South Africa’s economic growth has increased to 5,3% in the fourth quarter of 2007, up from a revised figure of 4,8% in the third quarter, Statistics South Africa (Stats SA) said on Tuesday.
The 5,3% annualised quarter-on-quarter growth in real gross domestic product (GDP) in the fourth quarter is the highest of 2007, with the revised growth figures of the first, second and third quarters at 5,1%, 4,4% and 4,8% respectively.
The real annual GDP at market prices for 2007 came in at 5,1%, compared with 2006 when the real annual economic growth rate was 5,4%.
Stats SA said the main contributors to the fourth quarter increase in economic activity were: finance; real estate and the business-services industry; the manufacturing industry; the construction industry and general government services; the wholesale and retail trade, hotels and restaurants industry; and the transport, storage and communication industry.
The seasonally adjusted real value added by non-agricultural industries increased by 5,1%, 4,3%, 5,1% and 5,4% during the four quarters of 2007 respectively.
The unadjusted GDP at market prices increased by 5,8%, 5,1%, 5,2% and 4,6% during the fourth quarters of 2007 respectively.
Stats SA said the main contributors to the increase in economic activity in 2007 were finance; real estate and business services; wholesale trade, retail trade, hotels and restaurants, manufacturing and construction; and transport, storage and communication industries. — Sapa