Ecs2603 Turial 101

ECS2603/101/3/2020
Tutorial Letter 101/3/2020
South African Economic Indicators

ECS2603
Semesters 1 and 2
Department of Economics
IMPORTANT INFORMATION:
This tutorial letter contains important information
about your module.
BARCODE
CONTENTS
Page
1 INTRODUCTION .......................................................................................................................... 3
2 PURPOSE AND OUTCOMES ...................................................................................................... 3
2.1 Purpose ........................................................................................................................................ 3
2.2 Outcomes ..................................................................................................................................... 4
3 CONTACT DETAILS .................................................................................................................... 6
3.1 Lecturer(s) .................................................................................................................................... 6
3.2 Department ................................................................................................................................... 7
3.3 University ...................................................................................................................................... 7
4 RESOURCES ............................................................................................................................... 7
4.1 Prescribed books .......................................................................................................................... 7
4.2 Recommended books ................................................................................................................... 8
4.3 Electronic reserves (e-reserves) ................................................................................................... 8
4.4 Library services and resources information ................................................................................... 8
5 STUDENT SUPPORT SERVICES ................................................................................................ 8
6 STUDY PLAN ............................................................................................................................... 9
7 PRACTICAL WORK AND WORK-INTEGRATED LEARNING ................................................... 12
8 ASSESSMENT ........................................................................................................................... 12
8.1 Assessment criteria..................................................................................................................... 12
8.2 Assessment plan ........................................................................................................................ 12
8.3 Assignments ............................................................................................................................... 12
8.3.1 General assignment numbers ..................................................................................................... 13
8.3.2 Unique assignment numbers ...................................................................................................... 13
8.3.3 Assignment due dates ................................................................................................................ 13
8.3.4 Submission of assignments ........................................................................................................ 14
8.3.5 The assignments ........................................................................................................................ 14
8.4 Other assessment methods ........................................................................................................ 53
8.5 The examination ......................................................................................................................... 53
9 FREQUENTLY ASKED QUESTIONS ........................................................................................ 54
10 IN CLOSING ............................................................................................................................... 63
11 ADDENDUM ............................................................................................................................... 63
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ECS2603/101
Dear Student
1 INTRODUCTION
Welcome to ECS2603, the second-year module on South African Economic Indicators.
ECS2603 is the most “practical” of all the modules offered by the Department of Economics and
it gives you the opportunity to obtain some essential practical experience in working with recent
South African economic data.
This is an introductory module to the South African economic indicator environment. The
fundamental objective of this module is to give you insight into how to read and interpret economic
data. You should, for example, be able to apply your knowledge of employment trends in order to
determine the rate of change of the level of employment in the economy. Reliable data on aspects
such as employment trends are necessary to underpin commentary on economic policy and
processes in real world economies.
For this module, there is a prescribed textbook. The material on myUnisa and in the study guide
is intended to guide you through the textbook and does not replace the textbook.
Since the semester is very short and examination admission has to be finalised, it is imperative
that you start to work on the assignments immediately, following the study programme suggested
in the study guide and in this tutorial letter. Do the assignments to the best of your ability and
submit them before their due dates.
2 PURPOSE AND OUTCOMES
2.1 Purpose
The first objective is to familiarise yourself with the meaning and interpretation of the most
important economic indicators, and the second is to give you the opportunity to gain some
practical experience in working with South African economic indicators.
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2.2 Outcomes
Upon completion of this module you should
 be able to describe and be familiar with the meaning and interpretation of the most
important economic indicators
 have gained some practical experience in working with South African economic
indicators
Outcomes Assessment criteria
The student can identify,  Explain the purpose and use of economic indicators.
describe and assess  Explain the main criteria for assessing the performance of the
economic indicators used economy.
to measure the  List the main sources of economic data.
performance of the  Explain the pitfalls in manipulating and interpreting economic data.
economy in terms of  Explain the national income and product accounts.
macroeconomic  Use different methods to calculate the contribution of a specific set
objectives. of transactions to GDP.
 Differentiate between varieties of valuation.
 Differentiate between GDP, GNI and GDE and explain.
 Describe and analyse the public sector in South Africa and the
available data in the sector.
 Explain the balance of payments and its main subaccounts.
 Explain the recording of different types of transactions in the balance
of payments and the reason why the balance of payments always
balances.
 Explain “openness” of an economy.
 Explain the significance of the terms of trade.
 Differentiate between various exchange rate concepts.
 Define purchasing power parity (PPP) and explain the difference
between absolute and relative PPP.
 Calculate and analyse annual rates of growth and the various
The student can apply
techniques involved in the measurement thereof.
different formulae to
economic data to assess  Explain, compile and interpret different indexes.
the real performance of  Use a price index to deflate a nominal income series to obtain a real
the economy. income series and to interpret the results.
The student can analyse  Describe and analyse the business cycle.
the business cycle in  Distinguish between and interpret different types of cycles.
terms of definitions,  Distinguish between time-series data and cross-section data.
variations of the cycle, and  Describe the types of variation in a time series.
the different indicators  Explain seasonal adjustment.
involved.  Define and explain the use of leading, coincident and lagging
indicators.
 Describe various approaches to forecasting economic activity.
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Outcomes Assessment criteria
The student can explain  Describe the concepts of economically active population, the
concepts to analyse labour force participation rate, formal employment and informal
unemployment, employment, employment coefficient, labour absorption
productivity and income capacity and underemployment.
distribution.  List the basic sources of information on formal employment in
South Africa and describe how unemployment is estimated.
 Explain wage differentials, the minimum living level and
supplementary living level, productivity, labour productivity,
capital productivity and multifactor productivity.
 Identify ways in which productivity can be increased.
 Define unit labour cost and explain how it relates to earnings per
worker and labour productivity.
 Explain the link between the growth in unit labour cost, and the
growth in wages and labour productivity.
 Comment on the degree of inequality of the distribution of income in
South Africa by using the Lorenz curve and the Gini coefficient.
The student can identify  Distinguish between the main monetary aggregates and explain
and explain the most what they are used for.
common financial market  Distinguish between and calculate simple interest and compound
indicators as well as interest.
indicators used to assess  Explain the relationship between compounding and discounting and
the social wellbeing of the perform both operations.
citizens of a country.  Distinguish between the money market and the bond market and
identify key interest rates in each market.
 Explain the relationship between basis points, percentage points
and percentages.
 Define the price-earnings ratio, earnings yield and dividend yield of
an ordinary share in a company listed on the JSE Securities
Exchange and explain the significance of and possible relationships
between these indicators.
 Explain the meaning of social or development indicators.
 Identify and define social indicators.
 Compare South African social indicators with those of other
countries.
 Explain the structure of the human development index.
 Identify sources of error in making international comparisons.
 Describe the currency problem and how it can be solved.
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3 CONTACT DETAILS
3.1 Lecturer(s)
The lecturers who are responsible for this module are available to assist you with any enquiries
about the prescribed content. You may contact them as follows:
BUILDING AND
LECTURER’S NAME E-MAIL ADDRESS TELEPHONE
OFFICE NUMBER
Mr FHB Serfontein Samuel Pauw 5-73 serfofhb@unisa.ac.za 012 433 4687
Mrs L Nkosi Samuel Pauw 4-05 nkosil@unisa.ac.za 012 433 4735
All queries that are not of a purely administrative nature, but are about the content of this
module, should be directed to us. Please have your study material and student number with you
when you contact us.
Academic staff cannot assist with any administrative queries. Such queries must be
addressed to the responsible university administrative division. These include matters such as
late or non-receipt of study material, examination deferrals, concession admittance, outstanding
examination results and assignment submission queries. The lecturers for this module will be
available to take phone calls on academic matters and/or to attend to students who may prefer to
visit personally for academic engagement.
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ECS2603/101
3.2 Department
The Department of Economics is located in Samuel Pauw on the main campus.
Personal visits: Please contact us prior to your visit to make an appointment to avoid
disappointment.
3.3 University
If you need to contact the university about matters not related to the content of this module, please
consult the publication Study @ Unisa, which you have received with your study material, or visit
the Unisa website at http://www.unisa.ac.za. The brochure and the website contain information
on how to contact the university (e.g. to whom you can write for different queries, important
telephone and fax numbers, addresses and details of the times certain facilities are open).
Always have your student number at hand when you contact the university.
4 RESOURCES
4.1 Prescribed books
Your prescribed textbook for this module for this year is:
Mohr, Philip. 2016. Economic Indicators. Fifth edition. Pretoria: Van Schaik.
This book may be bought from booksellers. .
Please consult the list of official booksellers and their addresses listed in Study @ Unisa. If you
have difficulty locating the textbook at these booksellers, please contact the Prescribed Books
Section at telephone 012 429 4152, or e-mail vospresc@unisa.ac.za.
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You will also make use of the South African Reserve Bank’s Quarterly Bulletin of December 2017.
Extracts for this source is attached at the end of this tutorial letter.
4.2 Recommended books
There are no recommended books for this module.
4.3 Electronic reserves (e-reserves)
There are no e-reserves for this module.
4.4 Library services and resources information

For detailed information, go to the Unisa website at http://www.unisa.ac.za/ and click on
Library.
5 STUDENT SUPPORT SERVICES
For information on the various student support systems and services available at Unisa (e.g.
student counselling, the tutorial support programme and classes, and language support), please
consult the publication Study @ Unisa, which you have received with your study material.
It is advisable to have contact with your fellow students. One way of doing this is by forming study
groups. You can get the names of other students in your area who are studying the same modules
by contacting the Department of Student Admission and Registration. For further information,
please consult the Study @ Unisa brochure.
If you have access to a computer that is linked to the internet, you can quickly access resources
and information at the university via myUnisa. The myUnisa learning management system is
Unisa’s online campus that will help you to communicate with your lecturers, with other students
and with the administrative departments of Unisa – all through the computer and the internet.
To go to the myUnisa website, start at the main Unisa website, http://www.unisa.ac.za, and then
click on the myUnisa link on the top right-hand side of the screen. This should take you to the
myUnisa website. You can also go there directly by typing in https://my.unisa.ac.za.
Please consult the Study @ Unisa brochure.
At some of the Unisa regional learning centres in the country, Unisa offers tutor services for
students as additional academic support. If you are interested, please contact the regional centre
closest to you to make enquiries and enrol for the tutorials, if these are being presented.
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ECS2603/101
A tutorial is an organised session where students and their tutor(s) meet regularly and at
scheduled times at a certain venue to discuss the course material. The main purpose of tutorial
services is to facilitate learning by developing your independent learning skills and assisting you
to become a motivated and independent learner. Tutorials enhance your learning experience and
academic performance by giving you the opportunity to interact with your tutor and fellow
students. Tutorials are not compulsory and students who attend them receive these tutorials at
no fee. For further information on learning centres and tutorials, consult the brochure Study @
Unisa.
Note that tutors are not necessarily available for all modules and/or at all learning centres. Also,
the Department of Economics has no means of providing you with any tutorial support if you did
not follow the above steps.
6 STUDY PLAN
Assignments are seen as part of the learning material for this module. As you do the assignments,
study the texts, consult other resources, discuss the work with fellow students or tutors, or conduct
research, you are actively engaged in learning.
The two compulsory assignments plus the self-assessment questions and assignments in the
study guide will help you to meet the outcomes of this course.
If you have access to the internet, you can view and download the study guide and tutorial letters
for this module, provided that you are registered on the university’s online campus, myUnisa, at
https://my.unisa.ac.za. (See the official study material folder.)
You will automatically receive the correct answers for multiple-choice questions. Feedback on
assignments will be uploaded on the course website on MyUnisa.
As soon as the feedback has been published, please check your answers. The assignments and
the feedback on them constitute an important part of your learning and should help you to be
better prepared for the next assignment and the examination.
Approach each learning unit in the study guide as follows:
First read the learning unit outcomes, which will help you to focus on the important aspects and
issues in that unit. Work through each section of the study guide, together with the relevant
chapter in the textbook. Remember that the study guide serves to assist you to work through the
contents of the textbook. Make notes or summaries as you go along. At the end of every section,
or at the end of a learning unit, work through the short and true/false questions provided in the
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study guide. You will see that these questions test your understanding of the content and cover a
range of the different types of questions that will be used to examine your knowledge. You should
also check your answers against the solutions provided. If you are not clear on certain concepts,
revise them before proceeding to the next learning unit.
To help you to work on this module regularly and systematically, we have proposed a study
programme below, which includes the two assignments for the semester. The proposed study
programme is based on the assumption that first-semester students will commence their studies
before or during the last week of January and second-semester students before or during the
third week of July.
In each semester, the period from the last day of registration to the start of the examination
extends over only 14 weeks. Hence, it is critical that you should start working as soon as possible
and continue to work regularly and systematically throughout the semester.
The due dates by which the assignments have to be submitted to Unisa are indicated in the
proposed study programme, as well as with each assignment below.
STUDY WEEK Study guide chapter ACTIVITY
Study chapter 1 and answer the questions at the

1 1, 2 end of the chapter. Start studying chapter 2.
Mohr: Chapters 1 and 2
Complete chapter 2 and answer the questions at

2 2 the end of the chapter.
Mohr: Chapter 2

3 3 end of the chapter. Work on Assignment 01.
Mohr: Chapter 3
Study all of chapter 4 and start studying chapter

5. Answer the questions at the end of chapter 4.
4 4, 5
Work on Assignment 01.
Complete chapter 5 and study chapter 6.

Answer the questions at the end of chapters 5
5 6, 7 and 6.
SUBMIT ASSIGNMENT 01
6 7 Study chapter 7 and answer the questions at
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ECS2603/101
STUDY WEEK Study guide chapter ACTIVITY
the end of the chapter. Commence work on

Assignment 02.
Mohr: Chapter 7

Mohr: Chapter 8

Mohr: Chapter 9
Study chapter 10 and answer the questions at

9 10 the end of the chapter. Work on Assignment 02.
Mohr: Chapter 10

the end of the chapter.
10 11
Mohr: Chapter 11
SUBMIT ASSIGNMENT 02

11 12 the end of the chapter.
Mohr: Chapter 12
Do revision, using past exam papers provided

12 1–6
on myUnisa.
Do revision, using past exam papers provided

13 6–12
on myUnisa.
14 1–12 Prepare for the examination.
15 1–12 Prepare for the examination.
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7 PRACTICAL WORK AND WORK-INTEGRATED LEARNING
There are no practicals for this module.
8 ASSESSMENT
8.1 Assessment criteria
You are required to complete and submit two assignments for this course. Experience has shown
that those students who submit both assignments before the due date are 70% more likely to
pass the course than those who only submit one assignment. Assignment 01 is compulsory to
gain entry into the exam, but you should consider submitting both to give yourself the best chance
of passing the exam.
8.2 Assessment plan
Your assessment will be conducted by the module leader and, where applicable, the module team
and/or the examiner(s). The name(s) of the examiner(s) will also be indicated on the examination
question papers.
The assessment of the assignments will be done as follows:
The multiple-choice questions in Assignment 01 and Assignment 02 will be marked electronically

in accordance with mark-reading “masters” provided to the Assignment Section by the module
leader. No marks will be deducted for incorrect answers.
The first assignment will contribute 50% to the semester mark and the second assignment 50%.
Although students may work together when preparing assignments, each student must write and
submit his/her own individual assignment. You will be penalised for copying (a form of plagiarism)
and you may be subjected to disciplinary proceedings by the university.
8.3 Assignments
Each assignment is identified by two numbers – a general assignment number and a unique
assignment number.
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8.3.1 General assignment numbers
Assignments are numbered consecutively per module, starting from 01. In this module, there are
two assignments per semester, namely Assignment 01 and Assignment 02.
8.3.2 Unique assignment numbers
In addition to the general assignment number, each assignment has its own unique assignment
number. In this module Assignment 01 and Assignment 02 consist of multiple-choice questions
only, which must be completed on mark-reading sheets, each of which has its own unique
assignment number.
8.3.3 Assignment due dates
The due dates for the submission of assignments to Unisa are as follows:
SEMESTER 1: ASSIGNMENT SUBMISSION DATES
Assignment Contents of Type of

Unique number Closing date
number assignment assignment
Multiple
01 595912 11 March Textbook chapters 1 to 5
choice
Textbook chapters 6 to Multiple

02 675174 15 April
10 choice
SEMESTER 2: ASSIGNMENT SUBMISSION DATES
Assignment Contents of Type of

Unique number Closing date
number assignment assignment

01 735601 31 August
5 choice

02 867672 23 September
10 choice
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8.3.4 Submission of assignments
You may submit assignments only electronically via myUnisa. Assignments may not be
submitted by fax or e-mail. Be sure not to leave the submission to the last minute as
technological issues may hamper your submission and cause unnecessary stress.
For detailed information on assignments, please consult the Study @ Unisa brochure.
To submit an assignment via myUnisa:
 Go to myUnisa.
 Log in with your student number and password.
 Select the module.
 Click on Assignments in the menu on the left-hand side of the screen.
 Click on the assignment number you wish to submit.
 Follow the instructions on the screen.
8.3.5 The assignments
DATA FOR ASSIGNMENTS
All the data required to complete the compulsory assignments (copied with permission from the
June 2018 Quarterly Bulletin of the South African Reserve Bank) appear in the appended tables
in this tutorial letter. Unfortunately, time and financial constraints prevent us from supplying each
student with their own copy of the full Bulletin. However, if you happen to have access to the
actual publication, work from the publication itself to get an even better “feel” for this important
data source. Students with access to the internet can also access the data at
http://www.resbank.co.za. Use the June 2018 edition, because some slight changes may occur
in subsequent data revisions.
Please note that the statements and answers (where relevant) are rounded to the nearest decimal
figure according to the rules of rounding, namely 0, 1, 2, 3 and 4 go down to the lower number,
and 5, 6, 7, 8 and 9 go up to the higher number, for example 10,344% becomes 10,34%, while
10,787% becomes 10,79%.
When reference is made to a table with a prefix S- (e.g. table S-107), the table is from the June
2018 Quarterly Bulletin of the South African Reserve Bank. The relevant tables are provided at
the end of this tutorial letter.
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ASSIGNMENT 01 (First semester)

Due date 11 March 2020
Unique number 595912
The marks you earn for this assignment contribute 50% towards your semester mark. Please
ensure that this assignment reaches the university before the due date.
1. Which one of the following sources will provide you with data on employment and
unemployment based on household surveys?
1. SARB Quarterly Bulletin

2. Quarterly Labour Force Survey
3. Budget Review
4. SABC television news
2. The following datasets represent the level of exports for two countries.
Country A Exports (R billion)
2015 1 005
2016 1 089
2017 1 102
2018 1 190
Country B Exports (R billion)
2015 1 010
2016 1 045
2017 1 066
2018 1 076
If in 2019 the level of exports for country A increases by 10% and that for country B by 12%, …
1. the level of exports for country B will be greater than that for country A, since exports
increase by 12% for country B while for country A it only increase by 10%.
2. the level of exports will be the same for both countries in spite of the fact that the growth rates
differ.
3. the level of exports for country A will be higher than that for country B in spite of the lower
growth rate for country A.
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4. the level of exports for country A will be smaller than for country B, since the level of exports
was lower in 2015 for country A.
3. When the interest rate increases from 10% to 15%, then it has increased by …
1. 5%.
2. 50 percentage points.
3. 5 percentage points.
4. 10 basis points.
4. Question 4 is based on the following dataset for formal employment in the non-agricultural
sector for South Africa. Complete the table and answer the question:
Number
of
Year people
2014 977 5711
2015 975 7126
2016 980 3589
2017 978 5004
2018 984 0759
Average
Mean
The average (mean) value of the dataset is … the median.

1. smaller than
2. greater than
3. equal to
5. Moving averages are used …

1. to smooth erratic movements in a time series to obtain a general trend.
2. to calculate the median.
3. to calculate the weighted average.
4. used to calculate the arithmetic mean.
6. Which one of the following statements regarding stocks and flows is incorrect?
1. Stock and flows are both variables.
2. A flow is a quantity that is measured with reference to a period of time.
3. A stock is a quantity that is measurable at a particular point of time.
4. Wealth is a stock while investment is a flow.
5. Inventories are a flow while changes in inventories are a stock.
7. Question 7 is based on the following information about a hypothetical country.

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Total sales for the year: R80 million
Total production for the year: R100 million
The total expenditure for the year is equal to …
1. the total sales of R80 million + total production of R100 million = R180 million.
2. the total sales = R80 million.
3. the total sales of R80 million plus inventories of R20 million = R100 million.
4. the total production of R100 million minus total sales of R80 million = R20 million.
8. Gross domestic product …

1. is the total value of all goods and services sold within the geographic boundaries of a country
in a particular period.
2. is the total value of all final goods and services produced within the geographic boundaries of
a country in a particular period.
3. excludes the value of intermediate goods.
4. also includes the value of secondhand cars sold during the year.
9. There are three different approaches to estimating gross domestic product (GDP), namely the
production (value added) method, income method and expenditure method. The following is an
example of the value added during the process by which a slice of cake is sold to students as a
final good at the campus restaurant.
What is the value added by the miller?
Value (rand)
Farmer sells wheat to a miller. R5,50
Miller sells flour to the baker. R7.00
Baker sells cake to the university. R9,80
University sells a slice of cake to a R11,00

student.
The value added by the miller is equal to …

1. R7,00.
2. R1,50.
3. R4,00.
4. R2,80.
10. Estimating GDP using factor prices, basic prices or market prices will give different results.
Use table S-108 (at the end of this tutorial letter) to complete the following table for 2017 and
answer the question:
At current prices R millions
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Gross value added at factor cost
Gross value at basic prices
Gross domestic product at market

prices
Gross domestic product at market prices is greater than gross value at basic prices …
1. but smaller than gross value added at factor cost.
2. since subsidies on production is greater than taxes on products.
3. since both subsidies on production and taxes on production are taken into account when
GDP at market prices is calculated.
4. since taxes on production is subtracted and subsidies on production is added to GDP at basic
prices.
Questions 11 to 14 are based on the following table that you must complete using table S-111.
Expenditure on gross domestic At constant 2010 prices

product for South Arica for 2017 R millions
Final consumption expenditure by

households

general government
Gross fixed capital formation
Changes in inventories
Residual item
Gross domestic expenditure
Exports of goods and services
minus imports of goods and services
Expenditure on gross domestic

product (at market prices)
11. Which one of the following expenditure components made the greatest contribution to
expenditure on the real gross domestic product during 2017?
1. Final consumption expenditure by households

2. Final consumption expenditure by general government
3. Gross capital formation
4. Exports of goods and services
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12. Which one of the following statements is incorrect?
1. Gross domestic expenditure is greater than expenditure on gross domestic product, since
imports are greater than exports.
2. The nominal final consumption expenditure for households in 2017 is R2 764 397 while the
real final consumption expenditure is R2 539 559 million.
3. The base year is 2010.
4. The figure for gross domestic expenditure includes exports and imports.
5. The reason the nominal figure for expenditure on gross domestic product differs from the real
figure is due to the effect of inflation.
13. Which one of the following is a valid conclusion if one compares the different components of
expenditure on real gross domestic product for the period 2010 to 2017?
1. Both gross domestic expenditure and expenditure on gross domestic product increased every
year.
2. Exports exceeded imports every year.
3. Gross fixed capital investment declined in 2016 and final consumption expenditure by
government declined in 2015.
4. Changes in inventories are the most stable component during the period.
14. If gross domestic expenditure increased while expenditure on gross domestic expenditure
declined, one can conclude that it might be the result of a/n …
1. decline in exports and an increase in imports.
2. increase in exports and a decline in imports.
3. decrease in final consumption expenditure of households.
4. negative change in inventories.
15. Based on table S-109, which one of the following subsectors made the largest contribution
to real GDP for South Africa in 2017?
1. Manufacturing
2. Agricultural, forestry and fishing
3. Community, social and personal services
4. Finance, insurance, real estate and business services
5. Mining and quarrying
16. Question 16 is based table S-108 and the following data of the South African economy for
2018:
Current prices
R millions
Expenditure on gross domestic product: R4 873 899
Primary income from the rest of the world: R96 507
Current transfers from the rest of the world: R24 580
Current transfers to the rest of the world: R4 684 180
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According to the data for 2018, the gross national income at market prices …
1. is greater than the expenditure on gross domestic product.
2. is equal to the expenditure on gross domestic product.
3. is smaller than the expenditure on gross dbomestic product
4. cannot be calculated from the data.
17. Questions 17 to 18 are based on the following:

An annualised growth rate calculated over a period of less than a year indicates what would
happen if that pace were sustained for a full 12 months.
The following dataset provides quarterly data for the real gross domestic product at market
prices for South Africa. The data was obtained from the online statistical query (historical
macroeconomic time series information) database from the South African Reserve Bank
(https://www.resbank.co.za/Research/Statistics/Pages/OnlineDownloadFacility.aspx). The code
for this series is KBP6006C. Data for this time series can also be obtained from table S-113 (it
might, however, differ slightly due to revisions).
Real gross domestic product at

market prices
Year R millions
2017/04 801 180

2018/01 761 397
2018/02 781 144
2018/03 792 363
2018/04 809 635
2019/01 761 668
17. The annualised growth rate in real GDP between the first quarter of 2019 and the previous
quarter is:
1. -21,67%
2. 21,67%
3. 5,92%
4. 23,7%
18. The annualised growth rate in real GDP between the fourth quarter of 2018 and the same
period in previous year is:
1. 4,29%
2. 4,22%
3. 1,05%
4. -4,22%
Questions 19 is based on data about the real GDP at market prices for South Africa. The data
obtained was from the online statistical query (historical macroeconomic time series information)
database from the South African Reserve Bank
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for this series is KBP6006Y. (Some of the data for this time series can also be obtained from
table S-111.)
Complete the following table and answer the question:
Real GDP at market prices

Year R millions Annual
growth rate
2014 3 028 090 -
2015 3 064 237
2016 3 076 465
2017 3 119 984
2018 3 144 539
19. Which one of the following statements is correct?

1. The annual economic growth rate has steadily increased since 2015.
2. The annual economic growth rate become negative after 2016.
3. The highest growth rate was recorded in 2017.
4. A negative growth rate was recorded in 2016.
20. Use the following information to calculate annualised growth rate for the period:

Year R millions
2008 3 028 090
2018 3 144 539
The annualised growth rate for the period 2008 to 2018 is:
1. 1,67%
2 .0,38%
3. 0,34%
4. None of the above.
21. Economic growth can also be analysed from the production side. In the following table the
different contribution of the different kinds of economic activity to gross domestic product for
1970 and 2016 are given. Complete this table by calculating the percentage each component
contributes to gross domestic product.
1970 % 2016 %
R millions contribution R millions contribution
to total to total
production production
Primary sector 273 281 29,18 287 886
Secondary sector 201 472 559 056 19,96
21
Tertiary sector 461 794 49,31 1 949 888
Which one of the following statements is correct?

1. The relative contribution of the different sectors remained largely unchanged.
2. It is clear that the primary sector made the second largest contribution to production in 1970,
while the tertiary sector was the second largest contributor in 2016.
3. In both 1970 and 2016 the primary sector was the lowest contributor to total production.
4. The contribution of the secondary sector remained more or less unchanged.
22. The following dataset provides annual data for the real gross domestic product per capita
(6272J) and gross national income per capita. The data was obtained from the online statistical
query (historical macroeconomic time series information) database from the South African
Reserve Bank
(https://www.resbank.co.za/Research/Statistics/Pages/OnlineDownloadFacility.aspx). Data for
this is time series can also be obtained from table S-153 (it might, however, differ slightly due to
revisions).
Complete the table and answer the questions:
Year GDP GNI % %

per per annual annual
capita capita increase increase
in GDP in GNI
per per
capita capita
2008 54 322 51 095 - -
2009 52 838 50 939
2010 53 823 52 675
2011 54 968 54 540
2012 55 543 54 388
2013 56 232 54 944
From the data it is clear that …

1. the growth rate in the gross domestic product was sufficient to ensure that the gross domestic
product per capita increased for every year.
2. for one of the years the growth of gross domestic per capita was negative, while for two of the
years the growth in gross national income per capital was negative.
3. the annual growth rate of gross domestic product per capita was always greater than the
growth rate of gross national income per capita.
4. the level of gross income per capita was greater than the level of gross domestic product per
capita in only one of the years.
23. Which one of the following statements regarding a reference cycle of economic activity is
correct?
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1. The duration of a full reference cycle is from a trough to a peak.
2. The duration of a reference cycle is from a peak to a peak.
3. A peak is followed by an upswing.
4. A trough is followed by a downswing.
24. If the specific turning point of an individual time series tends to occur after the reference
turning point, the relevant variable is designated as a …
1. diffusion index.
2. trend.
3. lagging indicator.
4. leading indicator.
5. reference cycle.
25. The impact of an event such as a natural disaster on real GDP can be regarded as a …
1. trend variation.
2. seasonal variation.
3. cyclical variation.
4. random variation.
26. Question 26 is based on table S-157 that provides the business cycle phases of South
Africa.
In July 2013 the South African economy …
1. was in an upward phase.
2. was in a downward phase.
3. reached a peak.
4. reached a trough.
27. The labour force participation rate …

1. is the fraction of the population of working age which is economically active.
2. equals the production elasticity of employment.
3. equals the economically active population.
4. excludes the unemployed.
28. Which of the following people are not included in the definition of the labour force or
economically active population?
1. A person between the age group 15 to 64 who is available and willing to work but cannot find
employment.
2. A 21-year-old female who is available and willing to work but cannot find employment.
3. A 21-year-old male who is studying full time at a residential university.
4. A 25-year-old teacher who is currently working as an office administrator.
5. A 45-year-old immigrant that is currently working full time in the informal sector.
23
29. Questions 29 to 30 are based on the following information for the South African labour
market for the period Jan–Mar 2019. The source of the data is Quarterly Labour Force Survey,
Quarter 1:2019 (http://www.statssa.gov.za/publications/P0211/P02111stQuarter2019.pdf)
Complete the following table by filling in the missing values and answer the questions:
Population 15-64 Labour force Labour force

years participation
rate
Both sexes 38 283 000 22 492 000
Women 19 339 000 10 174 000
Men 18 944 000 12 319 000

1. There are more women between the ages of 15 to 64 than men and more women in the
labour force than men.
2. There are more men between the ages of 15 and 64 than women and more men in the labour
force than women.
3. While there are more women between the ages of 15 and 64 than men, there are fewer
women in the labour force than men.
4. While there are fewer men between the ages of 15 to 64 than women, there are more women
in the labour force than men.
30, The labour force participation rate for women is …

1. greater than the labour force participation rate for men.
2. equal to the labour force participation rate for men.
3. greater than the labour force participation rate that for both sexes.
4. equal to the labour force participation rate for both sexes.
5. smaller than the labour force participation rate for men.
31. Question 31 is based on the following data that were obtained from table S-136.
Public enterprises Private sector
General Business Mining Manufacturin Constructio Trade Financial

governmen enterprise g n institution
t s s
201 1995456 104662 516190 1237137 644786 197633 2150461

1 7
201 2103780 107974 462275 1193311 617585 211471 2221516

7 9
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1. It was in the general government sector where the most jobs were created.
2. The biggest percentage decline in employment was in the mining sector, while the biggest
increase was in the trade sector.
3. The biggest employer in 2017 was the public enterprise sector, while in 2011 it was the
private sector.
4. It was only in the mining sector that fewer people were employed.
32. Use table S-136 to answer the following question:

What was the change in employment for the mining sector from 2015 to 2016?
1. It increased by 20 468.
2. It decreased by 20 967.
3. It was unchanged.
33. The following data is for the age group 15 to 24 for Jan–Mar 2019. Complete the table and
answer the question:
Employed 1 143
Without work and actively searching for work 1 409
Without work but not actively searching for work 1 145
Rates
Unemployment rate (strict definition)
Unemployment rate (expanded definition)
1. The unemployment rate according to the expanded definition is 50%.

2. The unemployment rate according to the strict definition is 69,1% and the unemployment rate
according to the expanded definition is 55,2%.
5. Unemployment rates cannot be calculated from the data.
34. This question is based on the following information:

The real GDP growth for the period is 2,5%, while the percentage change in the formal
employment for the period is 2,1%.
If you calculate the employment coefficient for this period, which one of the following statements
regarding the employment coefficient is correct?
25
1. The employment coefficient indicates that for every 1% increase in real GDP the formal
employment increases by 8,4%.
3. The employment coefficient indicates that for every 1% increase in formal employment the
real GDP growth is 0,84%.
35. Visible underemployment occurs …

1. when people involuntarily work fewer hours than the normal hours.
2. when people voluntarily work fewer hours than the normal hours.
3. when people involuntarily work more hours than the normal hours.
4. when people voluntarily work more hours than the normal hours.
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ECS2603/101
ASSIGNMENT 02 (First semester)
Due date 15 April 2020
The marks you earn for this assignment will contribute 50% towards your semester mark. Please
ensure that this assignment reaches the university before the due date.
1. Which one of the following statements is incorrect? If the consumer price index (CPI)
increases at a faster rate than the rate at which your income increases, then your …
1. nominal income increases.
2. real income increases.
3. real income decreases.
4. nominal income increases at a slower rate than the inflation rate.
2. The CPI is a fixed or Laspeyres index of the prices of a representative basket of consumer
goods and services. Use tables S-140 and S-141 (at the end of this tutorial letter) to complete
the following table by indicating the weights for the different items listed:
Items Weight
Goods
Food and non-alcoholic beverages
Alcoholic beverages and tobacco
Clothing and footwear
Services
Housing and utilities
Transport
Education

1. If the price of food and non-alcoholic beverages increases with 10%, then the CPI will also
increase with 10%.
2. A 10% increase in the prices of education services will have a greater impact on CPI than an
increase of 10% in the prices of alcoholic beverages and tobacco.
3. According to the weights, households spend a greater proportion of their income on alcoholic
beverages and tobacco than on education.
4. A 10% increase in the prices of food and non-alcoholic beverages will have the same impact
on CPI as a 10% increase in the prices of housing and utilities.
27
Question 3 is based on the following table which pertains to the CPI. Complete the table by
calculating the CPI rate (inflation rate) for 2013 to 2018.
Date KBP7170J CPI rate

Total consumer prices
(all urban areas)
2012 78,4
2013 82,9
2014 88
2015 92
2016 97,8
2017 103
2018 107,8

1. The inflation targeting framework requires that inflation be between 4% and 6%. Based on
the inflation rates for the period 2013 to 2018, South Africa was able achieve these targets.
2. The highest inflation rate for the period 2013 to 2018 was recorded in 2018.
3. The lowest inflation rate for the period 2013 to 2018 was recorded in 2015.
4. The inflation rate for 2014 was 88 ‒82,9 = 5,1%.
4. Use the appropriate table to calculate, based on month on same month of the previous year,
the inflation rate for January 2017.
The inflation rate for January 2017 is …
1. 6,5%.
2. 6,1%.
3. 94,4.
4. 100,5.
5. Use the appropriate table to calculate the inflation rate for January 2016 based on month on
previous month at an annual rate. The annual rate of inflation for January 2016 was …
1. 0,5%.
2. 5%.
3. 4,2%.
4. 6,2%.
Questions 6 and 7 are based on the following table. Complete the table by filling in the missing
values.
Assume that the base year is 2016.
Year GDP at GDP at GDP GDE at GDE at GDE

current constant deflator current constant deflator
prices prices (index) prices prices (index)
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2015 540 000 400 000 608 000 95
2016 640 000 680 000
6. The value of the GDP deflator index for 2015 is …

1. 90.
2. 95.
3. 111.
4. 100.
7. The percentage change in the GDE deflator for 2016 is …

1. 3%.
2. 5,3%.
3. 5%.
4. 2,2%.
8. The GDP deflator …

1. reflects changes in export prices while excluding changes in import prices.
2. reflects changes in import prices while excluding changes in export prices.
3. is a better measure of the domestic price level than the GNI deflator.
4. is a better measure of economic growth than the GNI deflator.
9. Which one of the following statements with regards to the CPI and PPI is correct?
1. VAT is excluded from the CPI, but included in the PPI.
2. The PPI excludes services and intermediate goods.
3. The PPI estimates the cost of living.
4. Different weighting systems are used for the PPI.
10. Question 10 is based on table S-80. In which one of the following years was South Africa’s
current account and trade balance positive?
1. in 2011
2. in 2012
3. in 2013
4. in 2014
5. in none of the above years
11. Based on table S-106, during the period 2012 to 2017 the rand depreciated constantly
against …
1. the US dollar.
2. the Australian dollar.
29
3. the pula.
4. the euro.
5. none of the above-mentioned currencies.
12. The appropriate table to use for the terms of trade for South Africa is …
1. table S-80.
2. table S-83.
3. table S-152.
4. table S-110.
13. The South-African terms of trade …

1. improves when import prices increase relative to export prices.
2. deteriorates when export prices increase relative to import prices .
3. is an indication of the volume of exported goods that can be obtained per unit of goods
imported.
4. is an indication of the volume of imported goods that can be obtained per unit of goods
exported.
5. remains constant for the period 2011 to 2015.
14. Suppose the exchange rate between the rand and the US dollar is R15,00 per dollar. A
South African citizen sells a car at a price of R120 000 to an American citizen. Should the rand
depreciate by 5%, the car will cost the American citizen …
1. R126 000.
2. R114 000.
3. R120 000.
4. $8 000.
15. The most widely used productivity concept is the ratio between …
1. output and the labour input used to produce that output.
2. input and the output used to produce that output.
3. output and the input used to produce that output.
4. output and the capital input used to produce that output.
16. If you need to analyse labour productivity in the manufacturing sector, which one of the
following tables will be best suited to obtain the required information?
1. table S-107
2. table S-111
3. table S-137
4. table S-138
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17. Which of the following statements regarding the manufacturing sector is/are correct?
a. The volume of manufacturing output was higher in 2015 than in 2014.
b. The utilisation of the production capacity in manufacturing was the highest in 2012.
c. Labour productivity increased constantly from 2010 to 2016.
1. Only b is correct.
2. Only c is correct.
3. Only a and c are correct.
4. Only a and b are correct.
5. Only b and c are correct.
18. The remuneration per worker at constant prices according to table S-137 …
1. was R100 in 2010 in the public sector.
2. was R101,2 in 2011 in the public sector.
3. constantly increased every year from 2010 to 2017 in the public sector.
4. constantly increased every year from 2010 to 2017 in the private sector.
5. increased in 2017 in the public sector while it decreased in the private sector.
19. If income were perfectly equally distributed within a country, the value of the Gini coefficient
for that country would be …
1. 0.
2. 1.
3. 100.
4. 0,5.
20. Question 20 is based on the following table:
Country Gini coefficient in Gini coefficient in

2010 2015
A 0,3 0,35
B 0,5 0,5
1. Country A has greater inequality than Country B in 2010 and 2015.

2. Country A has greater inequality in 2015 than it did in 2010.
3. Country B has greater equality than Country A in 2010 and 2015.
4. Between 2010 and 2015, Country A’s Lorenz curve has become straighter (closer to the
diagonal).
31
21. Question 21 is based on the following table.
Cumulative percentage
Population Income
distribution
10 5
30 10
80 25
90 60
100 100
In this country …
1. 40% of the population earn 15% of the income.
22. If the nominal interest rate is 10% and the inflation rate is 12%, the real interest rate is …
1. 2%.
2. ‒2%.
3. 12%.
4. ‒12%.
23. The M1 monetary aggregate in table S-146 …

1. decreased from 2016 to 2017.
3. was lower in 2017 compared to 2016.
4. increased every year from 2012 to 2017.
24. The most recently declared annual dividend per share in a company as percentage of the
ruling share price is referred to as …
1. the earnings yield.
2. the earnings price ratio.
3. the expected earnings.
4. market capitalisation.
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25. Which one of the following is not a key interest rate in the money market?
1. the repo rate
2. the interest rate on government bonds
3. the jibar rates
4. the treasury bill rate
5. the prime overdraft rate
26. At the end of 2016, John borrowed R10 000 from Peter at an interest rate of 20%. At the
end of 2017, the inflation rate was 25%. Inflation has …
1. been beneficial to Peter.
2. been beneficial to John.
3. decreased the amount John has to repay.
4. increased the amount John has to repay.
5. increased the interest rate.
27. Which one of the following is not part of government consumption expenditure?
1. spending on defence
2. interest on loans.
3. spending on health
4. compensation for employees
Questions 28 and 29 are based on the following table:
R millions
Total government revenue 510
Total government expenditure 555
Current government revenue 490
Current government expenditure 520
Non-interest expenditure 500
Cyclically adjusted revenue 480
Cyclically adjusted expenditure 500
28. The primary balance is …

1. –R45 million.
2. R10 million.
3. –R20 million.
4. –R30 million.
33
29. The conventional balance is …
1. –R45 million.
2. R10 million.
3. –R20 million.
4. –R30 million.
30. In 2013, the net saving by government was …

1. –R50 580 million.
2. R62 083 million.
3. R5 948 million.
34
ECS2603/101
ASSIGNMENT 01 (Second semester)

Due date 31 August 2020
The marks you earn for this assignment contribute 50% towards your semester mark. Please
ensure that this assignment reaches the University before the due date.
735601
1. Which one of the following sources will provide you with an extensive summary of recent
economic developments?
1. SARB Quarterly Bulletin

2. Quarterly Labour Force Survey
3. Budget Review
4. SABC television news
2. In July 2019 the South African Reserve Bank decreased the repo rate from 6,75% to 6,5%.
This is a decrease of …
1. 25%.
2. 25 basis points.
3. 2,5%.
4. 2,5 basis points
3. Question 3 is based on the following dataset for formal employment in the non-agricultural
sector for South Africa. Complete the table and answer the question.
Number
of
Year people
2013 9738541
2014 9775711
2015 9757126
2016 9803589
2017 9785004
2018 9840759
Average
Mean
The median value of the dataset is … average (mean) value.

1. smaller than
2. greater than
3. equal to
35
4. The following datasets represent the level of employment in the mining and manufacturing
sectors in South Africa for 2017:
Mining: 462 275

Manufacturing: 1 193 311
If employment in mining increases by 20% and in manufacturing by 9%, then it can be
concluded that …
1. more jobs have been created in the mining sector.
2. more jobs have been created in the manufacturing sector.
3. the same number of jobs has been created in the mining and manufacturing sectors.
5. Which one of the following is used to smooth erratic movements in time series to obtain a
general trend?
1. moving averages
2. weighted averages
3. median
4. simple average
5. arithmetic mean
6. Which one of the following symbols, units or numbers is written incorrectly?

1. r/kg
2. 0,13
3. R105,50
4. 500 640
5. 10 watt
7. Which one of the following statements regarding inventories and changes in inventories is
correct?
1. Both are stock variables.
2. Both are flow variables.
3. Inventories are a stock variable, while changes in inventories are a flow variable.
4. Inventories are a flow variable, while changes in inventories are a stock variable.
8. Question 8 is based on the following information about a hypothetical country.

Total sales for the year: R100 million
Total expenditure for the year: R110 million
The total production for the year is equal to …
1. the total sales of R100 million + total expenditure of R110 million = R210 million.
2. the total sales of R100 million plus inventories of R10 million = R110 million.
3.. the total expenditure of R100 million minus total sales of R100 million = R10 million.
4. the total sales = R80 million.
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9. Gross domestic product …

1. is the total value of all goods and services excluding the value of capital goods produced
within the geographic boundaries of a country in a particular period.
2. excludes the value of intermediate goods.
3. includes the provision of depreciation of capital.
4. is the total value of all final goods and services produced within the geographic boundaries of
a country in a particular period.
10. There are three different approaches to estimating gross domestic product (GDP), namely
the production (value added) method, income method and expenditure method. The following is
an example of the value added during the process by which a slice of cake is made available to
students as a final good at the campus restaurant.
What is the value added by the baker?
Value (rand)
Farmer sells wheat to a miller. R5,50
Miller sells flour to the baker . R7.00
Baker sells cake to the university. R9,40
University sells a slice of cake to a R11,00

student.
The value added by the miller is equal to …

1. R3.90.
2. R9.40.
3. R2,40.
4. R1,60.
11. Estimating GDP using factor prices, basic prices or market prices will give different results.
Use table S-108 to complete the following table for 2016 and answer the question:
At current prices R millions
Gross value added at factor cost
Gross value at basic prices
Gross domestic product at market

prices
Gross domestic product at market prices is greater than gross value at basic prices …
37
1. but smaller than gross value added at factor cost.
2. since subsidies on production is greater than taxes on products.
3. since both subsidies on production and taxes on production are taken into account when
GDP at market prices is calculated.
4. since taxes on production is subtracted and subsidies on production is added to GDP at basic
prices.
Questions 12 to 15 are based on the following table that you must complete using table S-111
(at the end of this tutorial letter).
Expenditure of gross domestic At constant 2010 prices

product for South Arica for 2016 R millions

households

general government
Gross fixed capital formation
Changes in inventories
Residual item
Gross domestic expenditure
Exports of goods and services
minus imports of goods and services
Expenditure on gross domestic

product (at market prices)
12. Which one of the following expenditure components made the greatest contribution to
expenditure on the real gross domestic product during 2016?
1. final consumption expenditure by households

2. final consumption expenditure by general government
3. gross capital formation
4. exports of goods and service

1. Gross domestic expenditure is greater than expenditure of gross domestic product, since
imports are greater than exports.
2. The base year is 2010.
3. The figure for gross domestic expenditure includes exports and imports.
4. The reason the nominal figure for expenditure on gross domestic product differs from the real
figure is due to the effect of inflation.
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ECS2603/101
14. Which one of the following is a valid conclusion if one compares the different components of
expenditure on real gross domestic product for the period 2010 to 2016?
1. Both gross domestic expenditure and expenditure on gross domestic product increased every
year.
2. Exports exceeded imports every year.
3. Gross fixed investment declined in 2016 and final consumption expenditure by government
declined in 2015.
4. Changes in inventories is the most stable component during the period.
15. If gross domestic expenditure increased while expenditure on gross domestic expenditure
declined, one can conclude that it might be the result of a/n …
1. decline in exports and an increase in imports.
2. increase in exports and a decline in imports.
3. decrease in final consumption expenditure of households.
4. negative change in inventories.
16. Based on table S-109, which one of the following subsectors made the largest contribution
to real GDP for South Africa in 2016?
1. manufacturing
2. agricultural, forestry and fishing
3. community, social and personal services
4. finance, insurance, real estate and business services
5. mining and quarrying
17. Question 17 is based table S-108 and the following data of the South African economy for
2018:
Current prices
R millions
Expenditure on gross domestic product: R4 873 899
Primary income form the rest of the world: R96 507
Current transfers from the rest of the world: R24 580
Current transfers to the rest of the world: R60 254
Gross national disposable income at market prices: R4 684 180
According to the data for 2018, the gross national income at market prices …
1. is greater than the expenditure on gross domestic product.
2. is equal to the expenditure on gross domestic product.
3. is smaller than the expenditure on gross domestic product.
4. cannot be calculated from the data.
39
18. Questions 18 to 19 are based on the following:
An annualised growth rate calculated over a period of less than a year indicates what would
happen if that pace where sustained for a full 12 months.
The following dataset provides quarterly data for the real gross domestic product at market
prices for South Africa. The data was obtained from the online statistical query (historical
macroeconomic time series information) database from the South African Reserve Bank
for this series is KBP6006C. Data for this time series can also be obtained from table S-113 (it
might, however, differ slightly due to revisions).
Real gross domestic product at

market prices
Year R millions
2017/04 801 180

2018/01 761 397
2018/02 781 144
2018/03 792 363
2018/04 809 635
18. The annual growth rate in real GDP between the fourth quarter of 2018 and the previous
quarter is:
1. 4,29%
2. 2,18%
3. 9,01%
4. 8,72%
19. The annual growth rate in real GDP between the fourth quarter of 2018 and the same period
in previous year is:
1. 4,29%
2. 4,22%
3. 1,05%
4. -4,22%
Questions 20 is based on data about the real GDP at market prices for South Africa. The data
was obtained from the online statistical query (historical macroeconomic time series information)
database from the South African Reserve Bank
for this series is KBP6006Y. (Some of the data for this time series can also be obtained from
table S-111.)
40
ECS2603/101
Complete the following table and answer the question:

Year R millions Annual
growth rate
2014 3 028 090 -
2015 3 064 237
2016 3 076 465
2017 3 119 984
2018 3 144 539

1. The annual economic growth rate has steadily increased since 2015.
2. The annual economic growth rate become negative after 2016.
3. The highest growth rate was recorded in 2017.
4. A negative growth rate was recorded in 2016.
21. Use the following information to calculate annualised growth rate for the period:

Year R millions
2008 3 028 090
2018 3 144 539
The annualised growth rate for the period 2008 to 2018 is:
1. 1,67%
2. 1,48%
3. 1,50%
4. 1,37%
22. Economic growth can also be analysed from the production side. In the following table the
different contribution of the different kinds of economic activity to gross domestic product for
1972 and 2018 are given. Complete this table by calculating the percentage each component
contributes to gross domestic product.
1972 % 2018 %
R millions contribution R millions contribution
41
to total to total
production production
Primary sector 264171 26,57 304672
Secondary sector 227677 560481 19,60
Tertiary sector 502372 50,53 1994452

1. The relative contribution of the different sectors remained largely unchanged.
2. It is clear that the primary sector made the second largest contribution to production in 1972,
while the tertiary sector was the second largest contributor in 2018.
3. In both 1972 and 2018 the primary sector was the lowest contributor to total production.
4. In 1972 the lowest contributor was the secondary sector while in 2016 the secondary sector
was the second largest contributor.
23. The following dataset provides annual data for the real gross domestic product per capita
(6272J) and gross national income per capita. The data was obtained from the online statistical
query (historical macroeconomic time series information) database from the South African
Reserve Bank
(https://www.resbank.co.za/Research/Statistics/Pages/OnlineDownloadFacility.aspx). Data for
this is time series can also be obtained from table S-153 (it might, however, differ slightly due to
revisions).
Year GDP per GNI per % %

capita capita annual annual
increase increase
in GDP in GNI
per per
capita capita
2013 56232 54 944
2014 56 549 55 002
2015 56 470 55 380
2016 55 914 54 953
2017 55 930 55 480
2018 55 595 54 634
From the table it is clear that …

1. the growth rate in the gross domestic product was sufficient to ensure that the gross domestic
product per capita increased for every year.
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ECS2603/101
2. the growth rate for gross domestic product per capita in 2017 was greater than the growth
rate for gross national income per capita.
3. while the growth rate for gross domestic product per capita was always positive for gross
national income, in some years it was negative.
4. for three of the years the growth rate for gross domestic per capita was negative, while for
two of the years the growth rate for gross national income per capital was negative.
24. Which one of the following statements regarding a reference cycle of economic activity is
correct?
1. The duration of a full reference cycle is from a trough to a trough.
2. The duration of a reference cycle is from a peak to a trough.
3. A peak is followed by an upswing.
4. A trough is followed by a downswing.
25. To identify peaks and troughs, movements in real GDP are …

1. a good indicator, since they represent changes in the level of economic activity.
2. not sufficient because they might be distorted by large changes in some of the sub-sectors of
the economy.
3. a good indicator, since historical movements in real GDP has always been a good forecaster
of peaks and troughs.
4. a good indicator, since they provide current and up-to-date information about what is
happening in the economy.
26. If the specific turning point of an individual time series tends to occur after the reference
turning point, the relevant variable is designated as a …
1. diffusion index.
2. trend.
3. lagging indicator.
4. leading indicator.
5. reference cycle.
27. An example of a leading indicator is …

1. the industrial production index.
2. cement sales.
3. the business confidence index.
4. total formal non-agricultural employment.
28. This question is based on table S-157. Which one of the following statements is correct?
1. The most recent upward phase started in September 2009 and lasted until November 2013.
2. The most recent downward phase started in December 2013 and lasted until December
2017.
3. The longest downward phase occurred during the period June 1967 to December 1967.
4. The shortest upward phase occurred during the period January 1966 to May 1967.
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29. The fraction of the population of working age which is economically active is known as …
1. the labour absorption rate.
2. the production elasticity of employment.
3. the unemployed.
4. the labour force participation rate.
Questions 30 to 31 are based on the following information for the South African labour market
for the period Jan–Mar 2018. The source of the data is Quarterly Labour Force Survey, Quarter
1:2019 (http://www.statssa.gov.za/publications/P0211/P02111stQuarter2019.pdf)
Complete the following table by filling in the missing values and answer the questions:
Population 15-64 Labour force Labour force

years participation
rate
Both sexes 37 678 000 22 358 000
Women 19 048 000 10 138 000
Men 18 630 000 12 220 000

1. There are more women between the ages of 15 to 64 than men and more women in the
labour force than men.
2. There are more men between the ages of 15 and 64 than women and more men in the labour
force than women.
3. While there are more women between the ages of 15 and 64 than men, there are fewer
women in the labour force than men.
4. While there are fewer men between the ages of 15 to 64 than women, there are more women
in the labour force than men.
31. The labour force participation rate for women is …

1. greater than the labour force participation rate for men.
2. equal to the labour force participation rate for men.
3. greater than the labour force participation rate for both sexes.
4. equal to the labour force participation rate for both sexes.
5. smaller than the labour force participation rate for men.
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32. Question 32 is based on the following information:
Employment in the formal private sector: 7 292 501
Employment in the public sector: 2 003 957
Employment in the informal sector: 2 941 230
People without work and actively searching for work: 3 308 433
People available for work but not actively searching for work: 1 323 373
People who are neither available nor actively searching for work: 2 354 612
The unemployment rate according to the strict definition is …, and according to the
expanded definition of unemployment it is …
1. 17,21%; 24,09%.
2. 19,61%; 27,46%.
3. 17,21%; 24,09%.
4. 21,28%; 27,46%.
33. Question 11 is based on table S-136. What was the change in employment for the mining
sector from 2011 to 2015?
1. It increased by 20 468.
3. It was unchanged.
34. The employment coefficient will decrease …

1. if the percentage change in formal employment is constant and the real GDP growth rate is
constant.
2. if the percentage change in formal employment is constant and the GDP growth rate
declines.
3. if the percentage change in formal employment is greater than the real GDP growth rate.
4. if the percentage change in formal employment is less than the real GDP growth rate.
35. According to table S-136, employment in the non-agricultural sector has increased from
2015 to 2016. One can therefore conclude that the unemployment rate for 2016 must be lower
than for 2015.
1. The above statement is correct, since the seasonally adjusted index for employment in the
non-agricultural sector increased from 104,7 to 105,2.
2. The above statement is incorrect, since to calculate the unemployment rate one also need to
take into account the change in the economic active population.
3. The above statement is incorrect, since the increase in employment was the result of mainly
an increase in public sector employment.
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ASSIGNMENT 02 (Second semester)
Due date 23 September 2020
The marks you earn for this assignment will contribute 50% towards your semester mark. Please
ensure that this assignment reaches the University before the due date.
1. Your real income will …

1. increase if the consumer price index increases at a faster rate than your nominal income.
2. decrease if the consumer price index increases at a slower rate than your nominal income.
3. stay the same if the consumer price index increases at a slower rate than your nominal
income.
4. decrease if the consumer price index increases at the same rate as your nominal income.
5. increase if the consumer price index increases at a slower rate than your nominal income.
2. The consumer price index (CPI) is a fixed or Laspeyres index of the prices of a representative
basket of consumer goods and services. Use tables S-140 and S-141 (at the end of this tutorial
letter) to complete the following table by indicating the weights for the different items listed:
Items Weight
Goods
Alcoholic beverages and tobacco
Clothing and footwear
Transport
Services
Housing and utilities
Health
Miscellaneous services

1. If the prices of transport increase with 5%, then the CPI will increase with less than 5%.
2. If the prices of transport increase with 10%, then the CPI will increase with more than 10%.
3. A 10% increase in the prices for housing and utilities will have a smaller impact on CPI than
an increase of 10% in the prices for alcoholic beverages and tobacco.
4. According to the weights, households spend a greater proportion of their income on alcoholic
beverages and tobacco than on transport.
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Question 3 is based on the following table which pertains to the CPI. Complete the table by
calculating the CPI rate (inflation rate) for 2009 to 2014.
Date KBP7170J CPI rate

Total consumer prices
(all urban areas)
2008 63,3
2009 67,8
2010 70,7
2011 74,2
2012 78,4
2013 82,9
2014 88

1. The inflation targeting framework requires that inflation be between 4% and 6%. Based on
the inflation rates for the period 2009 to 2014, South Africa was able achieve these targets.
2. The highest inflation rate for the period 2019 to 2014 was recorded in 2009.
3. The lowest inflation rate for the period 2013 to 2018 was recorded in 2012.
4. The inflation rate for 2014 was 88 ‒82,9 = 5,1%.
4. Use the appropriate table to calculate the inflation rate for January 2017, based on a month
on same month of the previous year.
The inflation rate for January 2017 was …
1. 6,1%.
2. 6,5%.
3. 94,4.
4. 100,5.
5. Use the appropriate table to calculate the inflation rate for January 2016 based on month on
previous month at an annual rate. The annual rate of inflation for January 2016 was …
1. 0,5% .
2. 5%.
3. 4,2%.
4. 6,2%.
6. The GDP deflator …

1. reflects changes in export prices while excluding changes in import prices.
2. reflects changes in import prices while excluding changes in export prices.
3. is a better measure of the domestic price level than the GNI deflator.
4. is a better measure of economic growth than the GNI deflator.
47
Questions 7 and 8 are based on the following table. Complete the table by filling in the missing
values.
Assume that the base year is 2016.
Year GDP at GDP at GDP GDE at GDE at GDE

current constant deflator current constant deflator
prices prices (index) prices prices (index)
2015 592000 604081 608 000 95
2016 640 000 680 000
7. The value of the GDP deflator index for 2015 is …

1. 98.
2. 95.
3. 111.
4. 100.
8. The percentage change in the GDE deflator for 2016 is …

1. 3%.
2. 5,3%.
3. 5%.
4. 2,2%.

