South Africa GDP Growth Rate

The Gross Domestic Product (GDP) in South Africa expanded 2.50 percent in the second quarter of 2017 over the previous quarter. GDP Growth Rate in South Africa averaged 2.84 percent from 1993 until 2017, reaching an all time high of 7.60 percent in the fourth quarter of 1994 and a record low of -6.10 percent in the first quarter of 2009. South Africa is the second largest economy in Africa. The country is rich in natural resources and is a leading producer of platinum, gold, chromium and iron. From 2002 to 2008, South Africa grew at an average of 4.5 percent year-on-year, its fastest expansion since the establishment of democracy in 1994. However, in recent years, successive governments have failed to address structural problems such as the widening gap between rich and poor, low-skilled labour force, high unemployment rate, deteriorating infrastructure, high corruption and crime rates. As a result, since the recession in 2008, South Africa growth has been sluggish and below African average. This page provides – South Africa GDP Growth Rate – actual values, historical data, forecast, chart, statistics, economic calendar and news.