After almost two years of relatively slow economic growth. The South African economy is at present in an upward phase of the business cycle. From about the beginning of the fourth quarter of 1972 a moderate acceleration in economic activity has occurred. As indicated by the national accounts and other economic statistics. Despite this revival in economic activity the rate of increase in the real gross domestic product for the year that ended on 30 June 1973 as a whole did not show any significant acceleration compared with the preceding year. In fact. real gross domestic product increased by between 4 and 4 ½per cent during the year under review - approximately the same growth rate as during the preceding year.