On a more positive note, notable growth was recorded in agriculture (27.8% vs -7.6%), on bumper production of grains and fruits; and finance, real estate & business activities (3.7% vs 2.7%). The good news, though, is that by enhancing the efficiency of education spending—now at 58 percent for primary schooling—African countries could almost reach universal primary enrollment, without increasing spending at all.
The Trading Economics Application Programming Interface (API) provides direct access to our data. Manufacturing accounts for 13.9 percent; mining and quarrying for around 8.3 percent and agriculture for only 2.6 percent.
The data is updated yearly and is categorized in CEIC under World Trend Plus’s Country Forecast – Table IMF.WEO: Gross Domestic Product: Constant Prices: YoY. South Africa: South Africa: Economy sinks deeper into recession in Q1. GDP growth (annual %) - Sub-Saharan Africa from The World Bank: Data 1980 - 2021 | Yearly | % | International Monetary Fund
It records an increase from the last reported number of 0.153 % in Dec 2019.
The economy slid deeper into recession in the first quarter, contracting 2.0% over the previous quarter at a seasonally-adjusted annualized rate (SAAR) amid lockdown measures to contain the spread of the coronavirus.
Only about a third of African countries achieved inclusive growth, reducing both poverty and inequality.The special theme this year is delivering education and skills for Africa’s workforce of the future. 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 2020.1 This followed a contraction of -1,4% and -0,8% in the fourth and third quarters of 2019, respectively. The South African economy contracted an annualized 0.6 percent on quarter in the three months to September of 2019, following an upwardly revised 3.2 percent growth in the previous period and much worse than market expectations of a 0.1 percent expansion. It is therefore essential that policymakers do While this was effectively reversed in the second quarter (+3.2%), a third quarter decline of 0.6% followed.Despite a boost to GDP for the fourth quarter expected to balance out the year of declines, analysts, economists and financial groups are not expecting a significant reversal in the country’s 2019 growth numbers, seeing a flat outcome when the data is published.The revised outlook for South Africa reflects structural constraints and deteriorating public finances, which are holding back business confidence and private investment, the IMF said.The World Bank was the first key institution to cut its economic growth forecast for South Africa to below 1% for 2020 due to electricity supply concerns.Earlier in January it said it now expects the South African economy to expand by just 0.9% this year.Its outlook for Africa’s most-industrialised economy is “markedly weaker” because it sees electricity supply and infrastructure constraints inhibiting domestic growth with weaker global economic conditions weighing on export demand.The negative outlook for South Africa in 2020 was initiated when load shedding returned much sooner in the year than expected.While power utility Eskom has since managed to avoid load shedding in the weeks that followed the sudden return in early January, the group has not made any progress in reducing its daily unplanned outages to back below 9,500MW.Outages remain in the region of 11,000MW to 12,000MW, with media reporting that the group is burning emergency reserves of diesel – shooting past its budget by 50% – to keep the lights on.In delivering the latest decision on South Africa’s repo rate, the South African Reserve Back also revised the country’s GDP growth prospects downward, though it remains more optimistic than the World Bank and the IMF.The central bank now expects growth in 2020 to be 1.2%, down from 1.4% previously.According to the IMF, it projects global growth to increase modestly from 2.9% in 2019 to 3.3% in 2020 and 3.4% in 2021.“The slight downward revision of 0.1 percent for 2019 and 2020, and 0.2 percent for 2021, is owed largely to downward revisions for India. Instant access to full history data in excel Growth’s fundamentals are also improving, with a gradual shift from private consumption toward investment and exports. It was the steepest contraction since the first quarter of 2019, amid the initial effects of the global pandemic on domestic activity even before the implementation of the nationwide lockdown on March 27th.
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