Title: P04414thQuarter2025.pdf URL Source: http://www.statssa.gov.za/publications/P0441/P04414thQuarter2025.pdf Published Time: Tue, 10 Mar 2026 09:30:04 GMT Number of Pages: 21 Markdown Content: Private Bag X44, Pretoria, 0001, South Africa, ISIbalo House, Koch Street, Salvokop, Pretoria, 0002 www.statssa.gov.za, info@statssa.gov.za, Tel +27 12 310 8911 # STATISTICAL RELEASE # P0441 # Gross domestic product # Quarter ended December 2025 # Embargoed until: # 10 March 202 6 # 11 :30 ENQUIRIES : FORTHCOMING ISSUE: EXPECTED RELEASE DATE : Litshani Ligudu Quarter ended March 2026 9 June 2026 Tel: 082 884 4279 In line with international best practice, Statistics South Africa, in collaboration with the South African Reserve Bank, is in the process of changing the base year for national accounts estimates to 2022 and inc orpora ting periodic datasets. The rebased and benchmarked estimates are expected to be published later in 2026, with further details to be communicated closer to the publication date. Importantly, the Supply and Use Tables for 2023 and the revised annual estimates will not be published in June 2026 due to the re basing and benchmarking work currently underway. STATISTICS SOUTH AFRICA 1 P0441 > Gross domestic product, quarter ended December 202 5 Contents Key findings for the fourth quarter of 2025 ................................ ................................ .......................... 2 Gross domestic product at constant 2015 prices: Fourth quarter of 2025 ................................ ......... 3 Expenditure on gross domestic product at constant 2015 prices: Fourth quarter of 2025 .............. 5 Key findings for the annual estimates of 2025 ................................ ................................ ..................... 8 Table 1 – Industry value added and GDP (constant 2015 prices, seasonally adjusted and annualised) .................... 9 Table 2 – Growth rates in industry value added and GDP (constant 2015 prices and seasonally adjusted) ............ 10 Table 3 – Contributions to GDP growth (constant 2015 prices and seasonally adjusted) ................................ ......... 11 Table 4 – Industry value added and GDP (constant 2015 prices) ................................ ................................ .............. 12 Table 5 – Growth rates in industry value added and GDP (constant 2015 prices) ................................ .................... 13 Table 6 – Expenditure on GDP (constant 2015 prices, seasonally adjusted and annualised) ................................ .. 14 Table 7 – Growth rates in expenditure on GDP (constant 2015 prices and seasonally adjusted) ............................. 15 Table 8 – Contributions to growth in expenditure on GDP (constant 2015 prices and seasonally adjusted) ............ 16 Table 9 – Expenditure on GDP (constant 2015 prices) ................................ ................................ .............................. 17 Table 10 – Growth rates in expenditure on GDP (constant 2015 prices) ................................ ................................ ... 18 Explanatory notes ................................ ................................ ................................ ................................ 19 Technical enquiries ................................ ................................ ................................ .............................. 19 General information ................................ ................................ ................................ ............................. 20 STATISTICS SOUTH AFRICA 2 P0441 > Gross domestic product, quarter ended December 202 5 Key findings for the fourth quarter of 202 5 Real gross domestic produ ct (GDP) measured by production in creased by 0, 4%1 in the fourth quarte r of 202 5, following a n in crease of 0,3% in the third quarter of 202 5. Figure 1 – Growth in GDP (%) Five industries recorded posi tive growth between the third and fourth quarter s of 202 5. The finance industry was the largest positive contributor, increas ing by 1, 4% and contributing 0,3 of a percentage point to the positive GDP growth . The t rade industry increased by 0,9%, contributing 0,1 of a percentage point. The personal services industry increas ed by 0,4%, contributing 0,1 of a percentage point. The manufacturing industry was the largest nega tive contributor, dec reasing by 0,6% and contributing -0, 1 of a