IMPROVING LIVES THROUGH DATA ECOSYSTEMS

Real quarterly gross domestic product (GDP) continues to increase

The seasonally adjusted real GDP at market prices for the third quarter of 2008 increased by an annualised slower rate of 0,2 percent compared with the second quarter of 2008, following real annualised economic growth rates of 1,6 (revised from 2,1) and 5,1 (revised from 4,9) percent in the first and second quarters of 2008 compared with the fourth quarter of 2007 and the first quarter of 2008 respectively.

The main contributors to the low growth in economic activity for the third quarter of 2008 were the finance, real estate and business services and construction industries (each contributing 0,6 of a percentage point); the transport, storage and communication and general government industries (each contributing 0,5 of a percentage point); and agriculture, forestry and fishing (contributing 0,4 of a percentage point). The contributions to the low growth in real GDP by all other industries were either lower or negative than the aforementioned industries, these were manufacturing (-1,1 percentage points); wholesale and retail trade, hotels and restaurants (-0,9 of a percentage point); mining and quarrying (-0,4 of a percentage point); electricity, gas and water (0,1 of a percentage point) and personal services (0,3 of a percentage point).

The seasonally adjusted real annualised value added by the non-agricultural industries decreased by 0,1 percent during the third quarter of 2008, following annualised increases of 1,1 percent (revised from 1,5) and 5,0 percent (revised from 4,7) during the first and second quarters of 2008 respectively.

The unadjusted real GDP at market prices for the first nine months of 2008 increased by 3,7 percent compared with the first nine months of 2007.

Real annual GDP increases by 5,1 percent in 2007 following an increase of 5,3 percent (revised from 5,4 percent) in 2006

According to the latest preliminary indicators, independent annual real estimates of GDP for 2007 increased by 5,1 percent compared to 2006.

"The main contributors to the increase in economic activity in 2007 were finance, real estate and business services industry (1,3 percentage points); the wholesale, retail and motor trade, hotels and restaurants and manufacturing industries (each contributing 0,7 percentage of a point); the transport, storage and communication and construction industries (each contributing 0,6 of a percentage point) and the general government service (contributing 0,5 percentage point)", Mr Pali Lehohla noted.

Higher level of nominal GDP

"The revised level of the GDP at current prices for the year 2005 is estimated at R1 544 billion, which is R3 billion or 0,2 percent higher than the previous estimate. The estimate for 2006 is R1 745 billion (revised upwards by R4 billion). The independent annual estimate for 2007 is revised by 0,1 percent to R1 999 billion" Mr Pali Lehohla said.