The South African economy exhibited weak quarter-on-quarter real GDP growth earlier this year and faces high and rising unemployment, weak domestic demand, and falling market prices on key export commodities.
Accelerated growth is on the horizon for South Africa, however, according to consensus forecasts of multiple major international agencies, even if at a slower rate than other large sub-saharan African economies. African countries collectively are expected to be the most rapidly growing economies worldwide during the next five years.
It will be interesting to monitor South Africa's official growth statistics through the end of the year. During the period 2012-2014, the South African economy followed this same growth pattern, but expectations of the major international agencies were too high, based on analysis from Knoema's Forecast Tracking Tool. The World Bank, IMF and OECD consistently overestimated South Africa's real GDP growth by 0.6 to 2.0 percentage points since 2011.