percentage point. Figure 2 – Contributions to growth in GDP, Q 4 20 25 (% points) > 1Unless otherwise specified, growth rates are quarter -on -quarter, > seasonally adjusted. All growth rates are calculated on the basis of > series at constant prices. Expenditure o n real GDP in creased by 0, 3% in the fourth quarter of 202 5, following a n in crease of 0, 4% in the third quarter of 202 5. Figure 3 – Growth in expenditure on GDP (%) Household final consumption expenditure in crease d by 1,2%, contributing 0,8 of a percentage point to the total growth. Government final consumption expenditure in creased by 0,5%, contributing 0, 1 of a percentage point. Gross fixed capital formation in creased by 1,3%, contributing 0, 2 of a percentage point . Changes in inventories in the fourth quarter of 202 5 contributed -0,5 of a percentage point . Net exports contributed -0, 3 of a percentage point, following a de crease of 0,6% in exports and an increase of 0,5% in imports . Figure 4 – Contributions to growth in expenditure on GDP, Q 4 20 25 (% points) STATISTICS SOUTH AFRICA 3 P0441 > Gross domestic product, quarter ended December 202 5 Gross domestic product at constant 2015 prices: Fourth quarter of 20 25 Primary sector The agriculture, forestry and fishing industry increased by 0,4 %. This was primarily due to increased economic activities reported for field crops and horticulture products. The mining and q uarrying industry de creased by 0,6%. The largest negative contributors were coal and platinum group metals ( PGMs ). Figure 5 – Mining and quarrying growth rate (%) Secondary sector The manufacturing industry decreased by 0, 6%, contributing -0,1 of a percentage point. Eight of the ten manufacturing divisions reported negative growth rates. The largest negative contributions were reported for the motor vehicles, parts and accessories and other transport equipment ; wood and wood products, paper, publishing and printing ; and food and beverages division s. The electricity, gas and water industry decreased by 2, 2%. This was largely due to decreases in electricity production and consumption. The cons tr uction industry de creased by 1,3%. De crease s were reported for residential and non -residential buildings .STATISTICS SOUTH AFRICA 4 P0441 > Gross domestic product, quarter ended December 202 5 Figure 6 – Manufacturing growth rate (%) Tertiary sector The trade, catering and accommodation industry increased by 0,9%, contributing 0,1 of a percentage point. Increased economic activities were reported for wholesale trade, motor trade, retail trade, food and beverages and accommodation. The transport, stora ge and communication industry de creased by 0,3%. De creased economic activities were reported fo r land transport and transport support services. Figure 7 – Transport, storage and communication growth rate (%) STATISTICS SOUTH AFRICA 5 P0441 > Gross domestic product, quarter ended December 202 5 The finance, real estate and business services industry increased by 1, 4%, contributing 0,3 of a percentage point. Increased economic activities were reported for other business services ; financial intermediation, insurance and pension funding ; auxiliary activities ; and real estate activities. General government services increased by 0,4%. This was mainly due to increased employment in provincial and local government . The personal services industry in creased by 0, 4%, contributing 0,1 of a percentage point. In creased economic activities were reported for community services and other producers. Expenditure on gross domestic produc t at constant 2015 prices: Fourth quarter of 20 25 Household final consumption expenditure Household final consumption expenditure (HFCE) in crease d by 1,2%, contributing 0,8 of a percentage point to the total growth. Positive growth rates were reported for durable goods, non -durable goods , semi -durable goods and services. The main positive contributors to the increase in HFCE were expenditures on ‘other’ (2,6% and contributing 0, 3 of a percentage point), transport (1, 3% and contributing 0,2 of a percentage point), clothing and footwear (2, 4% and contributing 0, 1 of a percentage point), restaurants and hotels (1, 8% and contributing 0,1 of a percentage point), recreation and culture (1, 4% and contributing 0,1 of a percentage point) , furnishings, household equipment and maintenance (1, 5% and contributing 