Republic Of South Africa 18-K/A Annual report (foreign governments) (amended)

Quarterly Bulletin

December 2009

Quarterly Bulletin

December 2009

No. 254

South African Reserve Bank

© South African Reserve Bank

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without fully acknowledging the Quarterly Bulletin of the South African Reserve Bank as the source. The contents of this publication are intended for general information only and are not intended to serve as financial or other advice. While every precaution is taken to ensure the accuracy of information, the South African Reserve Bank shall not be liable to any person for inaccurate information or opinions contained in this publication.

Enquiries relating to this Bulletin should be addressed to:

The Head: Research Department
South African Reserve Bank
P O Box 427
Pretoria 0001
Tel. 27-12-3133668

http://www.reservebank.co.za/quarterlybulletin ISSN 0038-2620

Quarterly Bulletin December 2009

South African Reserve Bank

Contents

Quarterly Economic Review

Introduction	1
Domestic economic developments	4
Domestic output	4
Domestic expenditure	7
Factor income	12
Saving	13
Employment	13
Labour cost and productivity	16
Prices	18
Foreign trade and payments	23
International economic developments	23
Current account	25
Financial account	28
Foreign debt	30
International reserves and liquidity	31
Exchange rates	32
Monetary developments, interest rates and financial markets	34
Money supply	34
Credit extension	36
Interest rates and yields	38
Money market	41
Bond market	42
Share market	45
Market for exchange-traded derivatives	47
Real-estate market	48
Non-bank financial intermediaries	49
Public finance	51
Non-financial public-sector borrowing requirement	51
Budget comparable analysis of national government finance	53
The Medium Term Budget Policy Statement 2009	59
Statements issued by Mr T T Mboweni, Governor of the South African Reserve Bank
Statement of the Monetary Policy Committee
22 September 2009	62
Statement of the Monetary Policy Committee
22 October 2009	65
Statement issued by Ms G Marcus, Governor of the South African Reserve Bank
Statement of the Monetary Policy Committee
17 November 2009	68
Notes
Note on the benchmark revisions and rebasing of South Africa’s national accounts	71
Note on the separate identification of computer equipment in the analysis of gross fixed capital formation	81
Note on the profile of repurchase transactions on the JSE Limited	87
Notes to tables	92
Statistical tables
Contents	S–0
Statistical tables	S–2
Key information	S–142

Quarterly Bulletin December 2009

South African Reserve Bank

Quarterly Economic Review

Introduction

The global economy, reflecting the impact of sustained fiscal and monetary stimulation on an unprecedented scale, displayed clear signs of revival in the third quarter of 2009. The improvement was widespread with strong growth in the emerging economies of Asia, in particular, a more moderate pick-up in activity in the United States of America (US) and key economies in Europe, and a recovery in many of the oil-exporting and other commodity-producing countries, buoyed by stronger international commodity prices. Some indicators of international trade volumes also started to edge higher.

At the same time, global inflation remained subdued, partly on account of the deflationary forces arising from exceptionally large output gaps and partly due to international commodity prices – despite a significant recovery – nevertheless remaining well below the peak levels recorded towards the middle of 2008. The vast majority of countries therefore maintained a stimulatory macroeconomic policy stance. In a handful of countries, however, the authorities felt that the recovery had progressed far enough to take the first steps towards normalisation of policy settings, and started to increase interest rates.

Following three consecutive quarters of contraction, South Africa’s real gross domestic product resumed positive growth in the third quarter of 2009. Agricultural production declined further, reflecting somewhat smaller field crops, while mining output also receded in the third quarter, partly on account of strike action and temporary shaft closures following accidents. By contrast, real value added in manufacturing increased briskly, albeit from a low base, alongside rising electricity and construction output. Within manufacturing the production of basic iron and steel, vehicles, food, and petroleum recorded notable increases. The real production of services also expanded in the third quarter, as moderate contractions in the trade and finance sectors were more than fully compensated for by increases in the production of transport and communication, general government, and personal services.

Real domestic expenditure recorded a moderate decline in the third quarter of 2009. Whereas real final consumption expenditure by households contracted most forcefully at the height of the recessionary conditions and uncertainty in the first half of 2009, only a marginal decline was registered in the third quarter of the year. With inflation decelerating and monetary policy having been eased considerably, real expenditure on durable consumer goods, in fact, rose marginally in the third quarter of 2009 following five successive quarters of contraction. Real expenditure on services also rose somewhat in the third quarter. By contrast, purchases of semi-durable and non-durable goods by households declined slightly further in the quarter concerned.