1. The PPI pertains to intermediate goods.
2. The PPI pertains to capital goods.
3. The PPI estimates the cost of production.
4. The PPI estimates the cost of living.
10. Question 10 is based on table S-80. The trade balance …

1. deteriorated every year between 2013 and 2017.
2. deteriorated every year from 2010 to 2014.
3. improved from 2012 to 2013.
4. improved from 2016 to 2017.
11. Based on table S-106 during the period 2016 to 2017 the rand appreciated against the …
1. US dollar.
2. Australian dollar.
3. pula.
4. euro.
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ECS2603/101
5. all of the above-mentioned currencies.
12. The appropriate table to use for foreign direct investment for South Africa is …
1. table S-80.
2. table S-88.
3. table S-152.
4. table S-110.
13. A possible explanation for the decrease in the terms of trade for South Africa from 106,3 in
2011 to 102,0 in 2012 is that …
1. a greater volume of imported goods can be obtained per unit of goods exported.
2. the prices of exports were increasing relative to the prices for imports.
3. the prices of exports were falling relative to the prices for imports.
4. the prices of exports were increasing at the same rate as the prices for imports.
14. Suppose the exchange rate between the rand and the US dollar is R14,00 per dollar. A
South African citizen sells a car at a price of R133 000 to an American citizen. Should the rand
depreciate by 5%, the car will cost the American citizen …
1. R139 650.
2. R126 350.
3. $9047.
4. $10 000.
15. Labour productivity is the ratio between …

1. output and the labour input used to produce that output.
2. input and the output used to produce that output.
3. output and the input used to produce that output.
4. output and the capital input used to produce that output.
16. If you need to analyse nominal unit labour cost for the non-agricultural sector, which one of
the following tables will be best suited to obtain the required information?
1. table S-107
2. table S-111
3. table S-137
4. table S-138
17. Which of the following statements regarding employment in the non-agricultural sector is/are
correct?
49
a. In 2017, 9 747 834 people were employed.
b. The highest level of employment occurred in 2016.
c. The level of employment increased constantly from 2010 to 2017.
1. Only b is correct.
2. Only c is correct.
3. Only a and c are correct.
4. Only a and b are correct.
5. Only b and c are correct.
18. The remuneration per worker at constant prices according to table S-137 …
1. was R100 in 2010 in the public sector.
2. was R101,2 in 2011 in the public sector.
3. constantly increased every year from 2010 to 2017 in the public sector.
4. constantly increased every year from 2010 to 2017 in the private sector.
5. increased in 2017 in the public sector while it decreased in the private sector.
19. If the value of the Gini coefficient for a certain country is 1, it implies that …
1. perfect equality exists in the country.
2. perfect inequality exists in the country.
3. a fairly equal distribution of income exists in the country.
4. a fairly unequal distribution exists in the country.
20. The diagram used to describe inequality in a country is called a …
1. Kuznets curve
2. Gini curve
3.Lorenz curve
4. production possibilities frontier
21. Question 21 is based on the table below which describes the income distribution in a
country.
Cumulative percentage
Population Income
20 5
40 10
60 25
80 60
100 100
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In this country, the richest 40% of the population earn ... of the total income, while the poorest
40% of the population earn ... of the total income.
1. 40%; 15%
2. 40%; 10%
3. 60%; 15%
4. 75%; 10%
22. If the nominal interest rate is 10% and the inflation rate is 4%, the real interest rate is …
1. 4%.
2. ‒2%.
3. 6%.
4. 10%.
23. The M1 monetary aggregate in table S-146 …

3. was lower in 2017 compared to 2016.
4. increased every year from 2012 to 2017.
Questions 24 and 25 are based on the following information:

- share price: R105.00
- net profit per share: R12.50
- annual dividend: R4.50
24. The price-earnings ratio is …
1. 4,3%.
2. 11,9%.
3. 0,1.
4. 8,4.
25. The earnings yield is …

1. 4,3%.
2. 11,9%.
3. 0,1.
4. 8,4.
26. Government consumption expenditure consists of …

1. compensation for employees, payments for goods and services and interest and rent on land.
2. compensation for employees and payments for goods and services.
3. compensation for employees only.
4. payments for goods and services only.
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27. Which one of the following tables provides information on public sector expenditure to the
GDP at current prices?
1. table S-112
2. table S-148
3. table S-154
4. table S-113
Questions 28 and 29 are based on the following table:
R millions
Total government revenue 510
Total government expenditure 555
Current government revenue 490
Current government expenditure 520
Non-interest expenditure 500
Cyclically adjusted revenue 480
Cyclically adjusted expenditure 500
28. The conventional balance is …

1. R25 million.
2. –R35 million.
3. –R20 million.
4. –R25 million.
29. The primary balance is …

1. R25 million.
2. –R35 million.
3. –R20 million.
4. –R25 million.
30. In 2013, the net saving by government was …

1.–R50 580 million.
2. R62 083 million.
3. R5 948 million.
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8.4 Other assessment methods
There are no alternative assessment methods for this course.
8.5 The examination
For general information and requirements as far as examinations are concerned, see the brochure
Study @ Unisa, which you have received with your study material.
Please note that applications for and the administration of the re-marking of examination scripts
are handled solely by the Examinations Section and not by academic departments.
Admission to the examination
Semester mark
Your semester mark is based on your assignment marks. The two assignments that you submit
during the semester contribute towards your semester mark. Different weights are allocated to
the assignments. The first assignment contributes 40% and the second assignment contributes
60% to your semester mark. If an assignment is not submitted, or is submitted late (for whatever
reason), a zero mark will be awarded for that assignment.
The examination mark
The percentage you have obtained in the examination is used in the calculation of your final mark.
Final mark
The weight the assignments will carry in your final mark will be 20%, while the examination’s
weight will be 80%.
Your final mark is calculated as follows:
Semester mark (out of 100) × 20% + examination mark (out of 100) × 80%
53
For example:
Suppose your semester mark is 46% and you get 60% in the examination. Your final mark will
be:
(46 × 20%) + (60 × 80%)

= (46 × 0,2) + (60 × 0,8)
= 9,2 + 48,0
= 57,2%
9 FREQUENTLY ASKED QUESTIONS
The Study @ Unisa brochure contains an A-to-Z guide of the most relevant study information.
Tutorial letters
Question 1: What information do the tutorial letters contain?

Answer:
In Tutorial Letter ECS2603/101/2020 you will find the assignments and assessment criteria as
well as instructions for the preparation and submission of the assignments. This tutorial letter also
provides all the information you need with regard to the study material, other resources and how
to obtain information.
Tutorial Letter ECS2603/201/2020 contains feedback on Assignments 01 and 02, while Tutorial
Letter ECS2603/301/2020 contains important information which applies to all students registered
in the Department of Economics.
Right from the start, we would like to point out that you must read all the tutorial letters you
receive during the semester, as they will contain important and, sometimes, urgent information.
Make sure that you work through the tutorial letters before you embark on any work in the study
guide or your assessment tasks.
Question 2: Will I receive all my tutorial matter when I register?

Answer:
Not all of your tutorial matter may be available when you register.
Tutorial matter that is not available when you register will be posted to you as soon as possible.
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ECS2603/101
It is not possible to fax outstanding tutorial letters to students. However, you can download them
from the module site under the tool Official Study Material and other module-related documents
from Additional Resources.
It is therefore to your benefit to register as an online student so that you can access and obtain
your study material immediately.
Question 2: What resources can I access via myUnisa?

Answer:
We realise that, as a distance education student, you cannot always visit the library when you
are searching for information. We have thus included online resources on our module site which
you can access at any time.
On this site, you will find the following material:

 electronic copies of the ECS2603 tutorial letters
 an electronic copy of the study guide
Question 4: What other support services are available regarding general student matters?
Answer:
If you need to contact the university about matters not related to the content of this module, please
consult the publication Study @ Unisa that you should have received with your study material.
This booklet contains information on how to contact the university (e.g. to whom you can write for
different queries, important telephone and fax numbers, addresses and details of the times certain
facilities are open).
Always provide your name, student number and module code when you contact the university.
We would like to encourage you to follow the guidelines below:
 Do NOT fall behind your work schedule.
 Work regularly and consistently.
 Make sure that you understand the work as you go along.
 Do NOT give up on difficult work; rather seek help as soon as possible.
We hope that this information will make your studies easier, and that you will do well.
Question 5: Are there any study groups for this module?

Answer:
55
There are no official study groups for this module. However, you are encouraged to form your
own if you so wish or alternatively to make use of the online tutors (e-tutors) provided to every
enrolled student whose fees are paid up.
E-tutors
E-tutors have been appointed to assist with the teaching of this module. E-tutors only operate
online from their own myUnisa websites. You can therefore only reach them online.
Online learning
Question 1: What are the benefits of learning online?
Answer:
In an online environment, you can study anytime, anywhere and at a pace that suits your
individual learning style. Remember, though, that you will still have to meet the required deadlines
for assignment submissions.
Question 2: What internet skills do you need for online learning?

Answer:
The most successful students tend to have the following skills:
 familiarity with their web browser
 familiarity with an e-mail program (including attaching documents and opening attachments)
 some familiarity with web-based interactions, e.g. social networks, learning management
systems
 familiarity with word processing (MS Word)
 experience in successful internet searches, using a variety of browsers and search engines
Question 3: How important is attitude to achieve success in my studies and in an online

learning environment?
Answer:
Your attitude is very important to ensure success.

We know that you are interested in economics, otherwise you would not have enrolled for this
module. We want to encourage you to develop a positive attitude towards your studies and the
online learning environment. To achieve this, there are a number of things to bear in mind.
TIME is important for a distance education student. You must be in control of your time and
manage it effectively. Draw up a study programme at the beginning of the semester. This requires
discipline, but will ensure that you
 have sufficient time to work through all the relevant study material
 are able to submit the assignments on the due dates
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ECS2603/101
 have sufficient time for revision and preparing for the assignments and examination
We would like to encourage you to follow the guidelines below:

 Do NOT fall behind your work schedule.
 Work regularly and consistently.
 Make sure that you understand the work as you go along.
 Do NOT give up on difficult work; rather seek help as soon as possible.
Question 4: How should I approach my online learning?

Answer:
We all have different learning styles and preferences. However, consider the following
pointers/guidelines:
 Allocate time to work through each learning unit and do the activities.
 Allow extra time for work that seems difficult or with which you know you have a problem.
 When you compile a study plan, allow time for personal responsibilities (e.g. family
responsibilities, work obligations, social obligations, leave).
 Make use of your most productive time for study (e.g. late evening after the children have
gone to bed or early morning before the rest of the family wake up).
 Remember that it is more effective to study for one hour on a regular basis (e.g. every day),
than for ten consecutive hours every two weeks. Decide now how many hours you are going
to spend on your studies per week. We recommend that you put one to two hours aside
each day.
 Be prepared for disruptions to your study programme due to unforeseen circumstances. You
should therefore monitor your progress so that you can catch up immediately if you fall
behind. Remember that it is easier to catch up one week’s lost hours than an entire month’s.
Technical issues related to myUnisa

Question 1: How do I create a new topic, using the Discussion Forum tool?
Answer:
To create a new topic in a forum, you need to do the following:
1. Select and access the Student Lounge forum from the list of forums in the Discussion
Forums tool.
2. Now, at the top of the page, select the option Add a New Topic.
3. Give your topic a descriptive name in the Topic Title box.
4. In the Message box, write down the instructions for the discussion.
5. Click on the Save button to create your topic for discussion.
Question 2: What is expected of me when I participate in discussion forums?

Answer:
57
Remember, online discussion forums are not the same as e-mail messages, or a letter to the
lecturer, or a chat room. Therefore, the myUnisa discussion forums must not be used for personal
messages to your lecturers or to one another. You are, however, welcome to use the forum
marked Student Lounge to introduce yourself to your fellow students, to form study groups and
to create your own topics.
The online discussion forum has an academic purpose. For this reason, the discussions will be
based on topics related to module outcomes, the assessments and the supporting content.
Online discussion forums are more like class discussions in a face-to-face classroom. You will
receive an announcement when a new discussion topic has been created. Topics created by your
lecturer will be announced at a later stage and do not appear in this document. All students can
respond to the lecturer's questions, as well as to one another's responses. The lecturer can then
clarify uncertainties and perhaps provide a summary at the end of a discussion.
Participating in discussion forums provides you with opportunities to

 discuss and clarify issues in the subject area
 share experiences and ideas with peers and lecturers
 solve problems collaboratively
 debate topical issues
 raise questions about the topic under discussion
 introduce the most recent developments in the subject area
 receive immediate feedback on assignments
 have access to additional resources related to relevant topics in this subject/discipline
Question 3: What are the most important issues regarding myUnisa and using the course
web page?
Question 1: How will this module be offered?
Answer:
The module is delivered in a blended mode, which means it is available online on myUnisa, but
much of the information on the website (myUnisa) is produced in print in a document under the
code MO001, which you received at registration or shortly thereafter. Certain online activities will
occur on myUnisa, but students who cannot access myUnisa will not be penalised for being
unable to do so. Your lecturer(s) and e-tutors will interact and communicate with you through
myUnisa and e-mail and because e-tutors have been appointed for your module, you will be able
to receive assistance from them.
If you studied at Unisa previously, studying online may prove to be a challenge because it
represents a different approach. However, studying online can offer a much improved learning
experience and can be more enriching, depending on a number of factors. Students who are used
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ECS2603/101
to relying on Tutorial Letter 101 for guidance and vital information will now find some of the 101
information on the myUnisa websites of their modules. The 101 information will still be available
in the printed Tutorial Letter 101 which you will receive, or under Learning Unit 0 on myUnisa, or
under FAQs on myUnisa. FAQs is one of the options down the left-hand side of the module page.
Question 2: Where will I find my study material?

Answer:
If you are in a position to access the internet on a regular basis, you can engage with your study
material on myUnisa and participate in online activities. However, for those of you who cannot go
online regularly, there is an MO001 document with the module information which other students
will find on myUnisa. The MO001 document does NOT replace the prescribed textbook!
Question 3: What is myUnisa?

Answer:
myUnisa was created to serve as a digital classroom and study space where you can engage
with your studies, your lecturer and your fellow students. myUnisa makes it possible for you to
use a digital device like a laptop, a tablet or even a smart cellphone to receive instructions,
guidance, get access to sources and resources, listen to a podcast, interact with your lecturers
and other students, etc.
Question 4: How does myUnisa work?

Answer:
In this brief overview we will refer to those functions of myUnisa that you may encounter and need
on a regular basis. Down the left-hand side of your myUnisa module page, you will find a series
of options which are indicated by a green arrow in the graphic below. These options are known
as “buttons”, because one can click on each of them in order to select and open the “tool” that the
button represents. These buttons start with “Home”, “Assignments”, et cetera from the top down.
myUnisa tools
When you click on the myUnisa tools, there may be a definition of the tool at the top of the page
that is opened; for instance, Discussion Forums, FAQs, and Wiki are defined, while Additional
Resources is not.
59
Each myUnisa tool has its own function and some of them are treated very briefly below. You can
open only one tool at a time and will have to learn how to move from one tool to the other and
how to move from one option within a tool to another option within the same tool. Moving around
in myUnisa is known as “navigating”.
The myUnisa page of certain modules may include a longer list of tools than others. The activation
of tools depends on how the responsible lecturer and other role-players envisaged the flow of
information and how they intended you to be exposed to the learning experience. The absence
of a tool on a module page is therefore not an indication that myUnisa is not working as it should.
Below is a brief overview of some of the myUnisa tools, how some of them are related to one
another and how they will be useful to you.
Home
Here you will find a welcome message from your lecturers. The welcome message will be altered
during the course of the semester or year (in the case of year modules). Your lecturers may also
use this space to alert you to something important that you need to take note of. Because your
lecturers assume you will probably visit Home for news, they may post a message here to discuss
a new announcement that was placed under “Announcements” or another tool where an important
development has occurred.
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ECS2603/101
Announcements
While general announcements may be made under Home, you must pay regular visits to
Announcements in order to make sure you did not miss an important bit of information. This can
relate to a wide range of matters, e.g. module-specific arrangements, assignments, and
resources. If you have registered yourself correctly on myUnisa, you will receive an e-mail or SMS
notification every time your lecturer posts a new announcement. Always check the list of previous
announcements to make sure that you have not missed any important notices.
Discussion forums
This is a valuable and safe space where you can interact with fellow students about topics relating
to the module that you have enrolled for. Either the lecturer or you can create a discussion about
a topic.
Inside the Discussion Forums tool (when you are online) at the top left side of the web page,
there are several forums where you will be asked to discuss ideas and post your views on a
particular topic. As part of this space, you will also have a forum where you can talk with your
fellow students at a more social level.
You will also see that there is a forum called “Talking with your Lecturer”. Use this forum to post
questions to the lecturer about the module. Your lecturer or e-tutor will provide you with feedback.
Remember, these discussion forums are public places and everybody will be able to see your
questions and answers. If you want to ask a private question, use your myLife e-mail or use
Course Contact.
Netiquette
Netiquette is a new word made up of net and etiquette. This refers to the way in which you should
behave when you communicate on myUnisa and, more specifically, on discussion forums.
Netiquette outlines simple, polite online discussion behaviour that participants in an online
discussion expect from one another.
Online discussions in module discussion forums are perhaps more formal than other public
discussion forums. It helps to remember that in an online class, discussion forums are used in
place of the face-to-face discussions or paper-based correspondence that you may be used to.
We would like you to behave online just as you would if you were physically sitting in the room
with your lecturer or e-tutor and all your classmates.
It is also important to understand that an online discussion in a university environment is more
formal than a text message (SMS). Text messaging uses abbreviations such as “How R U?” Such
abbreviated language is not appropriate in an online discussion forum. You have to use full words
and complete sentences.
It is challenging to put your thoughts into words and make them easily understandable to others.
The majority of Unisa students write in a second or third language. Therefore, you need to read
through all your posts before you finally post them. Typing errors, spelling errors, and mixed-up
61
sentences may creep into your messages as you compose them. Clean them up before you send
them off and make sure that they are intelligible to others.
Be aware that how you present yourself online will determine how others perceive you to be. To
put yourself in the best light possible, or simply to make yourself understood, be sure to edit your
messages before you post them. This is true of private messages, as well as forum discussions.
(Source: Adapted from
http://www.lavc.edu/virtualvalley/ols/lesson_4_online_discussions.html#4_3_ nettiquette)
For more information about netiquette, consult http://www.albion.com/netiquette/corerules.html.
Official study material

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is a transitional arrangement that will cease in the near future as modules are housed more fully
online.
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will not be the case for postgraduate modules.
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Submission of assignments
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For detailed information on assignments, please refer to the Study @ Unisa information
document, an electronic copy of which is on the Unisa website or may be included under
Additional Resources on your module website.
To submit an assignment via myUnisa:
 Go to myUnisa.
 Log in with your student number and password.
62
ECS2603/101
 Select the module.
 Click on Assignments in the menu on the left-hand side of the screen.
 Click on the assignment number you wish to submit.
Follow the instructions.
10 IN CLOSING
Do not leave it to the last minute to submit your assignments, because if the internet or Unisa
server is down, you will encounter unnecessary administrative hurdles.
11 ADDENDUM
You will need the tables appended to this tutorial letter to complete the compulsory assignments.
These tables are from the June 2018 Quarterly Bulletin of the South African Reserve Bank (SARB
Quarterly Bulletin). If you have access to the internet, you can also obtain the data at
http://www.resbank.co.za. Use the June 2018 edition, because some slight changes may occur
in subsequent data revisions.
Selected Statistical tables from the SARB Quarterly Bulletin

(https://www.resbank.co.za/Publications/QuarterlyBulletins/Pages/QuarterlyBulletins-
Home.aspx)
63
South African Reserve Bank
Balance of payments1
Annual figures
R millions
2010 2011 2012 2013 2014 2015 2016 2017
Current account
Merchandise exports, free on board2 .............................................. (5000J) 609 357 719 552 751 332 867 021 942 825 970 623 1 058 032 1 108 322
Net gold exports3 ............................................................................ (5001J) 59 499 75 298 71 050 67 174 71 942 59 521 66 762 66 411
Service receipts .............................................................................. (5002J) 117 493 126 185 144 789 162 183 182 725 191 605 210 865 210 238
Income receipts .............................................................................. (5680J) 34 099 38 118 48 501 64 441 82 235 98 016 87 773 81 637
Less: Merchandise imports, free on board2 ..................................... (5003J) 609 112 745 637 859 172 1 003 603 1 069 638 1 076 290 1 090 089 1 105 876
Less: Payments for services............................................................ (5004J) 143 121 150 929 155 243 174 162 184 828 197 643 218 830 215 544
Less: Income payments .................................................................. (5681J) 92 698 115 449 136 837 157 229 183 779 198 382 208 243 221 201
Current transfers (net receipts +) ..................................................... (5006J) -16 762 -14 199 -31 369 -30 666 -34 448 -33 533 -27 458 -38 303
Balance on current account ............................................................. (5007J) -41 245 -67 061 -166 949 -204 841 -192 966 -186 084 -121 188 -114 317
Memo item: Trade balance.................................................................. (5010J) 59 744 49 213 -36 790 -69 408 -54 871 -46 147 34 705 68 856
Capital transfer account (net receipts +) ......................................... (5682J) 225 241 239 243 236 243 241 246
Net lending to (+)/borrowing from (-) rest of world.......................... (5755J) -41 020 -66 820 -166 710 -204 598 -192 730 -185 841 -120 947 -114 071
Financial account4
Net direct investment (Inflow (+)/outflow (-))..................................... (5683J) 27 171 32 673 12 900 15 942 -20 607 -51 217 -32 942 -80 472
Net incurrence of liabilities5 ......................................................... (5640J) 26 617 30 808 37 428 80 138 62 627 22 065 32 876 17 663
Net acquistion of financial assets6 ............................................... (5656J) 554 1 865 -24 528 -64 196 -83 234 -73 282 -65 818 -98 135
Net portfolio investment (Inflow (+)/outflow (-)) ................................. (5684J) 74 502 57 000 112 355 107 191 145 774 122 622 240 559 220 371
Net incurrence of liabilities........................................................... (5644J) 107 876 114 636 182 086 130 199 146 944 121 290 139 866 278 828
Equity and investment fund shares .......................................... (5756J) 42 213 1 665 59 141 69 086 100 384 105 101 25 399 102 269
Debt securities ........................................................................ (5757J) 65 663 112 971 122 945 61 113 46 560 16 189 114 467 176 559
Net acquisition of financial assets................................................ (5660J) -33 374 -57 636 -69 731 -23 008 -1 170 1 332 100 693 -58 457
Equity and investment fund shares .......................................... (5758J) -22 842 -41 157 -57 138 -22 074 8 363 20 009 109 279 -27 213
Debt Securities........................................................................ (5759J) -10 532 -16 479 -12 593 -934 -9 533 -18 677 -8 586 -31 244
Net financial derivatives (inflow (+)/outflow (-)).................................. (5760J) - 13 139 14 378 7 478 16 409 4 882 -13 757 -4 247
Net incurrence of liabilities........................................................... (5672J) - -245 062 -213 869 -188 354 -194 842 -320 856 -499 330 -227 481
Net acquisition of financial assets................................................ (5677J) - 258 201 228 247 195 832 211 251 325 738 485 573 223 234
Net other investment (inflow (+)/outflow (-))...................................... (5685J) -14 238 20 162 70 824 53 663 121 821 119 042 -22 235 -9 002
Net incurrence of liabilities........................................................... (5650J) 7 899 34 040 69 735 50 412 148 133 72 273 -3 747 60 675
Net acquisition of financial assets................................................ (5666J) -22 137 -13 878 1 089 3 251 -26 312 46 769 -18 488 -69 677
Reserve assets (increase (-)/decrease (+))7 ...................................... (5679J) -31 307 -32 703 -8 955 -4 658 -15 134 14 015 -40 193 -25 525
Balance on financial account ........................................................... (5764J) 56 128 90 271 201 502 179 616 248 263 209 344 131 432 101 125
Memo item: Balance on financial account excluding reserve assets .... (5765J) 87 435 122 974 210 457 184 274 263 397 195 329 171 625 126 650
Unrecorded transactions8.................................................................... (5766J) -15 108 -23 451 -34 792 24 982 -55 533 -23 503 -10 485 12 946
Memo item: Balance on financial account excluding reserve assets
including unrecorded transactions....................................................... (5767J) 72 327 99 523 175 665 209 256 207 864 171 826 161 140 139 596
KB501
1. Data for the previous four years are preliminary and subject to revision.
2. Published customs figures adjusted for balance of payments purposes.
3. Commodity gold. Before 1981 net gold exports comprised net foreign sales of gold plus changes in gold holdings of the South African Reserve Bank and other banking institutions.
4. A net incurrence of liabilities (inflow of capital) is indicated by a positive (+) sign. A net disposal of liabilities (outflow of capital) is indicated by a negative (-) sign. A net acquisition of assets (outflow of capital)
is indicated by a negative (-) sign. A net disposal of assets (inflow of capital) is indicated by a positive (+) sign.
5. Investment by foreigners in undertakings in South Africa in which they have individually or collectively in the case of affiliated organisations or persons at least 10 per cent of the voting rights.
6. Investment by South African residents in undertakings abroad in which they have at least 10 per cent of the voting rights.
7. Foreign currency liabilities of the Reserve Bank with non-resident institutions and loans from the IMF are included in the calculation of reserve assets. An increase in reserve assets is indicated by a negative
(-) sign and a decrease is indicated by a positive (+) sign.
8. Transactions on the current, capital transfer and financial accounts.
S–80 Quarterly Bulletin June 2018

Balance of payments1
Quarterly figures
R millions
2016 2017 2018
02 03 04 2016 01 02 03 04 2017 01
Current account
Merchandise exports, free on board2 .............................. (5000K) 277 933 268 555 270 640 1 058 032 255 961 274 980 282 332 295 049 1 108 322 250 819
Net gold exports3 ........................................................... (5001K) 21 719 20 823 12 027 66 762 12 589 17 101 16 952 19 770 66 411 19 177
Service receipts .............................................................. (5002K) 49 717 49 768 55 012 210 865 54 732 48 650 50 884 55 972 210 238 54 163
Income receipts .............................................................. (5680K) 21 174 18 854 27 187 87 773 24 156 14 412 23 680 19 389 81 637 29 197
Less: Merchandise imports, free on board2 .................... (5003K) 270 608 281 407 267 343 1 090 089 264 454 269 689 278 145 293 589 1 105 876 285 520
Less: Payments for services .......................................... (5004K) 54 699 56 077 55 848 218 830 51 940 54 470 53 726 55 408 215 544 50 779
Less: Income payments.................................................. (5681K) 48 427 60 191 39 637 208 243 59 497 39 580 73 666 48 458 221 201 80 747
Current transfers (net receipts +) .................................... (5006K) -6 555 -5 662 -6 304 -27 458 -7 145 -10 960 -10 196 -10 002 -38 303 -11 373
Balance on current account ............................................. (5007K) -9 746 -45 337 -4 266 -121 188 -35 597 -19 557 -41 885 -17 278 -114 317 -75 063
Memo item: Trade balance ................................................ (5010K) 29 044 7 971 15 324 34 705 4 097 22 391 21 139 21 229 68 856 -15 524
Capital transfer account (net receipts +) ......................... (5682K) 57 62 61 241 60 63 58 65 246 61
Net lending to (+)/borrowing from (-) rest of world ........ (5755K) -9 689 -45 275 -4 205 -120 947 -35 537 -19 494 -41 827 -17 213 -114 071 -75 002
Financial account4
Net direct investment (Inflow (+)/outflow (-)) .................... (5683K) 4 013 2 868 -26 488 -32 942 -2 072 -25 868 -42 155 -10 377 -80 472 -9 974
Net incurrence of liabilities5.......................................... (5640K) 8 900 11 468 2 039 32 876 9 103 5 873 16 234 -13 547 17 663 10 505
Net acquistion of financial assets6 ............................... (5656K) -4 887 -8 600 -28 527 -65 818 -11 175 -31 741 -58 389 3 170 -98 135 -20 479
Net portfolio investment (Inflow (+)/outflow (-)) ................ (5684K) 50 605 36 512 82 330 240 559 6 733 66 747 67 076 79 815 220 371 73 793
Net incurrence of liabilities ........................................... (5644K) 50 961 55 450 1 910 139 866 25 945 74 730 83 878 94 275 278 828 89 416
Equity and investment fund shares.......................... (5756K) 16 384 10 745 -12 046 25 399 -16 139 25 508 26 248 66 652 102 269 42 532
Debt securities ........................................................ (5757K) 34 577 44 705 13 956 114 467 42 084 49 222 57 630 27 623 176 559 46 884
Net acquisition of financial assets ................................ (5660K) -356 -18 938 80 420 100 693 -19 212 -7 983 -16 802 -14 460 -58 457 -15 623
Equity and investment fund shares.......................... (5758K) -702 -14 191 87 010 109 279 -18 945 -2 722 -7 552 2 006 -27 213 -17 143
Debt Securities ...................................................... (5759K) 346 -4 747 -6 590 -8 586 -267 -5 261 -9 250 -16 466 -31 244 1 520
Net financial derivatives (Inflow (+)/outflow (-)) ................ (5760K) -9 399 -1 114 -2 085 -13 757 -359 -1 209 -4 533 1 854 -4 247 -6 500
Net incurrence of liabilities .......................................... (5672K) -103 801 -116 120 -129 798 -499 330 -90 924 -59 627 -37 848 -39 082 -227 481 -59 540
Net acquisition of financial assets ................................ (5677K) 94 402 115 006 127 713 485 573 90 565 58 418 33 315 40 936 223 234 53 040
Net other investment (Inflow (+)/outflow (-)) .................... (5685K) -25 859 6 023 -739 -22 235 9 401 -28 819 16 503 -6 087 -9 002 -18 676
Net incurrence of liabilities ........................................... (5650K) -18 068 21 030 8 490 -3 747 44 792 -28 402 49 839 -5 554 60 675 2 426
Net acquisition of financial assets ................................ (5666K) -7 791 -15 007 -9 229 -18 488 -35 391 -417 -33 336 -533 -69 677 -21 102
Reserve assets (Increase (-)/decrease (+))7...................... (5679K) 1 280 6 195 -54 301 -40 193 14 241 -1 120 -23 744 -14 902 -25 525 14 571
Balance on financial account .......................................... (5764K) 20 640 50 484 -1 283 131 432 27 944 9 731 13 147 50 303 101 125 53 214
Memo item: Balance on financial account excluding reserves
assets ................................................................................ (5765K) 19 360 44 289 53 018 171 625 13 703 10 851 36 891 65 205 126 650 38 643
Unrecorded transactions8 ................................................... (5766K) -10 951 -5 209 5 488 -10 485 7 593 9 763 28 680 -33 090 12 946 21 788
Memo item: Balance on financial account excluding reserve
assets including unrecorded transactions............................ (5767K) 8 409 39 080 58 506 161 140 21 296 20 614 65 571 32 115 139 596 60 431
KB502
1. Data for the previous four years are preliminary and subject to revision.
2. Published customs figures adjusted for balance of payments purposes.
3. Commodity gold. Before 1981 net gold exports comprised net foreign sales of gold plus changes in gold holdings of the South African Reserve Bank and other banking institutions.
4. A net incurrence of liabilities (inflow of capital) is indicated by a positive (+) sign. A net disposal of liabilities (outflow of capital) is indicated by a negative (-) sign. A net acquisition of assets (outflow of capital)
is indicated by a negative (-) sign. A net disposal of assets (inflow of capital) is indicated by a positive (+) sign.
6. Investment by South African residents in undertakings abroad in which they have at least 10 per cent of the voting rights.
7. Foreign currency liabilities of the Reserve Bank with non-resident institutions and loans from the IMF are included in the calculation of reserve assets. An increase in reserve assets is indicated by a negative
(-) sign and a decrease is indicated by a positive (+) sign.
8. Transactions on the current, capital transfer and financial accounts.
Quarterly Bulletin June 2018 S–81

Current account of the balance of payments

Seasonally adjusted figures at annual rates
R millions
Less: Less: Current Balance Memo

Merchandise Net Merchandise Payments Less: transfers on item:
Period exports, gold Service Income imports, for Income (net current Trade
free on board exports receipts receipts free on board services payments receipts +) account balance
(5000L) (5001L) (5002L) (5680L) (5003L) (5004L) (5681L) (5006L) (5007L) (5010L)
2009: 02 ...................................... 515 178 49 924 110 201 30 160 523 216 122 506 85 763 -21 543 -47 565 41 886
03 ...................................... 511 184 52 296 109 143 31 008 520 258 128 405 88 117 -23 808 -56 957 43 222
04 ...................................... 541 617 55 446 108 904 27 820 572 206 132 344 77 724 -21 938 -70 425 24 857
2009 .......................................... 536 491 52 776 110 673 34 075 561 163 128 608 90 234 -22 428 -68 418 28 104
2010: 01 ...................................... 568 038 51 782 114 444 38 324 587 087 140 520 91 729 -23 175 -69 923 32 733
02 ...................................... 604 996 61 841 128 904 33 034 612 006 139 316 98 901 -10 709 -32 157 54 831
03 ...................................... 625 247 61 642 116 292 33 736 629 274 143 600 93 156 -23 813 -52 926 57 615
04 ...................................... 639 147 62 731 110 332 31 302 608 081 149 048 87 006 -9 351 -9 974 93 797
2010 .......................................... 609 357 59 499 117 493 34 099 609 112 143 121 92 698 -16 762 -41 245 59 744
2011: 01 ...................................... 675 008 63 461 113 376 37 104 671 069 149 832 106 840 -9 924 -48 716 67 400
02 ...................................... 703 615 69 995 121 812 41 002 711 962 148 860 114 446 -17 578 -56 422 61 648
03 ...................................... 730 206 82 836 131 996 38 193 757 882 150 952 138 193 -16 347 -80 143 55 160
04 ...................................... 769 379 84 900 137 556 36 173 841 635 154 072 102 317 -12 947 -82 963 12 644
2011 .......................................... 719 552 75 298 126 185 38 118 745 637 150 929 115 449 -14 199 -67 061 49 213
2012: 01 ...................................... 744 496 76 509 138 872 46 041 824 683 150 272 126 585 -17 796 -113 418 -3 678
02 ...................................... 749 410 77 537 144 820 52 403 857 366 152 056 147 694 -37 051 -169 997 -30 419
03 ...................................... 734 297 68 228 147 152 48 660 859 417 158 248 135 178 -37 947 -192 453 -56 892
04 ...................................... 777 125 61 926 148 312 46 900 895 222 160 396 137 891 -32 682 -191 928 -56 171
2012 .......................................... 751 332 71 050 144 789 48 501 859 172 155 243 136 837 -31 369 -166 949 -36 790
2013: 01 ...................................... 811 034 68 278 153 988 71 530 942 572 165 540 147 262 -33 448 -183 992 -63 260
02 ...................................... 853 239 79 735 162 592 62 528 1 001 391 177 188 150 913 -31 597 -202 995 -68 417
03 ...................................... 883 982 60 801 163 968 74 385 1 054 699 176 960 165 204 -32 725 -246 452 -109 916
04 ...................................... 919 829 59 883 168 184 49 321 1 015 751 176 960 165 537 -24 894 -185 925 -36 039
2013 .......................................... 867 021 67 174 162 183 64 441 1 003 603 174 162 157 229 -30 666 -204 841 -69 408
2014: 01 ...................................... 969 173 59 052 173 225 80 679 1 088 471 185 033 160 990 -28 150 -180 515 -60 245
02 ...................................... 893 441 68 338 183 023 70 815 1 058 021 184 316 176 062 -36 752 -239 533 -96 241
03 ...................................... 936 563 89 563 187 317 84 488 1 075 418 185 114 182 601 -35 948 -181 150 -49 292
04 ...................................... 972 122 70 815 187 336 92 958 1 056 643 184 849 215 463 -36 942 -170 666 -13 706
2014 .......................................... 942 825 71 942 182 725 82 235 1 069 638 184 828 183 779 -34 448 -192 966 -54 871
2015: 01 ...................................... 947 491 58 763 188 380 110 763 1 065 669 190 970 208 041 -33 828 -193 112 -59 415
02 ...................................... 967 799 73 977 184 773 107 617 1 046 945 192 157 192 927 -35 066 -132 929 -5 169
03 ...................................... 990 034 49 450 189 614 96 491 1 086 181 198 698 202 445 -32 203 -193 937 -46 696
04 ...................................... 977 166 55 893 203 653 77 193 1 106 365 208 746 190 115 -33 035 -224 357 -73 307
2015 .......................................... 970 623 59 521 191 605 98 016 1 076 290 197 643 198 382 -33 533 -186 084 -46 147
2016: 01 ...................................... 1 013 251 48 772 215 868 69 430 1 097 820 214 859 205 419 -35 881 -206 657 -35 796
02 ...................................... 1 098 057 86 876 210 560 93 618 1 108 728 215 861 223 074 -26 195 -84 747 76 205
03 ...................................... 1 045 545 83 293 207 639 73 895 1 087 736 222 662 196 761 -22 565 -119 352 41 102
04 ...................................... 1 075 276 48 108 209 393 114 149 1 066 074 221 938 207 718 -25 191 -73 996 57 310
2016 .......................................... 1 058 032 66 762 210 865 87 773 1 090 089 218 830 208 243 -27 458 -121 188 34 705
2017: 01 ...................................... 1 074 361 50 356 208 361 85 127 1 066 402 211 663 203 120 -28 710 -91 690 58 314
02 ...................................... 1 088 598 68 403 207 718 62 395 1 105 864 215 987 190 861 -43 810 -129 407 51 137
03 ...................................... 1 101 943 67 807 210 873 92 179 1 077 796 214 339 238 670 -40 712 -98 714 91 954
04 ...................................... 1 168 384 79 079 213 999 86 847 1 173 443 220 188 252 153 -39 980 -137 455 74 019
2017 .......................................... 1 108 322 66 411 210 238 81 637 1 105 876 215 544 221 201 -38 303 -114 317 68 856
2018: 01 ...................................... 1 056 366 76 707 206 043 107 302 1 157 924 206 524 265 388 -45 634 -229 052 -24 851
KB503

Foreign trade
Indices of volume and prices of goods and services
Seasonally adjusted, 2010 = 100
Exports1 Imports1 Terms of trade2
Excluding gold Including gold

Period
Excluding Including
Volume Price Volume Price Volume Price gold gold
(5030L) (5031L) (5032L) (5033L) (5034L) (5035L) (5036L) (5037L)
2009: 02 ................................................. 90.7 94.9 91.1 94.3 87.2 98.5 96.4 95.7
03 ................................................. 91.7 93.1 92.7 92.2 87.0 99.1 93.9 93.1
04 ................................................. 93.0 96.3 93.6 95.9 92.7 101.1 95.2 94.9
2009 ..................................................... 92.4 96.3 92.8 95.9 90.3 101.5 94.9 94.5
2010: 01 ................................................. 97.5 96.3 97.2 96.0 95.0 101.8 94.6 94.3
02 ................................................. 100.0 100.9 100.3 100.9 99.0 100.9 100.1 100.1
03 ................................................. 101.2 100.8 101.3 100.8 103.4 99.3 101.6 101.6
04 ................................................. 101.3 101.8 101.2 102.1 102.6 98.0 103.9 104.1
2010 ..................................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
2011: 01 ................................................. 102.2 106.1 101.8 106.4 106.9 102.1 104.0 104.2
02 ................................................. 102.2 111.1 102.1 111.5 107.9 106.1 104.8 105.1
03 ................................................. 104.2 113.9 103.9 115.7 113.5 106.5 107.0 108.6
04 ................................................. 107.2 116.4 106.1 118.9 119.4 110.9 104.9 107.2
2011 ..................................................... 103.9 111.9 103.5 113.1 111.9 106.4 105.2 106.3
2012: 01 ................................................. 105.5 115.2 104.1 117.2 113.7 114.0 101.1 102.9
02 ................................................. 106.0 116.1 104.7 118.1 116.5 115.2 100.7 102.5
03 ................................................. 105.9 114.5 103.6 116.6 118.0 114.6 99.9 101.7
04 ................................................. 108.4 117.4 104.9 119.7 118.3 118.6 99.0 100.9
2012 ..................................................... 106.5 115.8 104.3 117.9 116.6 115.6 100.2 102.0
2013: 01 ................................................. 109.2 121.6 106.4 123.5 120.9 121.9 99.7 101.3
02 ................................................. 109.5 127.6 108.1 128.9 125.1 125.2 101.9 102.9
03 ................................................. 111.8 129.0 108.5 129.9 125.1 130.8 98.6 99.3
04 ................................................. 114.2 131.0 110.9 131.7 118.8 133.4 98.2 98.7
2013 ..................................................... 111.2 127.3 108.5 128.5 122.5 127.8 99.6 100.6
2014: 01 ................................................. 118.8 132.3 114.6 133.3 122.2 138.6 95.4 96.2
02 ................................................. 109.3 135.5 106.8 136.3 119.3 138.4 97.9 98.5
03 ................................................. 114.1 135.5 112.9 136.7 121.7 137.7 98.4 99.3
04 ................................................. 118.1 135.1 115.1 135.9 124.0 133.1 101.5 102.1
2014 ..................................................... 115.1 134.6 112.4 135.6 121.8 137.0 98.3 99.0
2015: 01 ................................................. 118.5 131.9 114.6 132.6 130.0 128.5 102.6 103.2
02 ................................................. 119.4 132.8 116.4 134.0 126.5 130.2 102.0 102.9
03 ................................................. 121.3 133.8 116.3 134.4 127.9 133.6 100.2 100.6
04 ................................................. 119.5 135.9 114.7 137.1 129.0 135.5 100.3 101.2
2015 ..................................................... 119.7 133.6 115.5 134.5 128.4 131.9 101.3 102.0
2016: 01 ................................................. 121.4 139.3 115.3 140.9 125.4 139.2 100.1 101.3
02 ................................................. 124.6 144.5 120.7 147.1 122.6 143.6 100.6 102.4
03 ................................................. 119.2 144.6 115.5 147.2 122.4 142.3 101.6 103.4
04 ................................................. 120.7 146.5 115.0 147.3 123.6 138.5 105.7 106.4
2016 ..................................................... 121.5 143.7 116.6 145.6 123.5 140.9 102.0 103.4
2017: 01 ................................................. 119.2 148.0 114.1 148.6 123.1 138.0 107.3 107.7
02 ................................................. 120.6 147.9 116.3 149.2 126.7 138.7 106.7 107.6
03 ................................................. 120.6 149.8 116.1 151.2 123.0 139.7 107.3 108.3
04 ................................................. 123.7 153.7 119.5 155.5 130.4 142.0 108.2 109.5
2017 ..................................................... 121.0 149.9 116.5 151.1 125.8 139.6 107.4 108.3
2018: 01 ................................................. 117.4 147.9 114.3 149.0 128.2 141.4 104.6 105.4
KB504
1. Derived from the national accounts item ‘goods and services’.

2. Export price index divided by import price index.

Services, income and transfer receipts

Annual figures
R millions
2010 2011 2012 2013 2014 2015 2016 2017
Services
Transportation...................................................... (5700Y) 22 702 24 286 25 774 30 201 32 908 31 410 32 116 30 891
Passenger fares .............................................. (5041Y) 8 956 8 676 9 907 11 823 12 430 11 241 13 017 11 853
Other............................................................... (5042Y) 13 746 15 610 15 867 18 378 20 478 20 169 19 099 19 038
Travel................................................................... (5043Y) 66 403 69 320 82 047 89 189 101 447 105 066 116 357 117 573
Business ......................................................... (5701Y) 5 285 5 633 7 123 7 512 8 354 8 680 9 844 9 807
Other............................................................... (5702Y) 61 118 63 687 74 924 81 677 93 093 96 386 106 513 107 766
Other services...................................................... (5051Y) 28 388 32 579 36 968 42 793 48 370 55 129 62 392 61 774
Manufacturing services on physical inputs owned
by others ......................................................... (5733Y) 20 28 28 32 34 31 41 35
Repairs and maintenance services on movable
goods n.i.e ...................................................... (5734Y) 140 204 260 560 960 424 432 560
Financial and insurance services...................... (5735Y) 7 968 8 843 9 732 10 902 12 024 13 487 14 639 14 601
Charges for the use of intellectual property...... (5736Y) 832 976 1 024 1 156 1 260 1 334 1 601 1 586
Telecommunications, computer and information
services........................................................... (5737Y) 3 408 3 936 4 660 5 777 6 564 7 286 8 424 8 853
Personal, cultural and recreational services .... (5738Y) 920 1 024 1 180 1 389 1 576 2 172 2 898 3 146
Other business and miscellaneous services ..... (5739Y) 15 100 17 568 20 084 22 977 25 952 30 395 34 357 32 993
of which:
Legal services ....................................... (5740Y) 2 484 2 740 2 380 3 334 4 858 5 142 5 749 5 081
Accounting services .............................. (5741Y) 876 1 548 1 475 1 595 1 546 2 150 2 714 2 754
Advertising and market research services (5742Y) 964 1 004 1 060 1 141 1 226 1 592 2 282 3 304
Architectural, engineering and other
technical services .................................. (5743Y) 2 880 3 740 5 371 6 169 7 007 9 188 10 667 9 574
Total services ..................................................... (5002Y) 117 493 126 185 144 789 162 183 182 725 191 605 210 865 210 238
Income
Compensation of employees................................ (5703Y) 7 812 8 387 8 896 9 356 9 912 10 488 11 073 11 644
Investment income
Direct investment............................................. (5704Y) 8 402 8 522 12 100 20 730 29 582 40 934 31 078 31 308
Dividends .................................................... (5044Y) 4 787 4 792 8 053 16 094 23 973 34 462 24 160 24 853
Interest........................................................ (5045Y) 2 987 3 165 3 510 4 107 5 074 5 949 6 401 5 948
Branch ........................................................ (5046Y) 628 565 537 529 535 523 517 508
Non-direct investment1 .................................... (5705Y) 17 885 21 209 27 505 34 355 42 741 46 594 45 622 38 685
Dividends .................................................... (5047Y) 9 491 12 282 17 797 22 934 28 794 30 364 27 974 21 526
Interest........................................................ (5048Y) 8 394 8 927 9 708 11 421 13 947 16 230 17 648 17 159
Total income ...................................................... (5680Y) 34 099 38 118 48 501 64 441 82 235 98 016 87 773 81 637
Current transfers
Central government ............................................. (5707Y) 1 333 1 870 1 845 3 271 1 633 3 236 1 953 1 285
Other sectors ....................................................... (5708Y) 7 756 9 417 11 246 14 822 18 687 21 129 21 835 21 713
Total current transfers ....................................... (5709Y) 9 089 11 287 13 091 18 093 20 320 24 365 23 788 22 998
Capital transfers
Central government ............................................. (5710Y) - - - - - - - -
Other sectors ....................................................... (5711Y) 363 388 392 401 416 413 408 412
Total capital transfers........................................ (5712Y) 363 388 392 401 416 413 408 412
KB505
1. Including portfolio and other investment.

Services, income and transfer payments

Annual figures
R millions
2010 2011 2012 2013 2014 2015 2016 2017
Services
Transportation...................................................... (5720Y) 52 443 60 609 66 399 75 027 81 686 81 894 83 158 84 758
Passenger fares .............................................. (5057Y) 18 622 22 519 25 201 29 520 34 068 34 609 36 636 37 433
Other............................................................... (5058Y) 33 821 38 090 41 198 45 507 47 618 47 285 46 522 47 325
Travel................................................................... (5059Y) 40 830 38 026 33 387 33 076 34 349 38 103 41 857 43 405
Business ......................................................... (5721Y) 11 527 10 785 9 124 8 999 9 301 10 389 11 556 11 901
Other............................................................... (5722Y) 29 303 27 241 24 263 24 077 25 048 27 714 30 301 31 504
Other services...................................................... (5067Y) 49 848 52 294 55 457 66 059 68 793 77 646 93 815 87 381
Manufacturing services on physical inputs owned
by others ......................................................... (5744Y) - - - - - - - -
Repairs and maintenance services on movable
goods n.i.e ...................................................... (5745Y) 68 52 48 56 83 46 79 81
Financial and insurance services...................... (5746Y) 4 808 5 620 6 336 7 012 7 709 8 171 8 446 8 379
Charges for the use of intellectual property...... (5747Y) 14 184 15 362 16 534 18 651 18 791 21 839 28 969 28 298
Telecommunications, computer and information
services........................................................... (5748Y) 5 312 5 632 7 444 9 831 11 380 13 359 16 325 16 040
Personal, cultural and recreational services .... (5749Y) 124 220 164 220 222 204 267 443
Other business and miscellaneous services ..... (5750Y) 25 352 25 408 24 931 30 289 30 608 34 027 39 729 34 140
of which:
Legal services ....................................... (5751Y) 356 412 525 707 972 1 271 1 620 1 610
Accounting services .............................. (5752Y) 1 232 1 284 1 354 1 443 1 441 1 443 1 533 1 167
Advertising and market research services (5753Y) 1 276 1 356 1 430 1 511 1 614 1 746 2 362 2 354
Architectural, engineering and other
technical services .................................. (5754Y) 11 992 11 640 9 423 13 043 11 991 13 426 17 910 12 983
Total services ..................................................... (5004Y) 143 121 150 929 155 243 174 162 184 828 197 643 218 830 215 544
Income
Compensation of employees................................ (5723Y) 9 872 10 325 10 844 11 410 11 876 12 492 13 122 13 779
Investment income
Direct investment............................................. (5724Y) 45 159 59 896 69 569 77 745 94 752 89 904 89 048 85 307
Dividends .................................................... (5060Y) 43 831 58 647 68 226 76 252 92 995 87 907 86 900 83 061
Interest........................................................ (5061Y) 1 052 989 1 116 1 268 1 525 1 769 1 918 2 026
Branch ........................................................ (5062Y) 276 260 227 225 232 228 230 220
Non-direct investment1 .................................... (5725Y) 37 667 45 228 56 424 68 074 77 151 95 986 106 073 122 115
Dividends .................................................... (5063Y) 10 674 13 084 12 820 12 647 12 748 23 628 23 195 24 359
Interest........................................................ (5064Y) 26 993 32 144 43 604 55 427 64 404 72 358 82 878 97 757
Total income ...................................................... (5681Y) 92 698 115 449 136 837 157 229 183 779 198 382 208 243 221 201
Current transfers
Central government ............................................. (5727Y) 20 491 19 353 35 732 41 533 47 873 49 526 41 594 51 690
Other sectors ....................................................... (5728Y) 5 360 6 133 8 728 7 226 6 895 8 372 9 652 9 611
Total current transfers ....................................... (5729Y) 25 851 25 486 44 460 48 759 54 768 57 898 51 246 61 301
Capital transfers
Central government ............................................. (5730Y) - - - - - - - -
Other sectors ....................................................... (5731Y) 138 147 153 158 180 170 167 166
Total capital transfers........................................ (5732Y) 138 147 153 158 180 170 167 166
KB532

Services, income and transfer receipts

R millions
2016 2017 2018
02 03 04 2016 01 02 03 04 2017 01
Services
Transportation...................................................... (5700L) 33 082 31 670 30 809 32 116 31 559 30 168 30 560 31 277 30 891 26 286
Passenger fares............................................... (5041L) 13 002 13 470 12 593 13 017 11 955 11 464 11 624 12 369 11 853 10 898
Other............................................................... (5042L) 20 080 18 200 18 216 19 099 19 604 18 704 18 936 18 908 19 038 15 388
Travel................................................................... (5043L) 115 729 113 248 115 435 116 357 115 689 114 964 117 916 121 723 117 573 118 253
Business ......................................................... (5701L) 9 785 9 791 9 809 9 844 9 804 9 309 9 711 10 404 9 807 9 969
Other............................................................... (5702L) 105 944 103 458 105 627 106 513 105 885 105 655 108 205 111 319 107 766 108 284
Other services ...................................................... (5051L) 61 748 62 721 63 148 62 392 61 113 62 586 62 398 60 999 61 774 61 503
Total services ..................................................... (5002L) 210 560 207 639 209 393 210 865 208 361 207 718 210 873 213 999 210 238 206 043
Income
Compensation of employees................................ (5703L) 10 960 10 972 11 472 11 073 11 468 11 528 11 536 12 044 11 644 12 052
Investment income
Direct investment............................................. (5704L) 35 607 24 320 49 322 31 078 22 334 31 548 27 583 43 768 31 308 31 282
Dividends .................................................... (5044L) 28 382 16 547 41 583 24 160 17 444 25 015 20 505 36 447 24 853 25 947
Interest........................................................ (5045L) 6 705 7 249 7 231 6 401 4 378 6 029 6 562 6 821 5 948 4 827
Branch ........................................................ (5046L) 520 524 508 517 512 504 516 500 508 508
Non-direct investment1 .................................... (5705L) 47 051 38 603 53 355 45 622 51 325 19 319 53 060 31 035 38 685 63 968
Dividends .................................................... (5047L) 30 379 20 631 35 279 27 974 33 277 3 405 36 104 13 318 21 526 43 260
Interest........................................................ (5048L) 16 672 17 972 18 076 17 648 18 048 15 914 16 956 17 717 17 159 20 708
Total income....................................................... (5680L) 93 618 73 895 114 149 87 773 85 127 62 395 92 179 86 847 81 637 107 302
Current transfers
Central government.............................................. (5707L) 238 5 364 1 011 1 953 524 772 1 124 2 720 1 285 444
Other sectors ....................................................... (5708L) 21 780 21 052 21 940 21 835 20 184 20 812 22 356 23 500 21 713 20 944
Total current transfers ....................................... (5709L) 22 018 26 416 22 951 23 788 20 708 21 584 23 480 26 220 22 998 21 388
Capital transfers
Central government.............................................. (5710L) - - - - - - - - - -
Other sectors ....................................................... (5711L) 404 412 400 408 408 412 404 424 412 420
Total capital transfers ........................................ (5712L) 404 412 400 408 408 412 404 424 412 420
KB531

Services, income and transfer payments

R millions
2016 2017 2018
02 03 04 2016 01 02 03 04 2017 01
Services
Transportation...................................................... (5720L) 83 982 81 465 83 819 83 158 83 030 83 023 85 565 87 413 84 758 85 756
Passenger fares............................................... (5057L) 37 021 37 023 37 082 36 636 36 126 36 108 38 515 38 983 37 433 38 121
Other............................................................... (5058L) 46 961 44 443 46 737 46 522 46 905 46 916 47 050 48 430 47 325 47 636
Travel................................................................... (5059L) 41 341 41 637 43 575 41 857 43 197 42 442 43 908 44 073 43 405 43 986
Business ......................................................... (5721L) 11 484 11 469 12 070 11 556 11 873 11 365 12 352 12 014 11 901 11 730
Other............................................................... (5722L) 29 857 30 168 31 505 30 301 31 324 31 077 31 556 32 059 31 504 32 256
Other services ...................................................... (5067L) 90 538 99 560 94 545 93 815 85 435 90 521 84 866 88 702 87 381 76 781
Total services .................................................... (5004L) 215 861 222 662 221 938 218 830 211 663 215 987 214 339 220 188 215 544 206 524
Income
Compensation of employees................................ (5723L) 12 716 12 836 14 572 13 122 12 968 13 352 13 484 15 312 13 779 13 668
Investment income
Direct investment............................................. (5724L) 106 738 78 731 80 529 89 048 86 092 65 305 93 325 96 505 85 307 105 618
Dividends ................................................... (5060L) 104 696 76 306 78 671 86 900 83 769 63 204 90 748 94 524 83 061 103 228
Interest........................................................ (5061L) 1 818 2 193 1 622 1 918 2 091 1 881 2 361 1 769 2 026 2 186
Branch ........................................................ (5062L) 224 232 236 230 232 220 216 212 220 204
Non-direct investment1 .................................... (5725L) 103 620 105 194 112 617 106 073 104 060 112 204 131 861 140 336 122 115 146 102
Dividends .................................................... (5063L) 24 167 20 164 24 980 23 195 15 700 21 383 28 299 32 053 24 359 36 771
Interest........................................................ (5064L) 79 453 85 030 87 637 82 878 88 360 90 821 103 562 108 283 97 757 109 331
Total income....................................................... (5681L) 223 074 196 761 207 718 208 243 203 120 190 861 238 670 252 153 221 201 265 388
Current transfers
Central government.............................................. (5727L) 38 908 38 908 38 908 41 594 38 908 55 992 55 908 55 952 51 690 55 952
Other sectors ....................................................... (5728L) 9 305 10 073 9 234 9 652 10 510 9 402 8 284 10 248 9 611 11 070
Total current transfers ....................................... (5729L) 48 213 48 981 48 142 51 246 49 418 65 394 64 192 66 200 61 301 67 022
Capital transfers
Central government.............................................. (5730L) - - - - - - - - - -
Other sectors ....................................................... (5731L) 176 164 156 167 168 160 172 164 166 176
Total capital transfers ........................................ (5732L) 176 164 156 167 168 160 172 164 166 176
KB533

Financial account1
Annual figures
R millions
2010 2011 2012 2013 2014 2015 2016 2017
Net incurrence of liabilities2
Direct investment3 ............................................................................ (5640J) 26 617 30 808 37 428 80 138 62 627 22 065 32 876 17 663
Public corporations ......................................................................... (5641J) - - - - - - - -
Banking sector................................................................................ (5642J) -335 -305 1 970 20 160 1 121 3 257 -9 844 -21 922
Private non-banking sector ............................................................. (5643J) 26 952 31 113 35 458 59 978 61 506 18 808 42 720 39 585
Portfolio investment ......................................................................... (5644J) 107 876 114 636 182 086 130 199 146 944 121 290 139 866 278 828
Monetary authorities ....................................................................... (5645J) - - - - - - - -
General government ....................................................................... (5646J) 60 239 86 337 118 611 61 489 51 563 3 287 141 112 171 650
Public corporations ......................................................................... (5647J) 7 790 24 323 8 906 8 320 2 613 16 262 -11 316 -1 804
Banking sector................................................................................ (5648J) 4 070 -783 4 829 11 700 16 545 3 169 11 239 37 909
Private non-banking sector ............................................................. (5649J) 35 777 4 759 49 740 48 690 76 223 98 572 -1 169 71 073
Financial derivatives ......................................................................... (5672J) - -245 062 -213 869 -188 354 -194 842 -320 856 -499 330 -227 481
Banking sector................................................................................ (5673J) - -245 062 -213 869 -188 354 -194 842 -320 856 -499 330 -227 481
Other investment .............................................................................. (5650J) 7 899 34 040 69 735 50 412 148 133 72 273 -3 747 60 675
Monetary authorities4 ...................................................................... (5651J) 621 549 1 646 953 4 483 -1 606 286 -1 059
General government ....................................................................... (5652J) -2 320 -2 929 -3 646 -1 763 -4 210 -3 925 -3 350 -2 477
Public corporations ......................................................................... (5653J) 12 145 16 647 20 004 12 765 17 836 18 960 25 543 24 452
Banking sector................................................................................ (5654J) 6 701 1 355 45 060 16 964 123 106 33 443 -12 369 -19 013
Private non-banking sector ............................................................. (5655J) -9 248 18 418 6 671 21 493 6 918 25 401 -13 857 58 772
Special Drawing Rights ................................................................... (5674J) - - - - - - - -
Net acquisition of financial assets5
Direct investment6 ............................................................................ (5656J) 554 1 865 -24 528 -64 196 -83 234 -73 282 -65 818 -98 135
Public corporations ......................................................................... (5657J) -1 008 -131 - -110 - - - -
Banking sector................................................................................ (5658J) 12 -164 -117 28 11 18 20 -498
Private non-banking sector ............................................................. (5659J) 1 550 2 160 -24 411 -64 114 -83 245 -73 300 -65 838 -97 637
Portfolio investment ......................................................................... (5660J) -33 374 -57 636 -69 731 -23 008 -1 170 1 332 100 693 -58 457
Public corporations ......................................................................... (5663J) - - - - - - - -
Banking sector................................................................................ (5664J) -5 244 2 483 -739 12 620 3 491 -3 069 19 901 -6 443
Private non-banking sector ............................................................. (5665J) -28 130 -60 119 -68 992 -35 628 -4 661 4 401 80 792 -52 014
Financial derivatives ......................................................................... (5677J) - 258 201 228 247 195 832 211 251 325 738 485 573 223 234
Banking sector................................................................................ (5678J) - 258 201 228 247 195 832 211 251 325 738 485 573 223 234
Other investment .............................................................................. (5666J) -22 137 -13 878 1 089 3 251 -26 312 46 769 -18 488 -69 677
Monetary authorities7 ...................................................................... (5667J) -1 6 - - - - - -
General government ....................................................................... (5668J) 1 786 1 981 1 659 - - - - -3 431
Public corporations ......................................................................... (5669J) -517 -2 425 -187 -3 895 1 802 -3 199 -1 231 -992
Banking sector................................................................................ (5670J) -29 584 -5 081 9 832 14 216 -15 850 69 078 -15 659 10 501
Private non-banking sector ............................................................. (5671J) 6 179 -8 359 -10 215 -7 070 -12 264 -19 110 -1 598 -75 755
Reserve assets8 ................................................................................ (5679J) -31 307 -32 703 -8 955 -4 658 -15 134 14 015 -40 193 -25 525
KB529
1. Identified capital movements.