0,1 of a percentage point) , communication (1, 3% and contributing 0,1 of a percentage point) and health (0,9% and contributing 0,1 of a percentage point). The negative contributor w as expenditure on alcohol ic beverages, tobacco and narcotics . Figure 8a – HFCE growth rate (%) Fi gure 8b – HFCE contributions, Q 4 20 25 (% points) Government final consumption expenditure (GFCE) Final consumption expenditure by general go vernment in creased by 0,5%, contributing 0, 1 of a percentage point to the total growth. This was mainly driven by in crease s in purchases of goods and services and compensation of employees .STATISTICS SOUTH AFRICA 6 P0441 > Gross domestic product, quarter ended December 202 5 Gross fixed capital formation (GFCF) Gross fixed capital formation in creased by 1,3%, contributing 0, 2 of a percentage point to the total growth . The positive contributors to the increase were other assets (14 ,7% and contributing 1,7 percentage point s), machinery and other equipment (2,2% and contributing 0, 9 of a percentage point) and construction works (2,1% and contributing 0, 3 of a percentage point) . Figure 9a – GFCF growth rate (%) Figure 9b – GFCF contributions, Q 4 20 25 (% points) Changes in inventories There was a R6 ,2 billion drawdown of inventor ies (seasonally adjusted and annualised value). Large de creases in three industries, namely trade, catering and accommodation; manufacturing; and mining , contributed to the inventory drawdown .STATISTICS SOUTH AFRICA 7 P0441 > Gross domestic product, quarter ended December 202 5 Exports and imports of goods and services Net exports contribut ed negatively (-0, 3 of a percentage point) to expenditure on GDP . Exports of goo ds and services de creased by 0,6%, largely influenced by de creased trade in vehicles and transport equipment excluding large aircraft ; vegetable products; and prepared foodstuffs, beverages and tobacco . Imports of goods and services increased by 0,5%, largely influenced by in creased trade in machinery and electrical equipment ; vehicles and transport equipment excluding large aircraft ; live animals and products ; and vegetable products . Figure 10 – Exports and imports of goods and services (R million, seasonally adjusted and annualised) STATISTICS SOUTH AFRICA 8 P0441 > Gross domestic product, quarter ended December 202 5 Key findings for the annual estimates of 202 5 Real GDP measured by production in 202 5 Real GDP increased by 1,1% in 202 5, following an increase of 0, 5% in 202 4. The annual increase in real GDP of 1,1% in 202 5 was primarily led by higher economic activities in finance, real estate and business services (1,9% and contributing 0, 5 of a percentage point), agriculture , forestry and fishing (1 7,4% and contributing 0, 4 of a percentage point) and trade , catering and accommodation (2,3% and contributing 0, 3 of a percentage point) . The manufacturing ; electricity , gas and water; and construction industries recorded negative growth in 202 5. Expenditure on GDP in 202 5 Expenditure on GDP increased by 1,4% in 202 5, following an increase of 0, 4% in 202 4. Household final consumption expenditure increased by 3,6%, contribut ing 2, 4 percentage point s. The main positive contributors to the growth in HFCE were expenditures on ‘other’ (8,6% and contributing 1,0 percentage point), food and non -alcohol ic beverages (3,6% and contributing 0, 5 of a percentage point), transport (3, 0% and contributing 0, 5 of a percentage point) , clothing and footwear (6,6 % and contributing 0, 4 of a percentage point) , health (4,1 % and contributing 0, 3 of a percentage point) and restaurants and hotels (5,1 % and contributing 0, 3 of a percentage point) . Gross fixed capital formation decreased by 2,2%, contributing -0, 3 of a percentage point and chang es in inventories contributed 0,4 of a percentage point to the total growth. Net exports contributed -1, 0 percentage point to the total growth in expenditure on GDP. Nominal GDP for 202 5 The nominal GDP at market prices in 202 5 was R 7, 6 trillion, which is R289 billion more than in 202 4. The most notable performances by industry were as follows: • finance, real estate and business services expanded by R 55 billion to R1 611 billion; • trade, catering and accommodation expanded by R 49 billion to R9 65 billion; • personal services expanded by R 37 billion to R1 103 billion ; • mining expanded by R 34 