South Africa Economic Outlook. - … Air travel came to an almost complete halt, contributing to the fall in economic activity in the transport and communication industry. 1. It has attributed the sharp downfall to months of an unprecedented COVID-19 pandemic and subsequent lockdown. July 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 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. All industries recorded an increase in economic activity compared with the second quarter, with manufacturing, trade and mining leading the charge. Investment spending (gross fixed capital formation) decreased by 20.5%, the biggest fall since the 2008–2009 global financial crisis. Here we discuss the 10 wealthiest countries in Africa 2020 and the nature of their economies. 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 %. OVERVIEW. ... 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. Household spending slumped by 49.8% in line with the closure of hotels, restaurants, transport services, recreational facilities and many stores. TOP 10 RICHEST AFRICAN COUNTRIES IN 2020 RANKED BY GDP & PRIMARY EXPORTS. ... Desne Masie • Nov November 3 rd, 2020. Agriculture was the only industry that seemed relatively unaffected. South Africa is an upper-middle-income economy, one of only eight such countries in Africa. 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. “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. “This was the lowest level of production since the first quarter of 2009 when the economy generated R649 billion,” it said in a statement. Direct access to our calendar releases and historical data. South Africa . 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's GDP has Recovered to Over 66% Growth, says Stats SA's General risenga Maluleka. As a manufacturing hub, it is the most industrialized, technologically advanced, and diversified economy on the African continent. South Africa GDP Value was 351 USD Billion in 2020. Gross Domestic Product (GDP) … Stats SA said mining and manufacturing were the most significant contributors to the economy’s poor performance in the first quarter. Nigeria – GDP… South Africa . Its overall score has increased by 0.5 point due to a higher government integrity score. 16.1% of GDP (2017 est.) thesouthafrican.com is a division of Blue Sky Publications Ltd. Reproduction without permission prohibited. 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. The GDP fell by just over 16% between the first and second quarters of 2020, giving an annualised growth rate of ‑51%. Total World GDP: $91.98 Tn. 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. Comparing this year’s data with corresponding periods last year certainly isn’t comparing apples to apples. 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. November 17, 2020. South Africa Looks Toward Inclusive Recovery to Stabilize Debt, Boost Growth. 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. Former darling of Loftus Versfeld on his way back to Pretoria? The South African calls on its readers to stand alongside our journalists as guardians of the future of independent and ethical journalism. ... South Africa GDP … 16.4% of GDP (2015 est.) Construction was the biggest loser, already in bad shape before the pandemic. 16.6% of GDP (2016 est.) GDP rallies as lockdown restrictions ease. South Africa GDP (Gross Domestic Product) was INT$676.30billion for 2019 in PPP terms. 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. … PSL referees have NOT been tested for COVID-19! 16.1% of GDP (2017 est.) Brand South Africa views Statistics SA’s GDP results as a wake-up call. South Africa is an upper-middle-income economy, one of only eight such countries in Africa. South Africa– Blue Sky Publications (Pty) Ltd T/A TheSouthAfrican Number: 2005/028472/07. 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. 16.4% of GDP (2015 est.) 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. 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. 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 impact of the 300 basis points of rate cuts in 2020 has yet to filter through to the economy, Governor Lesetja Kganyago said. Nigeria – GDP… 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. The economy of South Africa is the third largest in Africa. GDP Ranked by Country 2020. This statistic shows the gross domestic product (GDP) in South Africa from 1984 to 2019, with a projection up until 2021. There was also less activity by rail and road freight operators due to restrictions on the production and movement of various goods. Address: Riverbank House, 1 Putney Bridge Approach, London, SW6 4TJ. TheSouthAfrican.com is all about South Africa and the stories that affect South Africans, wherever they are in the world. This followed a contraction of -1.4% and -0.8% in the fourth and third quarters of 2019, respectively. Nearly all industries experienced a massive drop in output in the second quarter of 2020. South Africa’s gross domestic product saw an expected surge in growth between July and September this year. 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 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. 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. July 2020 . South Africa has struggled to emerge from a n economic slump in the two years since Cyril Ramaphosa became president, promising sweeping reforms. 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 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. GDP falls by 2,0%. The industry experienced its eighth consecutive quarter of economic decline, slumping further by 76.6%. OPINION: South Africa's economic outlook for 2020. – 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. South Africa’s gross domestic product saw an expected surge in growth between July and September this year. South Africa GDP Value was 351 USD Billion in 2020. Brand South Africa views Statistics SA’s GDP results as a wake-up call. The data reached an all-time high of 9.4 % in Sep 1967 and a record low of -17.2 % in Jun 2020. The economic scenario likely remained challenging in Q3, after the historic plunge in activity in Q2. 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. 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. 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. South Africa’s economic freedom score is 58.8, making its economy the 106th freest in the 2020 Index. 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 says it will review its data compilation methods for monitoring the country’s Gross Domestic Product early next year. Under an “optimistic” scenario, GDP would likely fall 5.1 percent. 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. A steep decline of 51% was reported. Extending the technical recession the country found itself in in the last quarter of 2019. GDP Ranked by Country 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 … Structure of South Africa GDP… 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. This contraction dwarfs the annualised slowdown of 6.1% recorded in the first quarter of 2009 during the global financial crisis. November 17, 2020. ... 2020 before picking up progressively with GDP growth of 2.5% in 2021 (Table 1). GDP refers to the total market value of all goods and services that are produced within a country per year. This page provides - South Africa GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. 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. 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 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. 