The South African economy grew by 0,2% in 2019, the lowest reading since 2009 when the economy contracted by 1,5%. Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. For more information, download the latest GDP release and media presentation here. South Africa’s economy suffered a significant contraction during April, May and June, when the country operated under widespread lockdown restrictions in response to COVID-19. In 2015, African countries signed up to two important development agendas: the global 2030 Sustainable Development Goals (SDG), which aims to leave no one behind as countries develop, and the African Union’s Agenda 2063, which sets out a blueprint for the “Africa we want”. Recent growth has been due to growth in sales in commodities, services, and manufacturing. The economy plunged deeper into recession in the second quarter, with GDP nosediving 51.0% at a seasonally-adjusted annualized rate (SAAR). The institution forecasts economic growth of 3.6% over the next two years. The Economic Commission for Africa has consistently highlighted this position culminating in the position paper for the 2015 Addis Ababa Action Agenda on Financing for Development. Ironically, as drought affected one industry, heavy rains damaged another. However, AfDB warns that weak performance in Burundi and South Sudan are bringing down the regional averages. The industry, which includes banking and insurance services, has enjoyed consistent growth over the last decade. The East Africa Economic Outlook 2019 was prepared in the Vice Presidency for Eco-nomic Governance and Knowledge Man-agement, under the supervision and general ... Economic growth is pro-jected to remain strong, at 5.9 percent in 2019 and 6.1percent in 2020. By using this website, you agree with our use of cookies to improve its performance and enhance your user experience. The South African economy contracted by 1,4% in the fourth quarter of 2019, following a contraction of 0,8% (revised) in the third quarter.1 Transport and trade were the main drags on overall activity, according to the latest gross domestic product (GDP) figures. Click on the button below to get started. 3 This is the lowest reading for building plans passed (for office space) in a quarter since 2000 when the current data series began. Between 2010 and 2018, growth averaged almost 6 percent, with Djibouti, Ethiopia, Rwanda, and Tanzania recording above-average rates,” the report says. September 21, 2020. Personal services – which includes activities related to healthcare, social work, recreation and education – increased by 0,7%. The punch in the gut was severe. This was the best rate of economic growth on the continent according to the International Monetary Fund’s 2017 estimates. Agriculture experienced its fourth consecutive quarter of negative growth, falling by 7,6%. Non-residential construction fell sharply in the fourth quarter, with approvals for office space construction – in square metres – falling to its lowest point in two decades.3. LinkedIn This is according to data in the December 2019 Selected building statistics of the private sector as reported by local government institutions release (available here). Mining growth in the fourth quarter was driven largely by platinum group metals, iron ore and gold. East Africa remains the fastest-growing region in Africa – and one of the fastest in the world – with five of the continent’s 10 fastest-growing economies being in the eastern region. Today, Africa’s average tax revenue to GDP is below 16 per cent. There were also a number of terminations and retirements across other spheres of government. Employment isn’t the only factor impacted by Africa’s population growth, either. Twitter This quarter’s GDP figures also provide an overview of the latest calendar year. Finance and government were the main positive contributors to growth. The report focuses on the instrumental role of fiscal policy in crowding in investment and creating adequate fiscal space for social policy, including supporting women and youth-led small and medium enterprises. 2 A well-known indicator of recession is two (or more) consecutive quarters of negative growth (real GDP quarter-on-quarter). South Africa: Rand hits six-month high in September amid higher risk appetite. All details will be kept confidential and is for the use of Stats SA only. The economy of Africa consists of the trade, industry, agriculture, and human resources of the continent.As of 2019, approximately 1.3 billion people were living in 54 countries in Africa. The Southern Africa economy is projected to grow slower than others in the continent —at 2.2percent in 2019 and 2.8 percent in 2020. The number of civil servants employed decreased across all levels of government, with the exception of municipalities. A slow recovery in the oil-exporting countries of the Central African Monetary and Economic Community still in debt, and stronger in those with low natural resources. © United Nations Economic Commission for Africa, Fiscal Policy for Financing Sustainable Development in Africa, Terms of Reference and Rules of Procedure, Calendar of Conferences, Meetings and Events, Resources for Media and ECA COVID-19 Response. Policies adopted now will determine how quickly the continent accelerates growth and creates prosperity for all. Falling dam levels in various parts of the country resulted in water restrictions, reducing activity in the water supply industry. This is reflected in the findings of the 2018 study conducted by the World Bank. For a more detailed overview of how mining fared in 2019, take a look at this article. The AfDB’s 2019 African Economic Outlook says that, while North Africa leads in terms of growth recovery, East Africa is still the most dynamic region in the continent. 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If you continue to use this site we will assume that you are happy with it. West Africa, East Africa, Central Africa and Southern Africa in particular, are expected to reach a combined GDP of $29 trillion by 2050. Perhaps the second quarter of 2020 will become known as the pandemic quarter. After graduating from the University of Chester with a BA in journalism, his travels revealed just how large the gap between news and the real world can be. Consumer inflation is now at the bottom of the South African Reserve Bank (SARB) target range of read more », The second wave of Stats SA’s COVID-19 business impact survey provides an update on how South African businesses are currently faring under lockdown. We support the implementation of the African Union’s strategic vision at continental, regional, national and local levels by co-producing cutting-edge data and analysis with our African member states and partners, and facilitating an open dialogue on policies to accelerate that transformation. Further data shows lagging infrastructure investment, Consumer inflation slightly down in August, 29 September Quarterly Labour Force Survey (QLFS) – Q2:2020.