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South Africa’s national accounts 1946–2021: An overview of sources, methods and outcomes
Published Date:
2022-02-22
Last Modified Date:
2022-02-22, 08:57 AM
Category:
Quarterly Bulletins > Supplements | What's New
This national accounts supplement to the South African Reserve Bank’s (SARB) December 2021 Quarterly Bulletin provides an overview of the sources, methods and outcomes of the comprehensive benchmarking and rebasing of South Africa’s national accounts statistics, jointly undertaken by Statistics South Africa (Stats SA) and the SARB as published by Stats SA on 25 August 2021. This supplement and the related time series database on the SARB website includes all the revised and backward linked statistics from 1946 to the third quarter of 2021.
This benchmarking and rebasing exercise is a periodic and comprehensive review and revision of national accounts estimates. It provides new and updated information on the size, structure and performance of the South African economy. The periodic revision and review of the estimates differs substantially from regular annual revisions in terms of the scope of the changes and the length of the period being revised as well as making provision for the incorporation of the latest international best practices.
The revised national accounts statistics mainly reflected:
improvements of, and revisions to, basic economic datasets as part of Stats SA
and the SARB’s strategy to continually improve economic statistics;
new internal and external source data;
methodological improvements; and
a change in the base year, from 2010 to 2015, for the national accounts estimates at constant prices.
The benchmark revisions were based on relevant statistics released by Stats SA during the period 2013–2018 as well as new external data sources available during the same period. The most notable new sources from Stats SA were the 2014/15 Living Conditions Survey; 2017 Census of Commercial Agriculture and various issues of the Annual Financial Statistics (AFS) survey; General Household Survey; Quarterly Financial Statistics of Municipalities; and the annual Structural Industry Surveys (SIS). A variety of updated or new data sources were incorporated, such as the updated foreign trade statistics from the South African Revenue Service (SARS).