South Africa’s real gross domestic product (GDP) increased by 1,5% in 2014, after an increase of 2,2% in 2013, Statistics South Africa said on Tuesday.
Compared to 2013, the unadjusted real GDP at market prices for the fourth quarter of 2014 increased by 1,3 percent.
The GDP increased by 4,1% during the fourth quarter of 2014.
“The seasonally adjusted real GDP at market prices for the fourth quarter of 2014 increased by an annualised rate of 4,1% compared with an increase of 2,1% (revised from 1,4%) during the third quarter of 2014,” Stats SA said.
The main contributors to the increase in economic activity were the manufacturing industry (contributing 1,2 percentage points), the mining and quarrying industry (1,1 percentage points) and finance, real estate and business services (0,7 of a percentage point).
Seasonally adjusted real annualised value added by the primary, secondary and tertiary sectors recorded increases of 13,3%, 7,2% and 1,8% respectively during the fourth quarter of 2014.
Stats SA said the first preliminary annual estimates of GDP — the sum of the GDP for the four quarters of a year — indicate that the real annual GDP market prices for 2014 increased by 1,5% compared to 2013.
“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),” Stats SA said.
A negative contribution of -0,1 of a percentage point was recorded by the mining and quarrying industry. — Sapa