South Africa GDP

South Africa

South Africa: Economy accelerates in the fourth quarter

February 24, 2015

In the fourth quarter, the economy expanded 4.1% over the previous quarter at a seasonally adjusted annualized rate (SAAR). The reading came in well above the 2.1% expansion observed in the third quarter; and it overshot the 3.8% increase the market had expected. However, in annual terms, GDP expanded 1.3%, which came in below the 1.6% expansion recorded in the third quarter.

Q4’s expansion came on the back of an acceleration in mining and quarrying, which expanded 15.2% (Q3: +3.9% quarter-on-quarter SAAR). In addition, manufacturing rebounded from a 1.0% contraction in the third quarter to a 9.5% expansion in the fourth. The construction sector also improved over the previous quarter as it expanded 3.5% (Q3: +2.2% qoq SAAR).

The Central Bank expects the economy to expand 2.8% in 2015. FocusEconomics panelists project the economy to grow 1.5% in 2015, which is down 0.2 percentage points from last month’s estimate. For 2016, panelists expect the economy to grow 2.5%.


Author:, Senior Economist

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SouthAfrica GDP Q414

Note: Year-on-year changes of GDP in %
Source: Statistics South Africa (Stat SA) and FocusEconomics Consensus Forecast.


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