The South African economy expanded 0.4 percent year-on-year in the second quarter of 2018, slowing from a 0.8 percent growth in the previous period and below market expectations of a 1 percent expansion. It was the weakest growth rate since the first quarter of 2016 when the economy contracted 0.3 percent, as agriculture, forestry and fishing declined.
GDP Annual Growth Rate in South Africa averaged 2.79 percent from 1994 until 2018, reaching an all time high of 7.10 percent in the fourth quarter of 2006 and a record low of -2.60 percent in the second quarter of 2009.
South Africa is the most developed country in Africa and was the largest until 2014, when it was overtaken by Nigeria. The largest sector of the economy is services which accounts for around 73 percent of GDP.
Within services, the most important are finance, real estate and business services (21.6 percent); government services (17 percent); wholesale, retail and motor trade, catering and accommodation (15 percent); and transport, storage and communication (9.3 percent). Manufacturing accounts for 13.9 percent; mining and quarrying for around 8.3 percent and agriculture for only 2.6 percent. This page provides – South Africa GDP Annual Growth Rate – actual values, historical data, forecast, chart, statistics, economic calendar and news. South Africa GDP Annual Growth Rate – actual data, historical chart and calendar of releases – was last updated on September of 2018.