The World Bank projects that South Africa’s economy will grow to 1.3% in 2019, down from its June 2018 estimate of 1.8%. It said that growth in 2019 is likely to remain subdued because of challenges in mining production, low business confidence and policy uncertainty.
“High unemployment and slow growth in household credit extension are expected to constrain domestic demand in 2019, while fiscal consolidation limits government spending,” it said.
Goldman Sachs, meanwhile, expects the local economy to grow almost 3% in 2019, helped by President Cyril Ramaphosa’s reforms and strong global growth, the bank’s sub-Saharan Africa head told Reuters.
GDP Annual Growth Rate in South Africa is expected to be 0.60 percent, according to Trading Economics global macro models and analysts’ expectations. Looking forward, we estimate GDP Annual Growth Rate in South Africa to stand at 1.50 in 12 months’ time.
The South African economy advanced 1.1 percent year-on-year in the third quarter of 2018, after expanding 0.4 percent in the prior period and above market consensus of a 0.5 percent growth. It was the strongest growth rate since the last quarter of 2017, mostly boosted by a rebound in agriculture and transport, storage and communication sectors.
GDP Annual Growth Rate in SA averaged 2.78 percent from 1994 until 2018, reaching an all-time high of 7.10 percent in the fourth quarter of 2006 and a record low of -2.60 percent in the second quarter of 2009, according to Trading Economics.