Home breadcru News breadcru Association/Org breadcru Sectoral review of economic policy soon

Sectoral review of economic policy soon

16 Jun '06
3 min read

Statistics South Africa talks about no country's economy is static.

This statement masks a less obvious truism for statistics: the ways of measuring the economy cannot be stagnant.

They require continuous assessment and revision to take account of changes in the structure of the various sectors.

Statistics SA's recently adopted work programme for the period 2006/07 through 2008/09 details some of the planning Stats SA has introduced to take account of continuous change in the economy.

As the programme notes, economic measurement would place increased emphasis on capital formation by both the public and private sectors, which would be boosted by several major construction projects and industrial investments over the period ahead.

Government investment spending on key transport networks - road, rail and ports infrastructure - would increase markedly in 2006 and beyond.

Changing economic priorities and related changes in the structure of the economy influence the way in which the economy is measured. Gross domestic product (GDP) is the central indicator, measuring overall economic growth and growth in each sector.

In its work programme, Stats SA has prioritised a number of sectors where new or revised instruments are required for the improved measurement of GDP.

These include:
Agriculture, where a large sample survey on agricultural activity will be conducted in 2006/07 as a joint venture between Stats SA and the department of agriculture;

Get Free Weekly Market Insights Newsletter

Receive daily prices and market insights straight to your inbox. Subscribe to AlchemPro Weekly!