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Home >> Business
UPDATED: 08:18, March 01, 2006
South Africa reports 4.9 percent GDP growth
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South Africa Tuesday reported an increase of 4.9 percent in Gross Domestic Product (GDP) grew in 2005 as against 4.5 percent in the previous year.

Statistics SA (Stats SA) said that the fourth quarter of last year saw an increase of 3.3 percent. The increase was mainly attributable to increases in the wholesale trade, retail trade, hotel and restaurant sector, which contributed 1.2 percentage points.

There was a contribution of 0.7 of a percentage point by the finance, real estate and business services sectors, according to the organization.

The transport, storage and communications industries contributed 0.6 of a percentage point Stats SA said.

Although the last quarter rise was a decrease on that of 4.2 percent in the third quarter, it had to be viewed in the context of the year as a whole, said Stats SA's executive manager of national accounts Joe de Beer.

"The downturn in the last quarter followed a decrease in the third quarter from the year's peak of 5.4 percent in the second quarter. As a whole, however, 2005 saw a higher economic growth rate than the previous year," said De Beer.

Industries which contributed the least to economic growth in 2005 were electricity, gas and water, which made no contribution; agriculture, forestry and fishing, at 0.1 of a percentage point; and personal services, which also contributed 0.1 of a percentage point.

Source: Xinhua

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