billion to R 47 7 billion; • electricity , gas and water expanded by R 28 billion to R 272 billion; and • transport, storage and communication expanded by R 24 billion to R 542 billion . Risenga Maluleke Statistician -General STATISTICS SOUTH AFRICA 9 P0441 Gross domestic product, quarter ended December 202 5 Table 1 – Industry value added and GDP (constant 2015 prices, seasonally adjusted and annualised) Agriculture, forestry and fishing Mining Manufac - turing Electricity, gas and water Construc - tion Trade, catering and accommo - dation Transport, storage and communi - cation Finance, real estate and business services General govern - ment services Personal services Total value added at basic prices Taxes less subsidies GDP at market prices R million 2018 112 095 223 613 563 250 111 280 144 861 562 325 380 339 994 663 362 957 672 452 4 127 833 443 950 4 571 783 2019 104 785 222 100 559 322 107 571 139 986 559 935 378 211 1 016 210 367 515 681 249 4 136 884 446 783 4 583 667 2020 122 870 194 985 491 447 101 405 115 374 491 413 319 642 1 021 809 371 364 667 187 3 897 495 403 409 4 300 904 2021 128 983 219 636 524 905 103 787 112 427 524 188 339 443 1 047 807 368 231 704 480 4 073 887 435 984 4 509 870 2022 131 771 204 453 523 091 100 918 110 065 543 447 367 702 1 086 089 368 425 724 472 4 160 431 442 258 4 602 690 2023 125 747 204 229 524 994 96 689 109 565 534 955 383 231 1 101 706 370 829 739 456 4 191 400 448 392 4 639 792 2024 114 792 205 126 523 151 100 040 103 625 528 762 378 590 1 137 339 372 000 748 449 4 211 873 452 734 4 664 608 2025 134 797 205 465 516 986 95 759 99 099 540 829 381 657 1 158 863 373 615 751 646 4 258 715 457 886 4 716 601 R million (seasonally adjusted and annualised) 2023 Q1 136 673 202 573 516 926 96 593 112 504 541 629 382 625 1 090 398 368 130 725 787 4 173 837 442 260 4 616 098 2023 Q2 141 374 203 954 529 745 95 844 111 766 539 257 377 903 1 096 956 370 637 737 962 4 205 398 448 136 4 653 534 2023 Q3 113 738 202 475 524 749 96 044 107 839 538 217 380 192 1 104 521 373 046 745 043 4 185 863 449 881 4 635 745 2023 Q4 111 202 207 913 528 556 98 276 106 150 520 718 392 203 1 114 951 371 501 749 030 4 200 500 453 292 4 653 792 2024 Q1 126 746 205 508 522 477 98 264 103 110 525 677 389 911 1 114 582 370 913 747 928 4 205 115 452 676 4 657 791 2024 Q2 121 768 204 080 524 850 100 213 103 440 530 241 376 884 1 133 702 373 196 747 912 4 216 285 453 448 4 669 733 2024 Q3 96 753 205 525 525 466 101 551 104 230 526 191 375 883 1 145 617 372 561 750 628 4 204 405 451 764 4 656 169 2024 Q4 113 900 205 389 519 810 100 133 103 720 532 940 371 682 1 155 456 371 331 747 328 4 221 689 453 049 4 674 738 2025 Q1 132 553 198 626 512 681 97 454 99 956 534 277 380 714 1 150 174 370 460 746 877 4 223 769 453 327 4 677 096 2025 Q2 134 097 204 924 518 913 97 598 99 196 540 042 381 048 1 156 802 372 819 751 317 4 256 755 457 743 4 714 498 2025 Q3 136 013 209 835 519 785 95 030 99 260 542 173 382 917 1 156 395 374 871 752 829 4 269 105 459 492 4 728 597 2025 Q4 136 524 208 475 516 565 92 954 97 984 546 825 381 949 1 172 082 376 312 755 561 4 285 230 460 981 4 746 211 STATISTICS SOUTH AFRICA 10 P0441 Gross domestic product, quarter ended December 202 5 Table 2 – Growth rates in industry value added and GDP (constant 2015 prices and seasonally adjusted) Agriculture, forestry and fishing Mining Manufac - turing Electricity, gas and water Construc - tion Trade, catering and accommo - dation Transport, storage and communi - cation Finance, real estate and business services General govern - ment services Personal services Total value added at basic prices Taxes less subsidies GDP at market prices % change year -on -year 2018 0,5 -0,8 1,5 0,9 -1,5 1,0 2,9 3,5 1,9 0,6 1,6 0,8 1,6 2019 -6,5 -0,7 -0,7 -3,3 -3,4 -0,4 -0,6 2,2 1,3 1,3 0,2 0,6 0,3 2020 17,3 -12,2 -12,1 -5,7 -17,6 -12,2 -15,5 0,6 1,0 -2,1 -5,8 -9,7 -6,2 2021 5,0 12,6 6,8 2,3 -2,6 6,7 6,2 2,5 -0,8 5,6 4,5 8,1 4,9 2022 2,2 -6,9 -0,3 -2,8 -2,1 3,7 8,3 3,7 0,1 2,8 2,1 1,4 2,1 2023 -4,6 -0,1 0,4 -4,2 -0,5 -1,6 4,2 1,4 0,7 2,1 0,7 1,4 0,8 2024 -8,7 0,4 -0,4 3,5 -5,4 -1,2 -1,2 3,2 0,3 1,2 0,5 1,0 0,5 2025 17,4 0,2 -1,2 -4,3 -4,4 2,3 0,8 1,9 0,4 0,4 1,1 1,1 1,1 % change quarter -on -quarter (seasonally adjusted) 2023 Q1 -4,6 1,6 1,5 -0,9 0,2 1,1 1,3 0,5 0,5 0,6 0,6 1,2 0,7 2023 Q2 3,4 0,7 2,5 -0,8 -0,7 -0,4 -1,2 0,6 0,7 1,7 0,8 1,3 0,8 2023 Q3 -19,5 -0,7 -0,9 0,2 -3,5 -0,2 0,6 0,7 0,7 