and gave it the influence to overtake South Africa and become the number one country with the African biggest economy. This statistic shows the gross domestic product (GDP) in South Africa from 1984 to 2019, with a projection up until 2021. Statistics South Africa says it will review its data compilation methods for monitoring the country’s Gross Domestic Product early next year. Statistics and historical data on GDP growth rate, per capita PPP, constant prices. The Gross Domestic Product (GDP) in South Africa contracted 17.2 % YoY in Jun 2020, following a negative growth of 0.2 % in the previous quarter. 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– Blue Sky Publications (Pty) Ltd T/A TheSouthAfrican Number: 2005/028472/07. 16.1% of GDP (2017 est.) TOP 10 RICHEST AFRICAN COUNTRIES IN 2020 RANKED BY GDP & PRIMARY EXPORTS. This followed a contraction of -1.4% and -0.8% in the fourth and third quarters of 2019, respectively. The statistic shows gross domestic product (GDP) per capita in South Africa from 1985 to 2019, with projections up until 2025. OVERVIEW. GDP rallies as lockdown restrictions ease. GDP refers to the total market value of all goods and services that are produced within a country per year. South Africa's rand scaled a 10-month high early on Wednesday, building on the previous session's gains, as investors cheered data showing better … Investment spending (gross fixed capital formation) decreased by 20.5%, the biggest fall since the 2008–2009 global financial crisis. ... South Africa GDP … At the end of June 2020, Stats SA said 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. The government relief plan will mitigate the fall in household consumption, but investment, which has been declining over the past two years, will decline to a record According to Biz News, a desolate GDP figure was expected due to developments within Eskom, and Capitec to name a few. Brand South Africa views Statistics SA’s GDP results as a wake-up call. Construction was the biggest loser, already in bad shape before the pandemic. Top 20 Largest Economies In Africa. South Africa Economic Outlook. Spending on clothing and footwear decreased by 8.1%. While the pace of decline moderated from Q2 due to the gradual easing of restrictions, industrial output contracted relatively sharply in the quarter. South Africa is an upper-middle-income economy, one of only eight such countries in Africa. Real GDP Growth YoY data in South Africa is updated quarterly, available from Mar 1961 to Jun 2020, with an average rate of 3.0 %. Our offices are for administrative purposes only, no visitors will be accepted without an appointment. South Africa GDP (Gross Domestic Product) was INT$676.30billion for 2019 in PPP terms. Iron ore, manganese and chromium were the biggest drags on mining growth, offsetting positive gains made by coal, diamonds and platinum group metals,” it said. Historical data from 1960, sourced from the South African Reserve Bank, show that the second quarter of 2020 experienced the biggest fall in GDP since that year, far steeper than the annualised 8.2% decline in the fourth quarter of 1982. Statistics SA, on Tuesday 8 September, released South Africa’s Gross Domestic Product (GDP) figure for the second quarter of 2020 and it’s looking extremely daunting. All figures are based on the latest annual report by the International Monetary Fund (IMF) and the World Bank using GDP current prices in U. S. dollars. 16.6% of GDP (2016 est.) South Africa’s gross domestic product (GDP) grew by an estimated 13.5% in the third quarter, giving an annualised growth rate of 66.1%, Statistics SA announced on Tuesday. The government relief plan will mitigate the fall in household consumption, but investment, which has been declining over the past two years, will decline to a record South Africa’s GDP increases by 13.5% in third quarter The lifting of lockdown restrictions has led to increased spending by consumers and a resurgence across industries, allowing GDP to rise. The Gross Domestic Product (GDP) in South Africa contracted 17.2 % YoY in Jun 2020, following a negative growth of 0.2 % in the previous quarter. The alcohol and cigarette bans obviously had an impact too, as consumer spending on these items fell by 92.4%. This page provides - South Africa GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. The economic scenario likely remained challenging in Q3, after the historic plunge in activity in Q2. In constant 2010 prices, the country generated almost R654 billion (not annualised) in the second quarter of 2020. The gross domestic product (GDP) measures of national income and output for a given country's economy. South Africa GDP Value was 351 USD Billion in 2020. thesouthafrican.com is a division of Blue Sky Publications Ltd. Reproduction without permission prohibited. This was influenced in part by declining investments in computer equipment, computer software and transport equipment. South Africa . Friday, December 11, 2020 While the better-than-expected latest gross domestic product (GDP) figures indicate that more people became employed in the third quarter of 2020, this does not mean that South Africa is out of the woods, says the Department of Employment and Labour. Household spending slumped by 49.8% in line with the closure of hotels, restaurants, transport services, recreational facilities and many stores. The impact of the 300 basis points of rate cuts in 2020 has yet to filter through to the economy, Governor Lesetja Kganyago said. As a manufacturing hub, it is the most industrialized, technologically advanced, and diversified economy on the African continent. Spending on restaurants and hotels ground to an almost complete halt, plunging by 99.9%. GDP is the total value of all goods and services produced in a country in a year. GDP in South Africa is expected to reach 295.00 USD Billion by the end of 2020, according to Trading Economics global macro models and analysts expectations. 