2. A net incurrence of liabilities (inflow of capital) is indicated by a positive (+) sign. A net disposal of liabilities (outflow of capital) is indicated by a negative (-) sign.
4. These transactions comprise the liabilities of the South African Reserve Bank and the Corporation for Public Deposits.
5. A net acquisition of financial assets (outflow of capital) is indicated by a negative (-) sign. A net disposal of financial assets (inflow of capital) is indicated by a positive (+) sign.
6. Investment by South African residents in undertakings abroad in which they individually or collectively in the case of affiliated organisations or persons have at least 10 per cent of the voting rights.
7. Including the long-term assets of the South African Reserve Bank and the Corporation for Public Deposits.
8. Foreign currency liabilities of the Reserve Bank with non-resident institutions and loans from the IMF are included in the calculation of reserve assets. An increase in reserve assets is indicated by a
negative (-) sign and a decrease is indicated by a positive (+) sign.

Financial account1
Quarterly figures
R millions
2016 2017 2018
02 03 04 2016 01 02 03 04 2017 01
Net incurrence of liabilities2
Direct investment3.................................................. (5640K) 8 900 11 468 2 039 32 876 9 103 5 873 16 234 -13 547 17 663 10 505
Public corporations .............................................. (5641K) - - - - - - - - - -
Banking sector ..................................................... (5642K) -12 804 124 2 545 -9 844 1 833 -14 739 -6 -9 010 -21 922 3 624
Private non-banking sector................................... (5643K) 21 704 11 344 -506 42 720 7 270 20 612 16 240 -4 537 39 585 6 881
Portfolio investment............................................... (5644K) 50 961 55 450 1 910 139 866 25 945 74 730 83 878 94 275 278 828 89 416
Monetary authorities ............................................. (5645K) - - - - - - - - - -
General government............................................. (5646K) 39 434 52 805 15 083 141 112 42 159 48 182 54 169 27 140 171 650 46 708
Public corporations .............................................. (5647K) 1 634 103 -666 -11 316 -246 -163 -1 414 19 -1 804 1 022
Banking sector ..................................................... (5648K) 441 1 045 7 545 11 239 -743 23 114 2 551 12 987 37 909 6 823
Private non-banking sector................................... (5649K) 9 452 1 497 -20 052 -1 169 -15 225 3 597 28 572 54 129 71 073 34 863
Financial derivatives .............................................. (5672K) -103 801 -116 120 -129 798 -499 330 -90 924 -59 627 -37 848 -39 082 -227 481 -59 540
Banking sector ..................................................... (5673K) -103 801 -116 120 -129 798 -499 330 -90 924 -59 627 -37 848 -39 082 -227 481 -59 540
Other investment.................................................... (5650K) -18 068 21 030 8 490 -3 747 44 792 -28 402 49 839 -5 554 60 675 2 426
Monetary authorities4 ........................................... (5651K) 613 -1 469 -126 286 -3 658 5 034 -1 889 -546 -1 059 -3 220
General government............................................. (5652K) -1 361 -423 -1 072 -3 350 -190 -1 014 -198 -1 075 -2 477 -
Public corporations .............................................. (5653K) 2 250 4 049 11 521 25 543 11 523 1 866 4 765 6 298 24 452 5 154
Banking sector ..................................................... (5654K) -13 552 14 948 9 464 -12 369 4 097 -37 097 30 751 -16 764 -19 013 -5 046
Private non-banking sector................................... (5655K) -6 018 3 925 -11 297 -13 857 33 020 2 809 16 410 6 533 58 772 5 538
Special Drawing Rights ........................................ (5674K) - - - - - - - - - -
Net acquisition of financial assets5
Direct investment6.................................................. (5656K) -4 887 -8 600 -28 527 -65 818 -11 175 -31 741 -58 389 3 170 -98 135 -20 479
Banking sector ..................................................... (5658K) - 20 - 20 -534 36 - - -498 -
Private non-banking sector................................... (5659K) -4 887 -8 620 -28 527 -65 838 -10 641 -31 777 -58 389 3 170 -97 637 -20 479
Portfolio investment............................................... (5660K) -356 -18 938 80 420 100 693 -19 212 -7 983 -16 802 -14 460 -58 457 -15 623
Banking sector ..................................................... (5664K) 6 047 2 708 2 014 19 901 6 271 263 -4 200 -8 777 -6 443 6 847
Private non-banking sector................................... (5665K) -6 403 -21 646 78 406 80 792 -25 483 -8 246 -12 602 -5 683 -52 014 -22 470
Financial derivatives .............................................. (5677K) 94 402 115 006 127 713 485 573 90 565 58 418 33 315 40 936 223 234 53 040
Banking sector ..................................................... (5678K) 94 402 115 006 127 713 485 573 90 565 58 418 33 315 40 936 223 234 53 040
Other investment.................................................... (5666K) -7 791 -15 007 -9 229 -18 488 -35 391 -417 -33 336 -533 -69 677 -21 102
Monetary authorities7 ........................................... (5667K) - - - - - - - - - -
General government............................................. (5668K) - - - - -3 431 - - - -3 431 -4 088
Public corporations .............................................. (5669K) -1 073 -431 1 090 -1 231 -888 637 173 -914 -992 -2 067
Banking sector ..................................................... (5670K) -11 148 -17 201 2 656 -15 659 -1 056 1 450 -7 988 18 095 10 501 -654
Private non-banking sector................................... (5671K) 4 430 2 625 -12 975 -1 598 -30 016 -2 504 -25 521 -17 714 -75 755 -14 293
Reserve assets8 ..................................................... (5679K) 1 280 6 195 -54 301 -40 193 14 241 -1 120 -23 744 -14 902 -25 525 14 571
KB530
1. Identified capital movements.

2. A net incurrence of liabilities (inflow of capital) is indicated by a positive (+) sign. A net disposal of liabilities (outflow of capital) is indicated by a negative (-) sign.
4. These transactions comprise the liabilities of the South African Reserve Bank and the Corporation for Public Deposits.
5. A net acquisition of financial assets (outflow of capital) is indicated by a negative (-) sign. A net disposal of financial assets (inflow of capital) is indicated by a positive (+) sign.
6. Investment by South African residents in undertakings abroad in which they individually or collectively in the case of affiliated organisations or persons have at least 10 per cent of the voting rights.
7. Including the long-term assets of the South African Reserve Bank and the Corporation for Public Deposits.
8. Foreign currency liabilities of the Reserve Bank with non-resident institutions and loans from the IMF are included in the calculation of reserve assets. An increase in reserve assets is indicated by a
negative (-) sign and a decrease is indicated by a positive (+) sign.

Foreign liabilities of South Africa
R millions
2010 2011 2012 2013 2014 2015 2016
End of
Total Total Total Total Total Total Total
Direct investment
Public corporations............................................................................ (5540J) - - - - - - -

Equity and investment fund shares.................................................. (5480J) - - - - - - -
Debt instruments............................................................................. (5542J) - - - - - - -
Banking sector .................................................................................. (5543J) 107 481 105 369 122 967 133 505 168 471 142 638 157 049
Equity and investment fund shares.................................................. (5481J) 107 481 105 369 122 967 133 505 168 471 142 638 157 049
Private non-banking sector ................................................................ (5545J) 1 083 321 1 192 529 1 267 057 1 462 255 1 440 181 1 827 774 1 696 558
Equity and investment fund shares ................................................. (5482J) 881 038 961 025 1 023 961 1 164 365 1 109 757 1 463 245 1 342 224
Debt instruments............................................................................. (5483J) 202 283 231 504 243 096 297 890 330 424 364 529 354 334
Total direct investment ................................................................... (5550J) 1 190 802 1 297 898 1 390 024 1 595 760 1 608 652 1 970 412 1 853 607
Portfolio investment
Monetary authorities .......................................................................... (5551J) - - - - - - -

Debt securities ................................................................................ (5552J) - - - - - - -
General government .......................................................................... (5553J) 214 092 313 472 450 770 525 931 596 227 614 437 744 456
Debt securities ................................................................................ (5554J) 214 092 313 472 450 770 525 931 596 227 614 437 744 456
Public corporations............................................................................ (5555J) 18 285 43 867 54 488 70 400 80 335 118 715 101 124
Banking sector .................................................................................. (5558J) 111 835 117 823 159 962 188 636 304 623 225 926 263 980
Private non-banking sector ................................................................ (5561J) 848 039 852 044 1 063 923 1 303 878 1 594 024 1 622 127 1 690 971
Equity and investment fund shares.................................................. (5562J) 817 419 813 106 1 015 755 1 265 407 1 554 131 1 574 578 1 648 710
Total portfolio investment ............................................................... (5564J) 1 192 251 1 327 206 1 729 143 2 088 845 2 575 209 2 581 205 2 800 531
Financial derivatives
Banking sector .................................................................................. (5484J) 155 797 145 050 134 705 104 724 113 521 196 496 104 843
Total financial derivatives ............................................................... (5485J) 155 797 145 050 134 705 104 724 113 521 196 496 104 843
Other investment
Monetary authorities .......................................................................... (5565J) 4 033 4 515 6 161 7 114 11 596 9 991 10 276
Credit and loans with the IMF.......................................................... (5486J) - - - - - - -
Long-term loans.............................................................................. (5567J) - - - - - - -
Short-term loans ............................................................................. (5568J) - - - - - - -
Deposits ......................................................................................... (5569J) 4 033 4 515 6 161 7 114 11 596 9 991 10 276
General government .......................................................................... (5570J) 19 011 19 676 17 382 19 756 15 098 13 066 8 463
Long-term loans.............................................................................. (5571J) 19 011 19 676 17 382 19 756 15 098 13 066 8 463
Short-term loans ............................................................................. (5572J) - - - - - - -
Public corporations............................................................................ (5573J) 34 998 55 192 77 923 107 444 123 333 164 324 174 046
Long-term loans.............................................................................. (5574J) 32 700 53 483 76 459 102 840 118 508 157 502 168 254
Short-term loans ............................................................................. (5575J) 2 298 1 709 1 464 4 604 4 825 6 822 5 792
Banking sector .................................................................................. (5576J) 141 092 150 135 199 742 216 865 332 033 397 611 354 702
Long-term loans.............................................................................. (5577J) 32 012 38 165 29 855 27 163 41 209 78 540 54 649
Short-term loans ............................................................................. (5578J) 46 121 25 877 75 220 86 461 151 141 152 705 150 292
Deposits ......................................................................................... (5579J) 62 959 86 093 94 667 103 241 139 683 166 366 149 761
Private non-banking sector ................................................................ (5580J) 58 981 79 123 89 319 120 617 123 924 172 579 150 660
Long-term loans.............................................................................. (5581J) 34 088 35 325 34 199 38 594 40 444 56 909 62 172
Short-term loans and trade finance ................................................. (5582J) 24 893 43 798 55 120 82 023 83 480 115 670 88 488
Special Drawing Rights...................................................................... (5487J) 18 237 22 262 23 308 28 844 29 957 38 645 32 820
Total other investment .................................................................... (5583J) 276 352 330 903 413 835 500 640 635 941 796 216 730 967
Total foreign liabilities ..................................................................... (5584J) 2 815 202 3 101 057 3 667 707 4 289 969 4 933 323 5 544 329 5 489 948
KB510

Foreign assets of South Africa
R millions
2010 2011 2012 2013 2014 2015 2016

End of
Total Total Total Total Total Total Total
Direct investment
4 039 4 395 4 640 5 395 5 230 7 397 6 514 (5590J) ............................... Public corporations
2 974 3 631 4 360 4 774 4 622 6 815 6 023 (5515J) ............................... Equity and investment fund shares
1 065 764 280 621 608 582 491 (5592J) ............................... Debt instruments
250 231 185 153 142 124 104 (5593J) ............................... Banking sector
250 231 185 153 142 124 104 (5516J) ............................... Equity and investment fund shares
547 782 785 647 945 429 1 344 307 1 685 717 2 397 033 2 396 865 (5595J) ............................... Private non-banking sector
502 425 717 469 881 137 1 268 899 1 603 159 2 286 100 2 242 789 (5517J) ............................... Equity and investment fund shares
45 357 68 178 64 292 75 408 82 558 110 933 154 076 (5518J) ............................... Debt instruments
552 071 790 273 950 254 1 349 855 1 691 089 2 404 554 2 403 483 (5600J) .............................. Total direct investment
- - - - - - - (5605J) ............................... Public corporations

- - - - - - - (5606J) ............................... Equity and investment fund shares
- - - - - - - (5607J) ............................... Debt securities
30 913 51 955 55 122 52 035 40 505 47 135 33 746 (5608J) ............................... Banking sector
4 389 10 694 10 275 8 182 5 428 8 087 6 268 (5609J) ............................... Equity and investment fund shares
26 524 41 261 44 847 43 853 35 077 39 048 27 478 (5610J) ............................... Debt securities
880 735 1 051 589 1 303 028 1 697 376 1 752 975 2 234 392 2 086 335 (5611J) ............................... Private non-banking sector
855 694 999 752 1 235 252 1 618 710 1 683 103 2 142 612 2 002 952 (5612J) ............................... Equity and investment fund shares
25 041 51 837 67 776 78 666 69 872 91 780 83 383 (5613J) ............................... Debt securities
911 648 1 103 544 1 358 150 1 749 411 1 793 480 2 281 527 2 120 081 (5614J) ............................... Total portfolio investment
142 157 144 591 135 762 118 321 115 634 220 417 103 440 (5519J) ............................... Banking sector
142 157 144 591 135 762 118 321 115 634 220 417 103 440 (5535J) ............................... Total financial derivatives
Other investment
74 69 67 66 64 63 61 (5615J) ............................... Monetary authorities

74 69 67 66 64 63 61 (5617J) ............................... Long-term loans
- - - - - - - (5618J) ............................... Short-term loans
3 862 1 412 12 12 12 12 12 (5621J) ............................... General government

3 850 1 400 - - - - - (5622J) ............................... Long-term loans
12 12 12 12 12 12 12 (5623J) ............................... Short-term loans
9 270 15 058 19 256 26 162 20 934 30 322 29 942 (5624J) ............................... Public corporations
6 270 9 820 14 601 19 544 18 284 25 871 25 864 (5625J) ............................... Long-term loans
3 000 5 238 4 655 6 618 2 650 4 451 4 078 (5626J) ............................... Short-term loans
207 647 251 404 260 327 329 199 385 870 458 347 430 694 (5627J) ............................... Banking sector
- - - - - - - (5628J) ............................... Long-term loans
47 108 33 747 61 523 102 033 96 032 106 178 118 351 (5629J) ............................... Short-term loans
160 539 217 657 198 804 227 166 289 838 352 169 312 343 (5630J) ............................... Deposits
42 437 42 678 40 635 42 673 55 800 72 219 60 069 (5632J) ............................... Private non-banking sector
3 664 1 315 2 427 2 193 2 129 2 330 3 185 (5633J) ............................... Long-term loans
38 773 41 363 38 208 40 480 53 671 69 889 56 884 (5634J) ............................... Short-term loans and trade finance
263 290 310 621 320 297 398 112 462 680 560 963 520 778 (5635J) ............................... Total other investment
Reserve assets
290 626 397 819 430 942 520 189 568 524 713 893 647 824 (5536J) ............................... Monetary authorities
37 492 51 076 56 982 50 621 55 887 66 692 63 811 (5620J) ............................... Monetary gold
18 262 22 284 23 873 29 603 32 119 42 157 36 744 (5537J) ............................... Special Drawing Rights
234 872 324 459 350 087 439 965 480 518 605 044 547 269 (5538J) ............................... Other reserve assets
290 626 397 819 430 942 520 189 568 524 713 893 647 824 (5539J) ............................... Total reserve assets
2 159 792 2 746 848 3 195 405 4 135 888 4 631 407 6 181 354 5 795 606 (5636J) ............................... Total foreign assets
KB512

Foreign liabilities of South Africa by country, 31 December 2016
R millions
Europe
UK Germany Switzerland Luxembourg France Belgium Netherlands Austria Spain Italy
Direct investment
Public corporations......................................................... - - - - - - - - - -
Equity and investment fund shares............................... - - - - - - - - - -
Debt instruments.......................................................... - - - - - - - - - -
Banking sector ............................................................... 75 567 1 303 372 114 2 079 - - - - -

Equity and investment fund shares............................... 75 567 1 303 372 114 2 079 - - - - -
Private non-banking sector ............................................. 636 785 91 002 20 719 53 929 10 883 6 396 395 765 11 488 12 035 7 199
Equity and investment fund shares............................... 574 414 70 128 16 003 -916 6 288 3 742 327 374 11 189 10 534 6 287
Debt instruments.......................................................... 62 371 20 874 4 716 54 845 4 595 2 654 68 391 299 1501 912
Total direct investment................................................. 712 352 92 305 21 091 54 043 12 962 6 396 395 765 11 488 12 035 7 199
Monetary authorities ....................................................... - - - - - - - - - -

Debt securities ............................................................. - - - - - - - - - -
General government ....................................................... 44 498 4 235 5 769 42 288 5 903 284 673 9 905 247 - 460
Debt securities ............................................................. 44 498 4 235 5 769 42 288 5 903 284 673 9 905 247 - 460
Public corporations......................................................... 5 146 2 139 2 292 2 887 2 164 2 402 2 631 2 107 - -
Equity and investment fund shares............................... 2 977 51 196 515 127 1 186 593 70 - -
Debt securities ............................................................. 2 169 2 088 2 096 2 372 2 037 1 216 2 038 2 037 - -
Banking sector ............................................................... 66 347 1 662 7 261 7 958 2 290 9 188 7 310 843 7 707
Equity and investment fund shares............................... 65 250 720 2 646 7 664 1 755 9 158 7 038 841 - 22
Debt securities ............................................................. 1 097 942 4 615 294 535 30 272 2 7 685
Private non-banking sector ............................................. 329 641 2 743 38459 79 075 19 270 74 237 38 750 5 407 4 617
Equity and investment fund shares............................... 329 255 2 591 38282 77 013 19 269 73 224 38 747 5 406 4 617
Debt securities ............................................................. 386 152 177 2 062 1 1 013 3 1 - -
Total portfolio investment ............................................ 445 632 10 779 53 781 132 208 29 627 370 500 58 596 8 604 11 1 784
Banking sector ............................................................... 85 604 3 775 3 653 14 5 219 54 322 - - -
Total financial derivatives ............................................ 85 604 3 775 3 653 14 5 219 54 322 - - -
Other investment
Monetary authorities ....................................................... - - - - - - - - - -

Credit and loans with the IMF....................................... - - - - - - - - - -
Long-term loans........................................................... - - - - - - - - - -
Short-term loans .......................................................... - - - - - - - - - -
Deposits ...................................................................... - - - - - - - - - -
General government ....................................................... 5 844 378 - 13 2 178 - - - - -

Long-term loans........................................................... 5 844 378 - 13 2 178 - - - - -
Short-term loans .......................................................... - - - - - - - - - -
Public corporations......................................................... 17 097 23 620 68 4 385 18 026 2 916 1 9 - 3 254

Long-term loans........................................................... 16 958 23 190 - 4 385 17 773 2 916 - - - 3 254
Short-term loans .......................................................... 139 430 68 - 253 - 1 9 - -
Banking sector ............................................................... 171 455 10 309 1 667 6 386 6 937 1 557 3 348 294 346 399
Long-term loans........................................................... 31 889 4 716 - 4 344 2 134 - 925 207 - -
Short-term loans .......................................................... 85 469 3 167 658 1 671 1 380 - - 2
Deposits ...................................................................... 54 097 2 426 1 009 2 041 4 132 1 556 2 043 87 346 397
Private non-banking sector ............................................. 76 601 4 401 2 576 2 385 892 3 135 6 403 1 828 249 319
Long-term loans........................................................... 32 730 274 1 188 1 698 63 1 693 4 481 1 564 - -
Short-term loans and trade finance .............................. 43 871 4 127 1 388 687 829 1 442 1 922 264 249 319
Special Drawing Rights ................................................... - - - - - - - - - -
Total other investment ................................................. 270 997 38 708 4 311 13 169 28 033 7 608 9 752 2 131 595 3 972
Total foreign liabilities .................................................. 1 514 585 145 567 82 836 199 434 75 841 384 558 464 435 22 223 12 641 12 955

R millions
North and South America
Sweden Ireland Malta Other Total USA Canada Bermuda Other Total
Direct investment
- - - - - - - - - - Public corporations
- - - - - - - - - - Equity and investment fund shares
- - - - - - - - - - Debt instruments
- - 91 2 367 81 893 9 827 - - - 9 827 Banking sector

- - 91 2 367 81 893 9 827 - - - 9 827 Equity and investment fund shares
7 189 2 359 16 049 12 675 1 284 473 116 764 17 264 7 534 5 089 146 651 Private non-banking sector
3 308 1 058 14 920 9 024 1 053 353 103 425 2 143 6 454 -415 111 607 Equity and investment fund shares
3 881 1 301 1 129 3 651 231 120 13 339 15 121 1 080 5 504 35 044 Debt instruments
7 189 2 359 16 140 15 042 1 366 366 126 591 17 264 7 534 5 089 156 478 Total direct investment
- - - - - - - - - - Monetary authorities
- - - - - - - - - - Debt securities
- 4 673 - 29 576 432 227 269 936 225 - - 270 161 General government
- 4 673 - 29 576 432 227 269 936 225 - - 270 161 Debt securities
14 105 - 334 22 221 76 346 43 - - 76 389 Public corporations

14 105 - 330 6 164 6 022 43 - - 6 065 Equity and investment fund shares
- - - 4 16 057 70 324 - - - 70 324 Debt securities
593 2 550 - 7 883 114 599 111 508 257 - 4 111 769 Banking sector
591 2 545 - 7 395 105 625 103 080 253 - - 103 333 Equity and investment fund shares
2 5 - 488 8 974 8 428 4 - 4 8 436 Debt securities
5 443 20 614 2 571 98 316 715 147 797 646 3 531 - 127 801 304 Private non-banking sector
5 443 20 614 2 571 81 493 694 529 777 564 3 531 - 127 781 222 Equity and investment fund shares
- - - 16 823 20 618 20 082 - - - 20 082 Debt securities
6 050 27 942 2 571 136 109 1 284 194 1 255 436 4 056 - 131 1 259 623 Total portfolio investment
3 - - 39 98 683 2 481 67 - 29 2 577 Banking sector
3 - - 39 98 683 2 481 67 - 29 2 577 Total financial derivatives
Other investment
- - - - - - - - - - Credit and loans with the IMF
- - - - - - - - - - Long-term loans
- - - - - - - - - - Short-term loans
- - - - - - - - - - Deposits
- - - - 8 413 - - - - - General government

- - - - 8 413 - - - - - Long-term loans
- - - - - - - - - - Short-term loans
877 1 - 106 70 360 43 794 5 941 - - 49 735 Public corporations

- - - - 68 476 40 953 5 789 - - 46 742 Long-term loans
877 1 - 106 1 884 2 841 152 - - 2 993 Short-term loans
106 457 6 1 524 204 791 9 733 628 91 2 400 12 852 Banking sector
- - - - 44 215 2 303 - - - 2 303 Long-term loans
- 3 - 385 90 737 2 970 328 - 1 689 4 987 Short-term loans
106 454 6 1 139 69 839 4 460 300 91 711 5 562 Deposits
1 077 1 889 6 1 075 102 836 7 027 236 - 474 7 737 Private non-banking sector
- 792 - 128 44 611 786 5 - 50 841 Long-term loans
1 077 1 097 6 947 58 225 6 241 231 - 424 6 896 Short-term loans and trade finance
- - - - - - - - - - Special Drawing Rights
2 060 2 347 12 2 705 386 400 60 554 6 805 91 2 874 70 324 Total other investment
15 302 32 648 18 723 153 895 3 135 643 1 445 062 28 192 7 625 8 123 1 489 002 Total foreign liabilities


(continued)
R millions
Africa
South
Botswana Lesotho Swaziland Namibia Nigeria Mauritius Other Total Japan Hong Kong Korea
Direct investment
Public corporations......................................................... - - - - - - - - - - -
Equity and investment fund shares............................... - - - - - - - - - - -
Debt instruments.......................................................... - - - - - - - - - - -
Banking sector ............................................................... - - - - - - - - - 4 799 -

Equity and investment fund shares............................... - - - - - - - - - 4 799 -
Private non-banking sector ............................................. 3 036 669 4 760 4 633 3 283 17 267 32 808 66 456 71 097 4 892 4 710
Equity and investment fund shares............................... 2 841 593 4 629 4 478 2 682 12 124 26 882 54 229 31 291 4 498 1 293
Debt instruments.......................................................... 195 76 131 155 601 5 143 5 926 12 227 39 806 394 3 417
Total direct investment................................................. 3 036 669 4 760 4 633 3 283 17 267 32 808 66 456 71 097 9 691 4 710
Monetary authorities ....................................................... - - - - - - - - - - -

Debt securities ............................................................. - - - - - - - - - - -
General government ....................................................... 1 129 407 134 6 716 - - 9 8 395 7 292 37 40

Debt securities ............................................................. 1 129 407 134 6 716 - - 9 8 395 7 292 37 40
Public corporations......................................................... 220 23 7 1 451 - - - 1 701 165 17 -

Equity and investment fund shares............................... - - - 98 - - - 98 165 17 -
Debt securities ............................................................. 220 23 7 1 353 - - - 1 603 - - -
Banking sector ............................................................... 1 420 306 753 11 799 11 72 85 14 446 4 870 1 302 2
Equity and investment fund shares............................... 1 390 220 694 11 752 - 13 1 14 070 4 141 698 -
Debt securities ............................................................. 30 86 59 47 11 59 84 376 729 604 2
Private non-banking sector ............................................. 620 1 095 2 319 29 317 - 172 1 506 35 029 24 031 5 665 49
Equity and investment fund shares............................... 580 1 074 2 303 28 093 - 172 1 506 33 728 24 031 5 665 49
Debt securities ............................................................. 40 21 16 1 224 - - - 1 301 - - -
Total portfolio investment ............................................ 3 389 1 831 3 213 49 283 11 244 1 600 59 571 36 358 7 021 91
Banking sector ............................................................... 256 24 240 415 358 82 1 260 2 635 2 - -
Total financial derivatives ............................................ 256 24 240 415 358 82 1 260 2 635 2 - -
Other investment
Monetary authorities ....................................................... 2 740 2 740 1 096 3 700 - - - 10 276 - - -

Credit and loans with the IMF....................................... - - - - - - - - - - -
Long-term loans........................................................... - - - - - - - - - - -
Short-term loans .......................................................... - - - - - - - - - - -
Deposits ...................................................................... 2 740 2 740 1 096 3 700 - - - 10 276 - - -
General government ....................................................... - - - - - - - - 49 - -

Long-term loans........................................................... - - - - - - - - 49 - -
Short-term loans .......................................................... - - - - - - - - - - -
Public corporations......................................................... 16 - - 9 - - 496 521 3 986 - -

Long-term loans........................................................... - - - - - - - - 3 796 - -
Short-term loans .......................................................... 16 - - 9 - - 496 521 190 - -
Banking sector ............................................................... 2 968 4 337 3 063 3 871 3 379 16 676 24 227 58 521 2 428 5 193 107
Long-term loans........................................................... - - - - - - - - 1 720 - -
Short-term loans .......................................................... 385 - - 759 1 346 9 766 9 970 22 226 8 4 353 -
Deposits ...................................................................... 2 583 4 337 3 063 3 112 2 033 6 910 14 257 36 295 700 840 107
Private non-banking sector ............................................. 275 104 189 419 185 4 227 3 680 9 079 1 334 2 068 246
Long-term loans........................................................... 2 7 2 72 - 2 441 265 2 789 349 - -
Short-term loans and trade finance .............................. 273 97 187 347 185 1 786 3 415 6 290 985 2 068 246
Special Drawing Rights ................................................... - - - - - - - - - - -
Total other investment ................................................. 5 999 7 181 4 348 7 999 3 564 20 903 28 403 78 397 7 797 7 261 353
Total foreign liabilities .................................................. 12 680 9 705 12 561 62 330 7 216 38 496 64 071 207 059 115 254 23 973 5 154

R millions
Asia Oceania
International
organi- End of
Malaysia China Singapore India Other Total Australia Other Total sations1 Total
Direct investment
- - - - - - - - - - - Public corporations
- - - - - - - - - - - Equity and investment fund shares
- - - - - - - - - - - Debt instruments
- 57 703 - 2 121 706 65 329 - - - - 157 049 Banking sector

- 57 703 - 2 121 706 65 329 - - - - 157 049 Equity and investment fund shares
17 131 16 485 901 355 -4 417 67 537 54 873 600 55 473 25 1 342 224 Equity and investment fund shares
1 075 3 511 1 578 1 581 21 947 73 309 2 302 35 2 337 297 354 334 Debt instruments
- - - - - - - - - - - Monetary authorities
- - - - - - - - - - - Debt securities
- 514 23 150 - 2 292 33 325 348 - 348 - 744 456 General government
- 514 23 150 - 2 292 33 325 348 - 348 - 744 456 Debt securities
- 89 359 - 35 665 146 2 148 - 101 124 Public corporations

- - 359 - 34 575 141 2 143 - 13 045 Equity and investment fund shares
- 89 - - 1 90 5 - 5 - 88 079 Debt securities
1 34 14 764 12 1 651 22 636 465 12 477 53 263 980 Banking sector

- - 14 758 4 1 600 21 201 457 10 467 - 244 696 Equity and investment fund shares
1 34 6 8 51 1 435 8 2 10 53 19 284 Debt securities
1 265 88 823 16 11 727 130 577 8 419 469 8 888 26 1 690 971 Private non-banking sector
1 27 88 823 16 11 725 130 337 8 404 469 8 873 21 1 648 710 Equity and investment fund shares
- 238 - - 2 240 15 - 15 5 42 261 Debt securities
2 902 127 096 28 15 705 187 203 9 378 483 9 861 79 2 800 531 Total portfolio investment
- 223 1 8 163 397 444 - 444 107 104 843 Banking sector
- 223 1 8 163 397 444 - 444 107 104 843 Total financial derivatives
Other investment
- - - - - - - - - - 10 276 Monetary authorities

- - - - - - - - - - - Credit and loans with the IMF
- - - - - - - - - - - Long-term loans
- - - - - - - - - - - Short-term loans
- - - - - - - - - - 10 276 Deposits
- - - - - 49 - - - 1 8 463 General government

- - - - - 49 - - - 1 8 463 Long-term loans
- - - - - - - - - - - Short-term loans
- 16 187 - - - 20 173 12 - 12 33 245 174 046 Public corporations

- 16 179 - - - 19 975 - - - 33 061 168 254 Long-term loans
- 8 - - - 198 12 - 12 184 5 792 Short-term loans
51 36 038 2 465 2 850 27 516 76 648 783 102 885 1 005 354 702 Banking sector
- - - - 5 299 7 019 276 - 276 836 54 649 Long-term loans
- 11 803 2 022 12 14 084 32 282 1 - 1 59 150 292 Short-term loans
51 24 235 443 2 838 8 133 37 347 506 102 608 110 149 761 Deposits
1 040 11 654 3 170 2 112 6 561 28 185 2 066 154 2 220 603 150 660 Private non-banking sector
- 9 083 350 65 2 483 12 330 1 463 - 1 463 138 62 172 Long-term loans
1 040 2 571 2 820 2 047 4 078 15 855 603 154 757 465 88 488 Short-term loans and trade finance
- - - - - - - - - 32 820 32 820 Special Drawing Rights
1 091 63 879 5 635 4 962 34 077 125 055 2 861 256 3 117 67 674 730 967 Total other investment
19 299 142 703 135 211 9 055 68 181 518 830 69 858 1 374 71 232 68 182 5 489 948 Total foreign liabilities
1. Includes unidentified countries.

Foreign assets of South Africa by country, 31 December 2016
R millions
Europe
UK Luxembourg Switzerland Germany France Belgium Netherlands Austria Russia Malta
Direct investment
Public corporations .................................... - - - - - - - - - -

Equity and investment fund shares .......... - - - - - - - - - -
Debt instruments..................................... - - - - - - - - - -
Banking sector........................................... - - - - - - - - - -
Private non-banking sector ........................ 323 363 87 071 7 800 22 131 10 160 8 253 111 230 51 767 14 969 20 438
Equity and investment fund shares .......... 315 642 84 351 5 502 14 348 9 824 8 172 105 052 23 583 14 538 20 438
Debt instruments..................................... 7 721 2 720 2 298 7 783 336 81 6 178 28 184 431 -
Total direct investment............................ 323 363 87 071 7 800 22 131 10 160 8 253 111 230 51 767 14 969 20 438
Public corporations .................................... - - - - - - - - - -

Debt securities ........................................ - - - - - - - - - -
Banking sector........................................... 4 828 990 43 104 56 45 839 - - -

Equity and investment fund shares .......... 153 1 43 - 27 45 - - - -
Debt securities ........................................ 4 675 989 - 104 29 - 839 - - -
Private non-banking sector ........................ 866 308 271 874 6 222 142 100 5 053 21 560 3 503 222 1 332 14 671
Equity and investment fund shares .......... 842 617 265 787 6 165 141 855 4 948 19 750 2 457 222 1 332 14 671
Debt securities ........................................ 23 691 6 087 57 245 105 1 810 1 046 - - -
Total portfolio investment ....................... 871 136 272 864 6 265 142 204 5 109 21 605 4 342 222 1 332 14 671
Banking sector........................................... 81 962 148 5 202 1 127 6 503 413 263 65 - 36
Total financial derivatives........................ 81 962 148 5 202 1 127 6 503 413 263 65 - 36
Other investment
Monetary authorities .................................. - - - - - - - - - -

Long-term loans...................................... - - - - - - - - - -
Short-term loans ..................................... - - - - - - - - - -
General government .................................. 12 - - - - - - - - -

Long-term loans...................................... - - - - - - - - - -
Short-term loans ..................................... 12 - - - - - - - - -
Public corporations .................................... 454 245 - 11 10 - - 108 - -

Long-term loans...................................... 393 - - - - - - - - -
Short-term loans ..................................... 61 245 - 11 10 - - 108 - -
Banking sector........................................... 201 514 1 981 3 151 19 546 12 228 2 250 4 003 2 987 1 741
Long-term loans...................................... - - - - - - - - - -
Short-term loans ..................................... 64 296 1 182 738 10 216 8 311 104 2 709 8 1 63
Deposits.................................................. 137 218 799 2 413 9 330 3 917 2 146 1 294 2 979 - 678
Gold........................................................ - - - - - - - - - -
Private non-banking sector ........................ 16 535 1 429 574 622 990 1 000 1 303 459 9 165
Long-term loans...................................... 1 031 - - - - - 194 - - -
Short-term loans and trade finance ......... 15 504 1 429 574 622 990 1 000 1 109 459 9 165
Total other investment............................. 218 515 3 655 3 725 20 179 13 228 3 250 5 306 3 554 10 906
Reserve assets
Monetary authorities .................................. 33 321 - 28 - - - - - - -

Monetary gold ......................................... - - - - - - - - - -
Special Drawing Rights ........................... - - - - - - - - - -
Other reserve assets ............................... 33 321 - 28 - - - - - - -
Total reserve assets ................................ 33 321 - 28 - - - - - - -
Total foreign assets ................................. 1 528 297 363 738 23 020 185 641 35 000 33 521 121 141 55 608 16 311 36 051

R millions
Europe North and South America
Poland Sweden Ireland Other Total USA Canada Bermuda Other Total
Direct investment
- - - - - - 6 - 590 596 Public corporations

- - - - - - 6 - 590 596 Equity and investment fund shares
- - - - - - - - - - Debt instruments
- - - - - - - - - - Banking sector
7 512 1 401 855 23 245 690 195 88 329 14 843 504 17 742 121 418 Private non-banking sector
7 426 1 364 835 19 833 630 908 65 752 14 750 504 16 432 97 438 Equity and investment fund shares
86 37 20 3 412 59 287 22 577 93 - 1 310 23 980 Debt instruments
7 512 1 401 855 23 245 690 195 88 329 14 849 504 18 332 122 014 Total direct investment
- - - - - - - - - - Public corporations
- - - - - - - - - - Debt securities
- - - 107 7 012 12 792 - - 92 12 884 Banking sector

- - - 107 376 60 - - 92 152 Equity and investment fund shares
- - - - 6 636 12 732 - - - 12 732 Debt securities
96 965 237 287 18 964 1 590 157 255 858 20 119 112 778 16 817 405 572 Private non-banking sector
96 962 230 091 4 471 1 535 424 239 060 20 119 112 778 14 136 386 093 Equity and investment fund shares
- 3 7 196 14 493 54 733 16 798 - - 2 681 19 479 Debt securities
96 965 237 287 19 071 1 597 169 268 650 20 119 112 778 16 909 418 456 Total portfolio investment
- 3 517 796 97 035 2 067 351 - 38 2 456 Banking sector
- 3 517 796 97 035 2 067 351 - 38 2 456 Total financial derivaties
Other investment
- - - - - - - - - - Long-term loans
- - - - - - - - - - Short-term loans
- - - - 12 - - - - - General government
- - - - - - - - - - Long-term loans
- - - - 12 - - - - - Short-term loans
- 1 - 11 840 1 854 2 - - 1 856 Public corporations

- - - - 393 - - - - - Long-term loans
- 1 - 11 447 1 854 2 - - 1 856 Short-term loans
14 226 434 11 649 260 725 33 425 3 505 397 7 180 44 507 Banking sector
- - - - - - - - - - Long-term loans
7 1 68 9 364 97 068 1 090 14 - 2 737 3 841 Short-term loans
7 225 366 2 285 163 657 32 335 3 491 397 4 443 40 666 Deposits
- - - - - - - - - - Gold
59 195 153 3 009 26 502 6 072 499 - 714 7 285 Private non-banking sector
- - - - 1 225 40 - - 8 48 Long-term loans
59 195 153 3 009 25 277 6 032 499 - 706 7 237 Short-term loans and trade finance
73 422 587 14 669 288 079 41 351 4 006 397 7 894 53 648 Total other investment
Reserve assets
- 4 224 - 103 499 141 072 339 886 28 904 - - 368 790 Monetary authorities
- - - - - - - - - - Monetary gold
- - - - - - - - - - Special Drawing Rights
- 4 224 - 103 499 141 072 339 886 28 904 - - 368 790 Other reserve assets
- 4 224 - 103 499 141 072 339 886 28 904 - - 368 790 Total reserve assets
7 681 7 015 239 246 161 280 2 813 550 740 283 68 229 113 679 43 173 965 364 Total foreign assets


(continued)
R millions
Africa
Botswana Lesotho Swaziland Namibia Zimbabwe Mauritius Mozambique Nigeria Other Total China
Direct investment
Public corporations .................................... - - - 3 - 73 4 155 500 242 4 973 -

Equity and investment fund shares .......... - - - 3 - - 3 737 500 242 4 482 -
Debt instruments..................................... - - - - - 73 418 - - 491 -
Banking sector........................................... - 17 19 - - - - - - 36 -
Equity and investment fund shares .......... - 17 19 - - - - - - 36 -
Private non-banking sector ........................ 20 082 2 701 5 530 16 407 24 517 147 618 27 874 6 194 77 534 328 457 1 077 705
Equity and investment fund shares ......... 19 601 2 636 4 561 15 339 20 184 114 041 14 974 5 584 68 858 265 778 1 072 070
Debt instruments..................................... 481 65 969 1 068 4 333 33 577 12 900 610 8 676 62 679 5 635
Total direct investment............................ 20 082 2 718 5 549 16 410 24 517 147 691 32 029 6 694 77 776 333 466 1 077 705
Public corporations .................................... - - - - - - - - - - -
Equity and investment fund shares .......... - - - - - - - - - - -
Debt securities ........................................ - - - - - - - - - - -
Banking sector........................................... - - - 1 057 - 5 325 183 224 3 168 9 957 -

Equity and investment fund shares .......... - - - - - 4 303 6 - 548 4 857 -
Debt securities ........................................ - - - 1 057 - 1 022 177 224 2 620 5 100 -
Private non-banking sector ........................ 392 - 375 1 296 228 14 789 1 004 13 518 3 668 35 270 11 851
Equity and investment fund shares .......... 392 - 201 102 113 13 151 334 9 554 2 366 26 213 11 851
Debt securities ........................................ - - 174 1 194 115 1 638 670 3 964 1 302 9 057 -
Total portfolio investment ....................... 392 - 375 2 353 228 20 114 1 187 13 742 6 836 45 227 11 851
Banking sector........................................... 82 78 128 540 5 29 332 200 1 524 2 918 492
Total financial derivatives........................ 82 78 128 540 5 29 332 200 1 524 2 918 492
Other investment
Monetary authorities .................................. - - - - 61 - - - - 61 -

Long-term loans...................................... - - - - 61 - - - - 61 -
Short-term loans ..................................... - - - - - - - - - - -
General government .................................. - - - - - - - - - - -

Long-term loans...................................... - - - - - - - - - - -
Short-term loans ..................................... - - - - - - - - - - -
Public corporations .................................... 204 753 779 585 4 862 595 2 226 - 16 997 27 001
Long-term loans...................................... 101 723 662 389 4 219 595 2 226 - 16 556 25 471
Short-term loans ..................................... 103 30 117 196 643 - - - 441 1 530 -
Banking sector........................................... 1 380 1 199 194 3 184 484 8 768 2 935 20 844 41 982 80 970 17 269
Long-term loans...................................... - - - - - - - - - - -
Short-term loans ..................................... 97 53 124 1 480 416 3 442 716 6 320 1 538 14 186 42
Deposits.................................................. 1 283 1 146 70 1 704 68 5 326 2 219 14 524 40 444 66 784 17 227
Gold........................................................ - - - - - - - - - - -
Private non-banking sector ........................ 738 740 257 606 1092 1 442 1 277 1 723 6 721 14 596 4 456
Long-term loans...................................... 102 - 2 56 24 148 187 606 703 1828 -
Short-term loans and trade finance ......... 636 740 255 550 1 068 1 294 1 090 1 117 6 018 12 768 4 456
Total other investment............................. 2 322 2 692 1 230 4 375 6 499 10 805 6 438 22 567 65 700 122 628 21 725
Reserve assets
Monetary authorities .................................. - - - - - - - - - - 19 372

Monetary gold ......................................... - - - - - - - - - - -
Special Drawing Rights ........................... - - - - - - - - - - -
Other reserve assets ............................... - - - - - - - - - - 19 372
Total reserve assets ................................ - - - - - - - - - - 19 372
Total foreign assets ................................. 22 878 5 488 7 282 23 678 31 249 178 639 39 986 43 203 151 836 504 239 1 131 145

R millions
Asia Oceania International

organi-
India Japan Hong Kong Singapore Other Total Australia Other Total sations1 Total
Direct investment
942 - - - - 942 3 - 3 - 6 514 Public corporations

942 - - - - 942 3 - 3 - 6 023 Equity and investment fund shares
- - - - - - - - - - 491 Debt instruments
- - 68 - - 68 - - - - 104 Banking sector

- - 68 - - 68 - - - - 104 Equity and investment fund shares
18 473 -37 2 339 6 821 69 227 1 168 893 79 558 214 79 772 - 2 242 789 Equity and investment fund shares
392 309 30 223 870 7 459 632 - 632 39 154 076 Debt instruments
- - - - - - - - - - - Public corporations
- - - - - - - - - - - Equity and investment fund shares
- - - - - - - - - - - Debt securities
2 938 - - - 1 2 939 453 - 453 501 33 746 Banking sector

- - - - - - 382 - 382 501 6 268 Equity and investment fund shares
2 938 - - - 1 2 939 71 - 71 - 27 478 Debt securities
3 069 8 659 1 999 12 145 3 940 41 663 13 311 248 13 559 - 2 002 952 Equity and investment fund shares
- 47 30 - - 77 22 - 22 15 83 383 Debt securities
6 007 8 706 2 029 12 145 3 941 44 679 13 786 248 14 034 516 2 120 081 Total portfolio investment
134 38 - 1 52 717 73 - 73 241 103 440 Banking sector
134 38 - 1 52 717 73 - 73 241 103 440 Total financial derivatives

Other investment
- - - - - - - - - - 61 Monetary authorities
- - - - - - - - - - 61 Long-term loans
- - - - - - - - - - - Short-term loans
- - - - - - - - - - 12 General government
- - - - - - - - - - - Long-term loans
- - - - - - - - - - 12 Short-term loans
- 201 - - - 201 - - - 44 29 942 Public corporations

- - - - - - - - - - 25 864 Long-term loans
- 201 - - - 201 - - - 44 4 078 Short-term loans
4 469 1 409 377 3 967 6 825 34 316 6 070 91 6 161 4 015 430 694 Banking sector
- - - - - - - - - - - Long-term loans
1 209 - 51 99 1 227 2 628 500 10 510 118 118 351 Short-term loans
3 260 1 409 326 3 868 5 598 31 688 5 570 81 5 651 3 897 312 343 Deposits
- - - - - - - - - - - Gold
533 1 314 208 1 265 2 981 10 757 466 66 532 397 60 069 Private non-banking sector
- - - 3 - 3 81 - 81 - 3 185 Long-term loans
533 1 314 208 1 262 2981 10 754 385 66 451 397 56 884 Short-term loans and trade finance
5 002 2 924 585 5 232 9 806 45 274 6 536 157 6 693 4 456 520 778 Total other investment
Reserve assets
- 2479 - - 9 990 31 841 5 566 - 5 566 100 555 647 824 Monetary authorities
- - - - - - - - - 63 811 63 811 Monetary gold
- - - - - - - - - 36 744 36 744 Special Drawing Rights
- 2 479 - - 9 990 31 841 5 566 - 5 566 - 547 269 Other reserve assets
- 2 479 - - 9 990 31 841 5 566 - 5 566 100 555 647 824 Total reserve assets
30 950 14 419 5 051 24 422 93 886 1 299 873 106 154 619 106 773 105 807 5 795 606 Total foreign assets
1. Includes unidentified countries

Foreign liabilities of South Africa by kind of economic activity, 31 December 2016
R millions
Agriculture, Mining Electricity,

forestry, hunting and gas and
and fishing quarrying Manufacturing water Construction
Direct investment
Equity and investment fund shares .............................................. 248 249 002 294 356 592 223
Debt instruments ......................................................................... 1 204 130 921 91 640 685 1 298
Total direct investment ................................................................ 1 452 379 923 385 996 1 277 1 521
Equity securities........................................................................... 2 540 136 472 669 337 - 11 510

Debt securities............................................................................. - 2 726 13 628 62 032 18
Total portfolio investment ............................................................ 2 540 139 198 682 965 62 032 11 528
Financial derivatives..................................................................... - - - - -
Other investment
Credit and loans with the IMF ...................................................... - - - - -

Special Drawing Rights ................................................................ - - - - -
Long-term loans .......................................................................... 25 435 1 912 107 170 4 057
Short-term loans and trade finance.............................................. 88 1 637 15 847 2 525 2 332
Deposits ...................................................................................... - - - - -
Total other investment ................................................................. 113 2 072 17 759 109 695 6 389
Total foreign liabilities .................................................................. 4 105 521 193 1 086 720 173 004 19 438

Foreign liabilities of South Africa by kind of economic activity, 31 December 2016
R millions
Wholesale and Finance, Community,

retail trade, Transport, insurance, social and
catering and storage and real-estate and personal
accommodation communication business services services Total
Direct investment
45 033 144 142 739 155 26 522 1 499 273 Equity and investment fund shares
37 615 48 279 41 525 1 167 354 334 Debt instruments
82 648 192 421 780 680 27 689 1 853 607 Total direct investment
177 407 188 772 700 856 19 557 1 906 451 Equity securities
14 486 28 447 28 289 744 454 894 080 Debt securities
191 893 217 219 729 145 764 011 2 800 531 Total portfolio investment
- - 104 843 - 104 843 Financial derivatives
Other investment
- - - - - Credit and loans with the IMF

- - 32 820 - 32 820 Special Drawing Rights
1 253 54 793 115 426 8 467 293 538 Long-term loans
10 692 4 597 206 644 210 244 572 Short-term loans and trade finance
- - 160 037 - 160 037 Deposits
11 945 59 390 514 927 8 677 730 967 Total other investment
286 486 469 030 2 129 595 800 377 5 489 948 Total foreign liabilities

Foreign debt of South Africa1
US$ millions
Foreign currency-denominated2 Rand-denominated
Other
Non-
End of monetary Total
Debt Public Monetary private Debt foreign
securities sector sector3 sector Total securities Other4 Total debt
(5505K) (5507K) (5508K) (5509K) (5510K) (5512K) (5513K) (5511K) (5514K)
2013 .............. 21 754 9 036 12 111 18 296 61 197 41 061 34 258 75 319 136 516
2014 .............. 22 713 8 213 18 357 18 180 67 463 41 171 36 448 77 619 145 082
2015 .............. 23 293 7 671 19 940 18 414 69 318 28 709 26 105 54 814 124 132
2016 .............. 24 072 8 111 19 197 19 323 70 703 41 431 30 699 72 130 142 833
2017 .............. 26 703 9 871 17 130 22 214 75 918 57 621 39 747 97 368 173 286
2016: 01 ......... 22 663 8 056 17 923 18 993 67 635 32 902 28 761 61 663 129 298
02 ......... 22 484 7 983 16 807 19 641 66 915 36 170 29 349 65 519 132 434
03 ......... 21 913 8 141 20 595 19 796 70 445 42 189 30 410 72 599 143 044
04 ......... 24 072 8 111 19 197 19 323 70 703 41 431 30 699 72 130 142 833
2017: 01 ......... 24 129 9 045 19 236 21 899 74 309 44 991 32 828 77 819 152 128
02 ......... 24 269 9 255 16 609 22 876 73 009 50 344 35 181 85 525 158 534
03 ......... 26 679 9 634 17 949 22 279 76 541 50 287 36 484 86 771 163 312
04 ......... 26 703 9 871 17 130 22 214 75 918 57 621 39 747 97 368 173 286
KB516
Foreign debt of South Africa1
R millions
- Foreign currency-denominated2 Rand-denominated
Other
Non-
monetary Total
End of Debt Public Monetary private Debt foreign
securities sector sector3 sector Total securities Other4 Total debt
(5525K) (5527K) (5528K) (5529K) (5530K) (5532K) (5533K) (5531K) (5534K)
2013 ............... 227 710 94 584 126 772 191 513 640 579 429 806 358 604 788 410 1 428 989
2014 ............... 262 833 95 040 212 425 210 377 780 675 476 426 421 764 898 190 1 678 865
2015 ............... 362 771 119 470 310 550 286 784 1 079 575 447 113 406 566 853 679 1 933 254
2016 ............... 328 059 110 539 261 621 263 338 963 557 564 631 418 369 983 000 1 946 557
2017 ............... 328 288 121 355 210 597 273 100 933 340 708 400 488 658 1 197 058 2 130 398
2016: 01 .......... 337 271 119 889 266 730 282 654 1 006 544 489 650 428 035 917 685 1 924 229
02 .......... 331 923 117 850 248 116 289 953 987 842 533 958 433 270 967 228 1 955 070
03 .......... 306 080 113 713 287 670 276 509 983 972 589 286 424 767 1 014 053 1 998 025
04 .......... 328 059 110 539 261 621 263 338 963 557 564 631 418 369 983 000 1 946 557
2017: 01 .......... 324 774 121 745 258 915 294 759 1 000 193 605 567 441 869 1 047 436 2 047 629
02 .......... 317 479 121 071 217 274 299 256 955 080 658 582 460 230 1 118 812 2 073 892
03 .......... 360 016 130 004 242 210 300 641 1 032 871 678 586 492 329 1 170 915 2 203 786
04 .......... 328 288 121 355 210 597 273 100 933 340 708 400 488 658 1 197 058 2 130 398
KB528
1. Valued at middle rate-market exchange rate as at end of period.

