IMPROVING LIVES THROUGH DATA ECOSYSTEMS
Key findings: P0441 - Gross Domestic Product (GDP), 1st Quarter 2005
Real annual GDP increases by 3,5 percent in the first quarter of 2005 following an increase of 4,0 percent in fourth quarter of 2004
The seasonally adjusted real GDP at market prices for the first quarter of 2005, compared with the fourth quarter of 2004, increased by an annualised rate of 3,5 percent. The corresponding increases for the respective quarters of 2004 were 3,8 percent, 4,4 percent, 5,7 percent and 4,0 percent, yielding an annual growth rate of 3,7 percent in real GDP at market prices.
The main contributors to the increase in economic activity for the first quarter of 2005 were the finance, real estate and business services industry (1,1 of a percentage point); the wholesale and retail trade, hotels and restaurants industry; the transport and communication industry; mining and quarrying each contributed (0,6 of a percentage point); the personal services industry (0,3 percentage point); and the general government services sector (0,2 of a percentage point).
The seasonally adjusted real annualised value added by the non-agricultural industries (excluding the impact of the volatile agriculture industry) for the first quarter of 2005 increased by 3,5 percent.
The unadjusted real GDP at market prices for the first quarter of 2005 increased by 4,2 percent compared with the first quarter of 2004. The unadjusted real GDP at market prices increased by 2,9 percent, 3,4 percent, 3,8 percent and 4,7 percent during the four quarters of 2004 compared with the corresponding quarters of 2003, respectively.
Effects of the improvements in the monthly trade and industry statistics
On Thursday 14 April 2005, Stats SA published a new series of monthly manufacturing and trade statistics, which reflected higher levels of economic activity. However, the improvements of the economic statistics will not affect the growth rates of GDP in the short run, since the changes and trends between the previous and revised series are comparable. The higher level of economic activity in the manufacturing and trade industries will not be incorporated in the current estimates of national accounts. The annual revisions of national accounts statistics, which will be published in November 2005, will provide an opportunity to incorporate the changes in the levels of the recently published monthly trade and industry statistics.
The GDP estimates are preliminary, and may routinely be revised slightly on the basis of additional evidence that has become available by the time the subsequent quarters estimates are released.
The main contributors to the increase in economic activity for the first quarter of 2005 were the finance, real estate and business services industry (1,1 of a percentage point); the wholesale and retail trade, hotels and restaurants industry; the transport and communication industry; mining and quarrying each contributed (0,6 of a percentage point); the personal services industry (0,3 percentage point); and the general government services sector (0,2 of a percentage point).
The seasonally adjusted real annualised value added by the non-agricultural industries (excluding the impact of the volatile agriculture industry) for the first quarter of 2005 increased by 3,5 percent.
The unadjusted real GDP at market prices for the first quarter of 2005 increased by 4,2 percent compared with the first quarter of 2004. The unadjusted real GDP at market prices increased by 2,9 percent, 3,4 percent, 3,8 percent and 4,7 percent during the four quarters of 2004 compared with the corresponding quarters of 2003, respectively.
Effects of the improvements in the monthly trade and industry statistics
On Thursday 14 April 2005, Stats SA published a new series of monthly manufacturing and trade statistics, which reflected higher levels of economic activity. However, the improvements of the economic statistics will not affect the growth rates of GDP in the short run, since the changes and trends between the previous and revised series are comparable. The higher level of economic activity in the manufacturing and trade industries will not be incorporated in the current estimates of national accounts. The annual revisions of national accounts statistics, which will be published in November 2005, will provide an opportunity to incorporate the changes in the levels of the recently published monthly trade and industry statistics.
The GDP estimates are preliminary, and may routinely be revised slightly on the basis of additional evidence that has become available by the time the subsequent quarters estimates are released.