After warning on May 23 rd that the first quarter would see a q-o-q contraction in GDP, the South African Reserve Bank (SARB) Monetary Policy Committee (MPC) forecast average economic growth of 1.0% for 2019, down from a previous estimate of 1.3%. Brand South Africa views Statistics SA’s GDP results as a wake-up call. Growth per capita was around 0.7% and job creation has not kept pace with the need to provide opportunities to the 29 million young people entering working age each year (AUC/OECD, 2018[2]). In 2019, inflation rate for South Africa was 4.1 %. The World Bank projects 2019 growth at 1.3%, accelerating further to 1.7% in 2020. Growth for 2019 … Contribution of travel and tourism to GDP (% of GDP) of South Africa increased from 7.1 % in 2000 to 8.7 % in 2019 growing at an average annual rate of 1.21%. Download Historical Data Save as Image. This will again be lower than population growth; in other words, GDP per capita will decline for the fourth year out of five. Also Show. Inflation Heat Map; South Africa's GDP; Provincial GDP's in South Africa. South Africa trade balance for 2016 was $1.55B, a 137.26% decline from 2015. It is with the greatest appreciation and honour to introduce the 2019 South African Energy Sector Report. GDP falls by 2,0%. 1961 - 2019 GDP (constant 2010 US$) GDP (current US$) GDP (constant LCU) GDP: linked series (current LCU) GDP, PPP (constant … In 2019, contribution of travel and tourism to GDP (% of GDP) for South Africa was 8.7 %. 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. 2019 South Africa % of GDP: Exports % of GDP 2000-2019 South Africa (red) Exports % of GDP 2019 South Africa (red) Find all indicators on Economy. GDP growth (annual %) - South Africa. As per World Bank estimates, the nominal world GDP in 2017 was $80,683.79 billion. South Africa trade balance for 2019 was $1.77B, a 39.64% increase from 2018. South Africa - GDP (billions of U.S. GDP (PPP) Country/Economy GDP (billions of Int. Given population growth, gross domestic product (GDP) per capita growth has been close to nil since 2014, leaving little room to reduce poverty. In the medium term, growth is projected to accelerate to 4 percent in 2019 and 4.1 percent in 2020. In 2019, Africa’s GDP growth at 3.6% was insufficient to accelerate economic and social progress and reduce poverty. The World Bank has cut South Africa's growth forecast for 2019 through to 2021, citing weak investor sentiment and lingering policy uncertainty. In his State of the Nation Address in June 2019, President Cyril Ramaphosa outlined an ambitious target of more than doubling South Africa’s international arrivals to 21 million by 2030. Currency: South African Rand Just how fast are South Africa's various provinces growing? Education Latest Trend Ranking; Youth not in employment, education or training (NEET) Indicator: 11.8 15-19 year-old men % in same age group 2018 South Africa % in same age group: 15-19 year-old men % in same age group 2017-2018 South Africa … South Africa trade balance for 2018 was $1.27B, a 71.73% decline from 2017. None; Aggregates; Same region; Similar values; Highest values; Lowest values; Share Details. The current GDP for South Africa GDP per capita (current US$) - South Africa. Nigeria's GDP amounted to 410 billion U.S. dollars in 2019, recording the highest gross domestic product in Africa. World Bank national accounts data, and OECD National Accounts data files. Actual GDP for Q4:2019: -1.4% ; South Africa's economy is in a technical recession with two quarters of negative growth. This has been a result of slow improvement in production and unemployment. 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. South Africa gdp for 2018 was $778.20B, a 0.41% increase from 2018. Label. 2 | SOUTH AFRICA (GDP: $358.839 Billion) GDP: $358.839 Billion (nominal, 2019 est.) South Africa gdp for 2018 was $790.44B, a 0.73% increase from 2018. Related Topics: In this article we take a look at the annual growth rates of the provincial GDP's of South Africa. Download Historical Data Save as Image. Dollars) Economy rebounds robustly in Q3 amid easing of lockdown restrictions. Ratings firm Moody’s has lowered South Africa’s GDP growth prospects for 2019 – cutting it to 1.0% from a forecast of 1.3% previously. There are digital and critical thinking skills gaps (116th and 78th) among the workforce, which will pose challenges for future economic progress. Gross domestic product 2019 (millions of Ranking Economy US dollars) AGO 66 Angola 94,635 DOM 67 Dominican Republic 88,941 LKA 68 Sri Lanka 84,009 OMN 69 Oman 76,983 GTM 70 Guatemala 76,710 MMR 71 Myanmar 76,086 LUX 72 Luxembourg 71,105 BGR 73 Bulgaria 67,927 GHA 74 Ghana 66,984 PAN … Though South Africa inflation rate fluctuated substantially in recent years, it tended to