2. Debt renegotiated (5500K) (5520K) and debt converted to long-term loans (5506K) (5526K) outside the standstill net were fully repaid in 2001 and 2004 respectively.
3. Including onlending to other sectors.
4. Including blocked and freely transferable funds, but excluding equity.

Maturity structure of foreign currency-denominated debt
US$ millions as at the end of December 2017
Short
Total term1 20182 2019 2020 2021 2022 2023 20243
Debt securities............................................................... 26 703 - 54 1 949 3 230 2 048 4 124 1 450 13 848

General government ..................................................... 17 998 - - 1 748 2 386 266 1 000 - 12 598
Public corporations4 ..................................................... 5 000 - - - - 1 750 1 000 1 000 1 250
Central Bank5 ............................................................... - - - - - - - - -
Deposit-taking institutions............................................. 688 - 25 201 402 32 28 - -
Non-monetary private sector ........................................ 3 017 - 29 - 442 - 2 096 450 -
Debt excluding debt securities ..................................... 49 215 23 044 4 983 4 800 3 621 2 169 799 746 9 053
General government ..................................................... 302 - 148 90 64 - - - -
Public corporations4 ..................................................... 9 569 456 1 181 1 396 805 1 480 506 522 3 223
Monetary sector ........................................................... 17 130 12 200 974 2 212 911 86 76 90 581
Central Bank5 ............................................................ - - - - - - - - -
Deposit-taking institutions.......................................... 17 130 12 200 974 2 212 911 86 76 90 581
Non-monetary private sector ........................................ 22 214 10 388 2 680 1 102 1 841 603 217 134 5 249
Total foreign currency-denominated debt.................... 75 918 23 044 5 037 6 749 6 851 4 217 4 923 2 196 22 901
KB525
1. Liabilities with an original maturity of less than one year, e.g. trade finance.
These liabilities are mostly rolled over, renegotiated or replaced with new facilities.
2. 1 January 2018 to 31 December 2018: Amounts falling due on long-term loans. These loans may also be partly rolled over and/or replaced by new foreign loans.
3. Maturities of the year 2024 and afterwards.
4. Excluding all deposit-taking institutions.
5. Includes the liabilities of the Reserve Bank and the CPD.
Ratios of selected data
Percentage
End of 2010 2011 2012 2013 2014 2015 2016 2017
Total foreign debt to1:

Gross domestic product................................................................. (5260J) 29.6 28.3 35.8 37.2 41.3 39.1 48.3 49.6
Total export earnings...................................................................... (5261J) 99.3 89.4 114.6 113.5 122.9 119.9 147.6 157.3
Interest payments to total export earnings.......................................... (5262J) 3.4 3.5 4.4 4.9 5.2 5.6 6.0 6.8
Interest and dividend payments to total export earnings ..................... (5263J) 10.1 10.9 12.4 12.5 13.4 14.1 13.7 14.1
KB517
1. Ratios calculated in United States dollar terms for international comparison purposes.

Gold and other foreign reserves of the Reserve Bank1
Amount as at end of period Changes during period Memorandum item

R millions R millions US$ millions
Net mo- International

Period Other Gross gold Gross gold netisation(+)/ liquidity Gross gold
Special foreign and other and other demo- Liabilities position of and other
Gold Drawing exchange foreign foreign netisation(-) Valuation related Reserve the Reserve foreign
reserves Rights reserves reserves reserves of gold adjustments to reserves assets2 Bank3,4 reserves
(5270M) (5271M) (5272M) (5273M) (5023M) (5283M) (5022M) (5021M) (5020M) (5277M) (5806M)
2012 .............................. 56 982 23 873 350 087 430 942 33 123 11 24 141 16 8 955 47 948 50 735
2013 .............................. 50 621 29 603 439 965 520 189 89 247 7 84 613 -31 4 658 45 479 49 587
2014 .............................. 55 887 32 119 480 518 568 524 48 335 41 33 160 - 15 134 42 727 49 102
2015 .............................. 66 692 42 157 605 044 713 893 145 369 13 159 371 - -14 015 40 654 45 787
2016 .............................. 63 811 36 744 547 269 647 824 -66 069 14 -105 605 -671 40 193 40 809 47 356
2017 .............................. 64 341 34 506 525 930 624 777 -23 047 27 -48 599 - 25 525 42 927 50 722
2015: May........................ 58 248 32 482 474 940 565 670 9 530 2 11 664 - -2 136 41 519 46 446
Jun ........................ 57 546 32 864 480 800 571 210 5 540 1 3 671 - 1 868 41 590 46 829
Jul.......................... 55 303 33 790 490 784 579 877 8 667 1 12 984 - -4 318 41 007 45 823
Aug ........................ 60 585 36 278 517 898 614 761 34 884 1 34 891 - -8 41 244 46 078
Sep ........................ 62 593 37 587 539 875 640 055 25 294 - 23 456 - 1 838 41 153 46 126
Oct ........................ 63 759 37 428 534 316 635 503 -4 552 2 -2 513 - -2 041 41 308 46 051
Nov ........................ 61 417 38 610 551 853 651 880 16 377 1 17 445 - -1 069 40 471 45 140
Dec ........................ 66 692 42 157 605 044 713 893 62 013 1 55 448 - 6 564 40 654 45 787
2016: Jan ........................ 72 097 43 247 609 864 725 208 11 315 1 23 222 - -11 908 40 753 45 119
Feb ........................ 79 655 43 357 611 624 734 636 9 428 1 7 450 - 1 977 40 958 45 748
Mar ........................ 73 190 40 352 575 403 688 945 -45 691 3 -48 992 - 3 298 41 175 46 770
Apr ........................ 72 490 39 558 549 218 661 266 -27 679 - -25 388 - -2 291 41 157 46 956
May........................ 76 866 43 570 605 191 725 627 64 361 1 65 359 - -999 40 480 46 081
Jun ........................ 78 368 41 136 564 345 683 849 -41 778 1 -43 789 - 2 010 40 826 46 366
Jul.......................... 76 246 39 248 537 507 653 001 -30 848 1 -28 410 - -2 439 40 901 46 157
Aug ........................ 76 756 40 341 547 186 664 283 11 282 1 17 885 - -6 604 40 795 45 708
Sep ........................ 73 876 38 683 542 809 655 368 -8 915 1 -25 349 13 585 2 848 41 953 47 247
Oct ........................ 69 534 37 193 541 615 648 342 -7 026 - -39 782 -14 256 47 012 41 799 47 848
Nov ........................ 66 840 37 864 553 794 658 498 10 156 4 10 832 - -680 41 077 47 043
Dec ........................ 63 811 36 744 547 269 647 824 -10 674 - -18 643 - 7 969 40 809 47 356
2017: Jan ........................ 65 303 36 517 525 624 627 444 -20 380 1 -6 950 - -13 431 41 373 46 666
Feb ........................ 65 769 35 224 507 407 608 400 -19 044 - -18 858 - -186 41 506 46 722
Mar ........................ 66 338 35 979 515 937 618 254 9 854 1 10 477 - -624 41 419 46 588
Apr ........................ 67 457 36 242 514 311 618 010 -244 1 2 456 - -2 701 41 728 46 690
May........................ 66 958 36 297 516 982 620 237 2 227 6 -3 185 - 5 406 42 016 47 242
Jun ........................ 65 407 36 253 516 714 618 374 -1 863 2 -280 - -1 585 42 235 47 352
Jul.......................... 66 986 36 754 509 049 612 789 -5 585 1 3 994 - -9 580 42 414 46 746
Aug ........................ 68 798 36 703 507 914 613 415 626 9 748 - -131 42 646 46 921
Sep ........................ 70 044 37 906 558 684 666 634 53 219 2 19 762 - 33 455 42 651 49 384
Oct ........................ 72 316 39 326 577 645 689 287 22 653 1 25 484 - -2 832 42 486 48 903
Nov ........................ 70 219 38 176 576 380 684 775 -4 512 3 -19 523 - 15 008 42 689 50 297
Dec ........................ 64 341 34 506 525 930 624 777 -59 998 - -62 724 - 2 726 42 927 50 722
2018: Jan ........................ 64 116 33 943 500 307 598 366 -26 411 - -15 195 - -11 216 43 588 50 501
Feb ........................ 62 473 33 401 492 196 588 070 -10 296 - -9 610 - -686 43 272 50 051
Mar ........................ 63 253 33 914 495 901 593 068 4 998 - 7 667 - -2 669 43 384 49 979
Apr ........................ 65 771 35 140 514 898 615 809 22 741 - 24 415 - -1 674 43 115 49 539
May........................ 65 944 35 014 542 306 643 264 27 455 - 4 125 - 23 330 42 872 51 146
KB518
1. From 6 March 2005 the gold reserves are valued at market price taken at 14:30 on each valuation date. Other foreign reserves are valued at the middle market exchange rate applicable on a specific date.
2. Including both the reserve and super reserve tranche position in the International Monetary Fund.
3. Up to the end of February 2004 referred to as the ‘net open position in foreign currency of the South African Reserve Bank’.
4. The SARB’s gross gold and foreign exchange reserves minus foreign currency-denominated liabilities against both domestic and foreign counterparties plus/minus the forward position in foreign currency.

Average daily turnover in the South African foreign exchange market
US$ millions
Net turnover1
Transactions against the rand
Spot transactions Forward transactions Swap transactions

Period
Monetary Other Non- Total Monetary Other Non- Total Monetary Other Non- Total
sector residents residents spot sector residents residents forward sector residents residents swap
(5450M) (5451M) (5452M) (5453M) (5454M) (5455M) (5456M) (5457M) (5458M) (5459M) (5460M) (5461M)
2012 ................................ 308 745 2 177 3 230 116 600 527 1 243 2 181 1 420 6 887 10 488
2013 ................................ 281 783 2 428 3 492 46 667 492 1 205 2 032 1 869 7 962 11 862
2014 ................................ 199 904 2 191 3 294 47 797 510 1 354 3 242 2 740 9 710 15 692
2015 ................................ 150 848 1 822 2 820 60 1 044 460 1 564 2 242 2 891 7 684 12 816
2016 ................................ 114 821 2 006 2 940 54 928 399 1 380 1 896 2 505 6 837 11 239
2017 ................................ 427 715 2 027 3 168 69 640 322 1 031 1 825 1 112 5 348 8 285
2017: Apr .......................... 320 918 2 818 4 056 73 665 508 1 246 1 775 872 5 643 8 289
May .......................... 387 555 2 253 3 194 70 415 214 699 1 976 883 5 402 8 261
Jun .......................... 525 551 1 694 2 770 50 477 291 818 2 089 776 5 840 8 705
Jul ............................ 364 543 1 485 2 392 67 573 327 967 2 271 838 5 268 8 378
Aug .......................... 405 544 1 300 2 249 44 472 314 829 1 883 1 243 5 329 8 455
Sep .......................... 607 670 1 798 3 074 67 605 245 917 1 839 1 028 5 773 8 640
Oct .......................... 540 648 2 035 3 223 99 575 447 1 121 1 776 906 4 552 7 234
Nov .......................... 441 587 1 758 2 785 48 596 232 877 1 699 678 4 242 6 619
Dec .......................... 392 760 1 690 2 842 39 688 222 949 1 268 673 4 168 6 109
2018: Jan .......................... 640 697 1 878 3 216 66 511 153 729 1 494 733 4 134 6 361
Feb .......................... 389 974 1 948 3 310 48 591 214 853 1 594 620 3 643 5 858
Mar .......................... 504 786 1 721 3 011 49 667 232 949 1 957 792 4 351 7 100
Apr .......................... 543 676 1 516 2 736 56 650 256 962 1 413 975 4 304 6 692
KB526
Net turnover1
Transactions against the rand Transactions in third currencies2
Total transactions Total transactions

Period
Monetary Other Non- Monetary Other Non- Total net
sector residents residents Total sector residents residents Total turnover
(5470M) (5471M) (5472M) (5473M) (5474M) (5475M) (5476M) (5477M) (5478M)
2012 ................................ 2 606 2 764 9 591 14 961 139 432 3 862 4 433 19 393
2013 ................................ 2 359 3 319 10 883 16 561 78 301 4 512 4 891 21 452
2014 ................................ 3 487 4 441 12 411 20 340 122 336 4 262 4 720 25 059
2015 ................................ 2 453 4 783 9 964 17 200 237 594 3 836 4 668 21 868
2016 ................................ 2 063 4 254 9 241 15 558 291 693 4 133 5 116 20 688
2017 ................................ 2 321 2 466 7 697 12 484 312 534 5 809 6 655 19 139
2017: Apr .......................... 2 167 2 455 8 969 13 591 357 490 6 075 6 921 20 512
May .......................... 2 433 1 853 7 869 12 155 298 696 4 605 5 598 17 753
Jun .......................... 2 665 1 804 7 825 12 294 263 450 6 063 6 777 19 071
Jul ............................ 2 702 1 955 7 080 11 736 385 559 4 887 5 830 17 567
Aug .......................... 2 332 2 259 6 942 11 533 625 874 6 617 8 116 19 649
Sep .......................... 2 512 2 303 7 816 12 631 342 625 7 085 8 051 20 682
Oct .......................... 2 415 2 129 7 034 11 578 275 372 7 112 7 759 19 337
Nov .......................... 2 188 1 861 6 232 10 281 186 285 7 246 7 717 17 998
Dec .......................... 1 698 2 121 6 080 9 900 101 278 5 788 6 167 16 066
2018: Jan .......................... 2 200 1 942 6 165 10 306 170 293 5 780 6 243 16 549
Feb .......................... 2 031 2 186 5 805 10 021 134 277 6 595 7 006 17 027
Mar .......................... 2 511 2 245 6 304 11 060 123 226 5 702 6 051 17 111
Apr .......................... 2 013 2 301 6 076 10 390 160 264 5 760 6 184 16 574
KB527
1. Net turnover figures are gross figures adjusted for double-counting arising from local interbank business.
2. Transactions in third currencies refer to transactions between any two currencies other than the South African rand.

Exchange rates1
Middle rates in cents (R1 = 100 cents) per foreign currency unit
SA cent per Australia Botswana Brazil Canada China Denmark EU Hong Kong IMF India Israel Japan
Foreign currency unit Dollar Pula Real Dollar Yuan Krone Euro2 Dollar SDR Rupee Shekel Yen
Average for (5310M) (5312M) (5306M) (5320M) (5323M) (5313M) (5315M) (5324M) (5317M) (5325M) (5326M) (5319M)
2012 .................. 850.11 107.70 420.92 821.56 130.15 141.76 1 055.30 105.84 1 257.60 15.38 212.91 10.294
2013 .................. 931.26 114.81 447.57 936.03 157.03 171.95 1 282.37 124.42 1 467.40 16.49 267.52 9.886
2014 .................. 978.23 120.83 461.85 982.01 176.05 193.19 1 440.27 139.84 1 647.89 17.78 303.44 10.262
2015 .................. 957.06 125.73 386.05 996.48 202.72 189.64 1 414.43 164.48 1 784.33 19.86 328.17 10.534
2016 .................. 1 092.92 134.87 422.20 1 109.43 221.65 218.71 1 628.47 189.49 2 045.69 21.89 382.92 13.536
2017 .................. 1 020.66 128.67 417.28 1 026.70 197.08 202.18 1 503.97 170.84 1 847.72 20.45 370.05 11.870
2017: May............ 986.36 127.83 413.95 975.73 192.68 197.12 1 466.54 170.39 1 824.12 20.60 369.06 11.819
Jun............. 974.37 126.31 391.67 968.83 189.46 194.82 1 448.98 165.38 1 784.57 20.01 365.08 11.634
Jul.............. 1 023.73 128.15 409.48 1 032.51 193.98 203.29 1 511.81 168.25 1 831.80 20.38 370.09 11.676
Aug ............ 1 047.63 129.55 419.66 1 049.62 198.34 210.20 1 563.38 169.15 1 868.76 20.68 367.62 12.043
Sep ............ 1 047.40 129.45 419.23 1 068.97 200.08 210.43 1 565.57 168.09 1 870.06 20.39 371.43 11.878
Oct............. 1 065.07 131.76 428.96 1 086.67 206.37 216.02 1 607.84 175.20 1 932.40 21.01 389.48 12.111
Nov ............ 1 073.17 133.99 431.71 1 102.88 212.61 222.07 1 652.65 180.37 1 982.04 21.71 400.24 12.476
Dec ............ 1 006.80 129.52 400.19 1 031.39 199.71 209.48 1 559.15 168.54 1 863.58 20.50 375.73 11.664
2018: Jan............. 969.86 125.31 379.80 981.14 189.84 199.74 1 487.19 156.06 1 755.87 19.17 356.41 10.998
Feb ............ 931.81 123.77 364.26 941.19 187.02 196.24 1 461.12 151.13 1 718.66 18.36 338.47 10.955
Mar ............ 919.54 123.85 361.58 916.06 187.23 196.09 1 460.62 150.95 1 719.33 18.20 341.43 11.165
Apr............. 929.89 125.10 355.41 949.93 191.88 199.45 1 485.42 153.96 1 757.90 18.41 342.01 11.238
May............ 943.14 126.33 345.43 974.09 196.57 198.81 1 480.74 159.63 1 782.75 18.54 349.12 11.420
KB520
South
SA cent per Norway Russia Korea Sweden Switzerland Taiwan Thailand UK USA US dollar forward cover rates3
Foreign currency unit Krone Rouble Won Krona Franc NT dollar Baht Pound Dollar 3 months 6 months 12 months
Average for (5331M) (5307M) (5341M) (5335M) (5336M) (5337M) (5342M) (5338M) (5339M) (5353M) (5362M) (5363M)
2012 .................. 141.19 26.42 0.730 121.27 875.45 27.77 26.42 1 301.35 820.99 828.40 842.18 862.77
2013 .................. 164.12 30.26 0.882 148.14 1 041.68 32.49 31.39 1 510.59 965.02 977.20 990.24 1 016.28
2014 .................. 172.48 28.67 1.030 158.45 1 185.59 35.77 33.38 1 785.81 1 084.44 1 100.77 1 118.20 1 154.46
2015 .................. 157.94 20.92 1.126 151.25 1 323.23 40.11 37.18 1 949.15 1 275.07 1 295.31 1 316.56 1 358.09
2016 .................. 175.87 21.95 1.266 172.31 1 493.14 45.57 41.67 1 999.70 1 470.88 1 497.19 1 523.83 1 555.29
2017 .................. 161.16 22.84 1.178 156.06 1 352.42 43.76 39.26 1 715.23 1 331.29 1 351.85 1 372.12 1 412.13
2017: May............ 156.09 23.25 1.178 151.14 1 345.36 44.01 38.50 1 715.55 1 326.79 1 347.85 1 368.36 1 407.63
Jun............. 152.54 22.25 1.140 148.57 1 332.62 42.61 37.93 1 650.60 1 289.67 1 309.68 1 328.99 1 366.37
Jul.............. 160.78 21.98 1.159 157.67 1 368.05 43.20 38.94 1 706.60 1 313.79 1 334.02 1 353.74 1 390.98
Aug ............ 167.70 22.23 1.169 163.75 1 371.34 43.74 39.79 1 715.32 1 323.09 1 342.95 1 362.37 1 399.63
Sep ............ 167.73 22.76 1.160 164.25 1 365.61 43.60 39.62 1 744.18 1 313.45 1 332.16 1 350.35 1 386.47
Oct............. 171.04 23.69 1.206 167.34 1 393.50 45.18 41.15 1 805.34 1 367.56 1 388.21 1 407.74 1 446.84
Nov ............ 171.97 23.88 1.277 167.85 1 419.39 46.78 42.77 1 862.00 1 407.82 1 429.30 1 449.65 1 492.28
Dec ............ 158.25 22.48 1.214 156.83 1 334.19 43.96 40.35 1 765.78 1 317.03 1 335.49 1 354.19 1 392.07
2018: Jan............. 154.19 21.54 1.144 151.54 1 268.79 41.49 38.25 1 684.11 1 220.41 1 236.76 1 252.75 1 283.81
Feb ............ 151.02 20.81 1.096 147.17 1 265.73 40.43 37.55 1 653.61 1 182.20 1 197.65 1 212.52 1 241.29
Mar ............ 152.30 20.75 1.104 143.70 1 250.27 40.52 37.84 1 652.40 1 183.56 1 198.52 1 212.70 1 240.09
Apr............. 154.35 19.83 1.130 143.27 1 249.90 41.13 38.61 1 703.15 1 208.41 1 213.55 1 218.58 1 228.33
May............ 154.75 20.09 1.163 143.10 1 256.17 41.94 39.17 1 687.06 1 252.94 1 264.76 1 276.13 1 297.94
KB521
1. Weighted average of the banks' daily rates at approximately 10:30. Weights are based on the banks' foreign-exchange transactions.
2. On 1 January 1999 the official European Currency Unit (ECU) was replaced with the euro at a conversion rate of 1 to 1.
3. Weighted average of the banks' daily rates at approximately 10:30 (US dollar). Weights are based on the banks' foreign-exchange transactions.

Exchange rates, commodity prices and trade financing rates
Effective exchange rate of the rand1 Commodity prices Rate on three-month trade financing2
Brent crude
Period Nominal Real Gold (London)3 Platinum oil5
Average End of Average Eurodollar

for period period for period Rand US dollar Rand US dollar US dollar UK US Euro loans South Africa4
(5390M) (5391M) (5392M) (5356M) (5357M) ( 5346M) (5343M) (5344M) (5358M) (5359M) (5345M) (5360M) (5361M)
2012 ................. 88.39 84.71 91.09 13 709.24 1 668.43 12 721.02 1 549.96 111.80 0.58 0.22 0.10 0.48 5.06
2013 ................. 75.68 68.98 81.91 13 550.05 1 410.86 14 282.81 1 484.02 108.79 0.58 0.19 0.25 0.30 5.22
2014 ................. 67.88 67.03 79.17 13 724.95 1 266.16 14 952.85 1 380.27 99.24 0.61 0.20 0.09 0.50 6.13
2015 ................. 64.07 53.80 80.08 14 764.29 1 160.44 13 309.62 1 052.62 52.50 0.64 0.26 -0.15 0.81 6.63
2016 ................. 57.08 63.84 77.08 18 326.29 1 247.89 14 463.70 985.69 43.58 0.45 0.26 -0.35 1.01 7.36
2017 ................. 62.59 65.46 85.25 16 753.88 1 257.65 12 618.63 947.58 54.25 0.62 0.44 -0.37 1.86 7.16
2015: May ........... 67.01 66.68 82.79 14 346.92 1 198.83 13 632.03 1 138.96 64.24 0.62 0.20 0.07 0.54 6.13
Jun............ 65.34 65.69 81.29 14 533.83 1 181.88 13 391.71 1 087.62 61.78 0.76 0.18 -0.06 0.50 6.14
Jul ............. 65.20 64.07 81.85 14 084.36 1 130.81 12 564.46 1 009.16 56.51 0.68 0.25 -0.07 0.50 6.30
Aug ........... 63.31 61.44 79.91 14 464.45 1 118.11 12 750.34 986.55 46.89 0.67 0.25 -0.07 0.52 6.30
Sep ........... 60.41 59.78 77.02 15 327.51 1 124.72 13 121.39 963.45 47.71 0.61 0.25 -0.07 0.59 6.31
Oct............ 60.84 59.92 78.29 15 652.11 1 158.18 13 166.15 975.29 48.38 0.72 0.26 -0.06 0.67 6.32
Nov ........... 59.34 58.65 76.77 15 369.55 1 087.05 12 453.55 882.08 44.62 1.02 0.26 -0.17 0.94 6.52
Dec ........... 56.14 53.80 73.15 16 032.24 1 068.26 12 851.11 860.40 38.11 0.64 0.26 -0.15 0.81 6.63
2016: Jan............ 51.59 52.51 68.37 17 927.46 1 096.51 13 946.64 851.41 30.93 0.81 0.26 -0.20 0.83 6.98
Feb ........... 53.09 52.21 71.28 18 876.76 1 197.40 14 518.31 920.54 32.14 0.85 0.26 -0.25 0.64 6.99
Mar ........... 53.97 55.14 72.29 19 237.53 1 246.32 14 910.74 967.10 38.32 0.67 0.26 -0.28 0.84 7.23
Apr ............ 55.95 57.34 75.61 18 152.63 1 241.86 14 511.39 993.66 41.37 0.77 0.26 -0.29 0.85 7.30
May ........... 53.64 52.58 72.22 19 375.30 1 257.63 15 789.88 1 028.07 46.77 0.67 0.26 -0.28 0.71 7.32
Jun............ 54.92 56.30 74.23 19 134.73 1 274.99 14 850.29 985.07 48.29 0.72 0.26 -0.30 1.15 7.36
Jul ............. 57.88 58.90 79.13 19 279.89 1 337.38 15 728.45 1 090.45 45.26 0.55 0.26 -0.31 0.75 7.35
Aug ........... 60.26 57.64 82.08 18 432.29 1 340.14 15 302.80 1 118.12 45.51 0.47 0.26 -0.33 0.87 7.36
Sep ........... 59.12 59.46 80.15 18 622.57 1 326.32 14 695.83 1 046.03 46.40 0.62 0.26 -0.33 0.90 7.36
Oct............ 60.30 61.53 81.81 17 659.86 1 267.75 13 350.15 957.42 49.68 0.49 0.26 -0.32 1.14 7.36
Nov ........... 61.34 61.67 83.28 17 260.73 1 238.14 13 238.39 951.50 45.03 0.50 0.26 -0.34 0.97 7.36
Dec ........... 62.63 63.84 84.52 15 955.74 1 150.29 12 721.50 918.92 53.22 0.45 0.26 -0.35 1.01 7.36
2017: Jan............ 63.60 63.39 85.15 16 176.18 1 192.63 13 203.35 973.45 54.53 0.40 0.26 -0.35 1.07 7.37
Feb ........... 64.96 65.88 87.32 16 288.38 1 233.87 13 274.63 1 005.83 55.06 0.40 0.26 -0.37 1.05 7.32
Mar ........... 66.16 63.41 88.64 15 929.36 1 231.08 12 432.43 960.83 51.58 0.43 0.26 -0.37 1.15 7.36
Apr ............ 63.24 63.59 85.38 17 051.58 1 266.39 12 918.03 957.97 52.55 0.35 0.26 -0.37 1.20 7.34
May ........... 63.43 63.83 86.18 16 517.90 1 246.03 12 336.56 929.78 50.26 0.36 0.26 -0.31 1.21 7.33
Jun............ 64.67 63.36 88.08 16 282.08 1 260.77 12 010.88 931.13 46.41 0.41 0.44 -0.36 1.31 7.34
Jul ............. 62.82 62.59 86.04 16 255.98 1 235.66 12 044.63 916.70 48.25 0.28 0.43 -0.38 1.37 7.08
Aug ........... 61.53 62.26 84.18 16 969.23 1 282.20 12 841.41 970.56 51.64 0.26 0.44 -0.37 1.50 7.05
Sep ........... 61.53 60.42 84.47 17 316.64 1 316.01 12 670.65 963.99 56.16 0.57 0.44 -0.33 1.42 6.99
Oct............ 59.73 58.37 82.15 17 554.58 1 280.10 12 597.42 920.92 57.39 0.66 0.44 -0.38 1.54 7.05
Nov ........... 58.06 59.56 80.11 18 065.28 1 282.74 13 141.99 933.33 62.75 0.64 0.44 -0.37 1.59 7.12
Dec ........... 61.67 65.46 85.35 16 639.40 1 264.33 11 951.60 906.44 64.37 0.62 0.44 -0.37 1.86 7.16
2018: Jan............ 65.09 65.85 90.28 16 263.27 1 332.24 12 051.15 987.44 69.08 0.63 0.44 -0.36 2.06 7.13
Feb ........... 66.53 67.20 92.30 15 758.90 1 332.65 11 697.57 989.37 65.30 0.69 0.44 -0.37 2.18 7.12
Mar ........... 66.50 66.64 91.61 15 695.00 1 325.11 11 294.55 954.21 66.07 0.86 0.44 -0.38 2.48 6.87
Apr ............ 65.27 64.49 - 16 163.56 1 334.55 11 146.25 921.47 71.72 0.70 0.44 -0.37 2.51 6.90
May ........... 64.50 65.02 - 16 349.56 1 302.74 11 329.52 904.18 76.97 0.66 0.44 -0.36 2.48 6.91
KB522
1. The weighted average exchange rate of the rand is based on trade in, and consumption of, manufactured goods between South Africa and its most important trading partners. The weighting structure is
described in an article in the June 2014 Quarterly Bulletin. As from 1 January 2010 the weighted average exchange rate of the rand is calculated against 20 currencies. The weights of the 5 major
currencies are in brackets: Euro (29,26), Chinese yuan (20,54), US dollar (13,72), Japanese yen (6,03), British pound (5,82). Index: 2010 = 100.
2. Figures as at end of period.
3. Average daily fixing prices. Prices per fine ounce.
4. Jibar rates. Before September 2013 rates on bankers’ acceptances were used, but the last such acceptances matured in September 2013.
5. Price per barrel. Before 1980 the average of the prices of Dubai crude and West Texas Intermediate.

National income and production accounts of South Africa*1

Summary of gross domestic product, expenditure and national disposable income
At current prices
R millions
2010 2011 2012 2013 2014 2015 2016 2017
Compensation of employees ........................................ (6000J) 1 234 706 1 359 378 1 479 963 1 628 450 1 769 827 1 906 052 2 063 973 2 219 844
Net operating surplus2 .................................................. (6001J) 862 465 930 428 977 253 1 017 353 1 056 128 1 088 178 1 126 109 1 237 578
Consumption of fixed capital3 ....................................... (6002J) 362 397 389 904 427 551 482 989 525 308 559 212 613 292 630 129
Gross value added at factor cost .............................. (6003J) 2 459 568 2 679 710 2 884 767 3 128 791 3 351 263 3 553 442 3 803 374 4 087 551
Other taxes on production ............................................ (6600J) 45 082 51 005 57 250 63 925 71 417 80 403 85 304 93 016
Less: Other subsidies on production............................. (6601J) 9 790 6 315 9 138 9 098 7 737 8 132 7 854 8 838
Gross value added at basic prices ............................ (6645J) 2 494 860 2 724 400 2 932 879 3 183 618 3 414 943 3 625 714 3 880 824 4 171 729
Taxes on products........................................................ (6603J) 264 191 309 518 335 691 372 210 404 698 441 034 484 065 496 009
Less: Subsidies on products......................................... (6604J) 11 043 10 259 14 719 15 851 14 291 15 327 14 575 15 953
Gross domestic product at market prices ................ (6006J) 2 748 008 3 023 659 3 253 851 3 539 977 3 805 350 4 051 421 4 350 314 4 651 785
Final consumption expenditure by households4 ............ (6007J) 1 621 836 1 801 091 1 983 604 2 144 185 2 282 036 2 417 271 2 585 839 2 764 397
Final consumption expenditure by general government5 (6008J) 555 912 600 566 659 228 728 350 791 348 828 934 905 164 973 820
Individual consumption expenditure .......................... (6605J) 231 585 288 531 311 109 334 040 358 349 370 610 404 476 433 039
Collective consumption expenditure ......................... (6606J) 324 327 312 035 348 119 394 310 432 999 458 324 500 687 540 781
Gross capital formation................................................. (6180J) 536 218 596 294 649 663 749 185 780 077 849 975 841 920 865 319
Gross fixed capital formation .................................... (6009J) 529 431 578 014 625 644 721 234 775 950 828 245 848 912 871 476
Change in inventories6 .............................................. (6010J) 6 787 18 280 24 020 27 951 4 128 21 730 -6 992 -6 157
Gross domestic expenditure ..................................... (6019J) 2 713 966 2 997 952 3 292 495 3 621 720 3 853 462 4 096 180 4 332 923 4 603 536
Residual item ................................................................ (6011J) -74 1 238 8 600 -356 8 862 7 425 -9 348 -15 302
Gross domestic expenditure (including residual) ..... (6012J) 2 713 892 2 999 190 3 301 095 3 621 364 3 862 324 4 103 605 4 323 574 4 588 234
Exports of goods and services...................................... (6013J) 786 349 921 035 967 171 1 096 378 1 197 492 1 221 748 1 335 659 1 384 971
Exports of goods, free on board ............................... (6608J) 668 856 794 850 822 382 934 195 1 014 767 1 030 143 1 124 794 1 174 733
Exports of services ................................................... (6609J) 117 493 126 185 144 789 162 183 182 725 191 605 210 865 210 238
Less: Imports of goods and services............................. (6014J) 752 233 896 566 1 014 415 1 177 765 1 254 466 1 273 933 1 308 919 1 321 420
Imports of goods, free on board ............................... (6610J) 609 112 745 637 859 172 1 003 603 1 069 638 1 076 290 1 090 089 1 105 876
Imports of services ................................................... (6611J) 143 121 150 929 155 243 174 162 184 828 197 643 218 830 215 544
Expenditure on gross domestic product (including residual)

(GDP at market prices) ............................................... (6006J) 2 748 008 3 023 659 3 253 851 3 539 977 3 805 350 4 051 421 4 350 314 4 651 785
Primary income from the rest of the world..................... (6612J) 34 099 38 118 48 501 64 441 82 235 98 016 87 773 81 637
Less: Primary income to the rest of the world ............... (6613J) 92 698 115 449 136 837 157 229 183 779 198 382 208 243 221 201
Gross national income at market prices.................... (6016J) 2 689 409 2 946 328 3 165 515 3 447 189 3 703 806 3 951 055 4 229 844 4 512 221
Current transfers from the rest of the world................... (6614J) 9 089 11 287 13 091 18 093 20 320 24 365 23 788 22 998
Less: Current transfers to the rest of the world ............. (6615J) 25 851 25 486 44 460 48 759 54 768 57 898 51 246 61 301
Gross national disposable income at market

prices........................................................................... (6018J) 2 672 647 2 932 129 3 134 146 3 416 523 3 669 358 3 917 522 4 202 386 4 473 918
Real gross national income (at 2010 prices) ............. (6016Y) 2 689 409 2 816 169 2 840 759 2 905 054 2 945 232 3 008 940 3 029 786 3 100 648
KB601
1. Source of data: Statistics South Africa and own calculations

*Data for the past four years are preliminary and subject to revision.
2. After consumption of fixed capital and after inventory valuation adjustment.
3. At replacement value.
4. Including non-profit institutions serving households.
5. Current expenditure on salaries and wages, and on goods and other services of a non-capital nature by the services departments (not business enterprises) of general government. General government
includes central government, provincial governments and local governments.
6. After inventory valuation adjustment.

Gross value added by kind of economic activity1
R millions
2010 2011 2012 2013 2014 2015 2016 2017
At current prices
Primary sector ............................................................ (6630J) 295 955 330 680 337 936 362 560 370 243 367 192 402 059 441 089
Agriculture, forestry and fishing..................................... (6631J) 65 605 69 105 70 592 74 260 82 755 84 303 94 757 106 421
Mining and quarrying .................................................... (6632J) 230 350 261 575 267 344 288 300 287 488 282 888 307 302 334 667
Secondary sector ....................................................... (6633J) 522 092 553 075 600 818 655 744 722 648 772 212 824 177 870 083
Manufacturing .............................................................. (6634J) 358 699 362 693 381 267 410 670 458 404 486 292 523 785 551 621
Electricity, gas and water.............................................. (6635J) 67 940 86 547 105 731 116 468 124 341 136 969 146 024 155 155
Construction (contractors) ............................................ (6636J) 95 453 103 835 113 820 128 606 139 903 148 951 154 368 163 307
Tertiary sector ............................................................ (6637J) 1 676 813 1 840 645 1 994 125 2 165 314 2 322 052 2 486 310 2 654 587 2 860 557
Wholesale and retail trade, catering and

accommodation ........................................................... (6638J) 370 580 404 469 437 982 473 488 503 804 542 200 578 213 626 802
Transport, storage and communication ........................ (6639J) 229 499 257 335 289 003 326 646 351 475 370 985 384 503 411 483
Finance, insurance, real estate and business

services........................................................................ (6640J) 523 526 566 117 605 674 644 910 685 292 734 068 784 066 840 700
Community, social and personal services ..................... (6642J) 553 208 612 724 661 466 720 269 781 481 839 056 907 805 981 572
General government services ................................... (6643J) 404 647 448 778 485 222 534 550 585 108 626 892 684 959 739 459
Other........................................................................ (6647J) 148 561 163 946 176 244 185 719 196 372 212 164 222 846 242 113
Gross value added at basic prices............................ (6645J) 2 494 860 2 724 400 2 932 879 3 183 618 3 414 943 3 625 714 3 880 824 4 171 729
At constant 2010 prices
Primary sector ............................................................ (6630Y) 295 955 295 559 290 083 301 915 302 773 304 898 287 886 309 490
Agriculture, forestry and fishing..................................... (6631Y) 65 605 66 913 68 093 71 143 75 982 71 153 63 869 75 185
Mining and quarrying .................................................... (6632Y) 230 350 228 646 221 990 230 772 226 791 233 745 224 016 234 305
Secondary sector ....................................................... (6633Y) 522 092 534 420 544 392 552 280 556 524 555 990 559 056 558 239
Manufacturing .............................................................. (6634Y) 358 699 369 582 377 330 381 173 382 498 381 149 384 615 384 036
Electricity, gas and water.............................................. (6635Y) 67 940 68 978 68 733 68 289 67 622 66 479 64 918 65 018
Construction (contractors) ............................................ (6636Y) 95 453 95 860 98 329 102 818 106 403 108 362 109 524 109 185
Tertiary sector ............................................................ (6637Y) 1 676 813 1 744 999 1 798 106 1 845 682 1 893 113 1 925 851 1 958 298 1 974 687

accommodation ........................................................... (6638Y) 370 580 385 696 400 938 408 968 414 826 422 502 429 641 426 935
Transport, storage and communication ........................ (6639Y) 229 499 237 442 243 188 250 129 258 906 262 498 264 599 268 494

services........................................................................ (6640Y) 523 526 545 802 562 042 576 707 592 352 607 581 621 798 633 413
Community, social and personal services ..................... (6642Y) 553 208 576 059 591 938 609 879 627 030 633 270 642 260 645 845
General government services ................................... (6643Y) 404 647 423 833 436 466 450 348 464 664 469 224 475 795 477 386
Other........................................................................ (6647Y) 148 561 152 226 155 472 159 530 162 367 164 047 166 465 168 459
Gross value added at basic prices............................ (6645Y) 2 494 860 2 574 978 2 632 581 2 699 878 2 752 410 2 786 739 2 805 240 2 842 416
KB602
1. Source of data: Statistics South Africa.
Quarterly Bulletin June 2018

S–109
Gross value added by kind of economic activity1

Seasonally adjusted annualised rates
R millions
2016 2017 2018

02 03 04 2016 01 02 03 04 2017 01
At current prices
Primary sector ................................................. (6630L) 399 823 394 247 427 270 402 059 426 383 421 960 453 148 462 863 441 089 431 055
Agriculture, forestry and fishing.......................... (6631L) 88 698 94 628 98 194 94 757 102 381 102 506 109 263 111 533 106 421 107 484
Mining and quarrying ......................................... (6632L) 311 125 299 619 329 077 307 302 324 001 319 454 343 885 351 330 334 667 323 571
Secondary sector ............................................ (6633L) 823 810 834 209 833 994 824 177 847 264 861 061 873 862 898 146 870 083 900 098
Manufacturing ................................................... (6634L) 524 275 531 484 528 134 523 785 533 784 543 565 554 609 574 527 551 621 565 351
Electricity, gas and water................................... (6635L) 145 497 147 595 148 691 146 024 152 585 155 179 155 731 157 125 155 155 162 193
Construction (contractors) ................................. (6636L) 154 038 155 129 157 170 154 368 160 895 162 316 163 522 166 493 163 307 172 554
Tertiary sector ................................................. (6637L) 2 643 171 2 671 169 2 713 609 2 654 587 2 766 736 2 838 482 2 891 690 2 945 321 2 860 557 2 957 685

accommodation ................................................ (6638L) 576 313 581 800 592 774 578 213 607 910 617 381 631 357 650 561 626 802 653 022
Transport, storage and communication ............. (6639L) 380 078 387 063 395 553 384 503 401 079 406 660 416 552 421 640 411 483 426 551

services ............................................................. (6640L) 778 459 790 451 799 149 784 066 810 011 836 889 851 650 864 252 840 700 868 198
Community, social and personal services .......... (6642L) 908 321 911 855 926 134 907 805 947 736 977 552 992 131 1 008 869 981 572 1 009 914
General government services ........................ (6643L) 687 180 687 632 697 826 684 959 711 322 737 062 748 063 761 388 739 459 757 894
Other............................................................. (6647L) 221 141 224 223 228 307 222 846 236 414 240 490 244 068 247 481 242 113 252 019
Gross value added at basic prices................. (6645L) 3 866 804 3 899 624 3 974 873 3 880 824 4 040 383 4 121 503 4 218 700 4 306 330 4 171 729 4 288 838
Primary sector .................................................(6630D) 289 896 292 314 285 734 287 886 296 219 305 992 315 974 319 775 309 490 308 089
Agriculture, forestry and fishing..........................(6631D) 63 889 63 194 62 536 63 869 66 287 71 695 78 139 84 617 75 185 78 967
Mining and quarrying .........................................(6632D) 226 007 229 120 223 197 224 016 229 931 234 297 237 834 235 158 234 305 229 122
Secondary sector ............................................(6633D) 562 556 560 043 558 556 559 056 553 267 557 102 559 181 563 406 558 239 556 445
Manufacturing ...................................................(6634D) 388 509 385 721 383 263 384 615 379 226 381 977 385 426 389 517 384 036 383 150
Electricity, gas and water...................................(6635D) 64 723 64 660 65 384 64 918 64 451 65 719 64 690 65 212 65 018 65 133
Construction (contractors) .................................(6636D) 109 324 109 663 109 909 109 524 109 591 109 406 109 065 108 678 109 185 108 162
Tertiary sector .................................................(6637D) 1 955 209 1 961 910 1 972 637 1 958 298 1 964 360 1 970 259 1 975 580 1 988 549 1 974 687 1 990 133

accommodation ................................................(6638D) 430 437 428 531 431 133 429 641 424 977 425 975 425 884 430 905 426 935 427 474
Transport, storage and communication .............(6639D) 263 782 265 278 267 341 264 599 266 460 268 192 268 729 270 593 268 494 271 184
Finance, insurance, real-estate and business

services .............................................................(6640D) 620 241 623 995 628 050 621 798 627 273 632 099 635 145 639 135 633 413 640 883
Community, social and personal services ..........(6642D) 640 748 644 105 646 114 642 260 645 649 643 992 645 822 647 915 645 845 650 592
General government services ........................(6643D) 474 563 477 185 478 654 475 795 478 074 475 728 477 036 478 705 477 386 480 862
Other.............................................................(6647D) 166 185 166 920 167 459 166 465 167 576 168 264 168 786 169 209 168 459 169 730
Gross value added at basic prices.................(6645D) 2 807 660 2 814 267 2 816 927 2 805 240 2 813 846 2 833 353 2 850 734 2 871 730 2 842 416 2 854 666
KB603

Expenditure on gross domestic product1
R millions
2010 2011 2012 2013 2014 2015 2016 2017
At current prices
Final consumption expenditure ..................................... (6620J) 2 177 748 2 401 658 2 642 832 2 872 535 3 073 384 3 246 205 3 491 003 3 738 217
Final consumption expenditure by households2 ........ (6007J) 1 621 836 1 801 091 1 983 604 2 144 185 2 282 036 2 417 271 2 585 839 2 764 397
Final consumption expenditure by general

government3 ............................................................. (6008J) 555 912 600 566 659 228 728 350 791 348 828 934 905 164 973 820
Individual consumption expenditure ...................... (6605J) 231 585 288 531 311 109 334 040 358 349 370 610 404 476 433 039
Collective consumption expenditure...................... (6606J) 324 327 312 035 348 119 394 310 432 999 458 324 500 687 540 781
Gross capital formation................................................. (6180J) 536 218 596 294 649 663 749 185 780 077 849 975 841 920 865 319
Gross fixed capital formation .................................... (6009J) 529 431 578 014 625 644 721 234 775 950 828 245 848 912 871 476
Change in inventories4 .............................................. (6010J) 6 787 18 280 24 020 27 951 4 128 21 730 -6 992 -6 157
Gross domestic expenditure ..................................... (6019J) 2 713 966 2 997 952 3 292 495 3 621 720 3 853 462 4 096 180 4 332 923 4 603 536
Residual item ................................................................ (6011J) -74 1 238 8 600 -356 8 862 7 425 -9 348 -15 302
Gross domestic expenditure (including residual) ..... (6012J) 2 713 892 2 999 190 3 301 095 3 621 364 3 862 324 4 103 605 4 323 574 4 588 234
Exports of goods and services...................................... (6013J) 786 349 921 035 967 171 1 096 378 1 197 492 1 221 748 1 335 659 1 384 971
Exports of goods, free on board ............................... (6608J) 668 856 794 850 822 382 934 195 1 014 767 1 030 143 1 124 794 1 174 733
Exports of services ................................................... (6609J) 117 493 126 185 144 789 162 183 182 725 191 605 210 865 210 238
Less: Imports of goods and services............................. (6014J) 752 233 896 566 1 014 415 1 177 765 1 254 466 1 273 933 1 308 919 1 321 420
Imports of goods, free on board ............................... (6610J) 609 112 745 637 859 172 1 003 603 1 069 638 1 076 290 1 090 089 1 105 876
Imports of services ................................................... (6611J) 143 121 150 929 155 243 174 162 184 828 197 643 218 830 215 544

(GDP at market prices) ............................................... (6006J) 2 748 008 3 023 659 3 253 851 3 539 977 3 805 350 4 051 421 4 350 314 4 651 785
Final consumption expenditure ..................................... (6620Y) 2 177 748 2 276 519 2 359 640 2 413 008 2 438 192 2 469 113 2 493 864 2 539 559
Final consumption expenditure by households2 ........ (6007Y) 1 621 836 1 705 240 1 768 365 1 803 625 1 818 511 1 851 399 1 864 370 1 906 114
Final consumption expenditure by general

government3 ............................................................. (6008Y) 555 912 571 279 591 275 609 383 619 681 617 713 629 495 633 445
Individual consumption expenditure ...................... (6605Y) 231 585 273 039 280 337 281 038 285 064 279 824 283 156 282 130
Collective consumption expenditure...................... (6606Y) 324 327 298 240 310 937 328 345 334 617 337 890 346 339 351 314
Gross capital formation................................................. (6180Y) 536 218 580 395 598 085 636 391 624 966 659 018 605 917 615 732
Gross fixed capital formation .................................... (6009Y) 529 431 558 755 573 310 614 502 618 786 640 018 613 715 616 048
Change in inventories4 .............................................. (6010Y) 6 787 21 640 24 775 21 889 6 180 19 000 -7 798 -316
Gross domestic expenditure ..................................... (6019Y) 2 713 966 2 856 914 2 957 725 3 049 399 3 063 158 3 128 131 3 099 782 3 155 291
Residual item ................................................................ (6011Y) -74 9 341 411 -7 862 -2 414 -4 047 -3 634 -105
Gross domestic expenditure (including residual) ..... (6012Y) 2 713 892 2 866 256 2 958 136 3 041 537 3 060 744 3 124 084 3 096 148 3 155 185
Exports of goods and services...................................... (6013Y) 786 349 813 841 820 302 852 994 883 501 908 257 917 039 916 150
Exports of goods, free on board ............................... (6608Y) 668 856 695 779 693 996 722 876 746 052 771 273 775 569 782 203
Exports of services ................................................... (6609Y) 117 493 118 062 126 306 130 118 137 449 136 984 141 471 133 947
Less: Imports of goods and services............................. (6014Y) 752 233 841 839 877 362 921 356 916 155 965 505 929 014 946 448
Imports of goods, free on board ............................... (6610Y) 609 112 696 871 741 730 787 675 787 785 830 871 797 506 818 258
Imports of services ................................................... (6611Y) 143 121 144 968 135 632 133 680 128 370 134 635 131 508 128 190

(GDP at market prices) ............................................... (6006Y) 2 748 008 2 838 258 2 901 076 2 973 175 3 028 090 3 066 836 3 084 174 3 124 887
KB604


S–111

At current prices
R millions
Final consumption expenditure Gross capital formation Memo items
Less: Expenditure Expenditure on Gross

Gross fixed Gross Exports of Imports of on gross gross domestic domestic
Period House- General capital Change in domestic goods and goods and domestic Residual product (including expenditure
holds2 government3 formation inventories4 expenditure services services product item residual) (GDP (including
at market prices) residual)
(6007K) (6008K) (6009K) (6010K) (6019K) (6013K) (6014K) (6045K) (6011K) (6006K) (6012K)
2014: 02 ........................ 557 256 191 886 190 064 24 786 963 993 284 295 303 785 944 502 -4 536 939 966 959 457
03 ........................ 568 389 201 337 200 186 6 305 976 218 310 233 325 740 960 711 4 945 965 657 981 163
04 ........................ 613 714 206 306 201 307 -2 265 1 019 062 313 400 311 883 1 020 579 -37 250 983 328 981 811
2014 ........................ 2 282 036 791 348 775 950 4 128 3 853 462 1 197 492 1 254 466 3 796 488 8 862 3 805 350 3 862 324
2015: 01 ........................ 569 882 198 852 200 034 -1 550 967 218 288 940 308 397 947 761 29 213 976 974 996 431
02 ........................ 590 293 200 250 203 235 12 740 1 006 518 305 673 303 485 1 008 706 -3 237 1 005 469 1 003 281
03 ........................ 602 674 211 212 213 714 7 629 1 035 228 313 122 330 925 1 017 426 4 457 1 021 883 1 039 686
04 ........................ 654 421 218 620 211 263 2 911 1 087 216 314 013 331 126 1 070 103 -23 008 1 047 095 1 064 207
2015 ........................ 2 417 271 828 934 828 245 21 730 4 096 180 1 221 748 1 273 933 4 043 995 7 425 4 051 421 4 103 605
2016: 01 ........................ 607 633 220 529 205 134 -13 302 1 019 993 309 465 322 937 1 006 521 46 031 1 052 552 1 066 024
02 ........................ 631 207 221 800 211 282 4 087 1 068 376 349 370 325 307 1 092 438 -12 609 1 079 829 1 055 767
03 ........................ 644 459 227 211 213 706 9 188 1 094 564 339 146 337 484 1 096 226 -219 1 096 007 1 094 345
04 ........................ 702 540 235 625 218 789 -6 965 1 149 989 337 679 323 191 1 164 478 -42 551 1 121 926 1 107 438
2016 ........................ 2 585 839 905 164 848 912 -6 992 4 332 923 1 335 659 1 308 919 4 359 663 -9 348 4 350 314 4 323 574
2017: 01 ........................ 649 374 233 803 212 545 -23 984 1 071 738 323 282 316 394 1 078 626 36 361 1 114 987 1 108 099
02 ........................ 673 883 238 983 214 317 13 829 1 141 012 340 730 324 159 1 157 584 -7 741 1 149 842 1 133 271
03 ........................ 689 005 245 892 219 582 5 525 1 160 004 350 168 331 871 1 178 301 506 1 178 807 1 160 510
04 ........................ 752 135 255 142 225 032 -1 526 1 230 782 370 790 348 997 1 252 576 -44 428 1 208 148 1 186 355
2017 ........................ 2 764 397 973 820 871 476 -6 157 4 603 536 1 384 971 1 321 420 4 667 086 -15 302 4 651 785 4 588 234
2018: 01 ........................ 694 082 250 750 218 642 -19 378 1 144 095 324 158 336 299 1 131 955 51 931 1 183 886 1 196 026
KB605
(6007L) (6008L) (6009L) (6010L) (6019L) (6013L) (6014L) (6045L) (6011L) (6006L) (6012L)
2014: 02 .......................... 2 265 638 789 671 762 454 44 808 3 862 571 1 144 802 1 242 336 3 765 037 3 331 3 768 368 3 865 902
03 .......................... 2 301 294 801 725 778 458 -13 493 3 867 984 1 213 443 1 260 532 3 820 895 26 974 3 847 868 3 894 957
04 .......................... 2 327 784 804 487 799 781 10 753 3 942 805 1 230 273 1 241 492 3 931 586 -35 793 3 895 792 3 907 011
2014 .............................. 2 282 036 791 348 775 950 4 128 3 853 462 1 197 492 1 254 466 3 796 488 8 862 3 805 350 3 862 324
2015: 01 .......................... 2 356 386 803 881 810 345 64 485 4 035 096 1 194 634 1 256 640 3 973 090 -22 947 3 950 143 4 012 148
02 .......................... 2 399 272 820 676 817 945 -101 4 037 792 1 226 549 1 239 102 4 025 239 8 588 4 033 826 4 046 379
03 .......................... 2 436 634 837 958 846 735 -5 884 4 115 443 1 229 099 1 284 879 4 059 663 12 046 4 071 709 4 127 489
04 .......................... 2 476 791 853 223 837 956 28 420 4 196 390 1 236 711 1 315 111 4 117 990 32 015 4 150 005 4 228 405
2015 .............................. 2 417 271 828 934 828 245 21 730 4 096 180 1 221 748 1 273 933 4 043 995 7 425 4 051 421 4 103 605
2016: 01 .......................... 2 510 194 879 829 839 941 18 424 4 248 388 1 277 892 1 312 678 4 213 602 38 341 4 251 943 4 286 729
02 .......................... 2 564 649 905 455 848 774 -33 217 4 285 662 1 395 493 1 324 589 4 356 565 -29 325 4 327 240 4 256 336
03 .......................... 2 611 519 909 938 843 047 2 020 4 366 523 1 336 477 1 310 398 4 392 602 -22 099 4 370 503 4 344 424
04 .......................... 2 656 996 925 432 863 885 -15 195 4 431 118 1 332 777 1 288 012 4 475 882 -24 311 4 451 571 4 406 807
2016 .............................. 2 585 839 905 164 848 912 -6 992 4 332 923 1 335 659 1 308 919 4 359 663 -9 348 4 350 314 4 323 574
2017: 01 .......................... 2 687 205 937 182 864 720 -20 700 4 468 406 1 333 078 1 278 065 4 523 419 -35 743 4 487 677 4 432 663
02 .......................... 2 738 943 969 372 863 566 5 549 4 577 429 1 364 719 1 321 851 4 620 298 1 262 4 621 560 4 578 692
03 .......................... 2 782 155 983 683 863 608 -12 179 4 617 267 1 380 624 1 292 135 4 705 756 -5 029 4 700 727 4 612 238
04 .......................... 2 849 285 1 005 044 894 011 2 703 4 751 042 1 461 462 1 393 631 4 818 873 -21 698 4 797 176 4 729 345
2017 .............................. 2 764 397 973 820 871 476 -6 157 4 603 536 1 384 971 1 321 420 4 667 086 -15 302 4 651 785 4 588 234
2018: 01 .......................... 2 874 034 1 003 584 888 162 1 096 4 766 877 1 339 116 1 364 448 4 741 545 33 580 4 775 125 4 800 457
KB606



R millions
Final consumption expenditure Gross capital formation Memo items
Expenditure on Gross
Less: Expenditure gross domestic domestic
Gross fixed Gross Exports of Imports of on gross product (including expenditure
Period General capital Change in domestic goods and goods and domestic Residual residual) (GDP at (including
Households2 government3 formation inventories expenditure services services product item market prices) residual)
(6007C) (6008C) (6009C) (6010C) (6019C) (6013C) (6014C) (6045C) (6011C) (6006C) (6012C)
2014: 02 .......................... 444 750 150 850 151 933 19 570 767 102 209 560 219 620 757 043 -1 201 755 842 765 902
03 .......................... 449 103 155 438 158 582 7 387 770 511 227 276 238 397 759 389 368 759 758 770 879
04 .......................... 484 385 158 458 158 858 -1 449 800 252 230 913 234 693 796 472 -16 193 780 279 784 059
2014 .............................. 1 818 511 619 681 618 786 6 180 3 063 158 883 501 916 155 3 030 504 -2 414 3 028 090 3 060 744
2015: 01 .......................... 447 574 154 527 156 717 459 759 276 218 318 238 856 738 738 12 051 750 789 771 327
02 .......................... 452 491 150 827 158 217 11 150 772 686 227 990 234 098 766 577 -1 369 765 208 771 316
03 .......................... 456 729 154 495 164 799 4 241 780 263 232 528 248 039 764 753 1 547 766 299 781 810
04 .......................... 494 606 157 865 160 285 3 150 815 906 229 421 244 512 800 815 -16 276 784 539 799 630
2015 .............................. 1 851 399 617 713 640 018 19 000 3 128 131 908 257 965 505 3 070 883 -4 047 3 066 836 3 124 084
2016: 01 .......................... 449 572 157 792 150 652 -12 976 745 040 219 847 230 126 734 761 13 714 748 475 758 753
02 .......................... 455 443 154 110 151 782 1 972 763 306 237 364 227 336 773 335 -3 588 769 747 759 719
03 .......................... 460 322 157 228 153 777 7 675 779 002 230 182 237 415 771 769 1 469 773 239 780 472
04 .......................... 499 033 160 365 157 504 -4 468 812 434 229 646 234 138 807 942 -15 229 792 713 797 204
2016 .............................. 1 864 370 629 495 613 715 -7 798 3 099 782 917 039 929 014 3 087 808 -3 634 3 084 174 3 096 148
2017: 01 .......................... 453 738 158 984 151 167 -16 376 747 513 217 288 227 702 737 099 19 820 756 919 767 333
02 .......................... 466 115 155 411 152 653 11 596 785 775 228 567 234 238 780 104 280 780 384 786 055
03 .......................... 472 940 158 018 155 387 3 679 790 024 231 535 237 785 783 774 -485 783 289 789 538
04 .......................... 513 321 161 031 156 842 785 831 979 238 759 246 723 824 015 -19 720 804 295 812 259
2017 .............................. 1 906 114 633 445 616 048 -316 3 155 291 916 150 946 448 3 124 992 -105 3 124 887 3 155 185
2018: 01 .......................... 468 003 160 856 151 719 -12 489 768 089 217 300 235 686 749 703 12 897 762 600 780 986
KB607
(6007D) (6008D) (6009D) (6010D) (6019D) (6013D) (6014D) (6045D) (6011D) (6006D) (6012D)
2014: 02 .......................... 1 811 618 620 840 610 561 30 235 3 073 253 839 716 897 758 3 015 211 -3 118 3 012 093 3 070 135
03 .......................... 1 823 495 619 994 618 033 -1 296 3 060 226 887 760 915 464 3 032 522 -1 227 3 031 295 3 058 999
04 .......................... 1 831 466 620 950 628 842 12 939 3 094 196 905 250 932 464 3 066 982 -2 766 3 064 215 3 091 430
2014 .............................. 1 818 511 619 681 618 786 6 180 3 063 158 883 501 916 155 3 030 504 -2 414 3 028 090 3 060 744
2015: 01 .......................... 1 844 974 617 590 637 102 59 100 3 158 765 901 035 977 668 3 082 132 -4 714 3 077 418 3 154 051
02 .......................... 1 843 658 616 601 637 534 249 3 098 042 915 567 951 867 3 061 742 -393 3 061 349 3 097 649
03 .......................... 1 855 199 615 553 652 624 -11 105 3 112 271 914 645 962 035 3 064 880 -1 831 3 063 049 3 110 440
04 .......................... 1 861 766 621 110 632 812 27 757 3 143 445 901 782 970 450 3 074 777 -9 251 3 065 526 3 134 194
2015 .............................. 1 851 399 617 713 640 018 19 000 3 128 131 908 257 965 505 3 070 883 -4 047 3 066 836 3 124 084
2016: 01 .......................... 1 852 459 622 884 618 878 5 188 3 099 409 906 671 943 170 3 062 910 -3 613 3 059 297 3 095 797
02 .......................... 1 856 991 629 955 609 937 -33 411 3 063 472 948 844 922 184 3 090 133 -3 690 3 086 443 3 059 782
03 .......................... 1 869 118 632 129 605 619 3 912 3 110 779 908 101 920 714 3 098 165 -4 186 3 093 979 3 106 592
04 .......................... 1 878 911 633 009 620 426 -6 880 3 125 467 904 542 929 986 3 100 023 -3 047 3 096 976 3 122 420
2016 .............................. 1 864 370 629 495 613 715 -7 798 3 099 782 917 039 929 014 3 087 808 -3 634 3 084 174 3 096 148
2017: 01 .......................... 1 882 957 631 028 615 627 -6 145 3 123 467 897 020 926 260 3 094 227 -823 3 093 404 3 122 644
02 .......................... 1 900 616 632 031 615 289 6 319 3 154 254 914 423 953 228 3 115 449 278 3 115 727 3 154 532
03 .......................... 1 912 005 634 112 611 154 -11 956 3 145 316 913 099 925 148 3 133 267 -81 3 133 186 3 145 235
04 .......................... 1 928 878 636 608 622 125 10 516 3 198 127 940 057 981 156 3 157 028 203 3 157 231 3 198 330
2017 .............................. 1 906 114 633 445 616 048 -316 3 155 291 916 150 946 448 3 124 992 -105 3 124 887 3 155 185
2018: 01 .......................... 1 936 072 638 476 617 116 11 633 3 203 296 898 499 964 685 3 137 110 2 780 3 139 890 3 206 076
KB608
1. Source of data: Statistics South Africa and own calculations.


