Slight GDP increase in third quarter

2014-11-25 13:57

South Africa’s real gross domestic product increased by 1.4% during the third quarter of 2014, says Statistics South Africa.

“The seasonally adjusted real GDP at market prices for the third quarter of 2014 increased by an annualised rate of 1.4% compared with an increase of 0.5% [revised from 0.6%] during the second quarter of 2014,” said Stats SA today.

The main contributors to the increase in the economic activity were finance, real estate and business services, the wholesale, retail, and motor trade, and the catering and accommodation industry, each contributing 0.5%.

General government services contributed 0.3 of a percentage point and the agriculture, forestry, and fishing industry and the transport, storage, and communication industry each contributed 0.2 of a percentage point.

The manufacturing industry had a negative contribution of 0.4%.

Stats SA said the seasonally adjusted real annualised value added by the primary and tertiary sectors recorded increases of 3.1% and 2.4% respectively.

The secondary sector recorded a decrease of two percent during the third quarter of 2014.

“The unadjusted real GDP at market prices for the third quarter of 2014 increased by 1.4% compared with the third quarter of 2013,” said Stats SA.

“The estimates of GDP for the first nine months of 2014 compared with the corresponding period in 2013 increased by 1.5%.”

The real annual GDP increased by 2.2% in 2013 following an increase of 2.2% (revised from an increase of 2.5%) in 2012.

Stats SA said that according to the latest preliminary indicators the independent annual real estimate of GDP for 2013 increased by 2.2% compared with 2012.

“The GDP estimates are preliminary, and may routinely be revised on the basis of additional evidence that has become available by the time the subsequent quarter’s estimates are released,” said Stats SA.

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