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GDP increases by 3 percent in second quarter

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The Gross Domestic Product (GDP) at market prices increased by 3.0 percent during the second quarter of 2013, Statistics South Africa (StatsSA) has announced.

“The seasonally adjusted real GDP at market prices for the second quarter of 2013 increased by an annualised rate of 3.0 percent compared with an increase of 0.9 percent during the first quarter of 2013,” it said on Tuesday.

The nominal GDP at market prices during the second quarter of 2013 was R836 billion, which is R23 billion more than in the first quarter of 2013.

StatsSA said the contributors to the increase in economic activity for the second quarter of 2013 were the manufacturing industry (1.7 percentage points), finance, real estate and business services (0.8 of a percentage point) and the wholesale, retail and motor trade; catering and accommodation industry (0.4 of a percentage point).

The manufacturing industry reflected positive growth of 11.5 percent, due to higher production in the basic iron and steel, non-ferrous metal products, metal products and machinery division, the motor vehicles, parts and accessories and other transport equipment division, the glass and non-metallic products division and textiles, clothing and leather products.

The growth in finance, real estate and business services was due to increased activities in the banking sector and equity, bond and other financial markets in auxiliary activities. Also, the growth in the wholesale, retail and motor trade; catering and accommodation industry was due to increases reflected in turnover in all trade industries.

Negative contributions to the GDP by other industries included the mining and quarrying industry and the agriculture, forestry and fishing industry.

Economic activity in the mining and quarrying industry reflected negative growth of 5.6 percent, due to lower production in the mining of gold, the mining of ‘other’ metal ores (including platinum) and ‘other’ mining and quarrying (including diamonds).

The seasonally adjusted real annualised value added by secondary and tertiary sectors recorded increases of 9.3 percent and 2.3 percent respectively, while the primary sector recorded a decrease of 5.0 percent during the second quarter of 2013.

The unadjusted real GDP at market prices for the second quarter of 2013 increased by 2.0 percent compared with the second quarter of 2012. The estimate of GDP for the first six months of 2013 increased by 2.0 percent compared with the corresponding period in 2012.

StatsSA said the GDP estimates were 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.

The third quarter GDP figure is expected to be released on 26 November. –  SAnews.gov.za

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Alan Straton

Chief Cook, Bottle Washer and Broom Mechanic at MyPE
Passionate about Port Elizabeth and definitely NOT packing for Perth. Alan's ethos is epitomised in the words of Nelson Mandela; "I have fought against white domination and I have fought against black domination. I have cherished the idea of a democratic and free society. If need be, it is an ideal for which I am prepared to die." See more articles by Alan.