S–113
Final consumption expenditure by households1

At current prices
R millions
2010 2011 2012 2013 2014 2015 2016 2017
Durable goods.............................................................. (6050J) 136 049 156 594 177 607 195 631 199 459 199 971 197 903 209 337
Furniture, household appliances etc. .............................. (6051J) 25 166 26 254 26 951 28 227 29 596 30 658 31 927 33 493
Personal transport equipment ........................................ (6052J) 81 841 98 853 116 739 131 560 131 776 128 673 122 650 128 518
Computers and related equipment ................................. (6075J) 4 705 4 787 4 829 5 114 5 405 5 743 6 095 6 770
Recreational and entertainment goods2 .......................... (6053J) 16 391 18 147 19 926 21 019 22 357 23 779 25 279 27 312
Other durable goods3 ..................................................... (6054J) 7 946 8 552 9 163 9 711 10 325 11 117 11 952 13 245
Semi-durable goods .................................................... (6055J) 133 323 146 456 160 525 174 065 187 681 203 082 219 060 231 668
Clothing and footwear .................................................... (6056J) 78 228 85 754 94 199 103 829 112 957 123 021 133 205 141 055
Household textiles, furnishings, glassware etc. .............. (6057J) 21 410 23 351 25 314 26 634 28 456 30 319 32 330 34 284
Motorcar tyres, parts and accessories............................ (6058J) 14 394 15 805 17 119 18 145 19 177 20 728 22 238 22 232
Miscellaneous goods5 .................................................... (6060J) 8 961 10 290 11 626 12 432 13 310 14 349 15 768 16 755
Non-durable goods ...................................................... (6061J) 625 989 707 675 791 226 843 094 905 863 962 457 1 047 740 1 124 170
Food, beverages and tobacco........................................ (6062J) 402 462 444 247 493 754 523 947 565 114 610 760 674 311 727 480
Household fuel, power and water ................................... (6063J) 64 425 77 675 89 807 95 852 102 384 111 149 121 393 126 351
Household consumer goods .......................................... (6064J) 58 905 65 363 71 942 76 728 82 786 89 554 95 776 101 891
Medical and pharmaceutical products............................ (6065J) 24 976 27 623 29 822 31 065 33 174 36 266 40 204 44 211
Petroleum products........................................................ (6066J) 61 883 76 653 86 814 95 137 100 762 91 584 91 211 97 435
Services ........................................................................ (6068J) 726 475 790 367 854 246 931 395 989 033 1 051 760 1 121 136 1 199 221
Rent and other housing services7 ................................... (6069J) 186 364 197 904 209 324 221 355 234 689 249 449 265 837 283 006
Household services, including domestic servants ........... (6070J) 36 257 40 532 46 083 49 682 53 263 57 700 64 250 72 649
Medical services............................................................. (6071J) 87 144 100 239 109 361 123 164 131 668 141 915 155 426 171 324
Transport and communication services .......................... (6072J) 161 773 177 019 194 167 211 175 225 262 232 007 238 600 240 839
Recreational, entertainment and educational services8 ... (6073J) 86 226 94 398 105 452 114 954 126 064 138 279 152 806 163 573
Miscellaneous services9 ................................................. (6074J) 168 711 180 274 189 859 211 064 218 086 232 410 244 218 267 832
Total.............................................................................. (6007J) 1 621 836 1 801 091 1 983 604 2 144 185 2 282 036 2 417 271 2 585 839 2 764 397
KB609

2. Comprising audio-visual, photographic and communications equipment.
3. Jewellery, watches, therapeutic appliances, etc.
4. Comprising sport and camping equipment, games, hobbies, toys, books and recording media.
5. Electrical appliances for personal care and personal effects such as travel goods, car seats, umbrellas, etc.
6. Comprising newspapers, magazines, stationary, pets and related products as well as garden products, plants and flowers.
7. Including imputed rent for owner-occupied dwellings.
8. Comprising cinema, park, museum and theatre entrance fees, subscriptions to cable television, licences and hiring of equipment.
9. After adjustment for net expenditure of non-residents in the domestic sector.


R millions
2010 2011 2012 2013 2014 2015 2016 2017
Durable goods.............................................................. (6050Y) 136 049 157 362 175 675 188 561 185 044 181 685 172 695 182 998
Furniture, household appliances etc. .............................. (6051Y) 25 166 27 041 27 933 29 520 31 424 33 252 34 589 37 815
Personal transport equipment ........................................ (6052Y) 81 841 96 528 110 709 120 233 112 475 103 747 90 794 90 560
Computers and related equipment ................................. (6075Y) 4 705 5 429 5 570 5 906 6 259 6 676 6 885 8 449
Recreational and entertainment goods2 .......................... (6053Y) 16 391 19 770 22 282 23 372 25 053 27 683 29 708 34 592
Other durable goods3 ..................................................... (6054Y) 7 946 8 593 9 183 9 531 9 833 10 328 10 719 11 582
Semi-durable goods .................................................... (6055Y) 133 323 143 806 153 492 161 271 166 010 172 716 177 767 183 220
Clothing and footwear .................................................... (6056Y) 78 228 83 644 88 730 94 926 97 633 100 975 104 117 106 737
Household textiles, furnishings, glassware etc. .............. (6057Y) 21 410 23 634 25 593 26 163 27 587 29 233 29 924 31 690
Motorcar tyres, parts and accessories............................ (6058Y) 14 394 15 083 15 605 15 701 15 769 16 581 17 136 16 636
Miscellaneous goods5 .................................................... (6060Y) 8 961 10 392 11 642 12 297 12 566 13 114 13 812 14 302
Non-durable goods ...................................................... (6061Y) 625 989 650 486 673 670 673 551 677 457 693 685 699 983 707 649
Food, beverages and tobacco........................................ (6062Y) 402 462 414 730 430 123 431 168 433 182 443 028 446 059 452 635
Household fuel, power and water ................................... (6063Y) 64 425 67 231 69 494 67 738 67 333 68 665 69 201 68 032
Household consumer goods .......................................... (6064Y) 58 905 63 325 67 375 68 948 71 318 74 077 76 108 77 923
Medical and pharmaceutical products............................ (6065Y) 24 976 26 504 27 655 27 819 28 428 29 420 31 098 32 158
Petroleum products........................................................ (6066Y) 61 883 63 335 61 937 60 706 60 112 61 197 60 058 59 369
Services ........................................................................ (6068Y) 726 475 753 586 765 528 780 242 789 999 803 312 813 924 832 246
Rent and other housing services7 ................................... (6069Y) 186 364 189 099 191 694 193 859 195 572 197 857 200 473 203 004
Household services, including domestic servants ........... (6070Y) 36 257 38 232 41 147 41 986 42 662 43 878 46 390 49 864
Medical services............................................................. (6071Y) 87 144 93 794 96 275 102 048 104 593 106 362 110 211 114 845
Transport and communication services .......................... (6072Y) 161 773 169 446 174 064 179 278 183 664 182 505 182 715 179 901
Recreational, entertainment and educational services8 ... (6073Y) 86 226 87 923 91 103 91 809 93 653 95 570 100 360 100 844
Miscellaneous services9 ................................................. (6074Y) 168 711 175 092 171 245 171 261 169 857 177 140 173 775 183 788
Total.............................................................................. (6007Y) 1 621 836 1 705 240 1 768 365 1 803 625 1 818 511 1 851 399 1 864 370 1 906 114
KB610

2. Comprising audio-visual, photographic and communications equipment.
3. Jewellery, watches, therapeutic appliances, etc.
4. Comprising sport and camping equipment, games, hobbies, toys, books and recording media.
5. Electrical appliances for personal care and personal effects such as travel goods, car seats, umbrellas, etc.
6. Comprising newspapers, magazines, stationary, pets and related products as well as garden products, plants and flowers.
7. Including imputed rent for owner-occupied dwellings.
8. Comprising cinema, park, museum and theatre entrance fees, subscriptions to cable television, licences and hiring of equipment.
9. After adjustment for net expenditure of non-residents in the domestic sector.

S–115
R millions
At current prices At constant 2010 prices
Period Semi- Non- Semi- Non-

Durable durable durable Durable durable durable
goods goods goods Services2 Total goods goods goods Services2 Total
(6050K) (6055K) (6061K) (6068K) (6007K) (6050C) (6055C) (6061C) (6068C) (6007C)
2014: 02.......................................... 48 109 45 148 216 585 247 413 557 256 44 474 40 187 162 055 198 033 444 750
03.......................................... 48 975 44 478 225 216 249 720 568 389 45 065 39 173 166 080 198 785 449 103
04.......................................... 53 227 56 322 253 705 250 460 613 714 49 550 49 050 188 255 197 530 484 385
2014 .......................................... 199 459 187 681 905 863 989 033 2 282 036 185 044 166 010 677 457 789 999 1 818 511
2015: 01.......................................... 50 869 45 155 220 583 253 274 569 882 46 116 38 902 164 364 198 192 447 574
02.......................................... 48 103 48 496 230 692 263 001 590 293 43 749 41 392 166 476 200 874 452 491
03.......................................... 47 778 48 029 239 628 267 240 602 674 43 401 40 726 169 797 202 804 456 729
04.......................................... 53 222 61 402 271 554 268 244 654 421 48 419 51 697 193 048 201 441 494 606
2015 .......................................... 199 971 203 082 962 457 1 051 760 2 417 271 181 685 172 716 693 685 803 312 1 851 399
2016: 01.......................................... 48 278 48 650 241 156 269 549 607 633 42 504 40 449 166 762 199 857 449 572
02.......................................... 48 021 52 757 250 111 280 318 631 207 41 524 43 043 167 715 203 161 455 443
03.......................................... 48 168 51 126 261 496 283 669 644 459 41 657 41 209 172 444 205 013 460 322
04.......................................... 53 436 66 527 294 978 287 600 702 540 47 011 53 067 193 062 205 893 499 033
2016 .......................................... 197 903 219 060 1 047 740 1 121 136 2 585 839 172 695 177 767 699 983 813 924 1 864 370
2017: 01.......................................... 50 892 49 539 259 777 289 166 649 374 43 405 39 340 165 903 205 090 453 738
02.......................................... 49 037 55 282 270 484 299 081 673 883 42 582 43 674 171 009 208 850 466 115
03.......................................... 51 847 54 426 277 905 304 826 689 005 45 347 43 066 174 261 210 266 472 940
04.......................................... 57 562 72 421 316 004 306 148 752 135 51 664 57 141 196 477 208 040 513 321
2017 .......................................... 209 337 231 668 1 124 170 1 199 221 2 764 397 182 998 183 220 707 649 832 246 1 906 114
2018: 01.......................................... 54 703 53 038 276 977 309 364 694 082 47 380 41 798 169 784 209 041 468 003
KB611
(6050L) (6055L) (6061L) (6068L) (6007L) (6050D) (6055D) (6061D) (6068D) (6007D)
2014: 02.......................................... 198 533 185 960 898 328 982 818 2 265 638 184 521 165 775 672 932 788 390 1 811 618
03.......................................... 201 789 189 700 916 737 993 068 2 301 294 186 403 167 866 678 620 790 606 1 823 495
04.......................................... 203 279 192 271 926 024 1 006 210 2 327 784 186 462 166 316 685 874 792 813 1 831 466
2014 .............................................. 199 459 187 681 905 863 989 033 2 282 036 185 044 166 010 677 457 789 999 1 818 511
2015: 01.......................................... 203 875 197 831 932 298 1 022 383 2 356 386 187 679 170 544 690 049 796 702 1 844 974
02.......................................... 198 793 199 874 956 109 1 044 496 2 399 272 181 711 169 841 691 708 800 398 1 843 658
03.......................................... 198 336 205 624 969 479 1 063 195 2 436 634 179 822 173 538 693 321 808 517 1 855 199
04.......................................... 198 881 209 000 991 944 1 076 965 2 476 791 177 529 176 943 699 663 807 630 1 861 766
2015 .............................................. 199 971 203 082 962 457 1 051 760 2 417 271 181 685 172 716 693 685 803 312 1 851 399
2016: 01.......................................... 194 326 214 580 1 012 008 1 089 281 2 510 194 173 593 177 822 698 206 802 839 1 852 459
02.......................................... 197 688 216 767 1 037 757 1 112 437 2 564 649 171 709 177 234 697 842 810 207 1 856 991
03.......................................... 199 154 219 156 1 064 275 1 128 933 2 611 519 172 566 178 137 701 381 817 035 1 869 118
04.......................................... 200 444 225 737 1 076 922 1 153 893 2 656 996 172 913 177 877 702 503 825 618 1 878 911
2016 .............................................. 197 903 219 060 1 047 740 1 121 136 2 585 839 172 695 177 767 699 983 813 924 1 864 370
2017: 01.......................................... 201 725 218 559 1 097 302 1 169 619 2 687 205 174 800 176 871 702 361 828 925 1 882 957
02.......................................... 205 140 228 552 1 117 103 1 188 148 2 738 943 179 489 181 508 709 283 830 336 1 900 616
03.......................................... 212 032 234 185 1 126 759 1 209 179 2 782 155 185 946 183 642 707 231 835 187 1 912 005
04.......................................... 218 452 245 378 1 155 514 1 229 940 2 849 285 191 757 190 861 711 722 834 538 1 928 878
2017 .............................................. 209 337 231 668 1 124 170 1 199 221 2 764 397 182 998 183 220 707 649 832 246 1 906 114
2018: 01.......................................... 218 529 235 522 1 170 045 1 249 938 2 874 034 191 469 187 605 713 898 843 100 1 936 072
KB612

2. After adjustment for net expenditure by non-residents in the domestic market.

Final consumption expenditure by households according to COICOP2 classification1

At current prices
R millions
Furnishings,
Housing, household Miscel-
Food Alcoholic water, equipment laneous
and non- beverages, Clothing electricity, and Recreation Restaurants goods
Period alcoholic tobacco and and gas and household Commu- and and and
beverages narcotics footwear other fuels maintenance Health Transport nication culture Education Hotels services Total
(6365J) (6366J) (6367J) (6368J) (6369J) (6370J) (6371J) (6372J) (6373J) (6374J) (6375J) (6376J) (6007J)
1998 ................... 105 703 33 010 28 871 61 339 41 651 33 292 70 952 9 450 28 518 11 152 14 007 46 207 484 151
1999 ................... 108 656 34 467 29 592 68 802 44 554 38 330 77 153 11 220 31 109 13 782 16 046 55 558 529 270
2000 ................... 118 376 34 142 32 864 76 977 48 352 44 767 94 794 13 333 34 329 17 618 17 901 63 773 597 226
2001 ................... 128 405 36 655 35 248 84 166 52 562 53 328 106 018 17 407 37 502 19 942 19 140 67 521 657 893
2002 ................... 151 952 40 411 38 373 96 541 57 972 58 071 119 997 20 410 43 018 21 940 21 669 69 488 739 843
2003 ................... 166 830 43 920 41 347 108 038 63 111 66 207 129 677 23 169 46 316 24 064 24 139 65 978 802 796
2004 ................... 183 390 49 479 47 409 133 105 68 325 74 290 152 077 27 200 50 309 27 277 27 397 73 278 913 536
2005 ................... 201 068 52 446 53 213 151 107 75 758 78 371 176 581 30 740 54 412 29 651 25 491 87 037 1 015 876
2006 ................... 228 782 59 311 59 496 167 379 84 077 83 557 202 364 36 167 56 805 33 292 30 064 96 422 1 137 717
2007 ................... 263 471 65 057 66 313 188 712 96 908 91 937 226 986 42 863 60 919 37 354 34 626 121 849 1 296 996
2008 ................... 296 603 72 112 71 675 204 350 103 290 101 138 237 866 49 052 66 228 42 196 41 480 135 806 1 421 795
2009 ................... 316 891 75 755 74 982 225 944 105 408 105 410 228 914 52 472 67 612 47 246 40 558 151 078 1 492 269
2010 ................... 321 590 80 872 79 027 249 599 109 940 102 529 265 623 54 225 70 361 53 035 44 713 190 321 1 621 836
2011 ................... 357 265 86 981 86 640 274 270 119 699 116 210 311 494 57 396 77 784 57 963 45 827 209 562 1 801 091
2012 ................... 398 589 95 165 95 180 297 808 130 462 127 321 355 636 61 067 87 327 63 887 50 147 221 016 1 983 604
2013 ................... 425 755 98 191 104 861 315 759 138 831 139 709 393 364 64 485 93 070 70 289 54 398 245 474 2 144 185
2014 ................... 459 808 105 306 114 042 335 530 148 383 151 154 412 370 66 607 100 192 77 166 58 247 253 231 2 282 036
2015 ................... 495 952 114 808 124 183 358 861 158 717 163 893 405 588 69 025 108 029 84 821 62 863 270 531 2 417 271
2016 ................... 550 111 124 200 134 457 385 487 170 188 180 885 406 171 71 001 118 205 92 689 68 956 283 489 2 585 839
2017 ................... 591 935 135 545 142 389 407 388 184 255 199 693 418 872 72 343 125 773 101 210 72 815 312 178 2 764 397
KB635
(6365Y) (6366Y) (6367Y) (6368Y) (6369Y) (6370Y) (6371Y) (6372Y) (6373Y) (6374Y) (6375Y) (6376Y) (6007Y)
1998 .................... 273 607 68 402 28 358 188 557 67 095 74 490 152 627 26 333 35 855 33 889 30 435 74 947 1 041 420
1999 .................... 265 479 66 370 28 592 191 682 67 092 79 253 153 271 29 237 38 273 36 716 31 313 83 213 1 059 517
2000 .................... 262 371 65 593 31 548 193 483 68 834 87 089 165 430 31 647 40 807 40 802 31 229 90 073 1 103 362
2001 .................... 267 292 66 823 34 031 195 413 70 363 95 742 174 625 32 368 42 510 41 647 31 588 92 124 1 141 904
2002 .................... 272 695 68 174 38 226 206 220 72 558 100 687 181 891 32 747 46 727 42 432 31 998 93 203 1 178 132
2003 .................... 274 285 68 571 40 361 209 020 75 245 106 030 191 117 33 296 50 077 43 251 33 525 94 765 1 211 491
2004 .................... 289 966 72 492 47 998 214 458 79 898 105 836 207 756 36 011 55 233 44 685 36 596 102 493 1 287 094
2005 .................... 305 670 76 417 55 721 222 127 87 264 100 987 233 550 37 536 60 475 44 734 38 992 106 833 1 366 037
2006 .................... 323 109 80 777 65 398 236 751 98 772 110 664 255 929 41 404 68 455 45 498 41 323 117 843 1 485 925
2007 .................... 336 734 84 184 74 388 242 821 108 035 116 206 271 980 48 081 71 596 47 942 43 963 136 847 1 582 777
2008 .................... 332 421 83 105 76 543 245 162 109 770 120 893 259 146 52 016 74 992 50 782 49 068 148 046 1 601 945
2009 .................... 322 832 80 708 76 281 245 928 106 130 113 819 244 388 53 331 70 408 51 754 43 075 151 788 1 560 440
2010 .................... 321 590 80 872 79 027 249 599 109 940 102 529 265 623 54 225 70 361 53 035 44 713 190 321 1 621 836
2011 .................... 332 864 81 866 84 494 255 040 117 016 109 934 287 713 57 881 76 849 53 216 43 550 204 817 1 705 240
2012 .................... 346 860 83 262 89 624 259 807 123 910 114 469 302 670 61 456 83 613 53 690 44 861 204 142 1 768 365
2013 .................... 350 699 80 469 95 804 260 143 127 448 119 505 314 127 63 488 85 325 54 103 45 628 206 887 1 803 625
2014 .................... 352 118 81 064 98 497 261 447 133 054 122 238 308 795 65 610 88 150 54 620 45 091 207 827 1 818 511
2015 .................... 361 446 81 582 101 838 265 049 139 498 124 990 298 980 68 869 91 799 54 979 45 933 216 437 1 851 399
2016 .................... 362 679 83 380 104 985 268 219 144 688 130 901 284 828 70 869 95 772 57 091 47 424 213 536 1 864 370
2017 .................... 365 111 87 524 107 599 269 538 154 174 136 343 279 887 74 386 99 349 58 513 47 677 226 013 1 906 114
KB636
1. Source: Statistics South Africa (2010 – 2017).

South African Reserve Bank (1996 – 2009).
2. Classification of individual consumption according to purpose.

S–117
Gross fixed capital formation1

At current prices
R millions
2010 2011 2012 2013 2014 2015 2016 2017
By kind of economic activity
Agriculture, forestry and fishing ...................................... (6080J) 12 921 17 180 18 349 22 380 22 387 20 963 23 377 23 445
Mining and quarrying ..................................................... (6081J) 63 555 68 420 72 106 80 609 85 615 75 096 67 654 80 877
Manufacturing................................................................ (6082J) 81 634 94 085 94 068 103 122 107 367 114 862 105 223 104 300
Private business enterprises ...................................... (6083J) 80 050 92 488 91 085 99 944 104 371 111 969 102 176 101 181
Other ......................................................................... (6084J) 1 584 1 597 2 983 3 178 2 997 2 893 3 047 3 119
Electricity, gas and water ............................................... (6085J) 58 447 60 796 71 520 98 630 102 807 116 821 132 779 135 745
Construction (contractors) ............................................. (6086J) 9 472 10 727 12 013 12 959 11 867 13 148 12 213 12 354
Wholesale and retail trade, catering and accommodation (6087J) 33 045 36 895 38 637 41 767 49 759 55 195 61 945 60 317
Transport, storage and communication ......................... (6088J) 83 725 92 787 110 827 123 225 130 872 133 692 131 010 135 676
Public corporations.................................................... (6089J) 49 172 49 457 50 735 60 178 61 951 60 467 53 645 63 273
Other ......................................................................... (6090J) 34 553 43 330 60 092 63 047 68 921 73 225 77 366 72 403
Financial intermediation, insurance, real estate and

business services2 ......................................................... (6091J) 101 476 101 680 104 823 119 157 133 354 144 374 154 677 152 246
Private residential buildings........................................ (6092J) 36 563 36 757 40 247 44 861 52 916 58 669 60 038 63 970
Other2........................................................................ (6093J) 64 913 64 923 64 576 74 297 80 438 85 705 94 638 88 277
Community, social and personal services ...................... (6094J) 85 156 95 444 103 299 119 385 131 920 154 093 160 033 166 515
Central government ................................................... (6095J) 21 150 24 515 28 478 34 145 37 483 46 035 44 842 48 068
Provincial governments.............................................. (6096J) 19 060 26 517 27 702 28 801 29 426 34 545 33 492 35 474
Local authorities ........................................................ (6097J) 35 991 31 857 37 941 45 081 53 398 60 454 65 685 65 237
Other ......................................................................... (6098J) 8 955 12 555 9 178 11 358 11 613 13 059 16 014 17 736
Total fixed capital formation ....................................... (6009J) 529 431 578 014 625 644 721 234 775 950 828 245 848 912 871 476
By type of organisation
General government ...................................................... (6100J) 76 204 82 896 94 129 108 028 120 307 141 035 144 019 148 780
Functional classification: Economic infrastructure3 ..... (6101J) 42 021 44 388 50 694 59 588 67 085 80 382 84 297 82 236
Social infrastructure4 ........... (6102J) 20 025 21 519 22 812 27 190 30 961 37 105 36 090 38 453
Economic services5 ............ (6103J) 14 158 16 989 20 623 21 251 22 262 23 548 23 632 28 091
Public corporations........................................................ (6106J) 111 710 114 707 125 515 143 027 143 803 159 205 167 712 173 839
Functional classification: Economic infrastructure3 ..... (6107J) 107 237 109 735 119 255 135 490 137 472 150 875 157 772 168 787
Economic services5 ............ (6108J) 4 473 4 972 6 260 7 538 6 331 8 330 9 939 5 052
Private business enterprises2 ......................................... (6109J) 341 517 380 411 406 000 470 178 511 839 528 006 537 181 548 857
KB613

2. Including transfer costs.
3. Roads, bridges, dams, electricity and water supply, etc.
4. Schools, hospitals, etc. and administrative services.
5. Business enterprises not included in economic infrastructure.

Gross fixed capital formation1

R millions
2010 2011 2012 2013 2014 2015 2016 2017
Agriculture, forestry and fishing ..................................... (6080Y) 12 921 16 671 16 880 19 968 18 219 16 309 16 853 16 208
Mining and quarrying .................................................... (6081Y) 63 555 65 953 65 438 67 333 66 995 57 207 48 624 56 338
Manufacturing............................................................... (6082Y) 81 634 91 323 86 243 87 067 84 066 86 252 72 687 73 697
Electricity, gas and water .............................................. (6085Y) 58 447 57 456 63 457 82 213 80 719 90 317 97 463 94 889
Construction (contractors) ............................................ (6086Y) 9 472 10 436 11 088 11 012 9 363 9 935 8 481 8 616
Wholesale and retail trade, catering and accommodation (6087Y) 33 045 35 896 35 683 35 987 39 982 42 515 43 657 43 336
Transport, storage and communication ........................ (6088Y) 83 725 91 060 104 542 107 479 106 622 105 438 95 263 97 816

business services2 ........................................................ (6091Y) 101 476 98 707 96 887 103 187 108 184 112 960 114 293 107 959
Community, social and personal services ..................... (6094Y) 85 156 91 255 93 092 100 258 104 638 119 085 116 390 117 190
Total fixed capital formation ...................................... (6009Y) 529 431 558 755 573 310 614 502 618 786 640 018 613 715 616 048
General government ..................................................... (6100Y) 76 204 79 297 85 104 90 554 95 315 109 084 105 280 104 561
Functional classification: Economic infrastructure3 .... (6101Y) 42 021 42 047 45 153 49 189 52 325 61 866 61 834 57 210
Social infrastructure4 .......... (6102Y) 20 025 20 440 20 367 22 405 23 927 27 740 25 359 25 798
Economic services5 ............ (6103Y) 14 158 16 810 19 584 18 960 19 064 19 478 18 087 21 554
Public corporations....................................................... (6106Y) 111 710 109 606 113 750 121 268 114 415 123 935 123 124 121 533
Functional classification: Economic infrastructure3 .... (6107Y) 107 237 104 869 108 190 114 591 109 147 116 915 115 250 117 713
Economic services5 ............ (6108Y) 4 472 4 737 5 660 6 297 5 271 7 027 7 877 3 808
Private business enterprises2 ........................................ (6109Y) 341 517 369 852 374 455 402 681 409 055 406 999 385 312 389 953
KB614


S–119
Gross fixed capital formation by type of organisation1
R millions
Period Private Private

General Public business General Public business
government corporations enterprises2 Total government corporations enterprises2 Total
(6100K) (6106K) (6109K) (6009K) (6100C) (6106C) (6109C) (6009C)
2009: 02.......................................... 20 032 28 691 86 519 135 242 20 657 29 430 88 666 138 753
03.......................................... 19 701 28 002 83 576 131 279 20 218 28 660 85 340 134 218
04.......................................... 19 564 29 291 81 770 130 625 19 962 29 827 83 055 132 844
2009 .............................................. 82 214 115 084 342 142 539 440 84 155 117 410 349 422 550 987
2010: 01.......................................... 19 226 27 081 83 285 129 592 19 520 27 353 83 712 130 586
02.......................................... 19 016 28 119 84 722 131 856 18 970 28 300 84 263 131 533
03.......................................... 18 923 29 071 86 367 134 361 18 871 28 971 86 477 134 319
04.......................................... 19 039 27 440 87 143 133 622 18 843 27 085 87 065 132 993
2010 .............................................. 76 204 111 710 341 517 529 431 76 204 111 710 341 517 529 431
2011: 01.......................................... 19 576 26 939 87 813 134 328 19 119 26 207 86 523 131 849
02.......................................... 20 174 27 914 91 439 139 528 19 473 26 844 89 675 135 992
03.......................................... 20 984 30 043 97 969 148 997 19 958 28 556 95 663 144 177
04.......................................... 22 162 29 811 103 189 155 162 20 747 27 999 97 991 146 737
2011 .............................................. 82 896 114 707 380 411 578 014 79 297 109 606 369 852 558 755
2012: 01.......................................... 23 306 28 998 96 402 148 706 21 418 26 774 90 388 138 580
02.......................................... 23 577 30 248 102 036 155 861 21 378 27 575 94 282 143 234
03.......................................... 23 540 33 158 101 025 157 723 21 207 29 926 93 182 144 315
04.......................................... 23 706 33 111 106 536 163 353 21 101 29 476 96 603 147 180
2012 .............................................. 94 129 125 515 406 000 625 644 85 104 113 750 374 455 573 310
2013: 01.......................................... 24 841 30 045 107 164 162 051 21 539 26 531 94 251 142 322
02.......................................... 26 119 36 378 113 510 176 008 22 112 31 132 97 985 151 229
03.......................................... 27 417 38 706 122 076 188 199 22 781 32 424 103 737 158 942
04.......................................... 29 650 37 898 127 428 194 976 24 121 31 180 106 707 162 009
2013 .............................................. 108 028 143 027 470 178 721 234 90 554 121 268 402 681 614 502
2014: 01.......................................... 28 829 31 912 123 652 184 392 23 212 25 871 100 330 149 413
02.......................................... 29 967 36 659 123 439 190 064 23 810 29 267 98 856 151 933
03.......................................... 30 531 39 545 130 111 200 186 24 004 31 191 103 387 158 582
04.......................................... 30 981 35 687 134 638 201 307 24 289 28 086 106 482 158 858
2014 .............................................. 120 307 143 803 511 839 775 950 95 315 114 415 409 055 618 786
2015: 01.......................................... 32 310 38 569 129 155 200 034 25 306 30 310 101 100 156 717
02.......................................... 34 245 39 625 129 366 203 235 26 627 31 030 100 560 158 217
03.......................................... 36 556 41 483 135 675 213 714 28 172 32 198 104 429 164 799
04.......................................... 37 924 39 529 133 810 211 263 28 979 30 397 100 909 160 285
2015 .............................................. 141 035 159 205 528 006 828 245 109 084 123 935 406 999 640 018
2016: 01.......................................... 36 545 36 421 132 168 205 134 27 224 27 382 96 046 150 652
02.......................................... 35 897 42 165 133 220 211 282 26 242 30 980 94 560 151 782
03.......................................... 35 334 44 819 133 553 213 706 25 630 32 655 95 493 153 777
04.......................................... 36 244 44 306 138 240 218 789 26 184 32 107 99 213 157 504
2016 .............................................. 144 019 167 712 537 181 848 912 105 280 123 124 385 312 613 715
2017: 01.......................................... 36 645 40 554 135 347 212 545 26 029 28 671 96 467 151 167
02.......................................... 36 810 43 291 134 216 214 317 26 073 30 490 96 090 152 653
03.......................................... 37 586 45 494 136 502 219 582 26 415 31 701 97 270 155 387
04.......................................... 37 740 44 501 142 791 225 032 26 044 30 671 100 126 156 842
2017 .............................................. 148 780 173 839 548 857 871 476 104 561 121 533 389 953 616 048
2018: 01.......................................... 37 063 43 268 138 310 218 642 25 379 29 461 96 880 151 719
KB615


Gross fixed capital formation by type of organisation1

R millions
Period Private Private

General Public business General Public business
government corporations enterprises2 Total government corporations enterprises2 Total
(6100L) (6106L) (6109L) (6009L) (6100D) (6106D) (6109D) (6009D)
2009: 02.......................................... 81 609 113 767 345 042 540 418 84 156 116 679 353 662 554 497
03.......................................... 80 890 115 301 330 812 527 003 83 010 118 046 337 764 538 820
04.......................................... 77 307 116 762 331 572 525 641 78 867 118 884 336 658 534 409
2009 .............................................. 82 214 115 084 342 142 539 440 84 155 117 410 349 422 550 987
2010: 01.......................................... 76 697 115 873 334 577 527 147 77 571 117 034 336 673 531 278
02.......................................... 76 309 112 145 344 316 532 771 76 238 113 074 342 522 531 834
03.......................................... 75 724 110 422 342 679 528 825 75 701 110 079 342 811 528 591
04.......................................... 76 086 108 399 344 496 528 981 75 306 106 653 344 063 526 021
2010 .............................................. 76 204 111 710 341 517 529 431 76 204 111 710 341 517 529 431
2011: 01.......................................... 78 281 111 420 362 908 552 609 76 487 108 428 357 486 542 401
02.......................................... 80 880 113 730 371 413 566 023 78 096 109 361 364 415 551 872
03.......................................... 83 831 116 108 387 805 587 744 79 630 110 335 377 821 567 786
04.......................................... 88 592 117 571 399 518 605 681 82 974 110 302 379 686 572 962
2011 .............................................. 82 896 114 707 380 411 578 014 79 297 109 606 369 852 558 755
2012: 01.......................................... 93 190 116 384 397 498 607 072 85 675 107 605 372 971 566 251
02.......................................... 94 457 122 533 410 344 627 334 85 671 111 787 379 338 576 797
03.......................................... 94 039 128 987 403 236 626 262 84 602 116 318 371 373 572 294
04.......................................... 94 829 134 155 412 921 641 904 84 469 119 291 374 137 577 897
2012 .............................................. 94 129 125 515 406 000 625 644 85 104 113 750 374 455 573 310
2013: 01.......................................... 99 739 135 519 436 907 672 165 86 427 118 172 386 933 591 533
02.......................................... 104 406 144 045 458 976 707 427 88 440 123 054 396 990 608 484
03.......................................... 109 024 146 191 486 484 741 699 90 597 122 929 411 722 625 248
04.......................................... 118 944 146 355 498 346 763 645 96 750 120 914 415 079 632 743
2013 .............................................. 108 028 143 027 470 178 721 234 90 554 121 268 402 681 614 502
2014: 01.......................................... 115 253 142 109 505 743 763 106 92 866 115 047 409 797 617 710
02.......................................... 119 985 143 347 499 121 762 454 95 288 114 466 400 807 610 561
03.......................................... 122 189 143 966 512 303 778 458 96 007 113 653 408 373 618 033
04.......................................... 123 802 145 789 530 190 799 781 97 101 114 496 417 245 628 842
2014 .............................................. 120 307 143 803 511 839 775 950 95 315 114 415 409 055 618 786
2015: 01.......................................... 129 187 160 790 520 368 810 345 101 247 126 229 409 626 637 102
02.......................................... 137 025 156 881 524 039 817 945 106 521 122 890 408 123 637 534
03.......................................... 146 327 161 577 538 830 846 735 112 721 125 494 414 409 652 624
04.......................................... 151 599 157 572 528 786 837 956 115 848 121 126 395 838 632 812
2015 .............................................. 141 035 159 205 528 006 828 245 109 084 123 935 406 999 640 018
2016: 01.......................................... 146 132 158 517 535 292 839 941 108 914 119 104 390 861 618 878
02.......................................... 143 578 165 909 539 287 848 774 104 947 121 850 383 140 609 937
03.......................................... 141 494 171 235 530 317 843 047 102 613 124 721 378 286 605 619
04.......................................... 144 873 175 185 543 827 863 885 104 645 126 820 388 961 620 426
2016 .............................................. 144 019 167 712 537 181 848 912 105 280 123 124 385 312 613 715
2017: 01.......................................... 146 544 171 507 546 669 864 720 104 152 121 221 390 253 615 627
02.......................................... 147 187 171 801 544 578 863 566 104 251 121 009 390 029 615 289
03.......................................... 150 555 171 952 541 102 863 608 105 786 120 203 385 165 611 154
04.......................................... 150 836 180 097 563 078 894 011 104 056 123 701 394 368 622 125
2017 .............................................. 148 780 173 839 548 857 871 476 104 561 121 533 389 953 616 048
2018: 01.......................................... 148 329 181 807 558 025 888 162 101 543 123 891 391 682 617 116
KB616


S–121
Gross fixed capital formation by type of asset1

At current prices
R millions
2010 2011 2012 2013 2014 2015 2016 2017
Residential buildings .................................................. (6110J) 50 645 50 913 54 783 61 072 71 041 77 740 79 239 84 903
General government ..................................................... (6111J) 118 131 550 691 1 162 987 1 030 1 639
Public corporations....................................................... (6112J) 35 35 35 38 36 37 62 58
Private business enterprises ......................................... (6113J) 50 492 50 748 54 198 60 343 69 843 76 716 78 147 83 206
Non-residential buildings ........................................... (6114J) 60 810 59 641 62 791 68 364 78 348 79 139 80 103 79 327
General government ..................................................... (6115J) 15 491 18 638 19 809 23 091 25 668 31 625 31 439 32 613
Public corporations....................................................... (6116J) 3 785 3 343 2 992 3 682 3 858 3 282 3 297 3 038
Construction works .................................................... (6118J) 147 831 164 297 173 243 208 041 225 841 241 114 262 530 271 469
Transport equipment .................................................. (6122J) 53 101 62 011 72 685 89 066 90 400 103 630 99 212 101 786
Information, computer and telecommunications

equipment ................................................................... (6099J) 17 279 17 377 22 396 26 579 28 459 31 373 29 771 28 537
Machinery and other equipment................................ (6126J) 164 470 185 762 196 883 217 686 224 660 234 753 234 400 240 017
Research and development ....................................... (6191J) 13 335 14 485 14 921 16 394 19 658 21 324 23 940 26 630
Public corporations....................................................... (6193J) 948 1 023 1 056 1 136 1 368 1 496 1 680 1 867
Computer software..................................................... (6195J) 9 141 10 659 14 084 16 565 19 793 21 270 20 184 19 347
General government ..................................................... (6196J) 322 213 694 870 1 214 1 497 1 698 1 288
Public corporations....................................................... (6197J) 981 1 516 1 966 2 348 2 795 2 980 2 720 2 701
Private business enterprices ......................................... (6198J) 7 838 8 930 11 424 13 347 15 784 16 792 15 766 15 358
Mineral exploration and evaluation2 .......................... (6199J) 525 369 650 451 196 346 385 431
Cultivated biological resources2,3 .............................. (6159J) 3 461 4 050 4 770 7 262 6 328 5 050 6 076 5 551
Transfer costs2 ........................................................... (6130J) 8 833 8 449 8 437 9 755 11 227 12 506 13 071 13 478
Total fixed capital formation ...................................... (6009J) 529 431 578 014 625 644 721 234 775 950 828 245 848 912 871 476
KB619

2. Private business enterprises.
3. Including animal resources yielding repeat products; and tree, crop and plant resources yielding repeat products.


R millions
2010 2011 2012 2013 2014 2015 2016 2017
Residential buildings................................................... (6110Y) 50 645 48 363 49 072 51 114 55 771 58 801 56 402 57 260
General government...................................................... (6111Y) 118 123 490 578 912 747 733 1 103
Public corporations ....................................................... (6112Y) 35 33 31 32 28 28 44 39
Private business enterprises .......................................... (6113Y) 50 492 48 207 48 550 50 504 54 830 58 026 55 625 56 117
Non-residential buildings............................................ (6114Y) 60 810 56 442 55 890 56 607 60 824 59 467 56 749 53 112
General government...................................................... (6115Y) 15 491 17 634 17 637 19 121 19 916 23 757 22 283 21 834
Public corporations ....................................................... (6116Y) 3 785 3 164 2 663 3 049 2 996 2 467 2 335 2 034
Construction works..................................................... (6118Y) 147 831 155 588 154 149 171 862 176 083 185 650 192 378 188 802
Transport equipment .................................................. (6122Y) 53 101 60 412 68 217 80 071 75 652 81 439 71 574 70 714
Information, computer and telecommunications

equipment ................................................................... (6099Y) 17 279 19 716 25 815 30 617 32 799 36 791 34 322 36 835
General government ..................................................... (6137Y) 2 197 2 722 3 456 3 460 4 256 4 293 3 744 4 685
Public corporations....................................................... (6138Y) 1 904 2 608 3 961 3 784 2 924 3 385 3 791 1 770
Private business enterprises ......................................... (6139Y) 13 178 14 385 18 398 23 373 25 620 29 112 26 787 30 381
Machinery and other equipment ................................ (6126Y) 164 470 180 566 179 665 179 380 170 539 170 377 155 011 162 975
Research and development........................................ (6191Y) 13 335 13 673 13 325 13 848 15 871 16 640 17 440 18 629
Public corporations ....................................................... (6193Y) 948 966 943 959 1 104 1 167 1 224 1 306
Computer software ..................................................... (6195Y) 9 141 10 313 12 947 14 173 15 770 16 430 14 585 13 664
General government...................................................... (6196Y) 322 205 639 740 967 1 156 1 226 910
Public corporations ....................................................... (6197Y) 981 1 467 1 807 2 010 2 227 2 302 1 966 1 908
Mineral exploration and evaluation2........................... (6199Y) 525 350 577 372 155 270 286 303
Cultivated biological resources2,3 .............................. (6159Y) 3 461 3 596 4 407 7 195 5 690 4 396 4 891 3 871
Transfer costs2 ............................................................ (6130Y) 8 833 9 737 9 245 9 264 9 633 9 758 10 074 9 883
Total fixed capital formation....................................... (6009Y) 529 431 558 755 573 310 614 502 618 786 640 018 613 715 616 048
KB620

2. Private business enterprises.
3. Including animal resources yielding repeat products; and tree, crop and plant resources yielding repeat products.

S–123
R millions
Non- Machinery Non- Machinery

Period Residential residential Construction Transport and other Transfer Residential residential Construction Transport and other Transfer
buildings buildings works equipment equipment costs buildings buildings works equipment equipment costs
(6110K) (6114K) (6118K) (6122K) (6126K) (6130K) (6110C) (6114C) (6118C) (6122C) (6126C) (6130C)
2014: 02.............................. 16 762 19 570 58 248 22 090 53 372 2 770 13 244 15 312 45 621 18 604 40 627 2 323
03.............................. 17 397 19 800 62 337 23 156 56 334 2 945 13 521 15 212 48 173 19 210 42 534 2 593
04.............................. 19 579 19 833 55 687 23 479 59 089 2 906 15 124 15 128 42 938 19 212 44 447 2 568
2014 .................................. 71 041 78 348 225 841 90 400 224 660 11 227 55 771 60 824 176 083 75 652 170 539 9 633
2015: 01.............................. 19 649 19 669 56 098 26 109 57 139 2 941 15 085 14 955 43 487 20 762 42 874 2 095
02.............................. 18 342 18 939 60 485 23 647 59 431 3 177 13 883 14 272 46 739 18 841 43 861 2 461
03.............................. 19 628 20 186 62 955 27 299 59 347 3 225 14 781 15 113 48 336 21 376 42 735 2 596
04.............................. 20 121 20 345 61 576 26 575 58 837 3 164 15 052 15 128 47 087 20 461 40 907 2 606
2015 .................................. 77 740 79 139 241 114 103 630 234 753 12 506 58 801 59 467 185 650 81 439 170 377 9 758
2016: 01.............................. 20 192 19 983 56 743 26 261 57 998 3 138 14 719 14 507 42 508 19 649 38 391 2 230
02.............................. 18 611 19 880 65 348 25 837 59 171 3 257 13 308 14 155 48 121 18 599 38 246 2 562
03.............................. 19 775 19 993 70 913 22 104 58 241 3 321 13 971 14 035 51 542 15 717 38 598 2 599
04.............................. 20 661 20 248 69 527 25 011 58 991 3 354 14 404 14 052 50 206 17 609 39 776 2 683
2016 .................................. 79 239 80 103 262 530 99 212 234 400 13 071 56 402 56 749 192 378 71 574 155 011 10 074
2017: 01.............................. 22 063 19 726 64 398 24 590 59 800 3 370 15 129 13 437 45 387 17 197 40 719 2 307
02.............................. 19 290 19 585 67 318 25 875 59 441 3 488 13 089 13 226 47 218 18 023 40 748 2 474
03.............................. 21 303 19 860 71 108 24 979 59 151 3 283 14 332 13 261 49 461 17 311 40 371 2 458
04.............................. 22 248 20 155 68 645 26 342 61 625 3 337 14 709 13 187 46 736 18 183 41 137 2 645
2017 .................................. 84 903 79 327 271 469 101 786 240 017 13 478 57 260 53 112 188 802 70 714 162 975 9 883
2018: 01.............................. 21 853 21 091 65 637 26 514 60 094 3 249 14 376 13 684 44 202 18 124 40 559 2 221
KB621
(6110L) (6114L) (6118L) (6122L) (6126L) (6130L) (6110D) (6114D) (6118D) (6122D) (6126D) (6130D)
2014: 02.............................. 70 200 78 890 227 526 88 361 213 487 11 079 55 728 62 026 178 074 74 417 162 524 9 553
03.............................. 70 112 80 074 225 540 92 623 225 334 11 782 55 832 61 832 174 210 76 841 170 122 9 734
04.............................. 76 657 78 647 227 725 93 914 236 355 11 625 58 686 59 610 175 544 76 846 177 698 9 803
2014 .................................. 71 041 78 348 225 841 90 400 224 660 11 227 55 771 60 824 176 083 75 652 170 539 9 633
2015: 01.............................. 76 141 78 740 234 266 104 437 228 554 11 764 59 149 59 691 181 587 83 048 171 567 9 451
02.............................. 77 071 76 052 239 437 94 589 237 723 12 707 58 934 57 583 185 020 75 363 175 435 9 859
03.............................. 79 005 80 462 245 088 109 198 237 386 12 898 59 621 60 532 188 166 85 503 170 936 9 821
04.............................. 78 742 81 301 245 665 106 298 235 348 12 656 57 499 60 062 187 826 81 843 163 569 9 900
2015 .................................. 77 740 79 139 241 114 103 630 234 753 12 506 58 801 59 467 185 650 81 439 170 377 9 758
2016: 01.............................. 78 090 80 462 246 259 105 043 231 993 12 553 56 743 58 455 184 405 78 597 153 609 10 148
02.............................. 78 496 79 689 257 228 103 347 236 683 13 027 56 510 56 932 189 312 74 395 152 971 10 128
03.............................. 79 490 79 945 271 420 88 416 232 962 13 286 55 799 56 295 197 159 62 868 154 400 9 864
04.............................. 80 880 80 318 275 214 100 043 235 963 13 417 56 556 55 313 198 635 70 435 159 064 10 154
2016 .................................. 79 239 80 103 262 530 99 212 234 400 13 071 56 402 56 749 192 378 71 574 155 011 10 074
2017: 01.............................. 85 280 79 345 271 561 98 360 239 201 13 480 58 065 54 129 191 338 68 788 162 926 10 135
02.............................. 81 607 78 905 267 151 103 500 237 764 13 953 55 562 53 460 187 359 72 092 162 974 10 049
03.............................. 85 658 79 266 269 885 99 917 236 606 13 131 58 010 52 781 187 723 69 244 161 493 9 362
04.............................. 87 065 79 791 277 279 105 367 246 499 13 348 57 402 52 078 188 788 72 733 164 507 9 986
2017 .................................. 84 903 79 327 271 469 101 786 240 017 13 478 57 260 53 112 188 802 70 714 162 975 9 883
2018: 01.............................. 84 954 84 635 275 773 106 058 240 375 12 998 55 622 55 083 186 002 72 495 162 294 10 069
KB622

Fixed capital stock

R millions
As at 31 December 2010 2011 2012 2013 2014 2015 2016 2017
Agriculture, forestry and fishing ...................................... (6140Y) 281 982 283 028 284 269 287 589 288 774 287 413 286 169 284 156
Mining and quarrying...................................................... (6141Y) 499 753 525 292 548 674 571 766 593 682 604 504 606 082 614 896
Manufacturing ................................................................ (6142Y) 648 894 644 635 633 982 621 699 608 816 599 593 580 340 563 976
Electricity, gas and water ............................................... (6143Y) 411 844 452 537 498 762 561 991 621 949 689 446 762 066 830 002
Construction (contractors).............................................. (6144Y) 42 713 45 760 48 710 50 696 50 846 51 279 49 982 48 793
Wholesale and retail trade, catering and accommodation (6145Y) 279 812 285 367 289 147 291 061 296 453 303 525 310 812 316 455
Transport, storage and communication .......................... (6146Y) 851 460 889 507 936 528 983 451 1 026 998 1 064 973 1 088 365 1 111 766

business services1 ......................................................... (6147Y) 2 283 601 2 318 430 2 349 082 2 383 093 2 420 415 2 460 002 2 498 204 2 528 244
Community, social and personal services ....................... (6148Y) 1 388 700 1 419 709 1 450 817 1 486 560 1 525 274 1 576 636 1 623 675 1 670 174
Total fixed capital stock .............................................. (6149Y) 6 688 759 6 864 265 7 039 971 7 237 907 7 433 208 7 637 373 7 805 695 7 968 463
General government....................................................... (6150Y) 1 534 955 1 553 681 1 577 167 1 605 031 1 636 710 1 680 831 1 719 980 1 757 546
Functional classification: Economic infrastructure2...... (6132Y) 838 616 859 613 883 242 910 437 940 230 978 979 1 017 035 1 049 889
Social infrastructure3 ............ (6133Y) 415 373 420 575 425 456 431 927 439 597 450 612 458 882 467 378
Economic services4.............. (6134Y) 280 966 273 493 268 469 262 666 256 882 251 240 244 062 240 279
Public corporations ........................................................ (6153Y) 1 049 854 1 115 723 1 184 589 1 259 114 1 325 342 1 397 756 1 465 566 1 530 355
Functional classification: Economic infrastructure2...... (6135Y) 1 032 676 1 103 307 1 176 656 1 253 754 1 320 437 1 393 290 1 461 253 1 526 805
Economic services4.............. (6136Y) 17 178 12 416 7 933 5 360 4 905 4 466 4 313 3 551
Private business enterprises1 ......................................... (6154Y) 4 103 950 4 194 861 4 278 215 4 373 763 4 471 156 4 558 786 4 620 149 4 680 561
KB623


S–125
Change in inventories1
At current prices
R millions
2010 2011 2012 2013 2014 2015 2016 2017
Agriculture, forestry and fishing ...................................... (6160J) -1 715 381 824 191 139 -2 203 -3 520 -93
Mining and quarrying ..................................................... (6161J) 3 658 -6 630 3 728 8 957 -9 050 9 963 -10 716 -6 321
Manufacturing................................................................ (6162J) 4 880 6 625 4 686 6 721 328 2 165 -4 169 9 685
Electricity, gas and water ............................................... (6165J) 1 290 1 704 823 1 395 1 101 1 937 2 076 -11
Construction (contractors) ............................................. (6166J) -6 727 -725 -1 010 -545 1 854 1 082 896 -669
Wholesale and retail trade, catering and accommodation (6167J) 7 193 15 119 11 278 14 957 8 709 8 343 6 057 -8 237
Transport, storage and communication ......................... (6170J) 522 1 370 3 879 -3 381 1 134 609 2 438 -1 089

business services........................................................... (6171J) -2 800 601 -215 -287 66 115 -506 502
Community, social and personal services ...................... (6172J) 486 -164 27 -57 -154 -280 452 77
Total change in inventories2 ....................................... (6010J) 6 787 18 280 24 020 27 951 4 128 21 730 -6 992 -6 157
General government ...................................................... (6175J) -71 -114 -57 -53 -43 -23 -681 35
Public corporations........................................................ (6176J) 2 641 -822 3 907 -1 725 837 -112 1 145 311
Private business enterprises .......................................... (6177J) 4 217 19 216 20 170 29 729 3 334 21 865 -7 456 -6 503
KB624
1. Source of data: Statistics South Africa

2. After inventory valuation adjustment

Change in inventories1
R millions
2010 2011 2012 2013 2014 2015 2016 2017
Agriculture, forestry and fishing ...................................... (6160Y) -1 715 300 625 136 85 -1 499 -1 994 -1
Mining and quarrying ...................................................... (6161Y) 3 658 -3 951 4 302 4 836 -6 770 7 784 -11 426 -3 866
Manufacturing ................................................................ (6162Y) 4 880 7 870 5 742 5 062 1 710 2 047 -2 506 7 793
Electricity, gas and water................................................ (6165Y) 1 290 1 493 714 1 211 845 1 402 1 203 35
Construction (contractors) .............................................. (6166Y) -6 727 -678 -899 -455 1 417 868 697 -491
Wholesale and retail trade, catering and accommodation (6167Y) 7 193 14 848 10 623 14 498 8 174 8 239 4 482 -3 251
Transport, storage and communication .......................... (6170Y) 522 1 357 3 846 -3 105 808 378 1 850 -833

business services ........................................................... (6171Y) -2 800 563 -195 -246 32 -14 -395 262
Community, social and personal services ....................... (6172Y) 486 -162 17 -49 -121 -206 292 35
Total change in inventories.......................................... (6010Y) 6 787 21 640 24 775 21 889 6 180 19 000 -7 798 -316
General government ....................................................... (6175Y) -71 -107 -50 -45 -33 -17 -491 27
Public corporations ........................................................ (6176Y) 2 641 -1 040 3 573 -1 233 651 -246 489 362
Private business enterprises ........................................... (6177Y) 4 217 22 787 21 252 23 168 5 562 19 264 -7 797 -706
KB625
1. Source of data: Statistics South Africa

S–127
Gross and net capital formation by type of organisation1

At current prices
R millions
2010 2011 2012 2013 2014 2015 2016 2017
Gross capital formation2 ............................................. (6180J) 536 218 596 294 649 663 749 185 780 077 849 975 841 920 865 319
General government...................................................... (6181J) 76 133 82 782 94 072 107 975 120 264 141 012 143 338 148 815
Public corporations ....................................................... (6182J) 114 351 113 885 129 422 141 303 144 640 159 093 168 857 174 150
Private business enterprises.......................................... (6183J) 345 734 399 627 426 170 499 907 515 173 549 871 529 724 542 353
Consumption of fixed capital3 .................................... (6002J) 362 397 389 904 427 551 482 989 525 308 559 212 613 292 630 129
Net capital formation .................................................. (6187J) 173 821 206 390 222 112 266 196 254 770 290 764 228 627 235 191
KB626
1. Source of data: Statistics South Africa and South African Reserve Bank.
Financing of gross capital formation

At current prices
R millions
2010 2011 2012 2013 2014 2015 2016 2017
Saving by households1 .................................................. (6200J) -13 412 -22 644 -38 695 -48 311 -45 553 -33 286 -5 306 7 122
Corporate saving1 ......................................................... (6201J) 191 119 180 315 152 423 171 749 184 126 188 546 168 608 199 850
Saving of general government1 ...................................... (6202J) -45 131 -18 342 -58 565 -62 083 -76 770 -50 580 -55 863 -86 098
Consumption of fixed capital2 ........................................ (6002J) 362 397 389 904 427 551 482 989 525 308 559 212 613 292 630 129
Gross saving3 .............................................................. (6203J) 494 973 529 233 482 714 544 344 587 111 663 891 720 732 751 003
Foreign investment ..................................................... (6206J) 41 245 67 061 166 949 204 841 192 966 186 084 121 188 114 317
Net capital inflow from rest of the world..................... (6204J) 69 869 99 771 175 920 209 468 208 100 172 069 160 710 139 842
Change in gold and other foreign reserves4 ............... (6205J) -28 624 -32 710 -8 971 -4 627 -15 134 14 015 -39 522 -25 525
Gross capital formation .............................................. (6180J) 536 218 596 294 649 663 749 185 780 077 849 975 841 920 865 319
KB627
1. After consumption of fixed capital and inventory valuation adjustment.

