The seasonally adjusted real Gross Domestic Product (GDP) at market prices for the second quarter of 2013 increased by an annualised rate of 3,0 per cent compared with an increase of 0,9 per cent during the first quarter of 2013.
GDP is one of the Economic Indicators which measures the rate of economic growth for a certain reference period, normally a quarter. It covers the economic activities which can either be a produced product or service rendered by different industries in the country. All goods and services produced within the boundaries of South Africa are included in the estimation of GDP.
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). Negative contributions by other industries included the mining and quarrying industry (-0,3 of a percentage point) and the agriculture, forestry and fishing industry (-0,1 of a percentage point).
The seasonally adjusted real annualised value added by secondary and tertiary sectors recorded increases of 9,3 per cent and 2,3 per cent respectively, while the primary sector recorded a decrease of 5,0 per cent during the second quarter of 2013.
The unadjusted real GDP at market prices for the second quarter of 2013 increased by 2,0 per cent compared with the second quarter of 2012. The estimate of GDP for the first six months of 2013 increased by 2,0 per cent compared with the corresponding period in 2012. real annualised value added by secondary and tertiary sectors recorded increases of 9,3 per cent and 2,3 per cent respectively, while the primary sector recorded a decrease of 5,0 per cent during the second quarter of 2013.
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.
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Trevor Oosterwyk
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