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”. 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. Our offices are for administrative purposes only, no visitors will be accepted without an appointment. 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. It is considered to be a very important indicator of the economic strength of a … 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. TOP 10 RICHEST AFRICAN COUNTRIES IN 2020 RANKED BY GDP & PRIMARY EXPORTS. 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. Copyright © Blue Sky Publications Ltd. All Rights Reserved. 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. Here we discuss the 10 wealthiest countries in Africa 2020 and the nature of their economies. Statistics and historical data on GDP growth rate, per capita PPP, constant prices. 1. Consumer spending remained positive in the first quarter, with household consumption expenditure increasing by 0.7%. The statistic shows gross domestic product (GDP) per capita in South Africa from 1985 to 2019, with projections up until 2025. World Bank national accounts data, and OECD National Accounts data files. 16.6% of GDP (2016 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. The gross domestic product (GDP) measures of national income and output for a given country's economy. Address: Regus Business Centre 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 … South Africa Economic Outlook. Total World GDP: $91.98 Tn. 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. South Africa has struggled to emerge from a n economic slump in the two years since Cyril Ramaphosa became president, promising sweeping reforms. 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. Statistics and historical data on GDP growth rate, per capita PPP, constant prices. Publish your articles and forecasts in our website. The economy of South Africa is the third largest in Africa. The retail ban on alcohol sales and closure of tourist accommodation facilities were notable drags on trade activity. The Trading Economics Application Programming Interface (API) provides direct access to our data. South Africa’s economy rebounded in the third quarter of 2020 (July–September), coinciding with the easing of COVID-19 lockdown restrictions. OVERVIEW. 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. 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 %. The economy contracted by an annualised 51% in the second quarter, according to official data from StatsSA. ... 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. Statistics South Africa says it will review its data compilation methods for monitoring the country’s Gross Domestic Product early next year. 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. Annualised data showed large fluctuations as Covid-19 rattled the economy in 2020. Top 20 Largest Economies In Africa. You can help safeguard our editorial independence, Eskom not only suspended the managers of two power stations. This was influenced in part by declining investments in computer equipment, computer software and transport equipment. 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 By Professor Raymond Parsons Jan 1, 2020. Gross Domestic Product (GDP) is the monetary market value of all final goods and services made within a country during a specific period. Spending on clothing and footwear decreased by 8.1%. The economy contracted by an annualised 51% in the second quarter, according to official data from StatsSA. Download historical data for 20 million indicators using your browser. According to Biz News, a desolate GDP figure was expected due to developments within Eskom, and Capitec to name a few. 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. 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. GDP is the total value of all goods and services produced in a country in a year. 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 … 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. 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. Households spent more on food and non-alcoholic beverages and household furniture and equipment but held back on clothing, transport and restaurants. Top 20 Largest Economies In Africa. ... South Africa 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. 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. GDP growth (annual %) - South Africa. “Mining activity slowed by 21.5%, the biggest slump in six years. While the pace of decline moderated from Q2 due to the gradual easing of restrictions, industrial output contracted relatively sharply in … South Africa’s economic freedom score is 58.8, making its economy the 106th freest in the 2020 Index. 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. As a manufacturing hub, it is the most industrialized, technologically advanced, and diversified economy on the African continent. In that case, this very article presents you with the Top 20 Largest Economies in Africa. GDP helps to provide a snapshot of a country’s economy and can be calculated using expenditures, production, or incomes. According to Statistics South Africa, the country’s economy decreased by 2.0% in the first quarter of 2020. In that case, this very article presents you with the Top 20 Largest Economies in Africa. Wholesalers and motor vehicle traders also reported significant declines. 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. Its overall score has increased by 0.5 point due to a higher government integrity score. 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 … While the pace of decline moderated from Q2 due to the gradual easing of restrictions, industrial output contracted relatively sharply in the quarter. Structure of South Africa GDP… It is an important indicator of the economic strength of a country. Annualised data showed large fluctuations as Covid-19 rattled the economy in 2020. Overall, the industry shrank by 1.2% in the first quarter. The alcohol and cigarette bans obviously had an impact too, as consumer spending on these items fell by 92.4%. ... Desne Masie • Nov November 3 rd, 2020. South Africa GDP (Gross Domestic Product) was INT$676.30billion for 2019 in PPP terms. 1 This followed a contraction of -1,4% and -0,8% in the fourth and third quarters of 2019, respectively. 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. Spending on restaurants and hotels ground to an almost complete halt, plunging by 99.9%. Now more than ever it’s important to have access to journalism that you can trust. 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. Statistics South Africa to release the Gross domestic product (GDP) Q2 2020. 1960-2019 Data | 2020-2021 Forecast | Historical | Chart | News. Comparing this year’s data with corresponding periods last year certainly isn’t comparing apples to apples. Statistics South Africa to release the Gross domestic product (GDP) Q2 2020. 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. 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. In constant 2010 prices, the country generated almost R654 billion (not annualised) in the second quarter of 2020. ... 2020 before picking up progressively with GDP growth of 2.5% in 2021 (Table 1). 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. 1st Floor, Block B, North Park, Black River Park, 2 Fir Street, Observatory, Cape Town, 7925, South Africa The economic scenario likely remained challenging in Q3, after the historic plunge in activity in Q2. 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