decrease through 2000 - 2019 period ending at 4.1 % in 2019. Africa Economic Outlook 2019 Macroeconomic performance and prospects Regional integration and private sector development. Global Ranking: 35th Population: 58,775,022 GDP per capita: $6,100 (nominal, 2019 est.) The national treasury revised down South Africa’s GDP to 1.5% in the first quarter of 2019. The South African economy grew by 1.3% in 2017 and 0.8% in 2018. GDP Growth Rate in 2017 was 1.32%, representing a change of 5,547,001,381 US$ over 2016, when Real GDP was $421,266,226,143. None; Aggregates; Same region; Similar values; Highest values; Lowest values; Share Details. Data Source: World Bank MLA Citation: … $) Share in 2019 (%) Rank PPP/Nom; 2018 2019 Change Africa World Africa World; Somalia: 12.088: 12.660: 0.572: 0.177 GDP (Nominal) Country/Economy GDP (billions of $) Share in 2019 (%) Rank; 2018 2019 Change S. America World S. America World; Argentina: 519.487: 445.469-74.018 The opinions expressed and arguments employed herein do not necessarily reflect the official views of the African Development Bank, its Boards of Directors, or the countries they represent. The GDP value of South Africa represents 0.29 percent of the world economy. GDP per Capita in South Africa (with a population of 57,009,756 people) was $7,487 in 2017, a decrease of $8 from $7,495 in 2016; this represents a change of-0.1% in GDP … Country group: developing upper-middle income economy Value of exports: $108 billion (2017) Current account balance: −$8.584 billion (2017 est.) License: CC BY-4.0 Line Bar Map. South Africa GDP (Gross Domestic Product) was INT$676.30billion for 2019 in PPP terms. On Tuesday, Statistics South Africa announced that, for the second quarter of 2019, the country's GDP expanded by 3.1%. The economy shed … World Bank report indicates South Africa GDP growth will expand by 1.3% in 2019 A slash in expected GDP numbers makes 2019 a somber year for the economy. - … Figure 1.13: Growth projections for South Africa and other EMDEs 21 Figure 2.1: Inequalities in 101 countries, 2013 25 Figure 2.2: South Africa’s polarization 26 Figure 2.3: South Africa's human opportunities, 2015 28 Figure 2.4: Inequality measurement over time 28 Figure 2.5: Labor market status and skills increasingly contribute to inequality 29 Southern Africa Economic Outlook 2019. Also Show. Label. The drop in the GDP has also been a result of weaker investment outcomes in 2018. 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. The latest general elections were held in May 2019. Nominal GDP vs. PPP GDP StatsSA has released South Africa’s Gross Domestic Product (GDP) data for the third quarter of 2019, showing that growth contracted by 0.6%. In 2018, the nominal world GDP was $84,835.46 billion in 2018, and it’s projected to be $88,081.13 billion in 2019. Another factor compounding South Africa’s falling competitiveness is the country's low ICT adoption (85th place), with only just over half the adult population on the internet. In 2018, South Africa recorded a total arrivals figure of 7.8 million from within the African continent, which represents the largest percentage of international arrivals to South Africa. The Gross Domestic Product (GDP) in South Africa was worth 351.43 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. And what makes it worse for South African's is the fact the the 3rd quarter 2019 growth has been revised downwards from -0.6% to -0.8% saying the economy was even weaker than initially thought in the 3rd quarter of 2019. Date: 11 March 2019 Category: Economics. 1 This followed a contraction of -1,4% and -0,8% in the fourth and third quarters of 2019, respectively. Is there a particular province that stands out in terms of its economic growth or economic decline? South Africa gdp for 2018 was $775.04B, a 0.58% decline from 2017. South Africa gdp for 2018 was $784.75B, a 0.84% increase from 2018. License: CC BY-4.0 Line Bar Map. East Africa led with GDP growth estimated at 5.7 percent in 2018, followed by North Africa at 4.9 percent, West Africa at 3.3 percent, Central Africa at 2.2 percent, and Southern Africa at 1.2 percent. During the third phase, between 2009 and 2019, South Africa had a "lost decade" during which GDP per capita did not grow. This report presents us with an opportunity to inform and update all the relevant stakeholders about the latest energy demand and supply trends in South Africa as prescribed in the National Energy Act no.8 of 2008. In 2018, the growth rate for the world GDP was 3.6%. 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. World Bank national accounts data, and OECD National Accounts data files. South Africa trade balance for 2017 was $4.48B, a 188.63% increase from 2016. 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