4. Increase – ; decrease +.

Production, distribution and accumulation accounts of South Africa

Financial corporations
At current prices
R millions
2010 2011 2012 2013 2014 2015 2016 2017

Production
account
Output at basic prices ................................ (6700J) 376 716 412 639 451 865 493 102 527 897 565 881 615 882 650 514
Less: Intermediate consumption................. (6701J) 158 916 170 686 187 849 208 160 229 439 247 070 270 550 282 529
Gross value added at basic prices .......... (6702J) 217 800 241 953 264 016 284 942 298 458 318 811 345 332 367 985
Generation
of income
account
Less: Compensation of employees............. (6703J) 106 577 118 573 126 413 140 388 153 510 166 652 181 334 195 208
Less: Other taxes on production ................ (6704J) 3 084 3 812 4 473 4 787 5 247 6 158 6 193 6 135
Other subsidies on production.................... (6705J) 907 719 1 017 449 493 150 8 6
Gross operating surplus........................... (6706J) 109 046 120 287 134 147 140 216 140 194 146 151 157 813 166 648
Property income received ........................... (6707J) 375 311 371 732 410 437 438 186 507 536 559 346 624 389 666 726
Interest ................................................... (6708J) 318 119 301 203 335 766 361 218 419 255 459 553 530 910 578 928
Allocation of primary
Dividends ............................................... (6709J) 57 192 70 529 74 671 76 968 88 281 99 793 93 479 87 798
income account
Less: Property income paid........................ (6710J) 373 052 363 012 410 243 443 021 471 494 529 106 601 733 660 508
Interest ................................................... (6711J) 201 159 187 803 200 252 205 884 234 506 262 718 320 345 352 460
Dividends ............................................... (6712J) 36 700 37 195 53 171 65 365 51 406 60 665 61 660 70 091
Property income attributed to insurance
policy holders ......................................... (6713J) 135 193 138 014 156 820 171 772 185 582 205 723 219 728 237 957
Gross balance of primary income ........... (6714J) 111 305 129 007 134 341 135 381 176 236 176 391 180 469 172 866
Social contributions received ...................... (6715J) 167 836 168 462 178 393 192 305 210 652 230 729 232 581 257 457
Secondary distribution
Other current transfers received ................. (6716J) 125 411 131 929 142 613 158 649 174 788 184 628 202 894 217 548
of income account
Less: Current taxes on income and wealth . (6717J) 28 322 33 220 37 794 41 466 46 221 47 563 52 914 53 253
Less: Social benefits paid........................... (6718J) 105 864 106 102 116 642 138 399 164 862 221 253 203 593 200 424
Less: Other current transfers paid .............. (6719J) 129 857 136 156 148 361 165 361 183 137 192 933 211 108 225 535
Non-life insurance claims .................. (6720J) 125 411 131 929 142 613 158 649 174 788 184 628 202 894 217 548
Miscellaneous current transfers......... (6721J) 4 446 4 227 5 748 6 712 8 349 8 305 8 214 7 987
Gross disposable income ........................ (6722J) 140 509 153 920 152 550 141 109 167 456 129 999 148 329 168 659
Less: Adjustment for the change in net

equity of households in pension
Use of disposable
funds reserves ................................. (6723J) 61 972 62 360 61 751 53 906 45 791 9 476 28 989 57 034
income account
Less: Residual1 ......................................... (6724J) -8 134 943 -39 948 800 -1 025 -1 664
Gross saving............................................. (6725J) 78 545 91 426 89 856 87 242 120 717 119 723 120 365 113 289
Less: Consumption of fixed capital2 ........... (6726J) 10 600 11 080 12 366 14 089 15 306 17 018 19 505 20 091
Net saving ................................................. (6727J) 67 945 80 346 77 490 73 153 105 411 102 705 100 860 93 198
Gross saving............................................. (6725J) 78 545 91 426 89 856 87 242 120 717 119 723 120 365 113 289
Capital account
Capital transfers, receivable........................ (6728J) - 750 200 2 905 2 100 2 958 3 755 -
Less: Change in assets .............................. (6729J) 20 740 18 220 20 846 15 832 18 375 22 579 28 161 19 859
Gross fixed capital formation............. (6730J) 20 740 18 220 20 846 15 832 18 375 22 579 28 161 19 859
Net lending (+)/net borrowing (-).............. (6731J) 57 805 73 956 69 210 74 315 104 442 100 102 95 959 93 430
KB638
1. Statistical discrepancy between the expenditure components and gross domestic product.

S–129

Non-financial corporations
At current prices
R millions
2010 2011 2012 2013 2014 2015 2016 2017

Production
account
Output at basic prices .................................. (6740J) 3 574 888 3 898 443 4 237 496 4 584 211 4 918 670 5 152 335 5 472 527 5 845 174
Less: Intermediate consumption ................... (6741J) 2 232 516 2 426 939 2 651 614 2 867 881 3 074 573 3 209 492 3 397 848 3 614 344
Gross value added at basic prices ............ (6742J) 1 342 372 1 471 504 1 585 882 1 716 330 1 844 097 1 942 843 2 074 679 2 230 830
Generation
Less: Compensation of employees ............... (6743J) 658 147 718 344 787 758 868 894 944 003 1 018 202 1 106 282 1 184 010
of income
account
Less: Other taxes on production................... (6744J) 23 324 26 460 29 852 33 646 36 972 40 524 42 731 45 780
Other subsidies on production...................... (6745J) 6 800 4 024 6 552 6 435 5 334 7 557 6 124 5 739
Gross operating surplus............................. (6746J) 667 701 730 724 774 824 820 225 868 456 891 674 931 790 1 006 779
Property income received ............................. (6747J) 125 523 155 955 138 166 127 676 129 207 133 189 141 598 118 126
Interest ..................................................... (6748J) 110 532 143 518 128 536 118 078 118 590 116 216 123 098 92 793
Dividends ................................................. (6749J) 12 092 9 539 6 846 6 582 7 419 13 353 14 371 20 645

income account
policy holders ........................................... (6750J) 2 642 2 490 2 483 2 641 2 736 2 923 3 467 4 092
Rent1 ........................................................ (6751J) 257 408 301 375 462 697 662 596
Less: Property income paid .......................... (6752J) 279 370 359 008 368 147 332 236 355 036 340 687 367 126 352 005
Interest ..................................................... (6753J) 104 120 118 856 118 161 116 890 119 850 115 236 107 392 98 765
Dividends ................................................. (6754J) 171 431 235 294 245 285 210 100 231 440 222 506 254 674 247 816
Rent1 ........................................................ (6755J) 3 819 4 858 4 701 5 246 3 746 2 945 5 060 5 424
Gross balance of primary income.............. (6756J) 513 854 527 671 544 843 615 665 642 627 684 176 706 262 772 900
Other current transfers received

Non-life insurance claims .......................... (6757J) 24 369 23 758 24 514 28 433 31 348 31 634 35 391 37 168
of income account
Less: Current taxes on income and wealth ... (6758J) 126 153 137 541 143 664 150 578 157 828 165 345 175 037 195 590
Less: Social contributions paid ..................... (6759J) 10 826 12 280 14 371 16 076 16 518 16 728 17 263 18 320
Less: Other current transfers paid................. (6760J) 26 982 27 179 27 830 32 499 35 848 36 974 40 393 42 307
Net non-life insurance premiums .............. (6761J) 24 369 23 758 24 514 28 433 31 348 31 634 35 391 37 168
Miscellaneous current transfers ................ (6762J) 2 613 3 421 3 316 4 066 4 500 5 340 5 002 5 139
Gross disposable income .......................... (6763J) 374 262 374 429 383 492 444 945 463 781 496 763 508 960 553 851
Less: Residual2 ............................................. (6764J) -48 816 5 653 -235 5 856 4 877 -6 161 -10 086
Use of disposable
income account
Gross saving ............................................... (6765J) 374 310 373 613 377 839 445 180 457 925 491 886 515 121 563 937
Less: Consumption of fixed capital3 .............. (6766J) 251 136 273 644 302 906 346 584 379 209 406 045 447 373 457 285
Net saving ................................................... (6767J) 123 174 99 969 74 933 98 596 78 716 85 841 67 748 106 652
Gross saving ............................................... (6765J) 374 310 373 613 377 839 445 180 457 925 491 886 515 121 563 937
Capital transfers, receivable ...................... (6768J)

Capital account
12 267 13 992 9 242 2 551 1 187 16 411 13 987 19 916

Capital transfers, payable ......................... (6769J) -49 -52 -54 -56 -64 -60 -59 -59
Less: Change in assets................................. (6770J) 380 787 435 045 470 866 553 152 559 638 597 851 579 210 600 417
Gross fixed capital formation .................... (6771J) 373 985 416 537 447 751 526 104 556 386 576 525 585 657 606 559
Change in inventories4 .............................. (6772J) 6 802 18 508 23 115 27 048 3 252 21 326 -6 447 -6 142
Net lending (+)/net borrowing (-)................ (6773J) 5 741 -47 492 -83 839 -105 477 -100 590 -89 614 -50 161 -16 623
KB639
1. Rent on land and subsoil assets.



General government
At current prices
R millions
2010 2011 2012 2013 2014 2015 2016 2017

Production
account
Output at basic prices .............................. (6780J) 674 341 735 868 803 690 885 049 953 811 1 008 706 1 106 065 1 184 672
Less: Intermediate consumption.............. (6781J) 233 138 244 338 278 036 305 076 329 426 340 833 373 161 397 558
Gross value added at basic prices........ (6782J) 441 203 491 530 525 654 579 973 624 385 667 873 732 904 787 114
Generation
of income
Less: Compensation of employees.......... (6783J) 367 875 410 514 445 079 489 607 532 742 571 415 624 632 676 596
account
Less: Other taxes on production ............. (6784J) 4 256 4 815 5 405 6 035 6 742 7 594 8 053 8 781
Other subsidies on production ................. (6785J) 1 725 1 347 1 242 1 866 1 622 101 1 403 2 738
Gross operating surplus ........................ (6786J) 70 797 77 548 76 412 86 197 86 523 88 965 101 622 104 475
Taxes on products ................................... (6603J) 264 191 309 518 335 691 372 210 404 698 441 034 484 065 496 009
Other taxes on production........................ (6600J) 45 082 51 005 57 250 63 925 71 417 80 403 85 304 93 016
Less: Subsidies on products ................... (6604J) 11 043 10 259 14 719 15 851 14 291 15 327 14 575 15 953
Less: Other subsidies on production ....... (6601J)
9 790 6 315 9 138 9 098 7 737 8 132 7 854 8 838

income account
Property income received......................... (6787J) 25 092 24 484 29 161 30 936 31 740 30 285 31 633 36 399
Interest................................................. (6788J) 19 223 16 700 20 649 20 888 23 438 24 206 22 988 26 582
Dividends ............................................. (6789J) 1 532 2 008 2 713 2 933 2 917 2 508 1 870 2 116
Rent1 ................................................... (6790J) 4 337 5 776 5 799 7 115 5 385 3 571 6 775 7 701
Less: Property income paid..................... (6791J) 80 409 92 848 108 041 121 117 143 846 152 789 180 272 199 133
Interest2 ............................................... (6792J) 80 409 92 848 108 041 121 117 143 846 152 789 180 272 199 133
Gross balance of primary income ......... (6793J) 303 920 353 133 366 616 407 202 428 504 464 439 499 923 505 975
Current taxes on income and wealth ........ (6251J) 389 333 425 332 463 091 508 258 558 167 607 552 657 166 714 643
Social contributions received .................... (6794J) 14 434 16 373 19 161 21 435 22 024 22 304 23 018 24 427
of income account
Other current transfers received ............... (6795J) 6 850 8 320 9 210 12 570 13 263 15 758 12 176 10 601
Current international co-operation ........ (6796J) 1 333 1 870 1 845 3 271 1 633 3 236 1 953 1 285
Miscellaneous current transfers ............ (6797J) 5 517 6 450 7 365 9 299 11 630 12 522 10 223 9 316
Less: Social benefits paid ........................ (6798J) 111 709 119 360 134 593 142 824 155 851 175 631 188 907 198 915
Less: Other current transfers paid ........... (6799J) 37 891 44 130 60 957 72 343 78 217 79 681 71 468 82 863
Current international co-operation ........ (6800J) 20 491 19 353 35 732 41 533 47 873 49 526 41 594 51 690
Miscellaneous current transfers3 ........... (6801J) 17 400 24 777 25 225 30 810 30 344 30 155 29 874 31 173
Gross disposable income ...................... (6802J) 564 937 639 668 662 528 734 298 787 890 854 741 931 908 973 868
Less: Final consumption expenditure4 ..... (6008J) 555 912 600 566 659 228 728 350 791 348 828 934 905 164 973 820
Individual consumption expenditure ..... (6605J) 231 585 288 531 311 109 334 040 358 349 370 610 404 476 433 039
Collective consumption expenditure ..... (6606J) 324 327 312 035 348 119 394 310 432 999 458 324 500 687 540 781
Use of disposable
income account
Gross saving........................................... (6803J) 9 025 39 102 3 300 5 948 -3 458 25 807 26 744 48
Less: Consumption of fixed capital5 ........ (6184J) 54 156 57 444 61 865 68 030 73 313 76 385 82 608 86 146
Net saving............................................... (6202J) -45 131 -18 342 -58 565 -62 083 -76 770 -50 580 -55 863 -86 098
Gross saving........................................... (6803J) 9 025 39 102 3 300 5 948 -3 458 25 807 26 744 48
Capital transfers, receivable...................... (6804J) 20 365 15 114 19 198 28 319 27 271 34 110 34 448 29 415
Capital account
Capital transfers, payable ......................... (6805J) -43 358 -46 270 -45 440 -52 433 -49 549 -72 164 -71 136 -66 171
Less: Change in assets ........................... (6806J) 76 133 82 782 94 072 107 975 120 264 141 012 143 338 148 815
Gross fixed capital formation ................ (6100J) 76 204 82 896 94 129 108 028 120 307 141 035 144 019 148 780
Change in inventories6 ......................... (6175J) -71 -114 -57 -53 -43 -23 -681 35
Net lending (+)/net borrowing (-) ........... (6807J) -90 101 -74 836 -117 014 -126 141 -146 001 -153 259 -153 282 -185 524
KB640

2. Amortised discount included.
3. Including current transfers in the form of membership dues, subscriptions, voluntary donations, transfers in kind, etc. to households and NPISHs, payments of compensation for injury or damage to
property (excluding non-life insurance claims) and current transfers in cash or kind to the rest of the world but excluding transfers to provincial extra budgetary institutions.

S–131

Households and non-profit institutions serving households
At current prices
R millions
2010 2011 2012 2013 2014 2015 2016 2017
Production
account
Output at basic prices ................................... (6820J) 835 630 891 880 960 852 1 039 102 1 118 994 1 197 082 1 237 579 1 321 321
Less: Intermediate consumption................... (6821J) 342 145 372 467 403 525 436 729 470 991 500 895 509 670 535 521
Gross value added at basic prices............. (6822J) 493 485 519 413 557 327 602 373 648 003 696 187 727 909 785 800
Generation
of income
Less: Compensation of employees............... (6823J) 102 107 111 947 120 713 129 561 139 572 149 783 151 725 164 030
account
Less: Other taxes on production .................. (6824J) 14 418 15 918 17 520 19 457 22 456 26 127 28 327 32 319
Other subsidies on production ...................... (6825J) 358 225 327 348 288 324 319 355
Gross operating surplus/mixed income..... (6826J) 377 318 391 773 419 421 453 703 486 263 520 601 548 176 589 806
Compensation of employees......................... (6240J) 1 232 646 1 357 440 1 478 015 1 626 396 1 767 863 1 904 048 2 061 923 2 217 709
Property income received.............................. (6827J) 276 327 315 138 358 070 354 572 368 525 385 962 443 405 461 171
income account
Interest...................................................... (6828J) 46 265 43 327 44 012 45 641 53 635 61 381 77 661 80 248
Dividends .................................................. (6829J) 97 440 136 061 159 340 139 415 131 556 121 103 148 940 146 595
policy holders............................................ (6830J) 132 551 135 524 154 337 169 131 182 846 202 800 216 261 233 865
Rent1 ........................................................ (6831J) 71 226 381 385 488 678 543 463
Less: Property income paid.......................... (6832J) 125 961 127 834 135 791 145 730 166 212 184 562 210 315 208 205
Interest...................................................... (6833J) 125 115 126 282 134 011 143 101 163 623 182 561 207 395 204 869
Rent1 ........................................................ (6834J) 846 1 552 1 780 2 629 2 589 2 001 2 920 3 336
Gross balance of primary income .............. (6835J) 1 760 330 1 936 517 2 119 715 2 288 941 2 456 439 2 626 049 2 843 189 3 060 481
Social benefits received................................. (6836J) 217 573 225 462 251 235 281 223 320 713 396 884 392 500 399 339
Other current transfers received .................... (6837J) 129 133 145 667 158 270 180 159 197 261 209 626 225 038 239 474
Non-life insurance claims .......................... (6838J) 101 042 108 171 118 099 130 216 143 440 152 994 167 503 180 380
of income account
Miscellaneous current transfers2................ (6839J) 28 091 37 496 40 171 49 943 53 821 56 632 57 535 59 094
Less: Current taxes on income and wealth... (6245J) 234 858 254 571 281 633 316 214 354 118 394 644 429 215 465 800
Less: Social contributions paid..................... (6840J) 171 444 172 555 183 183 197 664 216 158 236 305 238 336 263 564
Less: Other current transfers paid ................ (6841J) 107 795 116 408 128 828 140 274 153 906 165 591 179 987 192 389
Net non-life insurance premiums ............... (6842J) 101 042 108 171 118 099 130 216 143 440 152 994 167 503 180 380
Miscellaneous current transfers ................. (6843J) 6 753 8 237 10 729 10 058 10 466 12 597 12 484 12 009
Gross disposable income ........................... (6844J) 1 592 939 1 764 112 1 935 576 2 096 171 2 250 231 2 436 019 2 613 189 2 777 541
Adjustment for the change in net equity of

households in pension funds reserves ........... (6845J) 61 972 62 360 61 751 53 906 45 791 9 476 28 989 57 034
Less: Residual3 ............................................ (6846J) -18 288 2 004 -82 2 058 1 748 -2 162 -3 552
Total available households’ resources ........... (6847J) 1 654 929 1 826 184 1 995 323 2 150 159 2 293 964 2 443 747 2 644 340 2 838 127
Use of disposable
income account
Less: Final consumption expenditure ........... (6007J) 1 621 836 1 801 091 1 983 604 2 144 185 2 282 036 2 417 271 2 585 839 2 764 397
Gross saving ............................................... (6848J) 33 093 25 092 11 719 5 974 11 928 26 477 58 500 73 730
Less: Consumption of fixed capital4 ............. (6849J) 46 505 47 736 50 414 54 285 57 481 59 762 63 807 66 607
Net saving.................................................... (6200J) -13 412 -22 644 -38 695 -48 311 -45 553 -33 286 -5 306 7 122
Gross saving ............................................... (6848J) 33 093 25 092 11 719 5 974 11 928 26 477 58 500 73 730
Capital transfers, receivable ...................... (6850J) 11 089 16 802 17 192 19 059 19 407 19 098 19 354 17 252
Capital account
Capital transfers, payable.......................... (6851J) -89 -95 -99 -102 -116 -110 -108 -107
Less: Change in assets ................................ (6852J) 58 558 60 246 63 879 72 226 81 801 88 535 91 210 96 228
Gross fixed capital formation..................... (6853J) 58 502 60 360 62 917 71 270 80 882 88 108 91 074 96 278
Change in inventories5 .............................. (6854J) 56 -114 962 956 919 427 136 -50
Net lending (+)/net borrowing (-) ................ (6855J) -14 465 -18 447 -35 067 -47 295 -50 582 -43 070 -13 464 -5 353
KB641

2. Including current transfers in the form of membership dues, subscriptions, voluntary donations, transfers in kind in the form of gifts of food, blankets, medicines, etc. and current transfers between
households and payments of compensation for injury or damage to property (excluding non-life insurance claims).


Total domestic economy
At current prices
R millions
2010 2011 2012 2013 2014 2015 2016 2017
Output at basic prices1

................................... (6870J) 5 461 575 5 938 830 6 453 903 7 001 464 7 519 372 7 924 004 8 432 053 9 001 681
Less: Intermediate consumption .................... (6871J) 2 966 715 3 214 430 3 521 024 3 817 846 4 104 429 4 298 290 4 551 229 4 829 952
Production
account
Gross value added at basic prices .............. (6645J) 2 494 860 2 724 400 2 932 879 3 183 618 3 414 943 3 625 714 3 880 824 4 171 729
Taxes on products .......................................... (6603J) 264 191 309 518 335 691 372 210 404 698 441 034 484 065 496 009
Less: Subsidies on products .......................... (6604J) 11 043 10 259 14 719 15 851 14 291 15 327 14 575 15 953
Gross domestic product at market prices... (6006J) 2 748 008 3 023 659 3 253 851 3 539 977 3 805 350 4 051 421 4 350 314 4 651 785
Generation
of income
Less: Compensation of employees ................ (6000J) 1 234 706 1 359 378 1 479 963 1 628 450 1 769 827 1 906 052 2 063 973 2 219 844
account
Less: Taxes on production and imports ......... (6004J) 309 273 360 523 392 941 436 135 476 115 521 437 569 369 589 025
Subsidies ........................................................ (6005J) 20 833 16 574 23 857 24 949 22 028 23 459 22 429 24 791
Gross operating surplus/mixed income ...... (6212J) 1 224 862 1 320 332 1 404 804 1 500 341 1 581 436 1 647 390 1 739 402 1 867 707
Compensation of employees2 ......................... (6240J) 1 232 646 1 357 440 1 478 015 1 626 396 1 767 863 1 904 048 2 061 923 2 217 709
Taxes on production and imports.................... (6004J) 309 273 360 523 392 941 436 135 476 115 521 437 569 369 589 025
Less: Subsidies.............................................. (6005J) 20 833 16 574 23 857 24 949 22 028 23 459 22 429 24 791
income account
Property income received ............................... (6872J) 667 060 729 295 779 014 779 598 851 426 903 059 1 021 297 1 044 465
Interest ....................................................... (6873J) 494 139 504 748 528 963 545 825 614 918 661 356 754 657 778 551
Dividends.................................................... (6874J) 168 256 218 137 243 570 225 898 230 173 236 757 258 660 257 154
Rent3 .......................................................... (6875J) 4 665 6 410 6 481 7 875 6 335 4 946 7 980 8 760
Less: Property income paid ........................... (6876J) 723 599 804 688 865 402 870 332 951 006 1 001 421 1 139 718 1 181 894
Interest ....................................................... (6877J) 510 803 525 789 560 465 586 992 661 825 713 304 815 404 855 227
Dividends.................................................... (6878J) 208 131 272 489 298 456 275 465 282 846 283 171 316 334 317 907
Rent3 .......................................................... (6879J) 4 665 6 410 6 481 7 875 6 335 4 946 7 980 8 760
Gross national income.................................. (6016J) 2 689 409 2 946 328 3 165 515 3 447 189 3 703 806 3 951 055 4 229 844 4 512 221
Other current transfers received ...................... (6880J) 34 941 45 816 49 381 62 513 67 084 72 390 69 711 69 695
of income account
Current international co-operation............... (6881J) 1 333 1 870 1 845 3 271 1 633 3 236 1 953 1 285
Miscellaneous current transfers................... (6882J) 33 608 43 946 47 536 59 242 65 451 69 154 67 758 68 410
Less: Other current transfers paid .................. (6883J) 51 703 60 015 80 750 93 179 101 532 105 923 97 168 107 998
Current international co-operation............... (6884J) 20 491 19 353 35 732 41 533 47 873 49 526 41 594 51 690
Miscellaneous current transfers................... (6885J) 31 212 40 662 45 018 51 646 53 659 56 397 55 574 56 308
Gross disposable income............................. (6018J) 2 672 647 2 932 129 3 134 146 3 416 523 3 669 358 3 917 522 4 202 386 4 473 918
Less: Final consumption expenditure ............. (6620J) 2 177 748 2 401 658 2 642 832 2 872 535 3 073 384 3 246 205 3 491 003 3 738 217
Individual consumption expenditure ............ (6886J) 1 853 421 2 089 623 2 294 713 2 478 225 2 640 385 2 787 881 2 990 316 3 197 436
Collective consumption expenditure............ (6606J) 324 327 312 035 348 119 394 310 432 999 458 324 500 687 540 781
Use of disposable
income account
Less: Residual4 .............................................. (6011J) -74 1 238 8 600 -356 8 862 7 425 -9 348 -15 302
Gross saving ................................................. (6203J) 494 973 529 233 482 714 544 344 587 111 663 891 720 732 751 003
Less: Consumption of fixed capital5 ............... (6002J) 362 397 389 904 427 551 482 989 525 308 559 212 613 292 630 129
Net saving ..................................................... (6887J) 132 576 139 329 55 163 61 355 61 803 104 680 107 439 120 874
Gross saving ................................................. (6203J) 494 973 529 233 482 714 544 344 587 111 663 891 720 732 751 003
Capital transfers, receivable ............................ (6888J) 43 721 46 658 45 832 52 834 49 965 72 577 71 544 66 583
Capital account
Capital transfers, payable................................ (6889J) -43 496 -46 417 -45 593 -52 591 -49 729 -72 334 -71 303 -66 337
Less: Change in assets .................................. (6180J) 536 218 596 294 649 663 749 185 780 077 849 975 841 920 865 319
Gross fixed capital formation....................... (6009J) 529 431 578 014 625 644 721 234 775 950 828 245 848 912 871 476
Change in inventories6 ................................ (6010J) 6 787 18 280 24 020 27 951 4 128 21 730 -6 992 -6 157
Net lending (+)/net borrowing (-) .................. (6672J) -41 020 -66 820 -166 710 -204 598 -192 730 -185 841 -120 947 -114 071
KB642
1. The institutional division of the production and generation of income account was harmonised by the South African Reserve Bank and Statistics South Africa.
2. Adjusted for net compensation to non-residents.

S–133

Rest of the world
At current prices
R millions
2010 2011 2012 2013 2014 2015 2016 2017
Imports of goods and services ..................... (6014J)

goods and services
External account of
752 233 896 566 1 014 415 1 177 765 1 254 466 1 273 933 1 308 919 1 321 420
Imports of goods ...................................... (6610J) 609 112 745 637 859 172 1 003 603 1 069 638 1 076 290 1 090 089 1 105 876
Imports of services.................................... (6611J) 143 121 150 929 155 243 174 162 184 828 197 643 218 830 215 544
Less: Exports of goods and services ........... (6013J) 786 349 921 035 967 171 1 096 378 1 197 492 1 221 748 1 335 659 1 384 971
Exports of goods ...................................... (6608J) 668 856 794 850 822 382 934 195 1 014 767 1 030 143 1 124 794 1 174 733
Exports of services ................................... (6609J) 117 493 126 185 144 789 162 183 182 725 191 605 210 865 210 238
External balance of goods and services... (6900J) -34 116 -24 469 47 244 81 387 56 974 52 185 -26 740 -63 550
Less: Compensation of South African

residents working abroad............................. (6208J) 7 812 8 387 8 896 9 356 9 912 10 488 11 073 11 644
Compensation of non-residents working in
South Africa ................................................. (6207J) 9 872 10 325 10 844 11 410 11 876 12 492 13 123 13 779
Primary and secondary income account
Property income received............................. (6901J) 82 826 105 124 125 993 145 819 171 903 185 890 195 121 207 422
Interest ..................................................... (6902J) 28 045 33 133 44 720 56 695 65 928 74 127 84 796 99 782
Dividends.................................................. (6903J) 54 781 71 991 81 273 89 124 105 975 111 763 110 325 107 640
Less: Property income paid......................... (6904J) 26 287 29 731 39 605 55 085 72 323 87 528 76 700 69 993
Interest ..................................................... (6905J) 11 381 12 092 13 218 15 528 19 021 22 179 24 049 23 106
Dividends.................................................. (6906J) 14 906 17 639 26 387 39 557 53 302 65 349 52 651 46 887
Other current transfers received ................... (6907J) 25 851 25 486 44 460 48 759 54 768 57 898 51 245 61 301
Current international co-operation............. (6908J) 20 491 19 353 35 732 41 533 47 873 49 526 41 594 51 690
Miscellaneous current transfers................. (6909J) 5 360 6 133 8 728 7 226 6 895 8 372 9 651 9 611
Less: Other current transfers paid ............... (6910J) 9 089 11 287 13 091 18 093 20 320 24 365 23 788 22 998
Current international co-operation............. (6911J) 1 333 1 870 1 845 3 271 1 633 3 236 1 953 1 285
Miscellaneous current transfers................. (6912J) 7 756 9 417 11 246 14 822 18 687 21 129 21 835 21 713
Current external balance (balance on

current account)........................................ (6913J) 41 245 67 061 166 949 204 841 192 966 186 084 121 188 114 317
account
Capital transfers, payable.......................... (6914J)

Capital
-363 -388 -392 -401 -416 -413 -408 -412

Capital transfers, receivable ...................... (6915J) 138 147 153 158 180 170 167 166
Net lending (+)/net borrowing (-) ............... (6916J) 41 020 66 820 166 710 204 598 192 730 185 841 120 947 114 071
KB643
Household balance sheet

Selected household assets and liabilities at year-end1
R billions
2010 2011 2012 2013 2014 2015 2016 2017

Non-financial assets .................................................. (6920J) 2 700 2 766 2 990 3 295 3 612 3 855 4 043 4 298
Residential buildings ................................................ (6921J) 1 704 1 745 1 888 2 073 2 285 2 443 2 557 2 715
Other non-financial assets ........................................ (6922J) 996 1 021 1 102 1 222 1 327 1 412 1 486 1 583
Financial assets.......................................................... (6923J) 4 602 4 811 5 594 6 441 7 041 7 308 7 641 8 576
Assets with monetary institutions ............................ (6924J) 579 639 699 762 860 976 1 072 1 174
Interest in pension funds and long-term insurers ...... (6925J) 2 392 2 511 2 943 3 422 3 804 3 916 4 081 4 539
Other financial assets .............................................. (6926J) 1 631 1 662 1 953 2 257 2 378 2 416 2 488 2 863
Total household assets.............................................. (6927J) 7 301 7 577 8 584 9 736 10 654 11 164 11 685 12 874
Total household liabilities .......................................... (6928J) 1 351 1 462 1 603 1 704 1 785 1 874 1 937 2 036
Mortgage advances .................................................. (6929J) 800 812 841 864 882 923 949 983
Other debt………………………………………........... (6930J) 551 650 761 840 903 952 987 1 054
Net wealth .................................................................. (6931J) 5 951 6 115 6 982 8 032 8 868 9 289 9 748 10 838
Total liabilities and net wealth .................................. (6932J) 7 301 7 577 8 584 9 736 10 654 11 164 11 685 12 874
Memo item: Net wealth including durable consumer
goods…………………………………............................ (6933J) 6 416 6 616 7 528 8 632 9 513 9 971 10 456 11 573
KB644
1. Data for the past years may be subject to revision.

Current income and saving

Selected items
National income and saving
R millions
2016 2017 2018
02 03 04 2016 01 02 03 04 2017 01
Gross national income at market prices .......... (6016K) 1 052 576 1 054 670 1 109 476 4 229 844 1 079 646 1 124 674 1 128 821 1 179 079 4 512 221 1 132 336
Real gross national income (at 2010 prices) .... (6016C) 757 488 752 561 798 682 3 029 786 746 856 779 843 766 834 807 115 3 100 648 736 351
Gross saving................................................... (6203K) 205 624 177 557 207 559 720 732 152 964 208 589 183 222 206 228 751 003 124 200
Gross national income at market prices .......... (6016L) 4 197 784 4 247 637 4 358 002 4 229 844 4 369 684 4 493 094 4 554 236 4 631 870 4 512 221 4 617 039
Real gross national income (at 2010 prices) .... (6016D) 3 019 430 3 038 952 3 087 180 3 029 786 3 076 860 3 092 659 3 103 550 3 129 523 3 100 648 3 076 397
Gross saving................................................... (6203L) 730 810 725 715 774 694 720 732 752 330 739 707 752 715 759 258 751 003 660 206
KB634
General government
R millions
2016 2017 2018
02 03 04 2016 01 02 03 04 2017 01
Taxes on production and imports ................... (6004K) 120 673 143 001 150 058 569 369 152 571 130 308 148 301 157 845 589 025 165 612
Current taxes on income and wealth............... (6251K) 159 757 150 394 169 736 657 166 198 294 169 930 160 142 186 277 714 643 209 915
Net saving3 ..................................................... (6202K) -30 768 -38 025 2 821 -55 863 2 595 -30 693 -55 326 -2 674 -86 098 -1 559
Taxes on production and imports ................... (6004L) 555 789 576 061 580 050 569 369 553 703 598 198 595 370 608 829 589 025 600 642
Current taxes on income and wealth............... (6251L) 719 854 615 917 646 251 657 166 723 828 766 005 658 340 710 399 714 643 766 505
Net saving3 ..................................................... (6202L) -23 629 -60 736 -78 350 -55 863 -99 543 -51 628 -94 374 -98 847 -86 098 -93 774
KB633
Households and non-profit institutions serving households1
R millions
2016 2017 2018
02 03 04 2016 01 02 03 04 2017 01
Compensation of employees2 ......................... (6240K) 507 683 519 013 550 549 2 061 923 517 602 544 560 560 503 595 043 2 217 709 553 526
Disposable income3 ........................................ (6246K) 668 719 664 601 700 288 2 580 533 593 428 713 771 713 559 750 761 2 771 518 629 988
Net saving3 ..................................................... (6200K) 37 512 20 141 -2 252 -5 306 -55 946 39 888 24 554 -1 374 7 122 -64 094
Compensation of employees2 ......................... (6240L) 2 055 051 2 078 089 2 109 862 2 061 923 2 144 354 2 202 200 2 244 401 2 279 880 2 217 709 2 291 472
Disposable income3 ........................................ (6246L) 2 561 250 2 605 422 2 658 793 2 580 533 2 691 865 2 748 263 2 792 293 2 853 653 2 771 518 2 868 646
Net saving3 ..................................................... (6200L) -3 399 -6 097 1 797 -5 306 4 660 9 320 10 138 4 369 7 122 -5 388
KB631
1. The data in this table refer to private households (including pension and provident funds and long-term insurance funds), non-incorporated business enterprises and private non-profit institutions
(e.g. churches, welfare organisations and sport clubs) that render social and community services to households.
2. After adjustment for net compensation paid to non-residents.
3. Gross saving after consumption of fixed capital and inventory valuation adjustment.

S–135
Labour: Employment in the non-agricultural sectors1,6,7

Seasonally adjusted
Indices: 2010 = 100

Public sector Private sector
General Business Manu- Construc- Financial Grand

Period government2 enterprises3 Total Mining facturing tion Trade4 institutions5 Total total
(7000L) (7001L) (7002L) (7003L) (7004L) (7005L) (7006L) (7007L) (7008L) (7009L)
Number in 2010 1 900 434 103 523 2 003 957 499 217 1 252 163 618 203 1 949 050 2 089 855 7 288 544 9 292 501
2010 .......................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
2011 .......................................... 105.0 101.1 104.8 103.4 98.8 104.3 101.4 102.9 101.8 102.5
2012 .......................................... 106.6 109.6 106.7 104.7 98.6 107.1 103.3 104.1 103.2 103.9
2013 .......................................... 108.6 122.0 109.3 101.7 98.4 106.4 103.9 105.1 103.3 104.6
2014 .......................................... 113.5 124.6 114.1 98.7 96.8 104.4 103.9 104.3 102.5 105.0
2015 .......................................... 111.4 123.7 112.0 95.9 96.5 101.3 105.4 105.6 102.7 104.7
2016 .......................................... 113.6 113.5 113.6 91.7 95.3 101.5 106.7 106.5 102.9 105.2
2017 .......................................... 110.7 104.3 110.4 92.6 95.3 99.9 108.5 106.3 103.4 104.9
2009: 04 ...................................... 98.1 99.5 98.2 97.8 101.4 100.3 98.5 100.7 99.8 99.5
2010: 01 ...................................... 98.4 99.9 98.5 98.6 100.8 101.6 99.1 98.0 99.3 99.1
02 ...................................... 99.6 99.5 99.6 99.4 100.2 100.7 99.6 99.7 99.9 99.8
03 ...................................... 100.3 98.5 100.2 100.6 99.6 99.5 100.3 100.6 100.1 100.1
04 ...................................... 101.6 102.1 101.7 101.4 99.4 98.2 101.1 101.7 100.7 100.9
2011: 01 ...................................... 106.2 101.8 106.0 102.7 99.0 101.3 100.8 101.5 100.9 102.0
02 ...................................... 104.4 100.0 104.1 103.5 98.5 103.0 101.0 102.9 101.5 102.1
03 ...................................... 104.8 99.9 104.6 103.3 98.6 107.3 101.8 103.9 102.5 102.9
04 ...................................... 104.7 102.5 104.5 104.3 99.0 105.7 102.2 103.1 102.4 102.8
2012: 01 ...................................... 105.3 103.2 105.2 104.9 98.9 106.5 103.0 103.8 103.0 103.4
02 ...................................... 106.5 106.9 106.5 106.9 98.5 107.0 103.3 104.2 103.4 104.0
03 ...................................... 107.7 109.6 107.8 103.2 98.5 108.3 103.5 104.4 103.3 104.2
04 ...................................... 106.8 118.5 107.4 103.8 98.3 106.7 103.2 104.1 103.0 104.0
2013: 01 ...................................... 109.2 117.4 109.6 103.3 98.3 106.7 103.7 104.7 103.3 104.6
02 ...................................... 107.9 123.2 108.7 102.2 98.5 107.7 104.0 105.1 103.4 104.6
03 ...................................... 108.5 123.8 109.3 100.9 98.5 106.5 104.0 105.7 103.5 104.7
04 ...................................... 108.9 123.6 109.6 100.4 98.4 104.8 104.0 104.8 103.1 104.5
2014: 01 ...................................... 111.3 125.7 112.0 98.6 97.8 105.0 103.5 105.1 102.8 104.8
02 ...................................... 119.6 124.3 119.8 98.1 97.2 105.3 104.0 104.0 102.6 106.3
03 ...................................... 111.6 121.9 112.1 99.2 96.2 104.5 104.2 103.9 102.4 104.5
04 ...................................... 111.7 126.3 112.5 99.0 95.9 103.0 103.8 104.1 102.1 104.3
2015: 01 ...................................... 110.7 127.7 111.6 98.2 96.6 101.4 104.4 104.8 102.4 104.4
02 ...................................... 111.0 125.2 111.7 97.7 96.6 101.0 105.0 104.9 102.5 104.5
03 ...................................... 111.6 121.8 112.1 94.9 96.5 102.2 105.6 105.7 102.8 104.8
04 ...................................... 112.1 120.3 112.5 92.6 96.2 100.7 106.5 106.9 103.1 105.1
2016: 01 ...................................... 114.9 118.5 115.1 91.8 95.6 101.5 106.1 106.7 102.9 105.5
02 ...................................... 112.1 113.1 112.2 91.6 95.1 102.3 106.3 106.6 102.7 104.7
03 ...................................... 116.1 111.8 115.9 91.3 95.0 102.3 106.6 106.0 102.7 105.5
04 ...................................... 111.2 110.6 111.2 91.9 95.6 100.0 107.8 106.7 103.3 105.0
2017: 01 ...................................... 111.1 107.9 110.9 93.0 95.8 102.1 108.4 106.2 103.5 105.1
02 ...................................... 110.3 103.6 110.0 94.2 95.4 99.3 108.3 106.2 103.4 104.8
03 ...................................... 110.4 103.6 110.1 91.7 95.2 100.6 108.6 106.2 103.5 104.9
04 ...................................... 111.0 102.3 110.5 91.3 94.6 97.4 108.8 106.5 103.3 104.9
KB701
1. Source of basic data: Statistics South Africa.

2. National departments, local authorities, provinces and statutory bodies.
3. Transnet, Sapo, Telkom and SABC.
4. Including catering and accommodation services.
5. Banking institutions, building societies and insurance companies. From the third quarter of 2002, also inclusive of real-estate and business services.
6. From the first quarter of 1998 basic data originate from the Survey of Employment and Earnings in selected industries by Statistics South Africa, and are not strictly comparable with earlier data.
7. From the third quarter of 2002 basic data originate from a new expanded Survey of Employment and Earnings and from the fourth quarter of 2004 from the Quarterly Employment Statistics (QES) survey by
Statistics South Africa. From the second quarter of 2013, the second quarter of 2015, the second quarter of 2016 and the second quarter of 2017, the QES survey was expanded, resulting in a level shift
in certain subsectors. Data were statistically linked to compensate for these structural breaks.

Labour: Labour costs in the non-agricultural sectors1,3,4

Seasonally adjusted
Indices: 2010 = 100

Remuneration per worker
At current prices At constant prices2 Nominal

unit
Period Public Private Public Private Labour labour
sector sector Total sector sector Total productivity costs
(7011L) (7012L) (7013L) (7011D) (7012D) (7013D) (7014L) (7015L)
2010 .................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
2011 .................................... 106.6 107.2 107.1 100.6 101.2 101.2 100.8 106.3
2012 .................................... 115.3 115.1 115.3 103.3 103.1 103.3 101.6 113.6
2013 .................................... 123.0 123.5 123.7 104.0 104.4 104.6 103.5 119.5
2014 .................................... 128.1 132.4 131.9 102.9 106.3 105.9 105.0 125.6
2015 .................................... 139.2 141.0 141.1 106.8 108.1 108.2 106.8 132.2
2016 .................................... 149.0 148.4 149.3 107.9 107.4 108.1 107.3 139.1
2017 .................................... 165.8 155.6 159.0 112.8 106.0 108.2 108.6 146.4
2009: 04 .............................. 97.5 92.2 93.5 101.2 95.7 97.1 98.2 95.2
2010: 01 .............................. 98.5 96.7 97.1 100.5 98.6 99.0 99.7 97.4
02 .............................. 97.8 99.0 98.7 97.9 99.1 98.8 99.5 99.2
03 .............................. 96.4 101.2 99.9 96.2 101.0 99.7 100.2 99.7
04 .............................. 107.2 103.1 104.2 105.4 101.3 102.4 100.5 103.7
2011: 01 .............................. 100.4 104.3 103.5 97.4 101.2 100.4 100.4 103.1
02 .............................. 104.4 105.8 105.6 99.2 100.6 100.3 101.0 104.6
03 .............................. 109.4 107.9 108.4 102.2 100.8 101.3 100.4 108.0
04 .............................. 112.1 110.6 111.1 103.7 102.3 102.8 101.3 109.7
2012: 01 .............................. 112.2 112.3 112.4 102.1 102.2 102.3 101.1 111.1
02 .............................. 111.1 114.3 113.6 99.9 102.8 102.2 101.5 111.9
03 .............................. 118.2 116.1 116.9 105.5 103.6 104.3 101.5 115.2
04 .............................. 119.9 117.7 118.5 105.8 103.8 104.6 102.2 116.0
2013: 01 .............................. 119.3 120.2 120.3 102.5 103.2 103.3 102.0 117.9
02 .............................. 123.8 123.0 123.5 105.4 104.7 105.2 103.1 119.7
03 .............................. 123.2 124.4 124.4 103.2 104.1 104.2 103.5 120.2
04 .............................. 125.4 126.4 126.5 104.7 105.5 105.6 105.1 120.3
2014: 01 .............................. 126.3 130.4 129.8 102.9 106.2 105.8 104.4 124.4
02 .............................. 121.7 129.5 128.2 98.2 104.5 103.5 103.2 124.3
03 .............................. 131.5 133.1 133.3 104.9 106.2 106.4 105.5 126.3
04 .............................. 133.0 136.6 136.2 105.5 108.4 108.1 106.8 127.6
2015: 01 .............................. 136.2 137.4 137.7 106.8 107.7 107.9 107.2 128.4
02 .............................. 138.1 140.3 140.3 106.6 108.3 108.3 106.8 131.4
03 .............................. 139.4 142.5 142.3 106.1 108.5 108.3 106.6 133.4
04 .............................. 143.1 143.8 144.2 107.5 108.0 108.3 106.4 135.5
2016: 01 .............................. 143.4 145.6 145.8 105.8 107.4 107.5 106.0 137.6
02 .............................. 150.9 147.0 148.8 109.6 106.8 108.0 107.8 138.0
03 .............................. 146.6 149.9 149.9 106.0 108.4 108.4 107.3 139.7
04 .............................. 154.9 151.0 152.7 110.1 107.3 108.5 108.0 141.3
2017: 01 .............................. 160.2 153.2 155.7 111.8 106.9 108.6 107.6 144.7
02 .............................. 165.0 154.8 158.1 113.4 106.4 108.7 108.4 145.8
03 .............................. 166.5 156.5 159.8 112.4 105.6 107.8 108.8 146.9
04 .............................. 171.4 158.0 162.3 113.9 105.0 107.8 109.4 148.3
KB702

2. Deflated by the non-agricultural gross domestic product deflator.
3. From the first quarter of 1998 basic data originate from the Survey of Employment and Earnings in selected industries by Statistics South Africa, and are not strictly comparable with earlier data.
4. From the third quarter of 2002 basic data originate from a new expanded Survey of Employment and Earnings and from the fourth quarter of 2004 from the Quarterly Employment Statistics (QES) survey by
Statistics South Africa. From the second quarter of 2013, the second quarter of 2015, the second quarter of 2016 and the second quarter of 2017, the QES survey was expanded, resulting in a level shift
in certain subsectors. Data were statistically linked to compensate for these structural breaks.

S–137
Manufacturing: Production, sales and utilisation of production capacity1

Seasonally adjusted
Volume of production2 Percentage utilisation of Labour4 Nominal4

Indices: 2015 = 100 production capacity5 produc- unit labour
tivity costs
Period Sales2,3 Durable Non-durable Durable Non-durable (Index: (Index:
(Index: 2015 = 100) goods goods Total goods goods Total 2010 = 100) 2010 = 100)
(7082T) (7083N) (7084N) (7085N) (7076L) (7077L) (7078L) (7079L) (7080L)
2010 ................................. 88.7 97.9 92.3 93.8 79.1 80.8 80.1 100.0 100.0
2011 ................................. 92.1 102.1 93.7 96.5 78.9 81.2 80.6 104.0 104.8
2012 ................................. 95.4 103.7 96.3 98.6 80.3 83.0 82.0 106.6 111.6
2013 ................................. 99.3 103.9 98.1 99.9 80.4 82.2 81.5 108.1 118.1
2014 ................................. 100.3 101.9 99.3 100.0 79.9 81.8 81.1 110.1 122.7
2015 ................................. 100.0 100.0 100.0 100.0 78.8 81.5 80.5 110.4 129.2
2016 ................................. 99.0 98.9 101.7 100.7 79.5 83.1 81.8 112.6 134.2
2017 ................................. 99.8 100.3 100.4 100.2 79.7 82.4 81.5 112.1 140.7
2015: May .......................... 101.3 98.8 97.6 98.0 ... ... ... ... ...
Jun ........................... 100.1 99.7 96.8 97.8 79.2 81.2 80.5 108.3 130.2
Jul............................. 100.7 100.5 99.1 99.6 ... ... ... ... ...
Aug........................... 99.5 98.4 100.6 99.8 ... ... ... ... ...
Sep........................... 100.0 100.2 101.6 101.1 78.1 81.0 80.0 110.5 131.4
Oct ........................... 99.5 97.5 102.7 100.8 ... ... ... ... ...
Nov........................... 97.4 97.5 100.3 99.3 ... ... ... ... ...
Dec........................... 95.6 98.5 103.4 101.6 78.9 81.4 80.5 111.4 129.6
2016: Jan ........................... 98.4 97.3 101.2 99.8 ... ... ... ... ...
Feb ........................... 99.2 98.8 101.8 100.8 ... ... ... ... ...
Mar ........................... 97.6 97.3 101.7 100.1 79.7 83.1 81.9 111.7 131.4
Apr ........................... 101.2 101.0 101.3 101.2 ... ... ... ... ...
May .......................... 101.9 99.8 102.9 101.8 ... ... ... ... ...
Jun ........................... 101.3 100.0 103.4 102.2 79.2 83.2 81.8 114.0 131.3
Jul............................. 98.9 98.5 102.9 101.3 ... ... ... ... ...
Aug........................... 98.9 97.5 101.2 99.9 ... ... ... ... ...
Sep........................... 100.2 100.5 101.3 101.1 79.5 83.4 82.0 113.0 135.6
Oct ........................... 98.2 97.3 101.1 99.8 ... ... ... ... ...
Nov........................... 97.8 99.6 100.3 100.1 ... ... ... ... ...
Dec........................... 94.7 98.8 101.2 100.4 79.7 82.5 81.5 111.6 138.3
2017: Jan ........................... 99.4 97.8 101.3 100.0 ... ... ... ... ...
Feb ........................... 97.6 98.8 97.9 98.1 ... ... ... ... ...
Mar ........................... 100.7 98.4 97.9 98.0 79.2 82.5 81.3 109.7 141.7
Apr ........................... 98.4 99.1 101.3 100.4 ... ... ... ... ...
May .......................... 100.8 101.3 98.8 99.6 ... ... ... ... ...
Jun ........................... 101.7 101.0 98.6 99.4 80.0 81.9 81.2 111.4 140.3
Jul............................. 100.0 101.3 100.5 100.7 ... ... ... ... ...
Aug........................... 100.5 101.5 100.8 100.9 ... ... ... ... ...
Sep........................... 99.4 99.8 99.9 99.8 80.1 82.4 81.6 112.4 140.7
Oct ........................... 99.4 99.4 102.0 101.0 ... ... ... ... ...
Nov........................... 102.4 101.5 102.5 102.1 ... ... ... ... ...
Dec........................... 97.6 103.7 103.0 103.1 79.7 82.9 81.8 114.9 140.1
2018: Jan ........................... 99.5 100.3 102.0 101.4 ... ... ... ... ...
Feb ........................... 100.9 101.1 97.8 99.0 ... ... ... ... ...
Mar ........................... 101.1 101.5 98.6 99.6 79.1 82.3 81.1 - -
Apr ........................... 96.6 95.1 101.1 98.9 ... ... ... ... ...
KB706

2. Since January 1995 information of the former TBVC states has been included.
3. At constant 2016/12 prices.
4. From the third quarter of 2002 basic data originate from a new expanded Survey of Employment and Earnings and from the fourth quarter of 2004 from the Quarterly Employment Statistics survey by
Statistics South Africa.
5. Comparability break from December 2003 due to a new survey based on Statistics South Africa’s new business register.

