The Quarterly Review of Gross Domestic Product aims to provide economic trend analysis and show which sectors drive the Eastern Cape economy. Data for this publication is drawn from Statistics South Africa (Stats SA) and Quantec Research.
ECSECC also issues a quarterly data release on the provincial labour market and a monthly release on inflation.
Key findings include:
- The Eastern Cape’s GDP expanded at an annualized rate of 1.0% Quarter on Quarter (QoQ) in 4Q2015, down from growth of 1.8% in the preceding quarter.
- GDP growth QoQ was driven by the tertiary sector, whereas the primary sector and secondary sector experienced negative growth. The real value added by the primary sector contracted at an annualised rate of 5.7% in 4Q2015, following a decline of 8.0% in the preceding quarter.
- The largest contributions to the increase of Eastern Cape GDP were: the trade sector, which contributed 0.5 of a percentage point based on growth of 2.5%; the government sector which contributed 0.5 of a percentage point each based on growth of 2.0% and finance sector contributing 0.2 of a percentage point based on growth of 0.9%.
- The largest negative contribution were both experienced by manufacturing sector (-028 of a percentage point based on negative growth of -2.0%) and agriculture sector (-0.01 of a percentage point based on negative growth of -0.2%).
- The agriculture sector contracted throughout 2015 and further contracted 6.5% in 4Q2015 from a negative growth of 7.2% in the preceding quarter.
- However, year on year (YoY), GDP growth for the Eastern Cape experienced a positive growth of 0.7% in 4Q2015, down from 1.0% in 3Q2015.