1,0 -0,5 0,4 -0,4 2023 Q4 -2,2 2,7 0,7 2,3 -1,6 -3,3 3,2 0,9 -0,4 0,5 0,3 0,8 0,4 2024 Q1 14,0 -1,2 -1,2 0,0 -2,9 1,0 -0,6 0,0 -0,2 -0,1 0,1 -0,1 0,1 2024 Q2 -3,9 -0,7 0,5 2,0 0,3 0,9 -3,3 1,7 0,6 0,0 0,3 0,2 0,3 2024 Q3 -20,5 0,7 0,1 1,3 0,8 -0,8 -0,3 1,1 -0,2 0,4 -0,3 -0,4 -0,3 2024 Q4 17,7 -0,1 -1,1 -1,4 -0,5 1,3 -1,1 0,9 -0,3 -0,4 0,4 0,3 0,4 2025 Q1 16,4 -3,3 -1,4 -2,7 -3,6 0,3 2,4 -0,5 -0,2 -0,1 0,0 0,1 0,1 2025 Q2 1,2 3,2 1,2 0,1 -0,8 1,1 0,1 0,6 0,6 0,6 0,8 1,0 0,8 2025 Q3 1,4 2,4 0,2 -2,6 0,1 0,4 0,5 0,0 0,6 0,2 0,3 0,4 0,3 2025 Q4 0,4 -0,6 -0,6 -2,2 -1,3 0,9 -0,3 1,4 0,4 0,4 0,4 0,3 0,4 STATISTICS SOUTH AFRICA 11 P0441 Gross domestic product, quarter ended December 202 5 Table 3 – Contributions to GDP growth (constant 2015 prices and seasonally adjusted ) Agriculture, forestry and fishing Mining Manufac - turing Electricity, gas and water Construc - tion Trade, catering and accommo - dation Transport, storage and communi - cation Finance, real estate and business services General govern - ment services Personal services Total value added at basic prices Taxes less subsidies GDP at market prices % points 2018 0,0 0,0 0,2 0,0 0,0 0,1 0,2 0,7 0,2 0,1 1,5 0,1 1,6 2019 -0,2 0,0 -0,1 -0,1 -0,1 -0,1 0,0 0,5 0,1 0,2 0,2 0,1 0,3 2020 0,4 -0,6 -1,5 -0,1 -0,5 -1,5 -1,3 0,1 0,1 -0,3 -5,2 -0,9 -6,2 2021 0,1 0,6 0,8 0,1 -0,1 0,8 0,5 0,6 -0,1 0,9 4,1 0,8 4,9 2022 0,1 -0,3 0,0 -0,1 -0,1 0,4 0,6 0,8 0,0 0,4 1,9 0,1 2,1 2023 -0,1 0,0 0,0 -0,1 0,0 -0,2 0,3 0,3 0,1 0,3 0,7 0,1 0,8 2024 -0,2 0,0 0,0 0,1 -0,1 -0,1 -0,1 0,8 0,0 0,2 0,4 0,1 0,5 2025 0,4 0,0 -0,1 -0,1 -0,1 0,3 0,1 0,5 0,0 0,1 1,0 0,1 1,1 % points 2023 Q1 -0,1 0,1 0,2 0,0 0,0 0,1 0,1 0,1 0,0 0,1 0,6 0,1 0,7 2023 Q2 0,1 0,0 0,3 0,0 0,0 -0,1 -0,1 0,1 0,1 0,3 0,7 0,1 0,8 2023 Q3 -0,6 0,0 -0,1 0,0 -0,1 0,0 0,0 0,2 0,1 0,2 -0,4 0,0 -0,4 2023 Q4 -0,1 0,1 0,1 0,0 0,0 -0,4 0,3 0,2 0,0 0,1 0,3 0,1 0,4 2024 Q1 0,3 -0,1 -0,1 0,0 -0,1 0,1 0,0 0,0 0,0 0,0 0,1 0,0 0,1 2024 Q2 -0,1 0,0 0,1 0,0 0,0 0,1 -0,3 0,4 0,0 0,0 0,2 0,0 0,3 2024 Q3 -0,5 0,0 0,0 0,0 0,0 -0,1 0,0 0,3 0,0 0,1 -0,3 0,0 -0,3 2024 Q4 0,4 0,0 -0,1 0,0 0,0 0,1 -0,1 0,2 0,0 -0,1 0,4 0,0 0,4 2025 Q1 0,4 -0,1 -0,2 -0,1 -0,1 0,0 0,2 -0,1 0,0 0,0 0,0 0,0 0,1 2025 Q2 0,0 0,1 0,1 0,0 0,0 0,1 0,0 0,1 0,1 0,1 0,7 0,1 0,8 2025 Q3 0,0 0,1 0,0 -0,1 0,0 0,0 0,0 0,0 0,0 0,0 0,3 0,0 0,3 2025 Q4 0,0 0,0 -0,1 0,0 0,0 0,1 0,0 0,3 0,0 0,1 0,3 0,0 0,4 STATISTICS SOUTH AFRICA 12 P0441 Gross domestic product, quarter ended December 202 5 Table 4 – Industry value added and GDP (constant 2015 prices) Agriculture, forestry and fishing Mining Manufac - turing Electricity, gas and water Construc - tion Trade, catering and accommo - dation Transport, storage and communi - cation Finance, real estate and business services General govern - ment services Personal services Total value added at basic prices Taxes less subsidies GDP at market prices R million 2018 112 095 223 613 563 250 111 280 144 861 562 325 380 339 994 663 362 957 672 452 4 127 833 443 950 4 571 783 2019 104 785 222 100 559 322 107 571 139 986 559 935 378 211 1 016 210 367 515 681 249 4 136 884 446 783 4 583 667 2020 122 870 194 985 491 447 101 405 115 374 491 413 319 642 1 021 809 371 364 667 187 3 897 495 403 409 4 300 904 2021 128 983 219 636 524 905 103 787 112 427 524 188 339 443 1 047 807 368 231 704 480 4 073 887 435 984 4 509 870 2022 131 771 204 453 523 091 100 918 110 065 543 447 367 702 1 086 089 368 425 724 472 4 160 431 442 258 4 602 690 2023 125 747 204 229 524 994 96 689 109 565 534 955 383 231 1 101 706 370 829 739 456 4 191 400 448 392 4 639 792 2024 114 792 205 126 523 151 100 040 103 625 528 762 378 590 1 137 339 372 000 748 449 4 211 873 452 734 4 664 608 2025 134 797 205 465 516 986 95 759 99 099 540 829 381 657 1 158 863 373 615 751 646 4 258 715 457 886 4 716 601 R million 2023 Q1 32 340 45 997 123 049 22 768 28 735 128 252 93 344 272 599 92 360 183 600 1 023 043 107 231 1 130 274 2023 Q2 47 384 52 413 130 261 24 029 27 393 128 598 93 648 274 239 92 654 186 572 1 057 192 111 681 1 168 873 2023 Q3 29 481 52 386 134 481 24 700 26 440 130 916 95 877 276 130 93 209 187 975 1 051 595 112 956 1 164 551 2023 Q4 16 541 53 433 137 203 25 192 26 998 147 189 100 361 278 738 92 606 181 309 1 059 570 116 524 1 176 094 2024 Q1 31 673 46 370 122 769 23 134 26 235 124 716 94 239 278 645 92 957 186 740 1 027 478 108 817 1 136 295 2024 Q2 41 724 52 407 129 119 25 156 25 421 125 820 93 899 