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. The statistic shows gross domestic product (GDP) per capita in South Africa from 1985 to 2019, with projections up until 2025. GDP growth (annual %) - South Africa. Brand South Africa views Statistics SA’s GDP results as a wake-up call. The retail ban on alcohol sales and closure of tourist accommodation facilities were notable drags on trade activity. Copyright © Blue Sky Publications Ltd. All Rights Reserved. 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. 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. 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. ... South Africa GDP … 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. It has attributed the sharp downfall to months of an unprecedented COVID-19 pandemic and subsequent lockdown. 16.1% of GDP (2017 est.) It is an important indicator of the economic strength of a country. 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 %. “Mining activity slowed by 21.5%, the biggest slump in six years. In that case, this very article presents you with the Top 20 Largest Economies in Africa. According to Biz News, a desolate GDP figure was expected due to developments within Eskom, and Capitec to name a few. Here we discuss the 10 wealthiest countries in Africa 2020 and the nature of their economies. OVERVIEW. Download historical data for 20 million indicators using your browser. 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. It is considered to be a very important indicator of the economic strength of a … 1st Floor, Block B, North Park, Black River Park, 2 Fir Street, Observatory, Cape Town, 7925, South Africa Top 20 Largest Economies In Africa. Brand South Africa views Statistics SA’s GDP results as a wake-up call. Our offices are for administrative purposes only, no visitors will be accepted without an appointment. Gross Domestic Product (GDP) is the monetary market value of all final goods and services made within a country during a specific period. South Africa has struggled to emerge from a n economic slump in the two years since Cyril Ramaphosa became president, promising sweeping reforms. TOP 10 RICHEST AFRICAN COUNTRIES IN 2020 RANKED BY GDP & PRIMARY EXPORTS. November 17, 2020. The economy contracted by an annualised 51% in the second quarter, according to official data from StatsSA. South Africa . Total World GDP: $91.98 Tn. The industry experienced its eighth consecutive quarter of economic decline, slumping further by 76.6%. South Africa’s economy rebounded in the third quarter of 2020 (July–September), coinciding with the easing of COVID-19 lockdown restrictions. South Africa GDP (Gross Domestic Product) was INT$676.30billion for 2019 in PPP terms. 16.6% of GDP (2016 est.) 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 … According to Statistics South Africa, the country’s economy decreased by 2.0% in the first quarter of 2020. 1. GDP helps to provide a snapshot of a country’s economy and can be calculated using expenditures, production, or incomes. 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. Here we discuss the 10 wealthiest countries in Africa 2020 and the nature of their economies. Direct access to our calendar releases and historical data. South Africa Economic Outlook. The South African calls on its readers to stand alongside our journalists as guardians of the future of independent and ethical journalism. “This was the lowest level of production since the first quarter of 2009 when the economy generated R649 billion,” it said in a statement. 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. Former darling of Loftus Versfeld on his way back to Pretoria? GDP Ranked by Country 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. GDP falls by 2,0%. Comparing this year’s data with corresponding periods last year certainly isn’t comparing apples to apples. The economy of South Africa is the third largest in Africa. South Africa has struggled to emerge from a n economic slump in the two years since Cyril Ramaphosa became president, promising sweeping reforms. 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. Top 20 Largest Economies In Africa. TheSouthAfrican.com is all about South Africa and the stories that affect South Africans, wherever they are in the world. TOP 10 RICHEST AFRICAN COUNTRIES IN 2020 RANKED BY GDP & PRIMARY EXPORTS. The data reached an all-time high of 9.4 % in Sep 1967 and a record low of -17.2 % in Jun 2020. … Statistics South Africa to release the Gross domestic product (GDP) Q2 2020. 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. This followed a contraction of -1.4% and -0.8% in the fourth and third quarters of 2019, respectively. 16.6% of GDP (2016 est.) 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. 16.1% of GDP (2017 est.) 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. Nearly all industries experienced a massive drop in output in the second quarter of 2020. ... 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. Nigeria – GDP… The impact of the 300 basis points of rate cuts in 2020 has yet to filter through to the economy, Governor Lesetja Kganyago said. 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. 