Key findings: P0441 - Gross Domestic Product (GDP), 1st Quarter 2014

Real gross domestic product (GDP) at market prices decreased by 0,6 per cent during the first quarter of 2014.

The seasonally adjusted real GDP at market prices for the first quarter of 2014 decreased by an annualised rate of 0,6 per cent compared with an increase of 3,8 per cent during the fourth quarter of 2013 (see full report here - PDF).

The main contributors to the decrease in economic activity in the first quarter of 2014 were the mining and quarrying industry (-1,3 percentage points) and the manufacturing industry (-0,7 of a percentage point).

Positive contributions by other industries included finance, real estate and business services (0,4 of a percentage point), the wholesale, retail and motor trade; catering and accommodation industry (0,3 of a percentage point) and the transport, storage and communication industry and general government services (each contributing 0,2 of a percentage point).

The seasonally adjusted real annualised value added by the primary and secondary sectors recorded decreases of 17,2 per cent and 2,7 per cent respectively, while the tertiary sector recorded an increase of 1,8 per cent during the first quarter of 2014.

The unadjusted real GDP at market prices for the first quarter of 2014 increased by 1,6 per cent compared with the first 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.

Statement issued by StatsSA, May 27 2014

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