283 425 93 769 189 458 1 060 198 113 138 1 173 336 2024 Q3 23 451 53 218 134 276 26 170 25 588 128 419 95 275 286 404 93 088 189 882 1 055 770 113 767 1 169 537 2024 Q4 17 944 53 131 136 987 25 581 26 382 149 807 95 177 288 864 92 187 182 369 1 068 427 117 012 1 185 439 2025 Q1 38 430 44 764 120 500 22 869 25 371 126 518 92 070 287 543 92 037 186 628 1 036 731 109 292 1 146 022 2025 Q2 42 529 52 213 127 290 24 584 24 378 128 537 94 917 289 200 93 591 190 462 1 067 701 114 033 1 181 734 2025 Q3 38 198 54 316 133 516 24 528 24 373 132 434 97 175 289 099 93 950 190 093 1 077 679 115 902 1 193 581 2025 Q4 15 641 54 172 135 681 23 777 24 977 153 341 97 495 293 021 94 038 184 463 1 076 604 118 659 1 195 263 STATISTICS SOUTH AFRICA 13 P0441 Gross domestic product, quarter ended December 202 5 Table 5 – Growth rates in industry value added and GDP (constant 2015 prices) Agriculture, forestry and fishing Mining Manufac - turing Electricity, gas and water Construc - tion Trade, catering and accommo - dation Transport, storage and communi - cation Finance, real estate and business services General govern - ment services Personal services Total value added at basic prices Taxes less subsidies GDP at market prices % change year -on -year 2018 0,5 -0,8 1,5 0,9 -1,5 1,0 2,9 3,5 1,9 0,6 1,6 0,8 1,6 2019 -6,5 -0,7 -0,7 -3,3 -3,4 -0,4 -0,6 2,2 1,3 1,3 0,2 0,6 0,3 2020 17,3 -12,2 -12,1 -5,7 -17,6 -12,2 -15,5 0,6 1,0 -2,1 -5,8 -9,7 -6,2 2021 5,0 12,6 6,8 2,3 -2,6 6,7 6,2 2,5 -0,8 5,6 4,5 8,1 4,9 2022 2,2 -6,9 -0,3 -2,8 -2,1 3,7 8,3 3,7 0,1 2,8 2,1 1,4 2,1 2023 -4,6 -0,1 0,4 -4,2 -0,5 -1,6 4,2 1,4 0,7 2,1 0,7 1,4 0,8 2024 -8,7 0,4 -0,4 3,5 -5,4 -1,2 -1,2 3,2 0,3 1,2 0,5 1,0 0,5 2025 17,4 0,2 -1,2 -4,3 -4,4 2,3 0,8 1,9 0,4 0,4 1,1 1,1 1,1 % change year -on -year 2023 Q1 6,1 -3,3 -3,8 -6,7 2,8 -1,2 8,0 2,2 -0,8 0,3 0,5 0,1 0,5 2023 Q2 23,5 1,0 3,7 -6,9 4,0 -0,6 3,6 0,6 1,1 0,9 2,0 1,8 2,0 2023 Q3 -29,3 -1,9 -0,7 -3,5 -3,5 -2,2 1,5 0,2 1,2 3,2 -1,0 0,5 -0,8 2023 Q4 -22,1 3,6 2,2 0,4 -4,8 -2,1 4,1 2,8 1,1 4,0 1,5 3,0 1,6 2024 Q1 -2,1 0,8 -0,2 1,6 -8,7 -2,8 1,0 2,2 0,6 1,7 0,4 1,5 0,5 2024 Q2 -11,9 0,0 -0,9 4,7 -7,2 -2,2 0,3 3,3 1,2 1,5 0,3 1,3 0,4 2024 Q3 -20,5 1,6 -0,2 5,9 -3,2 -1,9 -0,6 3,7 -0,1 1,0 0,4 0,7 0,4 2024 Q4 8,5 -0,6 -0,2 1,5 -2,3 1,8 -5,2 3,6 -0,5 0,6 0,8 0,4 0,8 2025 Q1 21,3 -3,5 -1,8 -1,1 -3,3 1,4 -2,3 3,2 -1,0 -0,1 0,9 0,4 0,9 2025 Q2 1,9 -0,4 -1,4 -2,3 -4,1 2,2 1,1 2,0 -0,2 0,5 0,7 0,8 0,7 2025 Q3 62,9 2,1 -0,6 -6,3 -4,7 3,1 2,0 0,9 0,9 0,1 2,1 1,9 2,1 2025 Q4 -12,8 2,0 -1,0 -7,1 -5,3 2,4 2,4 1,4 2,0 1,1 0,8 1,4 0,8 STATISTICS SOUTH AFRICA 14 P0441 Gross domestic product, quarter ended December 202 5 Table 6 – Expenditure on GDP (constant 2015 prices, seasonally adjusted and annualised) Final consumption expenditure Gross capital formation Gross domestic expenditure Exports of goods and services Imports of goods and services Expenditure on GDP Households General government Total Gross fixed capital formation Change in inventories Total R million 2018 2 974 191 863 117 3 837 308 755 594 12 090 767 684 4 604 993 1 260 509 1 291 871 4 573 631 2019 3 012 316 879 004 3 891 321 742 420 23 740 766 160 4 657 481 1 218 750 1 299 017 4 577 214 2020 2 827 886 887 194 3 715 080 632 747 -63 928 568 819 4 283 899 1 072 450 1 070 757 4 285 593 2021 2 997 700 892 491 3 890 190 630 646 -14 839 615 807 4 505 998 1 176 357 1 174 657 4 507 698 2022 3 076 920 899 072 3 975 993 667 719 58 375 726 093 4 702 086 1 267 591 1 350 555 4 619 122 2023 3 083 899 915 826 3 999 725 687 944 25 243 713 188 4 712 913 1 332 394 1 403 683 4 641 624 2024 3 114 243 915 115 4 029 358 661 146 -14 078 647 068 4 676 426 1 295 694 1 313 755 4 658 364 2025 3 225 191 913 144 4 138 335 646 548 5 139 651 687 4 790 022 1 263 913 1 328 790 4 725 145 R million (seasonally adjusted and annualised) 2023 Q1 3 094 577 896 654 3 991 231 687 908 48 105 736 012 4 727 243 1 323 769 1 422 638 4 628 374 2023 Q2 3 087 880 915 897 4 003 777 711 294 86 390 797 684 4 801 461 1 324 586 1 465 458 4 660 589 2023 Q3 3 080 611 927 910 4 008 521 678 058 -53 249 624 810 4 633 331 1 337 128 1 336 976 4 633 483 2023 Q4 3 072 529 922 844 3 995 373 674 517 19 727 694 244 4 689 617 1 344 093 1 389 660 4 644 050 2024 Q1 3 072 548 917 013 3 989 561 666 473 -11 282 655 191 4 644 752 1 321 686 1 320 953 4 645 485 2024 Q2 3 109 156 923 091 4 032 246 659 434 -3 487 655 947 4 688 194 1 316 062 1 341 221 4 663 034 2024 Q3 3 120 