Indicators of real economic activity1

Seasonally adjusted
Indices: 2015 = 100

Mining production2 Trade
Number of
Building new Electric
Period plans Buildings Retail Wholesale vehicles current
Gold Non gold Total passed4 completed4 sales4,7 sales4,6 sold3 generated5
(7060N) (7061N) (7062N) (7063T) (7064T) (7086T) (7087T) (7067N) (7068N)
2010 .......................................... 130.6 94.7 100.0 82.2 100.7 83.4 80.2 79.8 103.7
2011 .......................................... 124.8 94.6 99.1 81.4 95.9 88.5 85.5 92.6 105.0
2012 .......................................... 107.4 94.3 95.6 84.9 96.1 92.5 92.3 101.1 102.8
2013 .......................................... 110.7 97.7 98.9 94.8 104.5 95.1 97.7 105.1 102.3
2014 .......................................... 104.9 95.3 96.9 98.5 99.5 96.8 98.4 104.3 101.8
2015 .......................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
2016 .......................................... 98.4 95.6 96.0 103.7 105.2 101.5 101.8 88.6 100.7
2017 .......................................... 94.9 100.5 99.6 95.6 119.1 104.6 99.2 90.3 101.9
2015: Jun .................................... 100.8 100.7 100.7 123.1 99.8 100.0 99.5 97.8 99.8
Jul ...................................... 96.2 99.1 98.7 100.1 98.2 100.0 101.2 100.1 98.5
Aug .................................... 102.6 98.4 99.1 94.3 106.6 100.6 99.7 98.5 97.6
Sep .................................... 102.8 94.2 95.5 93.7 111.5 100.2 99.6 99.4 99.2
Oct .................................... 97.7 97.3 97.4 81.0 103.6 100.7 99.8 96.8 98.9
Nov .................................... 104.4 97.8 98.8 89.4 118.0 101.4 99.4 99.8 99.8
Dec .................................... 105.0 96.7 98.0 107.2 102.7 101.8 98.8 101.6 100.6
2016: Jan .................................... 99.6 92.3 93.5 121.9 90.5 101.9 100.6 94.7 99.8
Feb .................................... 109.6 91.9 94.7 107.6 96.3 101.6 102.6 90.4 101.2
Mar .................................... 103.5 88.2 90.6 111.2 109.3 101.6 100.6 90.6 99.2
Apr .................................... 98.0 95.0 95.5 119.7 107.4 100.4 101.1 89.5 99.9
May .................................... 101.3 98.7 99.2 95.2 121.7 103.2 104.1 89.7 100.6
Jun .................................... 99.4 98.7 98.8 95.4 110.0 101.3 102.0 89.3 100.7
Jul ...................................... 97.1 97.0 97.0 78.3 89.0 101.7 103.0 86.3 101.5
Aug .................................... 92.6 98.9 97.9 90.1 93.9 101.0 101.9 85.6 100.9
Sep .................................... 94.5 98.4 97.8 104.0 117.9 101.2 102.2 84.4 100.5
Oct .................................... 94.6 97.9 97.4 105.3 98.0 101.1 100.9 89.1 101.8
Nov .................................... 93.6 95.0 94.8 113.6 105.7 102.3 100.3 86.9 101.1
Dec .................................... 96.8 94.8 95.1 102.3 123.0 101.0 102.7 87.2 101.2
2017: Jan .................................... 99.8 94.9 95.7 91.2 110.0 101.8 100.8 97.6 100.7
Feb .................................... 92.7 97.3 96.6 96.7 98.7 101.9 95.8 92.1 100.3
Mar .................................... 94.8 102.3 101.1 84.9 140.4 101.9 98.2 86.1 101.1
Apr .................................... 95.8 100.2 99.5 77.5 106.1 103.2 103.3 87.5 102.3
May .................................... 98.2 100.8 100.4 93.6 103.7 104.0 99.1 87.5 105.0
Jun .................................... 96.1 99.0 98.6 97.1 138.1 104.6 99.4 89.1 101.8
Jul ...................................... 101.6 100.0 100.3 109.8 103.5 103.7 101.3 90.5 100.4
Aug .................................... 99.0 107.4 106.1 101.7 109.3 106.4 99.2 91.1 101.8
Sep .................................... 95.8 99.0 98.5 85.1 145.7 105.9 93.8 91.7 101.6
Oct .................................... 94.5 103.1 101.7 94.3 127.9 105.8 99.4 89.6 102.5
Nov .................................... 83.6 103.7 100.6 113.2 140.6 109.8 101.0 93.7 103.3
Dec .................................... 86.7 98.3 96.5 101.7 104.9 106.4 98.8 87.0 102.6
2018: Jan .................................... 95.1 98.2 97.8 89.9 93.0 104.8 97.5 87.4 103.1
Feb .................................... 88.7 99.6 97.9 105.9 109.4 106.3 97.7 87.9 102.3
Mar .................................... 81.0 97.0 94.5 91.0 85.1 106.0 100.7 92.0 102.9
Apr .................................... 91.0 92.9 92.6 - - 104.7 97.5 86.4 101.2
May .................................... - - - - - - - 89.5 -
KB705
1. Source of basic data: Statistics South Africa, unless otherwise indicated.

3. Source of basic data: National Association of Automobile Manufacturers of South Africa.
5. Since January 1989 information of the former TBVC states has been included. Index: 2015 = 100
6. At constant 2012 prices. Seasonally adjusted by Statistics South Africa from January 1998.
7. At constant 2012 prices. Seasonally adjusted by Statistics South Africa from January 2002.

S–139
Consumer prices: All urban areas1

Goods
Seasonally adjusted4
Indices: 2016/12 =100
Household
Food and Alcoholic contents
Period non-alcoholic beverages Clothing and Housing and and Recreation Miscellaneous
beverages5 and tobacco5 footwear5 utilities services Health5 Transport5 Communication and culture3 goods Total goods5
(7145N ) ( 7146N) ( 7147N) (7148N) (7149N ) (7150N ) (7151N ) ( 7152N) ( 7153N) ( 7154N) (7155N )
Weights2 17.24 5.82 3.83 4.33 1.90 0.53 11.18 0.20 1.88 1.79 48.70
2011 ...................... 68.2 71.0 78.8 71.3 96.2 78.8 79.8 196.4 97.6 80.9 74.9
2012 ...................... 73.1 76.0 81.6 78.0 96.2 81.5 83.2 171.1 93.8 82.3 79.0
2013 ...................... 77.2 81.2 84.1 78.9 97.3 84.4 91.0 152.9 92.0 84.4 83.0
2014 ...................... 83.1 86.3 88.5 84.3 98.0 88.2 96.8 134.5 93.7 88.7 88.2
2015 ...................... 87.4 93.6 93.2 90.8 97.6 93.1 93.5 117.3 94.5 93.2 91.1
2016 ...................... 96.6 99.0 97.8 97.3 99.4 97.7 97.7 104.6 98.3 98.0 97.5
2017 ...................... 103.3 102.8 101.0 101.2 98.8 103.9 103.3 92.4 100.2 102.1 102.4
2015: May................ 86.4 92.3 92.7 88.7 97.0 93.6 95.0 119.4 93.3 92.5 91.0
Jun................. 86.5 92.8 93.1 89.1 96.8 93.3 96.7 117.8 93.5 92.6 91.4
Jul .................. 86.9 93.1 93.5 92.7 96.8 93.4 98.3 115.4 93.6 92.4 92.7
Aug ................ 87.7 93.5 93.7 93.0 97.2 93.9 96.8 113.6 94.0 93.0 92.7
Sep ................ 87.9 93.8 94.0 93.4 97.1 94.0 94.3 113.4 94.0 93.2 92.3
Oct................. 88.2 94.2 94.3 93.8 97.2 94.6 94.8 112.4 94.3 93.2 92.6
Nov ................ 88.7 94.6 94.6 94.1 97.5 94.6 94.0 111.4 94.7 93.0 92.7
Dec ................ 89.5 94.8 95.0 94.5 97.6 94.8 94.0 111.5 95.1 93.8 92.7
2016: Jan................. 90.4 96.8 95.3 94.7 97.7 94.8 94.6 111.4 95.6 94.2 93.9
Feb ................ 92.4 96.9 95.8 95.1 98.1 95.3 95.2 109.9 95.8 95.4 94.8
Mar ................ 93.7 96.8 96.3 95.2 98.4 97.9 93.6 106.3 96.4 95.5 95.2
Apr ................. 95.2 97.1 96.9 95.7 98.5 97.5 97.0 104.5 96.6 95.9 96.8
May................ 95.6 97.4 97.2 96.1 98.7 97.2 97.9 103.5 96.7 95.9 97.1
Jun................. 95.9 97.7 97.5 96.5 98.8 97.4 99.8 103.3 97.2 97.2 97.6
Jul .................. 96.7 98.1 97.8 98.2 98.8 97.8 100.8 104.0 97.6 97.5 98.7
Aug ................ 97.6 98.4 98.4 98.5 98.9 97.8 97.4 104.0 98.4 97.8 98.4
Sep ................ 97.8 98.7 98.9 98.9 99.0 97.6 97.1 103.3 98.3 98.5 98.4
Oct................. 98.6 99.1 99.3 99.2 99.6 98.7 98.7 103.0 98.8 99.4 99.2
Nov ................ 99.0 99.4 99.7 99.6 99.2 99.2 100.6 101.5 98.3 99.3 99.8
Dec ................ 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
2017: Jan................. 100.7 100.1 100.2 100.4 100.3 100.5 101.8 98.8 98.9 100.7 101.0
Feb ................ 101.5 99.6 100.4 100.8 99.4 100.5 102.8 98.6 99.4 100.8 101.5
Mar ................ 101.6 99.8 100.6 101.1 99.2 102.6 102.7 96.7 99.6 101.2 101.9
Apr ................. 101.8 100.1 100.8 101.5 98.6 103.5 102.2 96.5 99.4 101.1 101.9
May................ 102.2 100.5 101.0 101.9 98.7 103.9 103.7 95.3 99.5 101.0 102.4
Jun................. 102.6 100.9 101.2 102.3 97.9 104.5 103.1 93.1 99.0 101.3 102.2
Jul .................. 103.2 101.3 101.3 100.2 97.9 104.8 101.1 92.3 99.4 101.5 102.1
Aug ................ 103.1 102.7 101.2 100.6 97.2 104.8 101.8 90.3 99.3 101.3 102.3
Sep ................ 103.2 103.4 101.3 101.0 97.5 105.3 103.6 89.2 99.6 101.8 102.7
Oct................. 103.8 104.1 101.2 101.5 97.1 105.3 104.7 88.0 99.8 101.9 103.3
Nov ................ 104.2 104.3 101.5 101.9 97.1 105.4 105.3 85.3 99.0 101.2 103.5
Dec ................ 104.8 104.8 101.8 102.3 97.3 104.6 107.3 84.3 99.5 101.7 104.1
2018: Jan................. 105.3 105.4 101.9 102.7 97.2 105.9 107.2 83.2 98.9 101.8 104.7
Feb ................ 105.5 105.6 102.0 103.2 97.2 106.4 106.5 83.2 99.0 101.9 104.7
Mar ................ 105.4 105.2 102.1 103.5 96.8 107.0 105.5 81.9 98.5 102.0 104.5
Apr ................. 105.6 106.0 102.4 104.7 97.4 107.1 107.9 80.7 99.3 101.0 105.5
KB703
1. Source: Statistics South Africa (Stats SA). Published according to the COICOP Classification.
2. Weights based on expenditure patterns in 2005 were applied to data from January 2009 to December 2012. Weights based on expenditure patterns in 2010/2011 were applied to data from January 2013
to December 2016. Weights based on expenditure patterns in 2014/2015 were applied to data from January 2017 onwards.These new weights are shown.
3. According to the new methodology applied by Stats SA. Some historical data are not available.
4. Seasonally adjusted by the South African Reserve Bank.
5. The consumer price index for all urban areas (which was based on the COICOP classification and published by Stats SA from January 2008 onwards) was statistically linked to the historical consumer price
index for metropolitan areas (which was based on the ITC classification that Stats SA discontinued after December 2007).


Services and total
Seasonally adjusted4
Indices: 2016/12 = 100
Household
contents
Period Housing and and Recreation Restaurants Miscellaneous Total
utilities services Health5 Transport5 Communication and culture Education5 and hotels3 services services5 Total CPI5
(7160N) (7161N) (7162N) (7163N) (7164N) (7165N) (7166N) (7167N) (7168N) (7169N) (7170N)
Weights2 20.30 2.45 0.83 3.10 2.43 3.27 2.53 3.09 13.26 51.30 100.00
2011 ............... 74.9 74.8 73.4 71.0 98.4 80.1 66.9 70.1 71.4 73.6 74.2
2012 ............... 78.6 79.0 78.1 80.1 98.2 83.4 72.8 74.4 75.6 77.9 78.4
2013 ............... 82.9 83.4 83.0 87.0 100.2 87.6 79.3 79.3 80.3 82.8 82.9
2014 ............... 87.4 88.0 88.1 92.3 100.0 89.5 86.3 86.0 85.9 87.7 88.0
2015 ............... 92.1 92.6 93.8 95.8 99.7 91.4 94.2 91.1 92.2 92.8 92.0
2016 ............... 97.2 97.5 99.5 98.8 100.0 98.4 99.3 96.8 99.1 98.1 97.8
2017 ............... 102.4 102.5 105.9 101.6 99.6 100.7 105.8 101.2 106.8 103.5 103.0
2015: May......... 91.6 91.1 94.3 96.3 100.0 90.2 95.6 90.4 89.3 91.7 90.9
Jun.......... 91.7 93.2 94.3 96.1 100.0 90.4 95.6 90.8 89.8 92.0 91.4
Jul ........... 92.3 93.2 94.3 95.8 99.8 91.2 95.6 91.2 90.3 92.4 92.1
Aug ......... 92.7 93.2 94.3 95.9 99.9 91.2 95.6 91.6 90.8 92.8 92.4
Sep ......... 93.3 94.0 94.3 96.1 99.9 91.2 95.6 92.0 91.2 93.2 92.6
Oct.......... 93.7 94.0 94.3 96.3 99.9 92.1 95.6 92.6 91.8 93.6 92.9
Nov ......... 94.0 94.0 94.3 96.8 99.9 92.4 95.6 93.3 92.3 94.2 93.3
Dec ......... 94.8 94.9 94.3 96.9 99.9 92.3 95.6 93.4 92.8 94.5 93.8
2016: Jan.......... 95.2 95.0 94.3 97.2 99.9 98.0 95.6 94.0 93.5 95.1 94.4
Feb ......... 95.6 95.0 99.8 97.5 100.0 98.1 95.6 94.8 94.9 95.8 95.3
Mar ......... 96.0 96.1 99.8 97.8 100.1 97.6 100.0 94.9 94.8 96.0 95.5
Apr.......... 96.4 96.1 100.0 98.2 100.1 97.5 100.0 94.4 95.5 96.4 96.1
May......... 96.8 96.1 100.0 98.4 100.1 97.1 100.0 95.4 96.0 96.9 96.6
Jun.......... 97.0 98.1 100.0 98.8 100.1 97.4 100.0 96.5 96.5 97.3 97.1
Jul ........... 97.5 98.1 100.0 99.2 100.1 97.6 100.0 97.4 96.7 97.7 97.6
Aug ......... 97.9 98.1 100.0 99.5 100.0 97.9 100.0 97.6 97.3 98.1 97.9
Sep ......... 98.1 99.1 100.0 99.6 100.0 98.3 100.0 98.1 97.9 98.4 98.3
Oct.......... 98.5 99.1 100.0 99.8 100.0 99.0 100.0 98.8 98.8 99.1 98.9
Nov ......... 98.9 99.1 100.0 100.1 100.0 99.1 100.0 99.2 99.4 99.4 99.5
Dec ......... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
2017: Jan.......... 100.4 100.0 100.0 100.4 100.0 99.8 100.0 99.8 100.6 100.5 100.5
Feb ......... 100.8 100.0 106.4 101.3 100.0 99.9 100.0 100.9 102.2 101.1 101.2
Mar ......... 101.1 100.9 106.4 100.2 99.6 100.1 107.0 100.7 102.0 101.3 101.2
Apr.......... 101.4 100.9 106.4 100.5 99.5 100.1 107.0 100.5 102.7 101.8 101.4
May......... 101.8 100.9 106.4 101.1 99.6 100.2 107.0 100.0 103.3 102.2 101.8
Jun.......... 102.3 103.3 106.4 101.0 99.6 100.7 107.0 100.5 103.9 102.7 102.1
Jul ........... 102.7 103.3 106.4 101.6 99.5 101.0 107.0 101.4 104.6 103.2 102.1
Aug ......... 103.1 103.3 106.4 101.8 99.5 100.9 107.0 101.7 105.2 103.6 102.6
Sep ......... 103.7 104.2 106.4 102.5 99.5 100.6 107.0 101.4 105.8 104.1 103.3
Oct.......... 104.1 104.2 106.4 102.9 99.5 100.6 107.0 102.0 106.4 104.5 103.7
Nov ......... 104.5 104.2 106.4 103.1 99.5 100.6 107.0 102.5 107.1 104.9 104.1
Dec ......... 104.8 105.2 106.4 103.7 99.5 101.0 107.0 103.0 107.7 105.3 104.6
2018: Jan.......... 105.2 105.2 106.4 101.9 99.5 101.0 107.0 103.4 108.3 105.6 104.9
Feb ......... 105.6 105.2 112.3 103.3 99.5 101.0 107.0 103.9 109.3 106.1 105.3
Mar ......... 106.2 106.6 112.3 103.2 99.7 101.2 114.2 103.5 109.3 106.5 105.2
Apr.......... 106.6 106.6 112.5 103.5 102.1 102.3 114.2 104.8 109.9 107.3 105.8
KB709

S–141

Goods
Percentage change4
Household
Food and Alcoholic contents
Period non-alcoholic beverages Clothing and Housing and and Recreation Miscellaneous
beverages5 and tobacco5 footwear5 utilities services Health5 Transport5 Communication and culture3 goods Total goods5
( 7145A) (7146A) (7147A) (7148A ) (7149A ) (7150A ) (7151A ) (7152A) (7153A) (7154A) (7155A)
Weights2 17.24 5.82 3.83 4.33 1.90 0.53 11.18 0.20 1.88 1.79 48.70
2012 ..................... 7.1 7.1 3.6 9.4 -0.1 3.5 4.2 -12.9 -3.9 1.8 5.4
2013 ..................... 5.7 6.8 3.1 1.1 1.1 3.5 9.4 -10.7 -1.9 2.5 5.2
2014 ..................... 7.6 6.3 5.2 6.8 0.7 4.5 6.3 -12.1 1.8 5.2 6.2
2015 ..................... 5.1 8.4 5.3 7.8 -0.3 5.6 -3.4 -12.8 0.9 5.0 3.4
2016 ..................... 10.6 5.8 4.9 7.1 1.8 4.9 4.6 -10.9 4.0 5.1 7.0
2017 ..................... 6.9 3.9 3.4 4.1 -0.6 6.4 5.8 -11.7 1.9 4.2 5.0
2015: May............... 4.6 9.6 5.4 6.1 -0.3 7.4 -3.1 -12.8 0.5 5.6 3.2
Jun................ 4.3 9.7 5.6 6.1 -1.0 5.6 -0.7 -12.7 0.8 5.2 3.7
Jul................. 4.4 8.9 5.7 9.3 -1.1 5.2 -0.2 -14.5 0.5 4.6 4.2
Aug ............... 4.3 8.8 5.2 9.1 -0.2 5.9 -2.2 -14.6 1.0 4.1 3.6
Sep ............... 4.4 8.7 4.9 9.1 -0.2 5.2 -2.4 -13.1 0.9 4.7 3.7
Oct................ 4.8 7.4 4.6 9.1 0.8 5.2 -2.1 -12.4 1.2 4.3 3.7
Nov ............... 4.7 7.0 4.5 9.0 0.9 5.0 -1.3 -11.6 1.4 3.3 3.8
Dec ............... 5.8 6.6 4.5 8.9 1.5 6.1 1.3 -10.9 1.3 3.8 4.6
2016: Jan................ 7.0 8.3 4.4 8.6 1.3 4.6 6.7 -10.6 2.6 3.6 6.6
Feb ............... 8.6 7.6 4.6 8.6 1.0 4.9 11.4 -10.7 2.8 4.3 8.0
Mar ............... 9.5 6.2 4.7 8.3 1.8 7.2 5.3 -13.7 3.7 3.4 6.8
Apr................ 10.9 5.9 4.9 8.4 1.6 6.4 2.4 -14.3 3.9 4.5 6.7
May............... 10.6 5.5 4.9 8.5 1.9 3.9 3.0 -13.3 3.7 3.6 6.7
Jun................ 10.9 5.1 4.8 8.4 2.1 4.4 3.2 -12.3 3.9 5.0 6.8
Jul................. 11.3 5.2 4.7 5.8 2.1 4.8 2.5 -9.9 4.3 5.6 6.5
Aug ............... 11.3 5.2 5.0 5.9 1.8 4.1 0.6 -8.4 4.7 5.1 6.1
Sep ............... 11.3 5.2 5.3 5.8 2.0 3.8 3.0 -8.9 4.5 5.7 6.6
Oct................ 11.8 5.2 5.4 5.8 2.4 4.3 4.2 -8.3 4.8 6.7 7.1
Nov ............... 11.6 5.1 5.4 5.8 1.7 4.8 7.1 -8.9 3.8 6.7 7.7
Dec ............... 11.8 5.5 5.3 5.9 2.4 5.5 6.4 -10.3 5.2 6.5 7.9
2017: Jan................ 11.4 3.5 5.1 6.0 2.6 6.0 7.6 -11.3 3.5 6.9 7.6
Feb ............... 9.9 2.8 4.8 6.0 1.4 5.5 8.0 -10.3 3.7 5.6 7.1
Mar ............... 8.7 3.2 4.5 6.2 0.8 4.8 9.7 -9.0 3.3 6.6 7.0
Apr................ 6.7 2.9 4.0 6.2 0.1 6.1 5.4 -7.7 2.8 4.9 5.3
May............... 6.9 3.1 3.9 6.2 0.0 6.9 6.0 -7.9 2.9 5.3 5.5
Jun................ 6.9 3.3 3.8 6.2 -0.9 7.3 3.3 -9.9 1.9 4.3 4.7
Jul................. 6.8 3.3 3.6 2.0 -0.9 7.1 0.3 -11.2 1.9 4.1 3.4
Aug ............... 5.7 4.3 2.8 2.1 -1.7 7.2 4.4 -13.2 1.0 3.6 4.0
Sep ............... 5.5 4.7 2.3 2.1 -1.6 7.9 6.7 -13.6 1.3 3.4 4.4
Oct................ 5.3 5.1 1.9 2.2 -2.5 6.7 6.1 -14.6 1.0 2.4 4.1
Nov ............... 5.2 5.0 1.8 2.3 -2.1 6.2 4.6 -16.0 0.7 1.9 3.7
Dec ............... 4.8 4.9 1.8 2.3 -2.7 4.6 7.3 -15.7 -0.5 1.7 4.1
2018: Jan................ 4.5 5.3 1.7 2.4 -3.1 5.4 5.2 -15.8 -0.1 1.1 3.7
Feb ............... 3.9 6.1 1.6 2.5 -2.2 5.9 3.6 -15.6 -0.4 1.2 3.2
Mar ............... 3.5 5.2 1.5 2.4 -2.4 4.3 2.7 -15.3 -1.1 0.3 2.6
Apr................ 3.9 6.0 1.6 3.2 -1.2 3.5 5.6 -16.4 -0.1 0.4 3.5
KB708
4. Compared with the same months of the previous year.


Services and total
Percentage change4
Household
contents
Period Housing and and Recreation Restaurants Miscellaneous Total
utilities services Health5 Transport5 Communication and culture Education5 and hotels3 services services5 Total CPI5
(7160A) (7161A) (7162A) (7163A) (7164A) (7165A) (7166A) (7167A) (7168A) (7169A) (7170A)
Weights2 20.30 2.45 0.87 3.10 2.43 3.27 2.53 3.09 13.26 51.30 100.00
2012 ............... 4.9 5.7 6.4 12.8 -0.2 4.1 8.9 6.1 5.9 5.8 5.6
2013 ............... 5.5 5.6 6.2 8.6 2.0 5.0 9.0 6.7 6.2 6.3 5.7
2014 ............... 5.4 5.5 6.1 6.1 -0.1 2.2 8.8 8.4 7.0 6.0 6.1
2015 ............... 5.4 5.2 6.5 3.8 -0.3 2.1 9.2 5.9 7.4 5.8 4.6
2016 ............... 5.6 5.3 6.1 3.1 0.3 7.6 5.4 6.3 7.4 5.8 6.4
2017 ............... 5.4 5.2 6.4 2.9 -0.4 2.4 6.6 4.6 7.8 5.5 5.3
2015: May ........ 5.4 5.2 6.6 5.1 0.1 1.3 9.3 6.3 7.5 6.0 4.6
Jun ......... 5.1 5.2 6.6 4.0 0.1 1.3 9.3 6.0 7.4 5.7 4.7
Jul .......... 5.3 5.2 6.6 3.1 -0.1 1.7 9.3 5.9 7.4 5.7 5.0
Aug......... 5.3 5.2 6.6 2.8 -0.2 1.7 9.3 5.5 7.3 5.5 4.6
Sep......... 5.5 5.3 6.6 2.4 -0.2 1.7 9.3 5.0 7.2 5.6 4.6
Oct ......... 5.5 5.3 6.6 2.3 -0.2 2.3 9.3 5.2 7.2 5.6 4.7
Nov......... 5.5 5.3 6.6 2.7 -0.2 2.6 9.3 5.2 7.2 5.7 4.8
Dec......... 5.8 5.2 6.6 2.8 0.7 2.1 9.3 5.0 7.0 5.7 5.2
2016: Jan ......... 5.8 5.2 6.6 2.9 0.7 8.1 9.3 5.6 7.2 6.0 6.2
Feb ......... 5.8 5.2 6.1 2.8 0.7 8.1 9.3 6.3 7.2 6.2 7.0
Mar......... 5.7 5.4 6.1 2.6 0.7 7.5 4.6 5.9 7.2 5.8 6.3
Apr ......... 5.7 5.4 6.0 2.3 0.7 7.5 4.6 5.7 7.5 5.6 6.2
May ........ 5.7 5.4 6.0 2.2 0.1 7.6 4.6 5.6 7.5 5.6 6.1
Jun ......... 5.8 5.1 6.0 2.8 0.1 7.7 4.6 6.2 7.5 5.8 6.3
Jul .......... 5.6 5.1 6.0 3.4 0.3 7.1 4.6 6.9 7.1 5.7 6.0
Aug......... 5.6 5.1 6.0 3.8 0.1 7.3 4.6 6.6 7.1 5.7 5.9
Sep......... 5.1 5.3 6.0 3.7 0.1 7.8 4.6 6.7 7.3 5.5 6.1
Oct ......... 5.1 5.3 6.0 3.6 0.1 7.5 4.6 6.8 7.7 5.9 6.4
Nov......... 5.1 5.3 6.0 3.5 0.1 7.3 4.6 6.3 7.7 5.6 6.6
Dec......... 5.5 5.3 6.0 3.2 0.1 8.3 4.6 7.0 7.8 5.9 6.8
2017: Jan ......... 5.5 5.3 6.0 3.4 0.1 1.9 4.6 6.2 7.8 5.7 6.6
Feb ......... 5.5 5.3 6.6 3.9 0.1 1.9 4.6 6.4 7.6 5.6 6.3
Mar......... 5.3 5.0 6.6 2.4 -0.5 2.6 7.0 6.1 7.5 5.4 6.1
Apr ......... 5.3 5.0 6.4 2.3 -0.5 2.6 7.0 6.4 7.5 5.5 5.3
May ........ 5.3 5.0 6.4 2.7 -0.5 3.2 7.0 4.8 7.4 5.4 5.4
Jun ......... 5.4 5.3 6.4 2.1 -0.5 3.4 7.0 4.1 7.6 5.5 5.1
Jul .......... 5.2 5.3 6.4 2.4 -0.5 3.5 7.0 4.1 8.1 5.6 4.6
Aug......... 5.2 5.3 6.4 2.3 -0.5 3.1 7.0 4.2 8.1 5.6 4.8
Sep......... 5.7 5.1 6.4 2.9 -0.5 2.3 7.0 3.4 8.2 5.8 5.1
Oct ......... 5.7 5.1 6.4 3.1 -0.5 1.6 7.0 3.2 7.8 5.5 4.8
Nov......... 5.7 5.1 6.4 3.0 -0.5 1.5 7.0 3.3 7.8 5.5 4.6
Dec......... 4.8 5.1 6.4 3.7 -0.5 1.0 7.0 3.0 7.8 5.3 4.7
2018: Jan ......... 4.9 5.1 6.4 1.5 -0.5 1.1 7.0 3.6 7.8 5.1 4.4
Feb ......... 4.9 5.1 5.5 2.0 -0.5 1.0 7.0 3.0 6.9 4.9 4.0
Mar......... 5.0 5.6 5.5 2.9 0.1 1.2 6.7 2.8 7.0 5.1 3.8
Apr ......... 5.1 5.6 5.7 2.9 2.6 2.2 6.7 4.3 6.9 5.3 4.5
KB710
4. Compared with the same months of the previous year.

S–143
Producer prices
Seasonally adjusted1,4
Indices: 2016/12 = 100

Agriculture, Electricity Intermediate
forestry and and manufactured Final manufactured goods
fishing Mining water goods
Coke, Metals, Electrical

Food petroleum, machinery, machinery,
products, Textiles, Paper chemical, equipment communi-
beverages clothing and rubber and and cation and
and and printed plastic computing metering Transport
Agriculture Total Total Total Total tobacco footwear products products equipment equipment equipment Total2
(7180N) (7181N) (7182N) (7183N) (7184N) (7185N) (7186N) (7193N) (7188N) (7189N) (7194N) (7191N) (7192N)
Weights3 85.62 100.00 100.00 100.00 100.00 34.77 5.04 7.53 20.99 14.66 3.78 7.89 100.00
2012 ............. 74.6 74.7 85.0 72.2 78.3 72.5 76.6 75.4 87.9 77.4 77.4 79.0 77.4
2013 ............. 76.3 76.6 89.6 79.8 84.4 76.8 80.5 80.6 93.9 80.9 82.0 84.8 82.0
2014 ............. 80.2 80.6 93.3 87.6 91.3 82.6 86.2 85.5 100.2 87.9 88.1 91.8 88.1
2015 ............. 84.2 84.4 89.5 97.4 92.0 87.6 90.9 91.8 94.8 92.9 91.3 94.4 91.3
2016 ............. 98.4 98.3 99.7 107.6 98.3 96.4 97.9 97.2 98.4 99.0 97.8 101.4 97.8
2017 ............. 97.5 98.7 105.1 113.7 102.2 100.8 103.1 103.5 106.5 101.2 102.5 101.1 102.5
2015: May....... 87.2 86.6 88.6 85.5 89.6 87.3 89.9 91.5 94.2 93.0 91.4 93.4 90.5
Jun........ 87.3 86.6 89.7 86.3 89.7 87.3 90.0 92.0 94.7 93.0 91.7 93.6 90.8
Jul......... 87.6 87.2 86.7 87.4 90.3 87.5 90.2 92.6 95.5 92.6 91.9 93.8 91.1
Aug ....... 89.9 89.1 84.0 87.8 90.5 87.7 93.0 93.3 95.4 93.1 92.0 95.3 91.4
Sep ....... 89.5 88.9 87.9 87.8 91.5 88.5 93.3 93.8 94.4 93.7 92.2 95.4 91.8
Oct........ 90.7 90.3 89.5 90.7 91.8 89.1 93.0 93.9 95.2 94.6 93.0 95.9 92.5
Nov ....... 92.8 92.1 89.5 91.3 92.4 89.6 93.4 94.3 95.5 94.6 93.1 96.1 92.7
Dec ....... 94.6 93.9 90.5 93.2 93.3 90.0 93.4 94.8 96.3 94.4 93.3 97.9 93.3
2016: Jan........ 104.1 102.3 92.1 92.0 94.0 91.7 94.0 95.6 96.9 96.7 94.8 104.5 94.8
Feb ....... 106.3 104.3 93.5 93.0 94.3 92.6 94.6 95.8 96.0 97.4 95.6 104.3 95.3
Mar ....... 105.3 103.2 95.2 93.4 95.0 93.8 95.6 95.8 95.5 98.6 96.3 105.3 95.6
Apr........ 103.8 102.6 97.2 94.9 96.0 94.2 96.9 96.1 95.4 98.8 97.1 102.6 96.1
May....... 102.9 102.1 101.5 95.4 97.8 94.6 96.9 96.5 96.5 99.0 97.4 103.9 96.5
Jun........ 104.7 103.6 100.2 96.1 98.0 95.5 97.3 97.0 98.1 99.1 97.9 102.4 97.0
Jul......... 104.1 103.1 100.4 95.1 98.0 97.0 99.8 97.8 98.2 99.3 98.7 100.6 97.8
Aug ....... 103.9 103.2 101.7 98.3 98.0 97.8 99.9 98.4 96.8 99.6 98.6 100.1 97.9
Sep ....... 102.3 101.9 102.2 97.7 97.7 98.3 100.0 99.0 96.7 99.5 98.3 98.2 97.8
Oct........ 100.5 100.4 99.9 98.6 97.4 99.2 100.0 99.0 98.3 99.7 99.1 97.8 98.6
Nov ....... 99.5 99.7 96.7 98.9 98.5 99.6 100.0 99.7 99.3 99.9 99.5 97.0 99.1
Dec ....... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
2017: Jan........ 99.2 99.4 102.0 100.8 100.3 100.3 100.8 100.6 104.0 99.6 100.4 100.0 100.4
Feb ....... 101.0 100.8 105.1 101.3 100.9 100.4 101.3 100.7 106.5 99.5 101.0 99.4 100.7
Mar ....... 98.8 98.8 100.9 102.1 101.6 100.1 102.6 100.5 104.1 100.3 101.3 98.7 100.6
Apr........ 100.4 100.9 102.7 101.4 100.9 100.2 102.5 101.7 103.1 101.2 101.6 99.7 100.6
May....... 101.0 101.7 98.5 101.6 100.9 100.1 102.5 102.3 103.6 101.3 102.1 101.1 101.1
Jun........ 101.5 102.1 98.7 101.8 100.1 100.3 103.5 103.1 100.5 101.3 101.8 100.5 100.9
Jul......... 102.9 103.3 99.5 98.7 99.5 100.5 103.8 105.4 102.1 101.1 102.3 100.8 101.4
Aug ....... 101.3 102.3 102.8 101.3 99.9 100.8 103.9 106.4 104.0 100.9 102.7 101.5 102.0
Sep ....... 103.5 104.0 111.9 103.4 99.8 100.9 103.9 106.7 107.2 101.4 103.4 101.8 102.9
Oct........ 105.0 105.4 108.9 102.3 101.4 100.7 104.1 105.9 108.4 102.2 104.1 103.8 103.5
Nov ....... 106.5 106.8 107.7 102.9 102.6 101.5 104.1 106.7 110.2 102.7 104.6 103.6 104.1
Dec ....... 106.1 106.6 106.0 103.3 103.2 101.9 104.1 106.9 113.4 102.8 105.2 102.5 105.2
2018: Jan........ 108.1 108.2 101.9 103.7 101.8 101.5 104.4 108.5 114.6 103.1 106.5 107.2 105.5
Feb ....... 106.0 106.6 100.5 104.7 101.3 101.2 104.6 108.7 114.2 103.1 107.2 106.8 104.8
Mar ....... 101.9 102.7 97.8 106.3 100.3 100.8 105.6 108.6 110.0 102.9 107.1 107.8 104.3
Apr........ 99.9 101.4 100.0 105.6 101.0 101.0 105.6 109.2 112.8 103.5 111.2 107.9 105.1
KB704
1. Source: Statistics South Africa

2. Weights of final manufactured goods do not add up, as non-metallic mineral products (3.21) and furniture and other manufacturing (2.13) are omitted.
3. Weights are at industry level, based on 2015 value-added in the national accounts and will be updated each year from the national accounts data.

Composite business cycle indicators

Seasonally adjusted
Indices: 2015 = 100

South Africa Trading-partner countries1
Leading indicator Coincident indicator

Period Leading Coincident Lagging
indicator indicator indicator US2 Other countries3 Total US2 Other countries3 Total
(7090N) (7091N) (7092N) (7093N) (7094N) (7095N) (7096N) (7097N) (7098N)
2010 ............................................. 106.3 86.4 98.5 82.3 87.5 85.7 89.6 96.0 93.5
2011 ............................................. 106.7 91.4 98.0 86.5 89.7 88.6 91.8 98.0 95.5
2012 ............................................. 105.0 95.8 98.2 88.3 89.6 89.2 94.1 97.3 96.0
2013 ............................................. 104.9 98.3 100.4 90.9 93.5 92.6 95.5 96.7 96.2
2014 ............................................. 102.7 99.2 100.7 96.0 97.1 96.7 97.9 98.2 98.1
2015 ............................................. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
2016 ............................................. 99.2 101.8 96.8 101.2 102.1 101.8 101.3 102.4 102.0
2017 ............................................. 103.7 102.6 96.3 105.4 106.5 106.1 103.0 106.9 105.4
2015: Apr ........................................ 102.3 99.9 100.9 99.6 100.1 99.9 99.7 99.5 99.6
May ....................................... 101.1 99.4 101.0 100.0 100.3 100.2 99.8 99.6 99.7
Jun........................................ 100.6 99.4 100.4 100.5 100.2 100.3 99.8 99.9 99.9
Jul ......................................... 98.9 99.4 99.7 100.3 100.1 100.2 100.0 100.1 100.1
Aug ....................................... 98.2 99.3 100.0 100.3 100.2 100.3 100.1 100.4 100.3
Sep ....................................... 98.2 99.5 99.7 100.2 100.2 100.2 100.3 100.5 100.5
Oct........................................ 98.7 100.0 99.0 100.6 100.3 100.4 100.5 100.7 100.6
Nov ....................................... 98.3 100.4 99.1 101.0 100.6 100.8 100.5 100.7 100.7
Dec ....................................... 98.3 101.0 98.4 100.8 100.5 100.6 100.6 100.9 100.8
2016: Jan........................................ 97.7 100.8 97.6 100.5 100.4 100.5 100.6 101.3 101.0
Feb........................................ 97.3 101.3 97.3 100.4 100.3 100.3 100.8 101.3 101.1
Mar ....................................... 97.6 101.4 97.3 100.4 100.6 100.5 100.8 101.5 101.2
Apr ........................................ 97.4 101.5 97.4 100.9 101.3 101.2 101.0 101.8 101.5
May ....................................... 97.7 102.2 96.2 100.7 101.6 101.3 101.0 101.9 101.5
Jun........................................ 98.6 102.1 96.2 101.0 101.5 101.3 101.3 102.1 101.7
Jul ......................................... 97.6 102.1 95.7 101.5 102.1 101.9 101.4 102.3 101.9
Aug ....................................... 98.6 102.1 95.5 101.5 102.4 102.1 101.5 102.6 102.1
Sep ....................................... 99.6 102.1 96.8 101.7 102.9 102.5 101.7 102.9 102.4
Oct........................................ 101.5 101.9 96.8 101.8 103.3 102.8 101.7 103.4 102.7
Nov ....................................... 102.9 101.9 97.6 102.0 104.0 103.3 101.7 103.9 103.0
Dec ....................................... 103.5 101.8 97.0 102.5 105.0 104.1 102.0 104.3 103.4
2017: Jan........................................ 103.7 101.6 97.1 103.1 105.6 104.7 102.1 104.8 103.7
Feb........................................ 104.5 101.5 97.4 103.4 105.9 105.0 102.3 105.1 104.0
Mar ....................................... 103.1 102.0 98.4 103.9 105.7 105.1 102.5 105.6 104.3
Apr ........................................ 101.7 101.9 96.5 104.1 105.7 105.2 102.6 106.0 104.7
May ....................................... 101.1 102.1 96.8 104.5 105.7 105.3 102.8 106.5 105.0
Jun........................................ 101.2 102.2 97.0 105.1 105.8 105.6 102.9 107.0 105.3
Jul ......................................... 103.3 102.4 95.9 105.4 106.2 105.9 103.1 107.2 105.6
Aug ....................................... 103.3 103.2 95.1 105.8 106.9 106.5 103.1 107.5 105.8
Sep ....................................... 104.9 102.9 96.2 105.8 107.2 106.7 103.3 107.9 106.1
Oct........................................ 105.9 103.4 95.5 107.3 107.3 107.3 103.7 108.1 106.3
Nov ....................................... 105.9 104.2 95.4 107.7 107.8 107.8 103.9 108.8 106.8
Dec ....................................... 106.1 103.4 94.3 108.3 108.3 108.3 104.2 108.8 106.9
2018: Jan........................................ 106.8 102.8 93.5 109.4 108.5 108.8 104.3 108.6 106.9
Feb........................................ 108.3 102.5 94.7 110.0 108.4 108.9 104.3 108.7 107.0
Mar ....................................... 107.4 - - 110.4 108.0 108.8 104.5 108.7 107.0
KB707
1. Including, apart from the United States of America, also the United Kingdom, Germany, France, Italy, Canada and Japan.
2. Source of basic data: The Conference Board, Inc., New York, United States of America.
3. Source of basic data: Foundation for International Business and Economic Research, New York, United States of America.

S–145
Key information
Money and banking

Selected data
Percentage changes1
Income velocity of circulation of money6
Monetary aggregates2 Credit3
Period Private sector

Total domestic
Total loans Total credit
M1(A) M1 M2 M3 and advances4 claims5 extension V1(A) V1 V2 V3
(1370A) (1371A) (1373A) (1374A) (1369A) (1347A) (1368A) (1420K) (1421K) (1422K) (1423K)
2012 ............................... 12.60 9.28 3.90 5.17 10.02 10.05 10.55 6.29 3.33 1.80 1.43
2013 ............................... 10.28 9.36 9.67 5.85 6.34 6.13 4.98 6.01 3.27 1.82 1.44
2014 ............................... 7.46 9.65 8.63 7.23 7.88 8.49 9.56 5.86 3.16 1.78 1.45
2015 ............................... 10.89 15.08 9.66 10.47 8.93 10.17 10.99 5.64 3.06 1.74 1.42
2016 ............................... 6.88 12.49 6.54 6.07 5.58 5.10 6.97 5.66 2.95 1.76 1.43
2017 ............................... 6.43 5.85 7.87 6.42 5.18 6.72 8.50 5.77 2.87 1.76 1.43
2015: Feb......................... 12.92 11.85 8.00 8.00 7.85 8.57 9.97 ... ... ... ...
Mar......................... 8.59 7.27 7.75 7.29 8.20 8.66 10.03 5.71 3.14 1.77 1.44
Apr ......................... 12.29 9.92 7.91 8.23 8.59 9.28 10.58 ... ... ... ...
May ........................ 11.48 9.96 7.48 8.19 8.20 9.35 10.49 ... ... ... ...
Jun......................... 8.42 9.17 9.03 8.69 6.91 8.04 9.06 5.64 3.08 1.75 1.42
Jul .......................... 11.50 9.70 11.63 10.18 7.17 8.38 9.93 ... ... ... ...
Aug ........................ 12.94 8.66 9.84 9.94 7.52 8.60 10.41 ... ... ... ...
Sep ........................ 8.70 7.27 7.67 8.43 7.49 8.37 9.97 5.61 3.02 1.71 1.40
Oct ......................... 11.11 11.20 8.90 9.74 8.34 8.87 10.14 ... ... ... ...
Nov ........................ 11.14 10.63 8.34 9.35 8.94 9.53 10.44 ... ... ... ...
Dec ........................ 10.89 15.08 9.66 10.47 8.93 10.17 10.99 5.57 2.99 1.73 1.40
2016: Jan ......................... 11.02 16.83 8.91 8.68 8.53 8.53 8.49 ... ... ... ...
Feb......................... 8.21 12.71 8.53 8.58 8.74 9.01 9.49 ... ... ... ...
Mar......................... 7.14 14.12 8.27 8.74 8.51 8.74 9.27 5.63 2.96 1.75 1.42
Apr ......................... 6.69 11.44 7.32 7.28 6.99 7.06 7.24 ... ... ... ...
May ........................ 5.12 10.02 5.38 6.16 6.66 6.60 7.45 ... ... ... ...
Jun......................... 6.82 9.49 4.54 5.58 7.27 7.23 8.19 5.70 2.97 1.76 1.43
Jul .......................... 6.78 7.78 3.30 4.41 6.63 6.77 7.94 ... ... ... ...
Aug ........................ 5.55 9.68 4.99 5.48 6.22 6.15 7.71 ... ... ... ...
Sep ........................ 6.51 8.21 5.20 5.64 6.64 7.18 9.11 5.66 2.98 1.76 1.43
Oct ......................... 7.99 11.31 6.26 6.62 5.86 6.31 7.60 ... ... ... ...
Nov ........................ 2.38 12.07 4.64 4.76 4.53 4.60 6.03 ... ... ... ...
Dec ........................ 6.88 12.49 6.54 6.07 5.58 5.10 6.97 5.66 2.89 1.76 1.43
2017: Jan ......................... 7.19 10.99 7.10 7.86 5.86 5.52 8.96 ... ... ... ...
Feb......................... 3.98 11.42 6.02 6.58 5.03 5.29 8.65 ... ... ... ...
Mar......................... 3.48 7.60 5.13 5.59 4.73 4.97 7.33 5.64 2.82 1.74 1.41
Apr ......................... 4.33 9.12 5.28 5.33 5.57 5.89 8.39 ... ... ... ...
May ........................ 2.16 10.15 6.69 6.06 6.29 6.66 8.30 ... ... ... ...
Jun......................... 6.77 11.48 6.72 6.09 5.96 6.16 8.03 5.86 2.90 1.78 1.44
Jul .......................... 5.69 12.16 6.75 7.01 5.39 5.71 7.82 ... ... ... ...
Aug ........................ 5.21 11.38 6.42 6.86 5.38 5.98 7.85 ... ... ... ...
Sep ........................ 7.90 12.82 6.91 7.13 5.26 5.50 6.19 5.74 2.86 1.78 1.44
Oct ......................... 2.43 9.01 5.78 5.01 5.35 5.43 6.51 ... ... ... ...
Nov ........................ 4.57 5.09 8.67 6.62 5.84 6.48 7.51 ... ... ... ...
Dec ........................ 6.43 5.85 7.87 6.42 5.18 6.72 8.50 5.82 2.89 1.77 1.45
2018: Jan ......................... 2.38 3.40 6.85 5.83 3.84 5.56 6.34 ... ... ... ...
Feb......................... 5.16 4.98 7.68 6.89 4.41 5.75 6.20 ... ... ... ...
Mar......................... 5.85 5.23 7.87 6.43 4.54 5.98 6.90 5.74 2.87 1.72 1.41
KB800
1. Measured over a 12-month period.

2. Based on the consolidated liabilities of the monetary sector (as defined on pages S–18 and S–19).
3. Domestic credit extended by all monetary institutions.
4. Total of instalment sale credit, leasing finance, mortgage advances, and other loans and advances.
5. Total of investments, bills discounted, instalment sale credit, leasing finance, mortgage advances, and other loans and advances.
6. The ratio of the gross domestic product at current prices, seasonally adjusted, to the average value of the relevant seasonally adjusted monetary aggregate.

Key information
Capital market
Selected data
Percentage change1,2
Real Share prices

estate Total Total Total value
value nominal of Total value
Period
of value of derivatives of share
Transfer shares bonds contracts capital
duty4 traded3 traded3 traded3,5 Gold mining Resources Financial Industrial All shares raised3
(2072A) (2039A) (2042A) (2047A) (2073A) (2074A) (2075A) (2076A) (2077A) (2048A)
2010 .............................................. 5.0 -1.4 16.9 12.3 8.3 9.3 10.1 23.6 14.4 951.3
2011 .............................................. -50.9 12.6 16.1 7.7 8.1 -6.2 3.1 8.7 1.2 -56.1
2012 .............................................. 9.0 6.7 0.0 26.3 -27.1 -3.9 31.0 36.6 19.2 -1.5
2013 .............................................. 42.5 1.4 -2.3 8.8 -54.5 -3.8 11.4 26.5 13.1 116.2
2014 .............................................. 19.3 45.0 8.0 26.5 2.2 -10.4 25.6 16.4 9.7 -71.9
2015 .............................................. 5.5 35.7 57.6 16.9 -5.9 -41.1 0.5 13.7 -4.2 738.7
2016 .............................................. 4.6 -21.6 -38.1 -8.1 27.0 66.9 1.8 -17.2 -2.8 -85.2
2017 .............................................. 0.3 56.3 44.5 10.1 -7.5 16.8 9.3 10.3 11.5 9.7
2015: Apr ........................................ 4.8 9.5 8.2 6.8 -13.2 -20.0 32.2 23.0 10.6 -53.4
May ....................................... 9.4 31.6 11.2 22.6 -18.2 -16.5 25.0 18.2 8.3 -58.4
Jun ........................................ 14.6 34.1 29.2 27.5 -26.1 -21.9 18.0 10.9 1.8 70.2
Jul ......................................... 19.0 33.6 8.5 23.2 -40.9 -34.4 20.0 11.2 -2.2 -71.7
Aug........................................ 7.2 42.7 15.3 28.8 -39.8 -39.8 18.6 8.2 -5.4 380.1
Sep........................................ 12.4 24.2 15.6 19.2 -29.4 -41.7 13.5 8.1 -6.4 220.6
Oct ........................................ 1.9 15.6 21.2 0.5 -5.7 -34.6 21.6 20.3 3.9 10.8
Nov........................................ 24.6 13.6 38.6 0.9 -11.7 -39.1 11.6 15.3 -1.0 -15.3
Dec........................................ 5.5 35.7 57.6 16.9 -5.9 -41.1 0.5 13.7 -4.2 738.7
2016: Jan ........................................ 6.3 34.5 30.8 25.2 -3.2 -37.6 -6.8 8.9 -6.7 54.0
Feb ........................................ 33.5 44.6 41.9 41.4 26.4 -33.9 -9.5 2.0 -11.2 -82.2
Mar........................................ -5.2 11.0 14.1 6.4 69.8 -18.5 -7.1 2.9 -7.1 -85.3
Apr ........................................ 16.0 26.2 67.8 37.7 61.9 -17.4 -9.4 0.3 -8.7 -43.4
May ....................................... 20.5 31.7 49.8 25.6 78.3 -21.2 -10.4 2.8 -8.5 -55.3
Jun ........................................ 14.8 31.1 33.9 10.8 110.4 -18.0 -6.4 4.5 -5.7 -37.0
Jul ......................................... -3.6 -0.9 21.8 7.9 201.8 -1.0 -9.9 1.0 -4.8 -28.1
Aug........................................ 11.2 22.7 34.2 1.6 196.7 11.5 -6.6 2.0 -1.4 -60.5
Sep........................................ 11.3 29.4 1.9 2.7 132.8 21.6 -5.6 0.6 0.2 -12.6
Oct ........................................ 3.8 -0.1 0.6 16.5 73.1 25.2 -10.8 -6.6 -4.6 -9.1
Nov........................................ 15.5 17.9 15.8 9.8 75.5 46.5 -10.2 -16.6 -7.6 32.3
Dec........................................ 4.6 -21.6 -38.1 -8.1 27.0 66.9 1.8 -17.2 -2.8 -85.2
2017: Jan ........................................ 23.4 -16.8 -2.2 1.0 6.0 78.4 10.0 -13.2 3.3 -92.1
Feb ........................................ -9.1 -21.7 -13.7 -36.6 -18.2 52.8 5.8 -11.4 1.7 -49.3
Mar........................................ 27.0 -11.0 -3.2 -14.9 -37.5 19.9 1.1 -12.5 -4.1 190.3
Apr ........................................ -6.8 -18.9 -25.5 -7.7 -27.1 24.5 -4.6 -9.6 -2.6 156.5
May ....................................... -2.1 -14.6 -6.4 -11.9 -35.5 16.2 1.8 -7.2 -1.5 -76.9
Jun ........................................ 3.6 -5.3 -14.1 -14.5 -44.4 11.2 -1.5 -10.3 -5.0 62.3
Jul ......................................... -8.9 -16.6 -4.9 -7.0 -56.7 14.8 1.5 -6.1 -0.7 -59.5
Aug........................................ -0.3 -11.1 -5.0 3.0 -51.6 21.7 2.4 -0.9 4.2 153.0
Sep........................................ -18.7 -18.5 9.5 -2.7 -41.6 25.3 2.7 -1.2 4.7 -87.1
Oct ........................................ -6.3 6.7 47.4 -2.8 -31.8 27.0 5.5 4.8 9.4 -21.4
Nov........................................ -8.9 6.2 13.8 5.4 -16.9 24.5 5.5 17.0 16.1 -42.9
Dec........................................ 0.3 56.3 44.5 10.1 -7.5 16.8 9.3 10.3 11.5 9.7
2018: Jan ........................................ -8.0 31.1 26.5 10.5 -16.8 18.7 10.0 7.5 10.6 518.4
Feb ........................................ 0.9 36.2 26.5 29.6 -28.9 11.2 9.8 0.6 5.1 -32.8
Mar........................................ -11.9 9.3 -13.9 8.4 -21.7 14.0 11.1 2.4 6.9 -80.6
Apr ........................................ 2.7 6.6 17.3 1.0 -33.7 10.1 12.3 -4.7 2.3 -50.1
May ....................................... -6.2 8.5 0.6 -6.5 -30.3 24.2 6.9 -10.2 0.7 190.4
KB801
1. Measured over a 12-month period.

2. Annual figures reflect the values as at December.
3. Source: The JSE Limited.
4. As from 1 March 2017 the threshold for transfer duty exemption changed.
5. Including futures and options contracts on equity, commodity, warrants, interest rate and currency products.

