Real gross domestic product (GDP) at market prices decreased by 3,0 percent during the second quarter of 2009

According to the latest preliminary indicators, the seasonally adjusted estimate of the real GDP at market prices for the second quarter of 2009 decreased by an annualised rate of 3,0 percent compared with the first quarter of 2009, following an annualised decrease of 6,4 percent for the first quarter of 2009 compared with the fourth quarter of 2008.The real annualised economic growth rates during the four quarters of 2008 were increases of 1,7 percent, 5,0 percent, 0,2 percent and a decrease of 1,8 percent during the first, second, third and fourth quarter respectively.

The seasonally adjusted real value added at basic prices for all industries - which is equal to GDP minus taxes on products plus subsidies on products - decreased by an annualised rate of 2,4 percent in the second quarter of 2009 compared with the first quarter of 2009, following an annualised decrease of 6,2 percent during the first quarter of 2009 compared with the fourth quarter of 2008.

The seasonally adjusted real value added by non-agricultural industries (excluding the impact of the volatile agriculture industry) for the second quarter of 2009 decreased by 1,9 percent compared with the first quarter of 2009, following an annualised decrease of 6,3 percent during the first quarter of 2009 compared with the fourth quarter of 2008.

The unadjusted real GDP at market prices for the second quarter of 2009 decreased by 2,8 percent compared with the second quarter of 2008. The unadjusted real GDP at market prices for the first six months of 2009 decreased by 2,0 percent compared with the first six months of 2008.

Statement issued by Statistics South Africa (see here for full report), August 18 2009

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