This is according to Statistics South Africa (Stats SA), which also indicated that the seasonally adjusted real GDP at market prices for the quarter increased by an annualised rate of 4.1 per cent compared with an increase of 2.1 per cent during the third quarter of 2014.
“The main contributors to the increase in economic activity for the fourth quarter of 2014 were the manufacturing industry, the mining and quarrying industry and finance, real estate and business services,” it said.
“The seasonally adjusted real annualised value added by the primary, secondary and tertiary sectors recorded increases of 13.3 per cent, 7.2 per cent and 1.8 per cent respectively during the fourth quarter of 2014.”
The statistics agency also revealed that real annual GDP increased by 1.5 per cent in 2014 following an increase of 2.2 per cent in 2013.
“First preliminary annual estimates of GDP are derived as the sum of the GDP for the four quarters of the specific year,” Stats SA said.
“These estimates indicate that the real annual GDP at market prices for 2014 increased by 1.5 per cent compared with 2013, when real annual economic growth rate was 2.2 per cent.”
The main contributors to the increase in economic activity in 2014 were general government services, finance, real estate and business services, the wholesale, retail and motor trade and the catering and accommodation industry, to name a few.
“Negative contribution was recorded by the mining and quarrying industry [at] -0.1 of a percentage point,” the agency said.