South Africa’s sectoral flow-of-funds accounts for 2001 are presented in the national financial accounts on pages S-44 to S-53 of this issue of the Quarterly Bulletin. This note highlights some of the important observations which can be made on the basis of the information presented. The note’s coverage is illustrative rather than comprehensive. Total economic activity in the four quarters of 2001 is summarised by the flow-of-funds accounts of South Africa and indicates how the financial flows are linked to real economic activity by associating financial data with data on saving and capital formation. It is a record of all transactions between economic agents and integrates transactions in both real and financial assets. These interrelationships between the macroeconomic accounts facilitate a comprehensive analysis of economic developments.