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. Comparing this year’s data with corresponding periods last year certainly isn’t comparing apples to apples. South Africa’s gross domestic product saw an expected surge in growth between July and September this year. OPINION: South Africa's economic outlook for 2020. Wholesalers and motor vehicle traders also reported significant declines. 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. The gross domestic product (GDP) measures of national income and output for a given country's economy. 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. November 17, 2020. This page provides - South Africa GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Africa– Blue Sky Publications (Pty) Ltd T/A TheSouthAfrican Number: 2005/028472/07. July 2020 . World Bank national accounts data, and OECD National Accounts data files. While the pace of decline moderated from Q2 due to the gradual easing of restrictions, industrial output contracted relatively sharply in … Spending on restaurants and hotels ground to an almost complete halt, plunging by 99.9%. Address: Regus Business Centre Annualised data showed large fluctuations as Covid-19 rattled the economy in 2020. Overall, the industry shrank by 1.2% in the first quarter. Construction was the biggest loser, already in bad shape before the pandemic. 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. 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… July 2020 . South Africa . GDP Ranked by Country 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. Agriculture was the only industry that seemed relatively unaffected. Now more than ever it’s important to have access to journalism that you can trust. Statistics South Africa says it will review its data compilation methods for monitoring the country’s Gross Domestic Product early next year. Households spent more on food and non-alcoholic beverages and household furniture and equipment but held back on clothing, transport and restaurants. South Africa GDP Value was 351 USD Billion in 2020. Air travel came to an almost complete halt, contributing to the fall in economic activity in the transport and communication industry. 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. 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. 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. Statistics and historical data on GDP growth rate, per capita PPP, constant prices. 1. ... 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. Consumer spending remained positive in the first quarter, with household consumption expenditure increasing by 0.7%. 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. Address: Riverbank House, 1 Putney Bridge Approach, London, SW6 4TJ. Household spending slumped by 49.8% in line with the closure of hotels, restaurants, transport services, recreational facilities and many stores. 1960-2019 Data | 2020-2021 Forecast | Historical | Chart | News. 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. Gross Domestic Product (GDP) … Statistics and historical data on GDP growth rate, per capita PPP, constant prices. The data reached an all-time high of 9.4 % in Sep 1967 and a record low of -17.2 % in Jun 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. All industries recorded an increase in economic activity compared with the second quarter, with manufacturing, trade and mining leading the charge. South Africa is an upper-middle-income economy, one of only eight such countries in Africa. In constant 2010 prices, the country generated almost R654 billion (not annualised) in the second quarter of 2020. 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. 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. Annualised data showed large fluctuations as Covid-19 rattled the economy in 2020. There was also less activity by rail and road freight operators due to restrictions on the production and movement of various goods. The alcohol and cigarette bans obviously had an impact too, as consumer spending on these items fell by 92.4%. You can help safeguard our editorial independence, Eskom not only suspended the managers of two power stations. 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. The GDP fell by just over 16% between the first and second quarters of 2020, giving an annualised growth rate of ‑51%. Under an “optimistic” scenario, GDP would likely fall 5.1 percent. 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. PSL referees have NOT been tested for COVID-19! 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 %. South Africa GDP (Gross Domestic Product) was INT$676.30billion for 2019 in PPP terms. Stats SA said mining and manufacturing were the most significant contributors to the economy’s poor performance in the first quarter. ... 2020 before picking up progressively with GDP growth of 2.5% in 2021 (Table 1). Publish your articles and forecasts in our website. By Professor Raymond Parsons Jan 1, 2020. In that case, this very article presents you with the Top 20 Largest Economies in 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. Total World GDP: $91.98 Tn. 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