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Expanding real estate, business services lift SA's GDP

There has been a marked increase in GDP, increasing to 1.4 percent in the third quarter.

FILE: Stats SA says the estimates of GDP for the first nine months of the year appear to be on par with last year’s 1.5 percent. Picture: Stats SA.

JOHANNESBURG - Statistics South Africa says expanding real estate and business services are just some of the factors contributing to a stronger Gross Domestic Product (GDP) for the third quarter of the year.

There has been a marked increase in GDP, increasing to 1.4 percent in the third quarter from 0.5 percent in the second quarter.

Finance, the wholesale and retail sectors and an improvement in motor vehicle sales have also been cited as the main contributors to a stronger GDP figure.

However, although there is an improvement, Investec Chief Economist Annabel Bishop said there is still concern about jobs.

"Obviously it hasn't been a contraction or anything dire but clearly it's insufficient to really get our economy going."

Overall, Stats SA says the estimates of GDP for the first nine months of the year appear to be on par with last year's 1.5 percent, however, the manufacturing sector still seems to be under pressure affecting the overall figure.