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2.11 AFRICA: South Africa
2018/01/22
According to the IMF, South Africa’s GDP growth rate in 2016 was a dis-mal 0.3%, hampered by a downturn in the agricultural and mining industries. Companies also held off on making capital investments due to the weakened currency and upcoming governmental elections. With these and other uncertainties, the growth rate in 2017 is also forecast to be low at 0.7%.
 
The South African air conditioner market was hit hard by the 2008 economic recession, with sales final-ly bottoming out in 2011 and 2012. The market started to grow again in 2013 and is expected to grow at a compound annual growth rate of 5% through 2018.
 
The RAC market in South Africa reached 167,000 units in 2017. All air conditioners are imported from Southeast Asia, India, and China. For the residential market, split types and PTACs are the mainstream.
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