Key findings: P0441 - Gross Domestic Product (GDP), 3rd Quarter 2014

Real gross domestic product (GDP) at market prices increased by 1,4 per cent during the third quarter of 2014

The seasonally adjusted real GDP at market prices for the third quarter of 2014 increased by an annualised rate of 1,4 per cent compared with an increase of 0,5 per cent (revised from 0,6 per cent) during the second quarter of 2014 (see full report here - PDF).

The main contributors to the increase in economic activity for the third quarter of 2014 were finance, real estate and business services and the wholesale, retail and motor trade; catering and accommodation industry (each contributing 0,5 of a percentage point), general government services (0,3 of a percentage point) and the agriculture, forestry and fishing industry and the transport, storage and communication industry (each contributing 0,2 of a percentage point). A negative contribution was recorded by the manufacturing industry (-0,4 of a percentage point).

The seasonally adjusted real annualised value added by the primary and tertiary sectors recorded increases of 3,1 per cent and 2,4 per cent respectively, while the secondary sector recorded a decrease of 2,0 per cent during the third quarter of 2014.

The unadjusted real GDP at market prices for the third quarter of 2014 increased by 1,4 per cent compared with the third quarter of 2013. The estimates of GDP for the first nine months of 2014 compared with the corresponding period in 2013 increased by 1,5 per cent.

Real annual GDP increased by 2,2 per cent in 2013 following an increase of 2,2 per cent (revised from an increase of 2,5 per cent) in 2012

According to the latest preliminary indicators, the independent annual real estimate of GDP for 2013 increased by 2,2 per cent compared with 2012.

The main contributors to the increase in economic activity in 2013 were finance, real estate and business services (0,6 of a percentage point), general government services (0,5 of a percentage point), the mining and quarrying industry and the wholesale, retail and motor trade; catering and accommodation industry (each contributing 0,3 of a percentage point), and the transport, storage and communication industry (0,2 of a percentage point).

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.

Statement issued by StatsSA, November 25 2014

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