840 914 050 4 034 891 661 060 -17 124 643 936 4 678 827 1 259 554 1 287 780 4 650 600 2024 Q4 3 154 427 906 307 4 060 734 657 617 -24 420 633 197 4 693 931 1 285 472 1 305 066 4 674 337 2025 Q1 3 170 446 904 662 4 075 108 647 285 -1 763 645 522 4 720 629 1 296 163 1 333 513 4 683 279 2025 Q2 3 212 310 912 430 4 124 739 637 733 11 296 649 029 4 773 768 1 253 428 1 305 475 4 721 721 2025 Q3 3 240 360 915 540 4 155 901 646 527 17 267 663 794 4 819 695 1 256 578 1 334 514 4 741 760 2025 Q4 3 277 649 919 944 4 197 593 654 649 -6 246 648 403 4 845 996 1 249 482 1 341 659 4 753 819 STATISTICS SOUTH AFRICA 15 P0441 Gross domestic product, quarter ended December 202 5 Table 7 – Growth rates in expenditure on GDP (constant 2015 prices and seasonally adjusted) Final consumption expenditure Gross fixed capital formation Gross capital formation Gross domestic expenditure Exports of goods and services Imports of goods and services Expenditure on GDP Households General government Total % change year -on -year 2018 3,2 1,1 2,7 -1,2 -1,2 2,0 2,7 3,5 1,8 2019 1,3 1,8 1,4 -1,7 -0,2 1,1 -3,3 0,6 0,1 2020 -6,1 0,9 -4,5 -14,8 -25,8 -8,0 -12,0 -17,6 -6,4 2021 6,0 0,6 4,7 -0,3 8,3 5,2 9,7 9,7 5,2 2022 2,6 0,7 2,2 5,9 17,9 4,4 7,8 15,0 2,5 2023 0,2 1,9 0,6 3,0 -1,8 0,2 5,1 3,9 0,5 2024 1,0 -0,1 0,7 -3,9 -9,3 -0,8 -2,8 -6,4 0,4 2025 3,6 -0,2 2,7 -2,2 0,7 2,4 -2,5 1,1 1,4 % change quarter -on -quarter (seasonally adjusted) 2023 Q1 0,6 0,9 0,7 1,3 0,0 0,6 4,9 4,7 0,5 2023 Q2 -0,2 2,1 0,3 3,4 8,4 1,6 0,1 3,0 0,7 2023 Q3 -0,2 1,3 0,1 -4,7 -21,7 -3,5 0,9 -8,8 -0,6 2023 Q4 -0,3 -0,5 -0,3 -0,5 11,1 1,2 0,5 3,9 0,2 2024 Q1 0,0 -0,6 -0,1 -1,2 -5,6 -1,0 -1,7 -4,9 0,0 2024 Q2 1,2 0,7 1,1 -1,1 0,1 0,9 -0,4 1,5 0,4 2024 Q3 0,4 -1,0 0,1 0,2 -1,8 -0,2 -4,3 -4,0 -0,3 2024 Q4 1,1 -0,8 0,6 -0,5 -1,7 0,3 2,1 1,3 0,5 2025 Q1 0,5 -0,2 0,4 -1,6 1,9 0,6 0,8 2,2 0,2 2025 Q2 1,3 0,9 1,2 -1,5 0,5 1,1 -3,3 -2,1 0,8 2025 Q3 0,9 0,3 0,8 1,4 2,3 1,0 0,3 2,2 0,4 2025 Q4 1,2 0,5 1,0 1,3 -2,3 0,5 -0,6 0,5 0,3 STATISTICS SOUTH AFRICA 16 P0441 Gross domestic product, quarter ended December 202 5 Table 8 – Contributions to growth in expenditure on GDP (constant 2015 prices and seasonally adjusted) Final consumption expenditure Gross capital formation Gross domestic expenditure Exports of goods and services Imports of goods and services Expenditure on GDP Households General government Total Gross fixed capital formation Change in inventories Total % points 2018 2,0 0,2 2,2 -0,2 0,0 -0,2 2,0 0,8 -1,0 1,8 2019 0,8 0,3 1,2 -0,3 0,3 0,0 1,1 -0,9 -0,2 0,1 2020 -4,0 0,2 -3,9 -2,4 -1,9 -4,3 -8,2 -3,2 5,0 -6,4 2021 4,0 0,1 4,1 0,0 1,1 1,1 5,2 2,4 -2,4 5,2 2022 1,8 0,1 1,9 0,8 1,6 2,4 4,4 2,0 -3,9 2,5 2023 0,2 0,4 0,5 0,4 -0,7 -0,3 0,2 1,4 -1,2 0,5 2024 0,7 0,0 0,6 -0,6 -0,8 -1,4 -0,8 -0,8 1,9 0,4 2025 2,4 0,0 2,3 -0,3 0,4 0,1 2,4 -0,7 -0,3 1,4 % points 2023 Q1 0,4 0,2 0,6 0,2 -0,2 0,0 0,6 1,3 -1,4 0,5 2023 Q2 -0,1 0,4 0,3 0,5 0,8 1,3 1,6 0,0 -0,9 0,7 2023 Q3 -0,2 0,3 0,1 -0,7 -3,0 -3,7 -3,6 0,3 2,8 -0,6 2023 Q4 -0,2 -0,1 -0,3 -0,1 1,6 1,5 1,2 0,2 -1,1 0,2 2024 Q1 0,0 -0,1 -0,1 -0,2 -0,7 -0,8 -1,0 -0,5 1,5 0,0 2024 Q2 0,8 0,1 0,9 -0,2 0,2 0,0 0,9 -0,1 -0,4 0,4 2024 Q3 0,3 -0,2 0,1 0,0 -0,3 -0,3 -0,2 -1,2 1,1 -0,3 2024 Q4 0,7 -0,2 0,6 -0,1 -0,2 -0,2 0,3 0,6 -0,4 0,5 2025 Q1 0,3 0,0 0,3 -0,2 0,5 0,3 0,6 0,2 -0,6 0,2 2025 Q2 0,9 0,2 1,1 -0,2 0,3 0,1 1,1 -0,9 0,6 0,8 2025 Q3 0,6 0,1 0,7 0,2 0,1 0,3 1,0 0,1 -0,6 0,4 2025 Q4 0,8 0,1 0,9 0,2 -0,5 -0,3 0,6 -0,1 -0,2 0,3 STATISTICS SOUTH AFRICA 17 P0441 Gross domestic product, quarter ended December 202 5 Table 9 – Expenditure on GDP (constant 2015 prices) Final consumption expenditure Gross capital formation Gross domestic expenditure Exports of goods and services Imports of goods and services Expenditure on GDP Households General government Total Gross fixed capital formation Change in inventories Total R million 2018 2 974 191 863 117 3 837 308 755 594 12 090 767 684 4 604 993 1 260 509 1 291 871 4 573 631 2019 3 012 316 879 004 3 891 321 742 420 23 740 766 160 4 657 481 1 218 750 1 299 017 4 577 214 2020 2 827 886 887 194 3 715 080 632 747 -63 928 568 819 4 283 899 1 072 450 1 070 757 4 285 593 2021 2 997 700 892 491 3 890 190 630 646 -14 839 615 807 4 505 998 1 176 357 1 174 657 4 507 698 2022 3 076 920 899 072 3 975 993 667 719 58 375 726 093 4 702 086 1 267 591 1 350 555 4 619 122 2023 3 083 899 915 826 3 999 725 687 944 25 243 713 188 4 712 913 1 332 394 