Key findings: P0441 - Gross Domestic Product (GDP), 4th Quarter 2014

The GDP figure for the (4th quarter 2014 4,1% q/q  and 1.3% y/y)

Real gross domestic product (GDP) at market prices increased by 4,1 per cent during the fourth quarter of 2014 (see full report here - PDF).

The seasonally adjusted real GDP at market prices for the fourth quarter of 2014 increased by an annualised rate of 4,1 per cent compared with an increase of 2,1 per cent (revised from 1,4 per cent) during the third quarter of 2014.

The main contributors to the increase in economic activity for the fourth quarter of 2014 were the manufacturing industry (contributing 1,2 percentage points), the mining and quarrying industry (contributing 1,1 percentage points) and finance, real estate and business services (contributing 0,7 of a percentage point).

The seasonally adjusted real annualised value added by the primary, secondary and tertiary sectors recorded increases of 13,3 per cent, 7,2 per cent and 1,8 per cent respectively during the fourth  quarter of 2014.

The unadjusted real GDP at market prices for the fourth quarter of 2014 increased by 1,3 per cent compared with the fourth quarter of 2013.

Real annual GDP increased by 1,5 per cent in 2014 following an increase of 2,2 per cent  in 2013

First preliminary annual estimates of gross domestic product (GDP) are derived as the sum of the GDP for the four quarters of the specific year. These estimates indicate that the real annual GDP at market prices for 2014 increased by 1,5 per cent compared with 2013, when real annual economic growth rate was 2,2 per cent.

The main contributors to the increase in economic activity in 2014 were general government services (0,5 of a percentage point), finance, real estate and business services (0,4 of a percentage point), the wholesale, retail and motor trade; catering and accommodation industry and the transport, storage and communication industry (each contributing 0,2 of a percentage point). A negative contribution was recorded by the mining and quarrying industry(-0,1 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 quarters estimates are released.

Statement issued by StatsSA, February 24 2015

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