S–147
Key information
Public finance1
Selected data
Percentage change2
National Revenue account3 National

government
Taxes on goods and services Taxes on finances,
interna- cash-flow
End of Taxes on Excise duties tional adjusted
income, trade
profits and Taxes Value- Other and Total
capital on added General excise transac- Non-tax Total expen- Expen-
gains property tax4 fuel levy duties Total tions revenue revenue diture Revenue diture
(4573E) (4577E) (4578E) (4579E) (4580E) (4582E) (4592E) (4596E) (4597E) (4601E) (4045E) (4049E)
Budget5
2016/2017 10.1 2.7 7.2 16.0 8.5 8.5 16.0 -46.0 8.7 6.0 - -
2017/2018 11.2 5.4 8.2 12.9 9.2 9.2 16.4 11.1 9.5 7.9 - -
31 March
2013 ............................................ 7.2 10.6 12.6 10.4 12.4 12.5 15.9 -17.5 6.3 8.5 6.1 3.9
2014 ............................................ 11.0 21.3 10.5 8.1 2.6 9.3 13.1 38.9 11.6 8.5 12.7 15.7
2015 ............................................ 10.6 18.9 9.9 10.9 12.4 9.9 -7.3 -4.8 8.7 8.0 7.0 4.3
2016 ............................................ 8.0 20.6 7.6 14.7 7.9 8.2 13.2 123.0 11.8 10.0 13.2 10.8
2017 ............................................ 9.5 4.1 2.9 12.9 2.8 4.3 -1.8 -41.6 6.0 4.9 5.9 3.9
2018 ............................................ 7.1 5.9 3.1 13.0 5.0 4.9 8.3 5.5 5.1 7.6 4.9 8.6
31 December
2012 ............................................ 8.6 -1.3 6.8 7.3 10.4 7.7 22.2 32.9 7.2 11.8 7.2 9.1
2013 ............................................ 9.6 23.2 11.6 8.7 2.4 10.4 19.4 14.3 10.3 8.4 10.5 8.7
2014 ............................................ 10.2 19.7 10.8 9.7 12.3 10.2 -9.3 -19.0 8.2 8.0 9.3 7.4
2015 ............................................ 9.0 18.0 5.3 16.0 9.4 6.9 9.9 134.1 11.5 8.8 9.7 9.3
2016 ............................................ 8.5 12.1 9.1 12.5 4.1 8.8 6.2 -30.7 7.9 7.8 8.8 7.2
2017 ............................................ 8.9 -0.7 -0.3 12.4 3.5 2.2 0.7 -0.8 5.1 6.2 4.9 5.7
2013: 02 ...................................... 5.6 31.2 9.3 8.0 -2.0 8.7 25.6 92.6 10.1 10.6 10.9 26.2
03 ...................................... 11.7 22.0 14.4 1.4 -7.9 10.5 16.5 59.7 12.7 6.9 12.6 10.3
04 ...................................... 16.0 13.8 8.5 13.6 6.9 8.7 21.7 28.5 14.3 9.1 14.7 5.6
2014: 01 ...................................... 11.1 19.1 9.9 10.0 10.0 9.4 -3.2 -22.0 9.6 7.9 12.5 23.0
02 ...................................... 9.2 8.9 10.1 4.3 22.4 9.9 -12.5 -2.6 7.4 6.8 7.5 -5.7
03 ...................................... 10.3 23.5 7.7 10.9 15.7 8.1 -6.2 -35.9 7.1 10.5 7.2 8.7
04 ...................................... 10.2 28.3 15.2 13.3 4.8 13.3 -15.5 -28.8 8.5 6.5 9.8 6.4
2015: 01 ...................................... 12.6 16.2 7.1 14.7 10.4 8.2 4.1 77.2 11.3 8.1 4.0 7.7
02 ...................................... 7.9 21.3 10.3 26.7 10.8 12.3 12.2 -52.3 7.6 6.8 9.4 5.8
03 ...................................... 11.7 21.0 3.3 2.6 6.4 3.2 10.4 487.8 15.5 12.6 15.5 12.9
04 ...................................... 4.4 13.6 1.8 21.0 9.4 4.9 14.5 317.2 11.5 7.3 10.8 9.9
2016: 01 ...................................... 8.7 26.6 15.1 10.1 5.7 12.9 14.9 60.0 12.3 12.4 16.8 13.6
02 ...................................... 7.6 7.2 -0.0 5.7 7.3 1.6 19.2 229.9 11.7 7.5 9.9 6.0
03 ...................................... 8.8 2.2 8.0 28.2 2.8 10.1 3.3 -82.0 4.2 5.2 4.4 5.6
04 ...................................... 8.8 13.9 11.3 7.7 0.6 9.5 -7.9 -71.3 3.9 6.1 4.3 3.9
2017: 01 ...................................... 12.2 -5.4 -6.6 12.0 1.4 -3.1 -11.8 -31.7 5.1 1.4 5.5 0.2
02 ...................................... 6.2 11.4 10.5 13.4 -1.6 9.7 -3.0 -30.1 3.8 5.9 3.5 7.3
03 ...................................... 6.5 -2.5 0.2 10.5 6.7 2.6 2.7 55.6 3.8 7.2 2.6 6.8
04 ...................................... 9.8 -5.3 -1.8 13.6 8.4 1.7 17.1 94.3 7.4 10.8 7.5 8.9
2018: 01 ...................................... 5.9 20.3 5.3 14.6 6.3 6.7 13.6 -17.8 5.0 6.6 5.5 11.5
KB802
1. Before April 2000 the basis of reporting revenue and expenditure was bank statement transactions, whereas the current reporting relies on cash book transactions as reported in the Statement of the
National Revenue, Expenditure and Borrowing and is therefore not strictly comparable with data prior to April 2000. Total revenue includes amounts in transit before April 2000.
2. Compared with the corresponding period of the preceding fiscal year.
3. The information on this page is an analysis of the National Revenue Fund.
4. Sales duty is included before 1983 and general sales tax before October 1991.
5. Compared with the actual outcome of previous fiscal years.

Key information
Public finance
Selected data
Percentage of GDP Percentage of total revenue
National government Taxes on income, profits Taxes on goods

finance and capital gains and services
Non-
financial Excise duties Taxes on
End of public- interna-
sector Payable tional
borrowing Total by persons Value- Other trade and
Expend- Deficit (-)/ Primary require- gross loan and Payable by Taxes on added General excise transac-
Revenue iture Surplus (+) balance1 ment debt2 individuals companies3 Total4 property5 tax6 Fuel levy duties tions
(4433K) (4434K) (4420K) (4419K) (4432K) (4116K) (4429K) (4430K) (4425K) (4439K) (4431K) (4437K) (4435K) (4438K)
Budget7
2016/2017 26.5 30.0 -3.6 -0.2 5.0 50.98 38.1 19.5 57.5 1.3 25.9 5.6 3.6 4.7
2017/2018 26.2 29.7 -3.5 -0.1 5.3 52.38 38.9 20.6 59.5 1.3 25.2 5.7 3.5 4.3
31 March
2013 ...................... 23.8 29.1 -5.3 -2.7 5.5 41.1 35.1 22.9 58.0 1.1 27.3 5.1 3.9 5.0
2014 ...................... 24.4 29.0 -4.6 -1.8 5.0 43.8 35.3 22.4 57.7 1.2 27.0 5.0 3.6 5.1
2015 ...................... 24.8 29.3 -4.5 -1.5 4.1 46.5 37.0 21.7 58.7 1.3 27.3 5.1 3.7 4.3
2016 ...................... 25.9 30.2 -4.2 -1.1 4.2 48.9 36.4 20.3 56.7 1.4 26.3 5.2 3.6 4.4
2017 ...................... 25.7 29.6 -3.9 -0.6 3.2 50.6 37.6 21.0 58.6 1.4 25.5 5.5 3.5 4.1
2018 ...................... 25.2 29.8 -4.5 -1.1 4.0 52.7 38.8 20.9 59.7 1.4 25.0 6.0 3.5 4.2
31 December
2012 ...................... 23.9 29.1 -5.2 -2.6 6.0 41.0 34.5 23.3 57.8 1.0 26.6 5.0 3.8 4.9
2013 ...................... 24.3 29.0 -4.8 -2.1 5.5 44.1 35.1 22.4 57.5 1.2 26.9 5.0 3.5 5.3
2014 ...................... 24.4 29.1 -4.7 -1.8 4.3 47.0 36.6 22.0 58.5 1.3 27.6 5.0 3.7 4.4
2015 ...................... 25.6 29.8 -4.2 -1.2 3.6 49.3 36.7 20.6 57.2 1.4 26.1 5.2 3.6 4.3
2016 ...................... 25.7 29.9 -4.2 -1.0 4.0 51.6 37.1 20.4 57.5 1.4 26.3 5.5 3.5 4.3
2017 ...................... 25.3 29.7 -4.4 -1.1 4.4 53.0 38.3 21.2 59.6 1.3 25.0 5.8 3.4 4.1
2013: 02 ................ 23.1 27.0 -4.0 -1.8 5.7 42.2 35.1 25.9 61.0 1.3 23.3 5.1 3.2 4.0
03 ................ 22.3 30.0 -7.7 -4.4 6.5 42.9 36.0 18.5 54.6 1.2 30.2 5.5 3.2 5.4
04 ................ 25.2 28.4 -3.2 -1.2 4.2 44.1 32.2 25.1 57.2 1.1 26.6 4.8 3.7 5.8
2014: 01 ................ 26.8 30.5 -3.7 -0.1 3.7 43.8 37.8 20.1 57.9 1.2 27.8 4.6 4.1 5.0
02 ................ 23.1 27.0 -3.8 -1.7 4.7 44.6 35.6 26.4 62.0 1.4 23.9 4.9 3.6 3.3
03 ................ 22.3 30.9 -8.6 -4.8 7.0 46.1 37.4 18.8 56.2 1.4 30.4 5.6 3.4 4.7
04 ................ 25.6 28.3 -2.7 -0.6 1.9 47.0 35.5 22.7 58.2 1.3 28.2 5.0 3.5 4.5
2015: 01 ................ 27.9 30.9 -3.0 0.9 2.7 46.5 39.1 19.4 58.5 1.2 26.7 4.8 4.1 4.7
02 ................ 23.3 26.9 -3.7 -1.7 4.4 47.1 37.7 24.4 62.1 1.5 24.5 5.8 3.7 3.4
03 ................ 24.3 32.9 -8.6 -4.3 3.7 48.5 36.9 17.4 54.3 1.5 27.2 5.0 3.1 4.5
04 ................ 26.8 28.5 -1.7 0.3 3.6 49.3 33.2 21.3 54.4 1.3 25.8 5.4 3.5 4.6
2016: 01 ................ 29.1 32.3 -3.1 1.2 4.9 48.9 37.9 18.7 56.6 1.4 27.4 4.7 3.8 4.8
02 ................ 24.2 27.0 -2.8 -0.7 4.6 50.0 37.2 22.6 59.9 1.5 21.9 5.5 3.6 3.7
03 ................ 23.6 32.3 -8.6 -4.1 3.1 50.4 38.9 17.8 56.7 1.4 28.2 6.2 3.1 4.5
04 ................ 26.0 28.2 -2.2 -0.2 3.3 51.6 34.6 22.5 57.0 1.4 27.6 5.6 3.4 4.1
2017: 01 ................ 28.9 30.9 -2.0 2.7 1.7 50.6 39.5 21.0 60.5 1.2 24.4 5.0 3.7 4.0
02 ................ 23.6 26.8 -3.2 -1.1 6.4 51.5 38.5 22.8 61.2 1.6 23.3 6.0 3.4 3.4
03 ................ 22.8 32.2 -9.3 -4.7 5.9 53.0 40.7 17.6 58.2 1.4 27.2 6.6 3.2 4.4
04 ................ 25.9 29.0 -3.1 -1.0 3.5 53.0 35.1 23.2 58.3 1.3 25.2 6.0 3.4 4.5
2018: 01 ................ 28.6 31.0 -2.4 2.5 0.4 52.7 41.2 19.8 61.0 1.4 24.4 5.4 3.7 4.4
KB803
1. The deficit/surplus recalculated by excluding interest payments from total expenditure.

2. As at end of the period.
3. Companies include corporations and other enterprises. Including secondary tax on companies and tax on retirement funds.
4. Including other taxes on income and profits not divisible between individuals and companies.
5. Including donations tax, estate duty, securities transfer tax from 1 July 2008 and demutualisation levy.
6. Sales duty is included before 1983 and general sales tax before October 1991.
7. Compared with the actual outcome of previous fiscal years.
8. As at end of the period as per Budget Reviews 2016 and 2017.

S–149
Key information
Balance of payments
Percentage changes in selected data1
Service Income Service Income

Merchandise exports, free on board Net gold exports receipts receipts Merchandise imports, free on board payments payments
Period Value Prices Volume2 Value Prices Volume2 Value Value Value Prices Volume2 Value Value
(5000Q) (5372Q) (5373S) (5001Q) (5370Q) (5371S) (5002Q) (5680Q) (5003Q) (5374Q) (5375S) (5004Q) (5681Q)
2012 ........... 4.4 2.8 1.6 -5.6 18.8 -20.2 14.7 27.2 15.2 8.4 6.4 2.9 18.5
2013 ........... 15.4 10.2 4.7 -5.5 -2.7 -3.5 12.0 32.9 16.8 10.0 6.2 12.2 14.9
2014 ........... 8.7 5.5 3.1 7.1 2.6 4.5 12.7 27.6 6.6 6.6 0.0 6.1 16.9
2015 ........... 2.9 -1.8 4.8 -17.3 1.2 -18.1 4.9 19.2 0.6 -4.6 5.5 6.9 7.9
2016 ........... 9.0 7.7 1.2 12.2 25.0 -11.1 10.1 -10.5 1.3 5.5 -4.0 10.7 5.0
2017 ........... 4.8 4.1 0.6 -0.5 -6.8 7.0 -0.3 -7.0 1.4 -1.2 2.6 -1.5 6.2
2016: 02 ...... 8.4 4.4 3.8 78.1 1.6 75.3 -2.5 34.8 1.0 2.9 -1.9 0.5 8.6
03 ...... -4.8 -0.2 -4.6 -4.1 -1.0 -3.2 -1.4 -21.1 -1.9 -1.4 -0.5 3.2 -11.8
04 ...... 2.8 1.3 1.6 -42.2 -12.4 -34.1 0.8 54.5 -2.0 -2.9 0.9 -0.3 5.6
2017: 01 ...... -0.1 1.0 -1.0 4.7 -5.5 10.7 -0.5 -25.4 0.0 0.1 -0.1 -4.6 -2.2
02 ...... 1.3 -0.3 1.6 35.8 8.4 25.3 -0.3 -26.7 3.7 0.4 3.3 2.0 -6.0
03 ...... 1.2 1.3 -0.0 -0.9 2.6 -3.4 1.5 47.7 -2.5 0.3 -2.8 -0.8 25.0
04 ...... 6.0 3.0 3.0 16.6 4.8 11.2 1.5 -5.8 8.9 1.7 7.1 2.7 5.6
2018: 01 ...... -9.6 -4.7 -5.1 -3.0 -12.4 10.7 -3.7 23.6 -1.3 0.2 -1.5 -6.2 5.2
KB804
1. Compared with the preceding period. Quarterly changes based on seasonally adjusted data.
2. At constant 2010 prices.
Percentage
Imports of Exports of Yield on3
Balance goods, services Real Real goods Imports of
on current and income merchandise merchandise (including gold) goods and
Period account to covered by exports to imports to and services to services to Foreign Foreign
GDP1 reserves5 GDP2 GDE4 GDP1 GDP1 liabilities assets
(5380K) (5381K) (5382K) (5383K) (5384K) (5385K) (5386K) (5387K)
2012 ...................................................... -5.1 4.3 22.3 25.1 29.7 31.2 3.7 1.3
2013 ...................................................... -5.8 4.3 22.8 25.9 31.0 33.3 3.7 1.5
2014 ...................................................... -5.1 4.5 23.1 25.7 31.5 33.0 3.7 1.6
2015 ...................................................... -4.6 4.9 23.9 26.6 30.2 31.4 3.5 1.6
2016 ...................................................... -2.8 5.4 24.0 25.8 30.7 30.1 3.5 1.3
2017 ...................................................... -2.5 4.9 23.9 25.9 29.8 28.4 - -
2016: 02 ................................................. -2.0 5.4 24.7 25.9 32.2 30.6 - -

03 ................................................. -2.7 5.2 23.5 25.4 30.6 30.0 - -
04 ................................................. -1.7 5.2 23.9 25.5 29.9 28.9 - -
2017: 01 ................................................. -2.0 5.0 23.7 25.5 29.7 28.5 - -

02 ................................................. -2.8 4.9 23.9 26.1 29.5 28.6 - -
03 ................................................. -2.1 4.9 23.7 25.4 29.4 27.5 - -
04 ................................................. -2.9 4.9 24.2 26.8 30.5 29.1 - -
2018: 01 ................................................. -4.8 4.4 23.1 26.3 28.0 28.6 - -
KB805
1. Gross domestic product at market prices.

2. Gross domestic product at constant 2010 prices.
3. Interest, dividends and other income on investments as percentage of the average outstanding investments at the beginning and end of the period.
4. Gross domestic expenditure at constant 2010 prices.
5. Number of months, average for the period.

Key information
Terms of trade and exchange rates of the rand
Percentage changes1
Terms of trade1 Exchange rates3

Nominal Real effective
Including Excluding effective exchange US British Japanese
Period gold gold exchange rate2,3 rate2,3 dollar pound Euro yen
(5037Q) (5036Q) (5390Q) (5392Q) (5339Q) (5338Q) (5322Q) (5319Q)
2012 ............... -4.0 -4.7 -8.9 -5.7 -11.9 -10.8 -4.6 -12.0
2013 ............... -1.4 -0.6 -14.4 -10.1 -14.8 -13.6 -17.5 4.0
2014 ............... -1.5 -1.3 -10.3 -3.3 -11.2 -15.8 -11.3 -3.7
2015 ............... 3.0 3.0 -5.6 1.1 -14.5 -7.8 2.3 -2.2
2016 ............... 1.4 0.7 -11.0 -3.7 -13.6 -1.9 -13.2 -22.4
2017 ............... 4.7 5.2 9.7 10.6 10.2 15.3 8.2 13.9
2009: 02 .......... 1.7 2.3 14.6 13.5 17.8 9.0 12.6 22.5
03 .......... -2.8 -2.6 4.8 4.3 8.5 2.5 3.4 4.3
04 .......... 2.0 1.4 1.7 0.9 4.0 4.5 0.6 -0.2
2010: 01 .......... -0.6 -0.7 2.5 1.9 -0.2 4.4 6.6 1.0
02 .......... 6.1 5.7 2.9 3.4 -0.4 4.3 8.4 1.2
03 .......... 1.5 1.5 1.5 2.2 2.9 -0.9 1.5 -4.2
04 .......... 2.5 2.3 2.6 1.1 6.1 4.0 0.7 2.0
2011: 01 .......... 0.1 0.1 -2.0 -3.1 -1.3 -2.6 -1.8 -1.5
02 .......... 0.9 0.8 0.3 1.0 3.0 1.2 -2.2 2.2
03 .......... 3.3 2.1 -4.3 -3.3 -4.5 -3.3 -2.8 -9.1
04 .......... -1.3 -1.9 -9.6 -8.3 -12.1 -10.0 -7.8 -12.6
2012: 01 .......... -4.1 -3.7 5.1 5.5 4.4 4.4 7.3 7.1
02 .......... -0.4 -0.3 -3.1 -2.7 -4.5 -5.2 -2.4 -3.5
03 .......... -0.7 -0.9 -1.0 0.2 -1.8 -1.6 0.8 -3.7
04 .......... -0.8 -0.9 -6.4 -5.3 -4.9 -6.5 -8.2 -1.8
2013: 01 .......... 0.3 0.7 -2.5 -2.2 -2.8 0.6 -4.6 10.4
02 .......... 1.6 2.2 -4.7 -2.5 -5.7 -4.7 -4.6 1.1
03 .......... -3.6 -3.3 -4.8 -2.8 -5.1 -6.0 -6.4 -5.0
04 .......... -0.6 -0.4 -3.0 -1.8 -1.6 -5.8 -4.3 -0.2
2014: 01 .......... -2.5 -2.8 -6.3 -4.4 -6.5 -8.5 -7.1 -4.3
02 .......... 2.4 2.6 3.1 5.5 3.1 1.4 3.0 2.5
03 .......... 0.8 0.5 -1.0 0.4 -2.0 -1.3 1.3 -0.3
04 .......... 2.8 3.1 -0.3 1.3 -4.0 1.3 1.9 5.8
2015: 01 .......... 1.1 1.1 0.2 1.2 -4.5 -0.2 5.9 -0.6
02 .......... -0.2 -0.5 -2.1 0.4 -3.0 -4.0 -1.0 -1.1
03 .......... -2.2 -1.9 -5.5 -3.5 -6.8 -8.0 -7.5 -6.1
04 .......... 0.6 0.2 -6.7 -4.4 -8.4 -6.4 -6.9 -9.0
2016: 01 .......... 0.1 -0.2 -10.0 -7.1 -10.7 -5.2 -11.2 -15.2
02 .......... 1.1 0.5 3.7 4.8 5.6 5.3 3.0 -1.1
03 .......... 1.0 1.0 7.8 8.7 6.8 16.5 8.0 1.2
04 .......... 2.9 4.1 4.0 3.4 1.2 7.0 4.6 8.0
2017: 01 .......... 1.2 1.4 5.7 4.6 5.1 5.4 6.5 9.3
02 .......... -0.1 -0.6 -1.7 -0.6 0.2 -3.0 -3.0 -2.1
03 .......... 0.6 0.6 -2.9 -1.9 0.3 -1.9 -6.1 0.2
04 .......... 1.1 0.9 -3.5 -2.8 -3.4 -4.9 -3.7 -1.7
2018: 01 .......... -3.7 -3.4 10.4 10.7 14.1 8.8 9.3 9.4
KB806
1. Change compared with preceding period.

2. Weighted average exchange rate against most important currencies.
3. Percentage changes of averages.

S–151
Key information
National accounts1
Percentage changes in selected data at constant 2010 prices2
Gross Final Final

Gross domestic consump- consumption Gross Exports Imports Disposable
Gross value added Gross expenditure tion expen- expenditure fixed of goods of goods income
Period domestic excluding national (including diture by by general capital and and of
product agriculture3 income residual) households government formation services services households4
(6006Z) (6626Z) (6016Z) (6012Z) (6007Z) (6008Z) (6009Z) (6013Z) (6014Z) (6246Z)
2000 .............................................. 4.2 4.4 3.6 3.2 4.1 2.9 3.9 8.3 5.3 3.9
2001 .............................................. 2.7 3.1 2.5 2.2 3.5 3.1 2.8 2.4 0.2 2.8
2002 .............................................. 3.7 3.7 4.9 4.9 3.2 4.6 3.5 1.0 5.3 3.6
2003 .............................................. 2.9 3.1 3.2 5.0 2.8 5.7 10.2 0.1 8.1 2.6
2004 .............................................. 4.6 4.6 5.8 7.7 6.2 5.2 12.9 2.8 15.5 6.0
2005 .............................................. 5.3 5.4 5.6 5.9 6.1 5.1 11.0 8.6 10.9 5.8
2006 .............................................. 5.6 5.8 6.8 8.6 8.8 4.9 12.1 7.5 18.3 7.7
2007 .............................................. 5.4 5.5 4.8 5.8 6.5 4.0 13.8 7.8 9.4 6.0
2008 .............................................. 3.2 2.9 4.1 3.6 1.2 5.8 12.8 1.5 2.8 2.3
2009 .............................................. -1.5 -1.4 0.9 -1.4 -2.6 4.6 -6.7 -17.0 -17.7 -2.1
2010 .............................................. 3.0 3.0 4.6 3.7 3.9 3.0 -3.9 7.7 10.8 3.7
2011 .............................................. 3.3 3.2 4.7 5.6 5.1 2.8 5.5 3.5 11.9 4.6
2012 .............................................. 2.2 2.2 0.9 3.2 3.7 3.5 2.6 0.8 4.2 3.0
2013 .............................................. 2.5 2.5 2.3 2.8 2.0 3.1 7.2 4.0 5.0 1.7
2014 .............................................. 1.8 1.8 1.4 0.6 0.8 1.7 0.7 3.6 -0.6 1.1
2015 .............................................. 1.3 1.5 2.2 2.1 1.8 -0.3 3.4 2.8 5.4 2.5
2016 .............................................. 0.6 0.9 0.7 -0.9 0.7 1.9 -4.1 1.0 -3.8 1.9
2017 .............................................. 1.3 0.9 2.3 1.9 2.2 0.6 0.4 -0.1 1.9 2.8
KB808
(6006S) (6626S) (6016S) (6012S) (6007S) (6008S) (6009S) (6013S) (6014S) (6246S)
2013: 02 ....................................... 4.3 4.3 5.2 6.9 2.2 6.5 12.0 6.2 14.9 0.5
03 ....................................... 1.8 1.9 -2.2 1.3 0.3 -0.3 11.5 1.8 0.1 0.3
04 ....................................... 5.3 5.5 2.1 -3.5 -0.5 1.9 4.9 8.8 -18.7 -0.8
2014: 01 ...................................... -1.6 -1.6 1.8 -2.1 0.5 2.1 -9.2 14.3 11.7 1.2
02 ....................................... 1.0 0.9 -0.1 6.5 0.9 2.6 -4.5 -24.6 -8.9 1.5
03 ....................................... 2.6 2.3 3.7 -1.4 2.6 -0.5 5.0 24.9 8.1 2.8
04 ....................................... 4.4 4.1 0.9 4.3 1.8 0.6 7.2 8.1 7.6 3.9
2015: 01 ...................................... 1.7 1.9 9.4 8.4 3.0 -2.1 5.4 -1.8 20.8 1.7
02 ....................................... -2.1 -1.2 -1.0 -7.0 -0.3 -0.6 0.3 6.6 -10.1 0.5
03 ....................................... 0.2 0.5 -4.3 1.7 2.5 -0.7 9.8 -0.4 4.3 5.7
04 ....................................... 0.3 0.7 0.5 3.1 1.4 3.7 -11.6 -5.5 3.5 1.0
2016: 01 ...................................... -0.8 -0.4 -2.6 -4.8 -2.0 1.1 -8.5 2.2 -10.8 -0.0
02 ....................................... 3.6 4.1 6.3 -4.6 1.0 4.6 -5.7 19.9 -8.6 2.6
03 ....................................... 1.0 1.1 2.6 6.3 2.6 1.4 -2.8 -16.1 -0.6 2.2
04 ....................................... 0.4 0.5 6.5 2.1 2.1 0.6 10.1 -1.6 4.1 3.4
2017: 01 ...................................... -0.5 -1.0 -1.3 0.0 0.9 -1.2 -3.1 -3.3 -1.6 1.4
02 ....................................... 2.9 2.1 2.1 4.1 3.8 0.6 -0.2 8.0 12.2 4.5
03 ....................................... 2.3 1.6 1.4 -1.2 2.4 1.3 -2.7 -0.6 -11.3 2.5
04 ....................................... 3.1 2.1 3.4 6.9 3.6 1.6 7.4 12.3 26.5 2.7
2018: 01 ...................................... -2.2 -1.6 -6.6 1.0 1.5 1.2 -3.2 -16.5 -6.5 0.2
KB809

2. Compared with preceding period. Quarterly changes reflect annual rates based on seasonally adjusted data.
3. At basic prices.
4. See footnote 1 of Table KB631.

Key information
National accounts
Selected data
Current At constant 2010 prices
Rand Rand Percentage change Rand
Gross Gross Disposable Gross Gross Disposable Gross Gross Disposable

Period domestic national income domestic national income domestic national income Average Average Average
product income per capita product income per capita product income per capita capital output capital
per per of per per of per per of output labour labour
capita capita households1 capita capita households1 capita capita households1 ratio ratio2 ratio2
(6270J) (6271J) (6272J) (6270Y) (6271Y) (6272Y) (6270Z) (6271Z) (6272Z) (6273Y) (6274Y) (6275Y)
1971 .................................. 631 611 428 45 647 40 272 22 700 1.7 2.5 7.0 2.8 116 086 323 278
1972 .................................. 695 673 469 45 288 40 755 23 248 -0.8 1.2 2.4 2.9 117 040 335 914
1973 .................................. 841 814 508 46 233 43 388 23 146 2.1 6.5 -0.4 2.9 120 730 350 048
1974 .................................. 1 011 976 585 47 934 45 746 23 882 3.7 5.4 3.2 2.9 125 518 362 408
1975 .................................. 1 113 1 068 696 47 653 44 449 24 424 -0.6 -2.8 2.3 3.0 126 346 375 432
1976 .................................. 1 229 1 178 747 47 625 43 521 23 498 -0.1 -2.1 -3.8 3.0 128 802 391 718
1977 .................................. 1 333 1 276 859 46 458 42 887 24 304 -2.4 -1.5 3.4 3.2 127 543 404 984
1978 .................................. 1 495 1 433 900 46 710 43 352 23 146 0.5 1.1 -4.8 3.2 127 195 407 152
1979 .................................. 1 745 1 674 1 056 47 373 44 430 24 017 1.4 2.5 3.8 3.2 127 755 405 492
1980 .................................. 2 271 2 180 1 302 49 377 47 212 25 527 4.2 6.3 6.3 3.1 133 579 413 160
1981 .................................. 2 575 2 467 1 440 50 815 46 956 24 292 2.9 -0.5 -4.8 3.1 133 337 408 325
1982 .................................. 2 857 2 743 1 652 49 465 45 087 24 234 -2.7 -4.0 -0.2 3.2 128 219 410 302
1983 .................................. 3 193 3 071 1 896 47 456 43 372 24 567 -4.1 -3.8 1.4 3.4 121 077 407 979
1984 .................................. 3 658 3 517 2 189 48 768 44 982 25 487 2.8 3.7 3.7 3.3 123 083 404 356
1985 .................................. 4 129 3 950 2 493 47 126 43 656 24 804 -3.4 -2.9 -2.7 3.4 118 510 399 354
1986 .................................. 4 734 4 527 2 830 46 112 43 030 23 643 -2.2 -1.4 -4.7 3.4 115 863 395 751
1987 .................................. 5 416 5 225 3 376 46 082 43 452 24 522 -0.1 1.0 3.7 3.4 115 038 390 102
1988 .................................. 6 363 6 151 3 997 47 021 44 124 25 111 2.0 1.5 2.4 3.3 116 695 384 177
1989 .................................. 7 479 7 224 4 625 47 144 43 708 25 167 0.3 -0.9 0.2 3.3 116 865 380 502
1990 .................................. 8 430 8 119 5 346 46 020 42 302 24 670 -2.4 -3.2 -2.0 3.3 113 360 378 054
1991 .................................. 9 451 9 206 6 038 44 610 41 099 24 039 -3.1 -2.8 -2.6 3.4 109 620 374 326
1992 .................................. 10 377 10 150 6 923 42 754 39 351 24 060 -4.2 -4.3 0.1 3.5 104 871 369 350
1993 .................................. 11 623 11 393 7 495 42 386 39 099 23 633 -0.9 -0.6 -1.8 3.5 104 041 363 257
1994 .................................. 12 870 12 647 8 272 42 849 39 589 23 686 1.1 1.3 0.2 3.4 104 835 356 937
1995 .................................. 14 320 14 056 9 214 43 267 39 587 24 308 1.0 -0.0 2.6 3.3 105 642 352 012
1996 .................................. 15 782 15 449 10 093 44 193 40 794 24 950 2.1 3.0 2.6 3.2 107 752 348 036
1997 .................................. 17 122 16 761 11 247 44 420 40 875 25 239 0.5 0.2 1.2 3.2 108 190 344 619
1998 .................................. 18 162 17 745 11 859 43 720 40 065 25 008 -1.6 -2.0 -0.9 3.2 106 589 341 661
1999 .................................. 19 493 19 036 12 642 43 826 39 770 24 862 0.2 -0.7 -0.6 3.2 107 071 337 660
2000 .................................. 21 657 21 153 13 939 44 735 40 368 25 315 2.1 1.5 1.8 3.0 109 483 332 531
2001 .................................. 23 481 22 759 14 979 45 075 40 591 25 533 0.8 0.6 0.9 3.0 110 328 327 820
2002 .................................. 26 778 26 132 16 535 45 798 41 732 25 930 1.6 2.8 1.6 2.9 112 436 323 780
2003 .................................. 28 632 27 879 17 523 46 287 42 285 26 128 1.1 1.3 0.8 2.8 113 897 321 099
2004 .................................. 31 370 30 778 19 588 47 605 43 994 27 238 2.8 4.0 4.2 2.7 117 228 320 471
2005 .................................. 34 281 33 624 21 350 49 335 45 743 28 368 3.6 4.0 4.2 2.6 121 770 322 007
2006 .................................. 37 899 37 183 23 040 51 331 48 133 30 103 4.0 5.2 6.1 2.6 126 918 325 603
2007 .................................. 42 863 41 464 25 769 53 334 49 736 31 460 3.9 3.3 4.5 2.5 132 269 332 046
2008 .................................. 47 512 46 031 28 211 54 322 51 095 31 772 1.9 2.7 1.0 2.5 135 153 340 670
2009 .................................. 49 682 48 570 29 410 52 838 50 939 30 730 -2.7 -0.3 -3.3 2.7 131 885 350 396
2010 .................................. 53 823 52 675 31 503 53 823 52 675 31 503 1.9 3.4 2.5 2.6 134 465 356 146
2011 .................................. 58 559 57 061 34 443 54 968 54 540 32 592 2.1 3.5 3.5 2.6 137 486 361 301
2012 .................................. 62 297 60 606 37 237 55 543 54 388 33 183 1.0 -0.3 1.8 2.6 139 261 367 594
2013 .................................. 66 952 65 197 39 640 56 232 54 944 33 324 1.2 1.0 0.4 2.6 141 407 373 417
2014 .................................. 71 064 69 168 41 766 56 549 55 002 33 265 0.6 0.1 -0.2 2.7 142 634 379 803
2015 .................................. 74 663 72 813 43 934 56 518 55 451 33 633 -0.1 0.8 1.1 2.7 142 814 386 003
2016 .................................. 79 066 76 877 46 901 56 054 55 066 33 793 -0.8 -0.7 0.5 2.8 142 088 390 904
2017 .................................. 83 393 80 891 49 685 56 020 55 585 34 250 -0.1 0.9 1.4 2.8 143 267 397 388
KB810
1. See footnote 1 of Table KB631.

2. Derived from mid-year estimates of the economically active population.

S–153
Key information
National accounts
At current prices
Final
Final consumption Saving by Household Household Debt-service
consumption expenditure by Gross Industrial and households to debt to net wealth cost7 to
expenditure by general fixed capital Public sector commercial Compensation disposable disposable to disposable disposable
Period households to government to formation expenditure2 inventories of employees Gross savings income5 of income5 of income5 of income5 of
GDP 1 GDP1 to GDP1 to GDP1 to GDP3 to GDP4 to GDP1 households6 households6 households6 households6
(6280J) (6281J) (6282J) (6283J) (6284J) (6295J) (6286J) (6287J) (6525J) (6288J) (6289J)
2001 ...................... 62.9 18.5 15.5 22.5 14.6 51.1 16.0 1.4 53.9 298.6 7.4
2002 ...................... 60.8 18.8 15.2 22.7 14.8 48.9 17.2 1.6 52.4 294.3 8.1
2003 ...................... 60.6 19.1 16.0 23.5 15.0 49.4 16.3 1.1 55.0 291.1 8.2
2004 ...................... 61.9 19.2 16.5 23.6 15.1 49.3 15.7 0.9 57.9 311.3 6.5
2005 ...................... 62.0 19.5 17.2 24.2 15.2 49.2 15.2 0.5 65.2 339.2 6.8
2006 ...................... 61.9 18.2 18.9 23.0 15.5 48.8 15.7 -1.7 76.3 369.5 8.3
2007 ...................... 61.5 17.8 20.6 23.8 15.8 48.3 15.6 -2.3 84.1 389.5 10.9
2008 ...................... 60.0 18.7 23.5 26.3 15.6 48.4 17.6 -1.1 85.7 352.4 13.4
2009 ...................... 59.5 19.9 21.5 27.7 13.3 49.3 18.0 -0.5 84.1 336.1 11.3
2010 ...................... 59.0 20.2 19.3 27.2 12.7 50.2 18.0 -0.8 81.6 354.7 9.5
2011 ...................... 59.6 19.9 19.1 26.4 12.5 50.7 17.5 -1.3 79.5 339.5 8.9
2012 ...................... 61.0 20.3 19.2 27.1 12.3 51.3 14.8 -2.0 79.4 336.5 8.6
2013 ...................... 60.6 20.6 20.4 27.6 12.2 52.0 15.4 -2.3 79.5 360.4 8.6
2014 ...................... 60.0 20.8 20.4 27.8 12.3 52.8 15.4 -2.0 78.5 386.6 9.1
2015 ...................... 59.7 20.5 20.4 27.9 12.2 53.6 16.4 -1.4 77.1 385.4 9.3
2016 ...................... 59.4 20.8 19.5 28.0 11.6 54.3 16.6 -0.2 74.1 376.0 9.6
2017 ...................... 59.4 20.9 18.7 27.9 11.3 54.3 16.1 0.3 72.0 372.7 9.3
KB811
(6280L) (6281L) (6282L) (6283L) (6284L) (6295L) (6286L) (6287L) (6525L) (6288L) (6289L)
2013: 02 ................. 60.8 20.6 20.2 27.2 12.3 52.3 15.8 -2.4 80.1 350.5 8.6
03 ................. 60.3 20.5 20.7 27.4 12.3 51.9 14.8 -2.4 79.2 364.6 8.6
04 ................. 60.3 20.7 21.0 28.5 12.4 52.1 15.8 -2.5 79.6 375.7 8.7
2014: 01 ................ 60.2 20.7 20.6 27.7 12.3 52.2 15.0 -2.3 79.1 378.7 8.9
02 ................. 60.1 21.0 20.2 27.7 12.4 52.9 15.1 -2.2 79.0 392.8 9.1
03 ................. 59.8 20.8 20.2 27.9 12.4 52.9 15.2 -2.1 78.2 389.4 9.1
04 ................. 59.8 20.7 20.5 27.7 12.3 53.2 16.4 -1.6 77.8 385.5 9.2
2015: 01 ................ 59.7 20.4 20.5 27.7 12.2 53.1 17.3 -1.9 77.9 395.7 9.3
02 ................. 59.5 20.3 20.3 27.6 12.3 53.6 17.0 -1.7 77.6 389.2 9.3
03 ................. 59.8 20.6 20.8 28.1 12.3 54.0 15.9 -0.9 76.7 378.5 9.3
04 ................. 59.7 20.6 20.2 28.0 12.1 53.9 15.5 -1.1 76.3 378.8 9.4
2016: 01 ................ 59.0 20.7 19.8 28.4 11.8 54.1 15.3 -0.5 75.4 384.2 9.7
02 ................. 59.3 20.9 19.6 27.5 11.7 54.3 16.9 -0.1 74.7 378.9 9.7
03 ................. 59.8 20.8 19.3 27.9 11.6 54.5 16.6 -0.2 73.6 375.0 9.5
04 ................. 59.7 20.8 19.4 28.1 11.3 54.2 17.4 0.1 72.7 366.4 9.4
2017: 01 ................ 59.9 20.9 19.3 27.7 11.5 54.2 16.8 0.2 72.8 371.7 9.4
02 ................. 59.3 21.0 18.7 27.8 11.4 54.6 16.0 0.3 72.1 365.7 9.3
03 ................. 59.2 20.9 18.4 27.6 11.3 54.4 16.0 0.4 72.1 373.4 9.2
04 ................. 59.4 21.0 18.6 28.4 11.1 54.1 15.8 0.2 71.2 379.6 9.1
2018: 01 ................ 60.2 21.0 18.6 27.9 11.0 54.7 13.8 -0.2 71.7 374.0 9.2
KB812
1. Gross domestic product at market prices.

2. Final consumption expenditure by general government plus gross capital formation by public authorities and public corporations.
3. Gross domestic product excluding agriculture at market prices.
4. Gross domestic product at factor cost.
5. Net disposable income of households.
6. Annual ratios derived from average seasonally adjusted data.
7. Interest payments on housing and personal debt.

Key information
Composite business cycle indicators
Percentage change1
South Africa Trading-partner countries
Leading indicator Coincident indicator

Period Leading Coincident Lagging
indicator indicator indicator US Other countries Total US Other countries Total
(7090B) (7091B) (7092B) (7093B) (7094B) (7095B) (7096B) (7097B) (7098B)
2010 ............................................ 16.9 4.6 -10.1 7.4 7.7 7.6 1.0 4.0 2.8
2011 ............................................ 0.4 5.8 -0.5 5.2 2.5 3.4 2.5 2.0 2.2
2012 ............................................ -1.6 4.8 0.2 2.1 -0.1 0.6 2.5 -0.7 0.5
2013 ............................................ -0.1 2.6 2.2 2.9 4.4 3.9 1.4 -0.7 0.2
2014 ............................................ -2.1 0.9 0.2 5.6 3.9 4.5 2.5 1.6 1.9
2015 ............................................ -2.6 0.8 -0.7 4.2 2.9 3.4 2.2 1.9 2.0
2016 ............................................ -0.8 1.7 -3.2 1.2 2.1 1.8 1.3 2.4 2.0
2017 ............................................ 4.6 0.8 -0.5 4.1 4.3 4.2 1.7 4.4 3.4
2015: Apr ...................................... 0.8 0.8 0.5 5.2 3.7 4.3 2.5 1.4 1.8
May ..................................... -0.8 0.7 1.3 5.1 3.7 4.2 2.4 1.8 2.1
Jun ...................................... -1.1 0.7 0.5 4.9 3.4 3.9 2.1 2.1 2.1
Jul........................................ -2.6 1.1 -1.6 4.1 2.9 3.3 2.1 2.3 2.2
Aug...................................... -4.3 1.0 -1.0 3.8 2.5 3.0 2.0 2.6 2.3
Sep...................................... -4.9 0.3 -1.4 3.0 2.5 2.7 2.0 2.4 2.2
Oct ...................................... -4.5 0.2 -2.0 3.1 2.9 3.0 2.0 2.2 2.1
Nov...................................... -5.2 0.2 -2.4 3.1 2.7 2.8 1.5 2.2 1.9
Dec...................................... -3.6 0.8 -2.6 2.4 2.1 2.2 1.3 1.9 1.7
2016: Jan ...................................... -4.0 0.6 -2.7 2.0 1.8 1.9 1.3 2.3 1.9
Feb ...................................... -4.7 0.7 -3.5 1.8 1.1 1.3 1.3 2.0 1.7
Mar ...................................... -3.9 0.5 -3.2 1.3 1.0 1.1 1.2 2.1 1.8
Apr ...................................... -4.8 1.5 -3.4 1.3 1.1 1.2 1.2 2.4 1.9
May ..................................... -3.3 2.8 -4.8 0.7 1.3 1.1 1.1 2.3 1.8
Jun ...................................... -2.0 2.6 -4.2 0.5 1.2 1.0 1.4 2.2 1.9
Jul........................................ -1.4 2.7 -4.0 1.1 1.9 1.7 1.3 2.1 1.8
Aug...................................... 0.4 2.8 -4.5 1.1 2.2 1.8 1.3 2.2 1.8
Sep...................................... 1.5 2.6 -2.9 1.4 2.8 2.3 1.3 2.4 1.9
Oct ...................................... 2.8 1.9 -2.3 1.1 3.0 2.3 1.1 2.7 2.1
Nov...................................... 4.6 1.5 -1.6 0.9 3.4 2.5 1.1 3.1 2.3
Dec...................................... 5.3 0.8 -1.5 1.6 4.5 3.5 1.3 3.4 2.5
2017: Jan ...................................... 6.2 0.8 -0.5 2.5 5.1 4.2 1.4 3.4 2.6
Feb ...................................... 7.5 0.2 0.0 2.9 5.6 4.7 1.5 3.8 2.9
Mar ...................................... 5.7 0.6 1.1 3.4 5.1 4.5 1.7 4.1 3.1
Apr ...................................... 4.5 0.4 -0.9 3.1 4.4 4.0 1.6 4.2 3.2
May ..................................... 3.5 -0.1 0.6 3.7 4.0 3.9 1.8 4.5 3.4
Jun ...................................... 2.6 0.1 0.9 4.0 4.3 4.2 1.6 4.8 3.5
Jul........................................ 5.9 0.3 0.2 3.9 4.0 4.0 1.7 4.9 3.6
Aug...................................... 4.7 1.1 -0.4 4.3 4.4 4.3 1.6 4.8 3.6
Sep...................................... 5.3 0.8 -0.6 4.1 4.1 4.1 1.6 4.9 3.6
Oct ...................................... 4.3 1.4 -1.4 5.5 3.8 4.4 2.0 4.5 3.5
Nov...................................... 3.0 2.3 -2.2 5.7 3.7 4.3 2.2 4.8 3.8
Dec...................................... 2.6 1.7 -2.7 5.7 3.1 4.0 2.2 4.3 3.5
2018: Jan ...................................... 3.0 1.2 -3.8 6.2 2.8 3.9 2.2 3.7 3.1
Feb ...................................... 3.6 1.0 -2.8 6.4 2.4 3.7 2.0 3.5 2.9
Mar ...................................... 4.1 - - 6.2 2.2 3.6 2.0 2.9 2.6
KB813
1. Percentage change over 12 months.

S–155
Key information
Labour in the non-agricultural sectors6 and unemployment rate
Percentage change unless otherwise indicated

Employment1 Unemployment rate2 Remuneration per worker4
Nominal
At current prices At constant prices5
Labour unit
Period Public Private Seasonally Public Private Public Private produc- labour
sector sector Total Official adjusted3 sector sector Total sector sector Total tivity4 costs4
(7002Q) (7008Q) (7009Q) (7019K) (7019L) (7011P) (7012P) (7013P) (7011R) (7012R) (7013R) (7014P) (7015P)
2014 .......... 4.4 -0.8 0.4 25.1 25.1 4.2 7.2 6.6 -1.0 1.9 1.3 1.5 5.1
2015 .......... -1.9 0.2 -0.3 25.3 25.3 8.6 6.5 7.0 3.7 1.7 2.1 1.7 5.2
2016 .......... 1.4 0.2 0.5 26.7 26.7 7.0 5.2 5.8 1.1 -0.6 -0.1 0.5 5.3
2017 .......... -2.8 0.5 -0.2 27.5 27.5 11.3 4.9 6.5 4.6 -1.4 0.1 1.2 5.2
2016: 02 ...... -9.7 -0.7 -2.8 26.6 26.4 9.3 4.8 6.0 2.8 -1.4 -0.2 1.0 5.0
03 ...... 13.9 -0.1 3.0 27.1 26.8 5.2 5.2 5.3 -0.1 -0.1 0.1 0.7 4.7
04 ...... -15.1 2.2 -2.1 26.5 27.3 8.3 5.0 5.8 2.4 -0.7 0.1 1.5 4.3
2017: 01 ...... -1.0 1.1 0.6 27.7 27.2 11.7 5.2 6.8 5.7 -0.4 1.0 1.5 5.2
02 ...... -3.4 -0.4 -1.1 27.7 27.6 9.3 5.3 6.3 3.4 -0.3 0.6 0.6 5.7
03 ...... 0.4 0.2 0.2 27.7 27.5 13.6 4.4 6.6 6.0 -2.6 -0.5 1.4 5.2
04 ...... 1.7 -0.6 -0.1 26.7 27.5 10.6 4.6 6.3 3.4 -2.2 -0.6 1.3 4.9
2018: 01 ...... - - - 26.7 26.3 - - - - - - - -
KB814
1. Compared with the preceding period. Quarterly changes at seasonally adjusted annualised rates.
2. Per cent. Source: Statistics South Africa, Quarterly Labour Force Survey.
4. Compared with the same period in the previous year.
5. Deflated by the non-agricultural gross domestic product deflator.
6. From the third quarter of 2002 basic data originate from a new expanded Survey of Employment and Earnings and from the fourth quarter of 2004 from the Quarterly Employment Statistics (QES) survey
by Statistics South Africa. From the second quarter of 2013, the second quarter of 2015, the second quarter of 2016 and the second quarter of 2017, the QES survey was expanded, resulting in level
shifts in certain subsectors. Data were statistically linked to compensate for these structural breaks.
Prices
Percentage change1
Consumer prices2 Producer prices
Services Goods CPI

excluding Memo-
Food and food and randum Agriculture, Intermediate Final
Period non- Adminis- non-alcoholic item: forestry Electricity manufac- manufac-
Housing alcoholic Total tered beverages Official and and tured tured
and utlilies Total6 beverages6 Total6 CPI6 prices3 and fuel5 target4 fishing Mining water goods goods
(7160A) (7169A) (7145A) (7155A) (7170A) (7171A) (7172A) (7173A) (7181A) (7182A) (7183A) (7184A) (7192A)
2015 ............ 5.4 5.8 5.1 3.4 4.6 1.7 5.7 4.6 4.7 -4.1 11.2 0.7 3.6
2016 ............ 5.6 5.8 10.6 7.0 6.4 5.2 5.8 6.3 16.4 11.4 10.5 6.9 7.1
2017 ............ 5.4 5.5 6.9 5.0 5.3 5.7 4.8 5.3 0.5 5.4 5.7 4.0 4.9
2017: 02 ........ 4.5 5.1 3.6 2.8 3.0 -0.5 3.6 3.0 7.7 -10.2 0.8 -1.3 1.2
03 ........ 5.1 5.6 4.0 0.8 3.7 -1.1 3.6 3.7 6.5 20.6 -1.9 -3.4 5.1
04 ........ 5.2 5.0 4.2 5.0 5.8 15.7 5.2 5.8 12.6 11.1 6.9 11.1 8.7
2018: 01 ........ 4.7 4.5 4.4 3.9 3.8 4.3 3.5 3.8 -1.6 -25 8.3 -4.8 2.2
2017: Dec ...... 4.8 5.3 4.8 4.1 4.7 6.9 4.1 4.7 6.4 6.1 3.3 3.2 5.2
2018: Jan ........ 4.9 5.1 4.5 3.7 4.4 5.6 4.0 4.4 8.7 -0.1 3.0 1.5 5.1
Feb........ 4.9 4.9 3.9 3.2 4.0 4.3 3.9 4.0 5.7 -4.3 3.5 0.4 4.2
Mar........ 5.0 5.1 3.5 2.6 3.8 3.7 4.0 3.8 3.9 -3.1 3.5 -1.3 3.7
Apr ........ 5.1 5.3 3.9 3.5 4.5 6.2 4.4 4.5 0.4 -2.6 4.9 0.1 4.4
KB815
1. Quarterly: Compared with the preceding period. Seasonally adjusted annualised rates (seasonally adjusted by the South African Reserve Bank).
Monthly: Compared with the same month of the previous year.
3. An administered price is defined by Stats SA as the price of a product, which is set consciously by an individual producer or group of producers and/or any price, which can be determined or influenced by
government, either directly, or through one or other government agencies/institutions without reference to market forces.
4. CPIX for metropolitan and other urban areas up to December 2008. Headline CPI for all urban areas from January 2009 onwards.
5. Up to December 2016 fuel included only petrol. From January 2017, fuel includes petrol and diesel.
6. The consumer price index for all urban areas (which was based on the COICOP classification and published by Stats SA from January 2008 onwards) was statistically linked to the historical consumer
price index for metropolitan areas (which was based on the ITC classification that Stats SA discontinued after December 2007).

Key information
Inflation expectations1
Per cent
Quarter during which expectations were surveyed
2016/03 2016/04 2017/01 2017/02 2017/03 2017/04 2018/01
Financial analysts
Current year2 .......................................................... (7114K) 6.4 6.3 5.8 5.4 6.4 6.3 5.8
One year ahead2 .................................................... (7115K) 5.7 5.6 5.4 5.1 5.7 5.6 5.4
Two years ahead2 .................................................. (7116K) 5.3 5.4 5.5 5.5 5.3 5.4 5.5
Five years ahead2 ................................................... (7126K) 5.5 5.5 5.4 5.5 5.5 5.5 5.4
Business representatives
Current year2 .......................................................... (7117K) 6.0 6.0 6.4 6.3 6.0 6.0 6.4
One year ahead2 .................................................... (7118K) 6.1 6.0 6.4 6.4 6.1 6.0 6.4
Two years ahead2 .................................................. (7119K) 6.1 6.0 6.3 6.5 6.1 6.0 6.3
Trade union representatives
Current year2 .......................................................... (7120K) 6.3 5.8 6.3 6.0 6.3 5.8 6.3
One year ahead2 .................................................... (7121K) 6.3 5.7 6.1 5.9 6.3 5.7 6.1
Two years ahead2 .................................................. (7122K) 6.2 5.9 6.1 5.9 6.2 5.9 6.1
All surveyed participants
Current year2 .......................................................... (7123K) 6.2 6.0 6.2 5.9 5.7 5.7 5.2
One year ahead2 .................................................... (7124K) 6.0 5.8 5.9 5.8 5.8 5.7 5.3
Two years ahead2 .................................................. (7125K) 5.9 5.8 6.0 5.9 5.9 5.9 5.4
KB816
1. Source: Bureau for Economic Research, Stellenbosch University. In each instance the annual average inflation rate for the calender year which is expected by the participant is asked.
2. In relation to the reference quarter when the expectations were surveyed.
Business cycle phases of South Africa since 1945
Upward phase Duration in Downward phase Duration in

months months
Post war – July 1946 7 August 1946 – April 1947 9

May 1947 – November 1948 19 December 1948 – February 1950 15
March 1950 – December 1951 22 January 1952 – March 1953 15
April 1953 – April 1955 25 May 1955 – September 1956 17
October 1956 – January 1958 16 February 1958 – March 1959 14
April 1959 – April 1960 13 May 1960 – August 1961 16
September 1961 – April 1965 44 May 1965 – December 1965 8
January 1966 – May 1967 17 June 1967 – December 1967 7
January 1968 – December 1970 36 January 1971 – August 1972 20
September 1972 – August 1974 24 September 1974 – December 1977 40
January 1978 – August 1981 44 September 1981 – March 1983 19
April 1983 – June 1984 15 July 1984 – March 1986 21
April 1986 – February 1989 35 March 1989 – May 1993 51
June 1993 – November 1996 42 December 1996 – August 1999 33
September 1999 – November 2007 99 December 2007 – August 2009 21
September 2009 – November 2013 51 December 2013 –

S–157

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ECS2603/101/3/2020

Tutorial Letter 101/3/2020

South African Economic Indicators

Welcome to ECS2603, the second-year module on South African Economic Indicators.

2 PURPOSE AND OUTCOMES

Upon completion of this module you should

Outcomes Assessment criteria

Mr FHB Serfontein Samuel Pauw 5-73 serfofhb@unisa.ac.za 012 433 4687

Mrs L Nkosi Samuel Pauw 4-05 nkosil@unisa.ac.za 012 433 4735

The Department of Economics is located in Samuel Pauw on the main campus.

4.1 Prescribed books

4.2 Recommended books

There are no recommended books for this module.

4.3 Electronic reserves (e-reserves)

There are no e-reserves for this module.

4.4 Library services and resources information

5 STUDENT SUPPORT SERVICES

Please consult the Study @ Unisa brochure.

Approach each learning unit in the study guide as follows:

STUDY WEEK Study guide chapter ACTIVITY

Study chapter 1 and answer the questions at the

Complete chapter 2 and answer the questions at

Study chapter 3 and answer the questions at the

Study all of chapter 4 and start studying chapter

Complete chapter 5 and study chapter 6.

6 7 Study chapter 7 and answer the questions at

the end of the chapter. Commence work on

Study chapter 8 and answer the questions at the

Study chapter 9 and answer the questions at the

Study chapter 10 and answer the questions at

Study chapter 11 and answer the questions at

Study chapter 12 and answer the questions at

Do revision, using past exam papers provided

Do revision, using past exam papers provided

14 1–12 Prepare for the examination.

15 1–12 Prepare for the examination.

There are no practicals for this module.

8.1 Assessment criteria

8.2 Assessment plan

The assessment of the assignments will be done as follows:

The multiple-choice questions in Assignment 01 and Assignment 02 will be marked electronically

8.3.1 General assignment numbers

8.3.2 Unique assignment numbers

8.3.3 Assignment due dates

SEMESTER 1: ASSIGNMENT SUBMISSION DATES

Assignment Contents of Type of

Textbook chapters 6 to Multiple

SEMESTER 2: ASSIGNMENT SUBMISSION DATES

Assignment Contents of Type of

Textbook chapters 1 to Multiple

Textbook chapters 6 to Multiple

To submit an assignment via myUnisa:

8.3.5 The assignments

DATA FOR ASSIGNMENTS

ASSIGNMENT 01 (First semester)

1. SARB Quarterly Bulletin

Country A Exports (R billion)

Country B Exports (R billion)

The average (mean) value of the dataset is … the median.

5. Moving averages are used …

7. Question 7 is based on the following information about a hypothetical country.

8. Gross domestic product …