1 403 683 4 641 624 2024 3 114 243 915 115 4 029 358 661 146 -14 078 647 068 4 676 426 1 295 694 1 313 755 4 658 364 2025 3 225 191 913 144 4 138 335 646 548 5 139 651 687 4 790 022 1 263 913 1 328 790 4 725 145 R million 2023 Q1 751 110 224 833 975 943 170 544 818 171 362 1 147 305 311 466 344 445 1 114 326 2023 Q2 756 838 224 326 981 164 172 661 29 220 201 881 1 183 045 331 053 359 262 1 154 836 2023 Q3 763 116 231 974 995 090 172 436 807 173 243 1 168 333 350 076 347 342 1 171 067 2023 Q4 812 835 234 694 1 047 528 172 304 -5 602 166 702 1 214 231 339 800 352 634 1 201 396 2024 Q1 746 171 230 533 976 705 165 290 -14 029 151 261 1 127 966 311 081 319 980 1 119 067 2024 Q2 760 891 226 187 987 077 160 366 6 813 167 180 1 154 257 329 037 328 551 1 154 743 2024 Q3 772 846 227 970 1 000 816 167 333 9 842 177 175 1 177 991 330 051 333 860 1 174 182 2024 Q4 834 335 230 425 1 064 760 168 156 -16 704 151 452 1 216 213 325 524 331 364 1 210 372 2025 Q1 768 651 227 934 996 585 160 301 -11 686 148 615 1 145 200 304 423 322 863 1 126 760 2025 Q2 786 348 223 934 1 010 282 155 215 10 465 165 680 1 175 962 314 050 319 160 1 170 851 2025 Q3 801 944 228 263 1 030 208 163 975 18 427 182 402 1 212 610 330 551 345 856 1 197 304 2025 Q4 868 248 233 012 1 101 260 167 057 -12 067 154 990 1 256 250 314 890 340 911 1 230 229 STATISTICS SOUTH AFRICA 18 P0441 Gross domestic product, quarter ended December 202 5 Table 10 – Growth rates in expenditure on GDP (constant 2015 prices) Final consumption expenditure Gross fixed capital formation Gross capital formation Gross domestic expenditure Exports of goods and services Imports of goods and services Expenditure on GDP Households General government Total % change year -on -year 2018 3,2 1,1 2,7 -1,2 -1,2 2,0 2,7 3,5 1,8 2019 1,3 1,8 1,4 -1,7 -0,2 1,1 -3,3 0,6 0,1 2020 -6,1 0,9 -4,5 -14,8 -25,8 -8,0 -12,0 -17,6 -6,4 2021 6,0 0,6 4,7 -0,3 8,3 5,2 9,7 9,7 5,2 2022 2,6 0,7 2,2 5,9 17,9 4,4 7,8 15,0 2,5 2023 0,2 1,9 0,6 3,0 -1,8 0,2 5,1 3,9 0,5 2024 1,0 -0,1 0,7 -3,9 -9,3 -0,8 -2,8 -6,4 0,4 2025 3,6 -0,2 2,7 -2,2 0,7 2,4 -2,5 1,1 1,4 % change year -on -year 2023 Q1 0,2 -2,1 -0,4 4,7 9,5 1,0 5,6 9,1 -0,1 2023 Q2 0,2 1,9 0,6 7,3 11,2 2,2 4,7 7,3 1,4 2023 Q3 0,5 3,1 1,1 1,0 -17,9 -2,3 3,9 -2,4 -0,5 2023 Q4 0,1 4,6 1,1 -0,6 -5,9 0,1 6,3 2,4 1,1 2024 Q1 -0,7 2,5 0,1 -3,1 -11,7 -1,7 -0,1 -7,1 0,4 2024 Q2 0,5 0,8 0,6 -7,1 -17,2 -2,4 -0,6 -8,5 0,0 2024 Q3 1,3 -1,7 0,6 -3,0 2,3 0,8 -5,7 -3,9 0,3 2024 Q4 2,6 -1,8 1,6 -2,4 -9,1 0,2 -4,2 -6,0 0,7 2025 Q1 3,0 -1,1 2,0 -3,0 -1,7 1,5 -2,1 0,9 0,7 2025 Q2 3,3 -1,0 2,4 -3,2 -0,9 1,9 -4,6 -2,9 1,4 2025 Q3 3,8 0,1 2,9 -2,0 3,0 2,9 0,2 3,6 2,0 2025 Q4 4,1 1,1 3,4 -0,7 2,3 3,3 -3,3 2,9 1,6 STATISTICS SOUTH AFRICA 19 P0441 > Gross domestic product, quarter ended December 202 5 Explanatory notes Forthcoming issues Issue : Quarter ended March 202 6 Quarter ended June 202 6 Quarter ended September 202 6 Expected date of publication : 9 June 202 6 8 September 202 6 1 December 202 6 Reference documents Information related to the compilation of the GDP estimates is available in the National Accounts: Sources and Methods document on the Stats SA website: http://www.statssa.gov.za/publications/Report%2004 -04 -04/Report%2004 -04 -042021.pdf . Revised figures Revised figures are mainly due to updated source data. The reasons for routine revisions are outlined in the following schedule. Any unscheduled revisions will be promptly indicated in relevant tables to maintain transparency and accuracy. > Statistical release Reason for revision Period subject to revision > Quarter ended December 202 5Updated source data First quarter 202 5to Third quarter > 202 5 > Benchmarking and rebasing in 2026/27 -periodic, approximately five -year intervals Technical enquiries Bokang Vumbukani -Lepolesa Telephone number: (012 ) 310 8520 / 066 472 9459 Email: bokangvl @statssa.gov.za Bontlenyana Makhoba Telephone number: (012 ) 310 8567 / 0 72 076 2753 Email: bontlenyanam@statssa.gov.za Litshani Ligudu Telephone number: (012 ) 310 4674 / 0 82 884 4279 Email: litshanil @statssa.gov.za STATISTICS SOUTH AFRICA 20 P0441 > Gross domestic product, quarter ended December 202 5 General information Stats SA publishes approximately 300 different statistical releases each year. It is not economically viable to produce them in more than one of South Africa's 12 official languages. 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