16.4% of GDP (2015 est.) South Africa GDP Q3 2020 South Africa: Economy rebounds robustly in Q3 amid easing of lockdown restrictions December 8, 2020 The economy rebounded strongly in the third quarter, growing at the quickest rate since current records began in the early 1990s, as the easing of coronavirus lockdown measures enabled the gradual firming of activity. Extending the technical recession the country found itself in in the last quarter of 2019. 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. 1. Nearly all industries experienced a massive drop in output in the second quarter of 2020. Copyright © Blue Sky Publications Ltd. All Rights Reserved. 1960-2019 Data | 2020-2021 Forecast | Historical | Chart | News. The South African economy began its journey to recovery during the third quarter of 2020 - this after the national lockdown aimed at curbing the spread of COVID-19 had sent it into a tailspin. Statistics SA, on Tuesday 8 September, released South Africa’s Gross Domestic Product (GDP) figure for the second quarter of 2020 and it’s looking extremely daunting. Annualised data showed large fluctuations as Covid-19 rattled the economy in 2020. The economy contracted by an annualised 51% in the second quarter, according to official data from StatsSA. The retail ban on alcohol sales and closure of tourist accommodation facilities were notable drags on trade activity. “Mining activity slowed by 21.5%, the biggest slump in six years. 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 economy contracted by an annualised 51% in the second quarter, according to official data from StatsSA. PSL referees have NOT been tested for COVID-19! It is considered to be a very important indicator of the economic strength of a … Comparing this year’s data with corresponding periods last year certainly isn’t comparing apples to apples. – SAFA head of referees, ‘Hasta la vista, Donald!’: Schwarzenegger says adios to ‘worst president ever’ Trump, Gloves are off: EFF’s Ndlozi to file criminal charges against Bheki Cele. The South African economy began its journey to recovery during the third quarter of 2020 - this after the national lockdown aimed at curbing the spread of COVID-19 had sent it into a tailspin. Address: Riverbank House, 1 Putney Bridge Approach, London, SW6 4TJ. Download historical data for 20 million indicators using your browser. In the long-term, the South Africa GDP is projected to trend around 320.00 USD Billion in 2021 and 345.00 USD Billion in 2022, according to our econometric models. While the pace of decline moderated from Q2 due to the gradual easing of restrictions, industrial output contracted relatively sharply in … 1 This followed a contraction of -1,4% and -0,8% in the fourth and third quarters of 2019, respectively. Structure of South Africa GDP… In that case, this very article presents you with the Top 20 Largest Economies in Africa. In that case, this very article presents you with the Top 20 Largest Economies in Africa. GDP growth (annual %) - South Africa. GDP Ranked by Country 2020. The economy of South Africa is the third largest in Africa. Agriculture was the only industry that seemed relatively unaffected. Under its “pessimistic” scenario—with a prolonged economic and social reopening and the pandemic lasting for 30 months—South Africa’s GDP could drop 7.9 percentage points in 2020, compared with pre-pandemic projections, and more than 80,000 people would lose their jobs. World Bank national accounts data, and OECD National Accounts data files. Structure of South Africa GDP… The GDP fell by just over 16% between the first and second quarters of 2020, giving an annualised growth rate of ‑51%. South Africa’s gross domestic product saw an expected surge in growth between July and September this year. South Africa Manufacturing PMI Drops to 5-Month Low, South Africa Forex Reserves Hit 4-Month High, South Africa Private Sector PMI Remains Stable, South Africa Private Credit Rises the Most in 3 Months, South Africa Trade Surplus Widens in November, South Africa Producer Inflation Hits 8-Month High, South Africa Leading Index Rises 1.3% in October, South Africa Consumer Confidence Recovers Further in Q4, Indonesia Consumer Morale Rises to 8-Month High, Brunei Q3 GDP Growth Rate Weakest in 1-1/2 Years, China Producer Prices Fall the Least in 10 Months, China Inflation Rate Rises More than Expected, Australia Retail Sales Rise the Most in 6 Months. GDP falls by 2,0%. The data reached an all-time high of 9.4 % in Sep 1967 and a record low of -17.2 % in Jun 2020. GDP helps to provide a snapshot of a country’s economy and can be calculated using expenditures, production, or incomes. GDP Growth Rate in South Africa averaged 2.68 percent from 1993 until 2020, reaching an all time high of 66.10 percent in the third quarter of 2020 and a record low of -51.70 percent in the second quarter of 2020. There was also less activity by rail and road freight operators due to restrictions on the production and movement of various goods. 1st Floor, Block B, North Park, Black River Park, 2 Fir Street, Observatory, Cape Town, 7925, South Africa The South African economy shrank 2% in the first quarter of 2020, according to the latest gross domestic product (GDP) figures released by Statistics South Africa (Stats SA) on Tuesday. 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