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Economy grew by 1,1% in Q3

26th November 2003

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The South African economy grew by 1,1% in the third quarter of this year, Statistics SA reported yesterday.

It said this compared to real annualised growth rates of 0,9% in the first quarter (revised from 1,55) and 0,5% in the second one (revised from 1,1%).

This meant there had now been 20 quarterly increases in a row in the seasonally adjusted real gross domestic product (GDP) at market prices.

Behind the latest GDP were increases in value added by transport and communication, (0,6 of a percentage point) and wholesale and retail trade, hotels and restaurants (0,5 of a percentage point).

Other sectors that helped were mining and quarrying, and finance, real estate and business services. Each added 0,3 of a percentage point to the real GDP.

Stats SA said the contribution of all other industries were either lower or negative.

The seasonally adjusted real annualised value added by the non-agricultural industries rose by 2,1% in the third quarter of the year.

This followed corresponding increases of 1,1 and 1,4% in the first and second quarters respectively.

The unadjusted real GDP at market prices for the first nine of the year climbed by two percent compared to the same period of last year.

Stats SA said the revised economic growth rates for last year's four quarters were 3,8%, 5,1%, 4,1% and 2,6%.

A provincial breakdown showed Gauteng contributing the most to the country's GDP last year, with the Northern Cape at the bottom of the list.

Gauteng last year also recorded the highest growth rate, 5,3%, followed by the Western Cape with 3,6%.

The Eastern Cape had the lowest growth rate at 0,8%.

If the average growth rates of provinces between 1996 and 2002 were compared, Limpopo came out on top with four percent.

The Northern Cape, with 1,4%, came in last.

South Africa's average economic growth rate between 1995 and 2002 came to 2,8%, Stats SA said. – Sapa.
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