Real final consumption expenditure by government rose strongly in the third quarter as the staff complement was expanded to improve service delivery, while military aircraft were acquired simultaneously.

By contrast, real fixed capital formation declined in the third quarter on account of lower capital spending by the private sector. The declines were widespread throughout the private sector, but were most pronounced in agriculture, mining and manufacturing. The contraction in the private sector overshadowed the increase in capital spending by the

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public corporations and general government, aligned with the programme to improve the country’s infrastructure.

Inventories declined apace in the third quarter of 2009. This was the sixth successive quarterly reduction in stock levels, with the decline concentrated in the mining and manufacturing sectors.

The weakness in economic activity was reflected in employment levels, which contracted significantly during the year to the third quarter of 2009. Formal job losses were concentrated in the private sector, whereas employment in the public sector continued to rise, thereby moderating the impact of cyclical forces. The tempo of increase in average nominal remuneration per worker decelerated and wage settlements moderated, following earlier peak values in the second and third quarters of 2008. Industrial action intensified in 2009, despite the rising level of unemployment.

Price inflation slowed significantly against the background of an economy operating significantly below capacity, with greater price discipline further reinforced by subdued credit extension and a significant appreciation of the external value of the rand. In October 2009 the targeted rate of consumer price inflation slowed to 5,9 per cent — the first time it fell within the target range of 3 to 6 per cent after a period of 30 months in which it continuously exceeded the target. Inflation in the prices of consumer goods moderated significantly, whereas services price inflation was relatively sticky and largely retained its momentum. At the producer level, the year-on-year rate of goods price inflation has been negative for several months. Although the international prices of most commodities trended higher from early 2009, key prices were still lower than their peak levels recorded around mid-2008.

With the global economy showing signs of recovery, South African export volumes edged higher while the upward trend in the international prices of gold, platinum and other export commodities gave further support to export revenues in the third quarter of 2009. At the same time, the volume of merchandise imports declined slightly as real gross domestic expenditure inched lower. A moderate increase in net service, income and current transfer payments to the rest of the world and a marginal deterioration in the terms of trade were recorded simultaneously. Reflecting these offsetting forces, the deficit on the current account of the balance of payments remained broadly unchanged from the second to the third quarter of 2009 at levels slightly above 3 per cent of gross domestic product.

With international investors’ appetite for investment in emerging-market economies improving further, the financial account of the balance of payments registered a further sizeable surplus in the third quarter of 2009. Foreign portfolio investors significantly raised their holdings of South African equities during the quarter concerned. Overall, the balance of payments recorded a further surplus in the third quarter, with the official gold and foreign-exchange holdings also benefiting when the International Monetary Fund (IMF) allocated Special Drawing Rights (SDRs) to all its member countries in August and September 2009 as part of the international response to the global economic crisis.

The overall size of the banking sector’s balance sheet stagnated over the past year, reflecting subdued economic conditions, low business and consumer confidence, and increased caution on the side of the banks in the extension of loans. Over the twelve months to October 2009, bank loans and advances to the domestic private sector contracted slightly in nominal terms, while the twelve-month rate of growth in the M3

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money supply was barely positive. However, in recent months a number of banks have adopted less stringent criteria than before in the evaluation of certain types of loan applications.

The Monetary Policy Committee (MPC) of the South African Reserve Bank (the Bank) started reducing the repurchase rate in December 2008 and by mid-2009 had reduced the policy rate by a cumulative total of 450 basis points. In August 2009 the MPC, mindful of the large output gap that reinforced the view that inflation would moderate further, reduced the repurchase rate by a further 50 basis points to 7 per cent per annum — the same level established at the trough of the previous interest rate cycle. Other money-market interest rates followed suit, while money-market liquidity conditions remained stable.

Capital market interest rates receded during most of the third quarter of 2009 in response to the appreciation in the exchange value of the rand and the decline in inflation. Yields picked up again from mid-September to the end of November as the issuance and projected future supply of bonds expanded further. Share prices fluctuated higher from a recent low on 3 March 2009 and, on balance, rose by 48 per cent over the subsequent period to the end of November. Positive wealth effects were reinforced by recent trends in the real-estate market, which suggested the start of a modest recovery in house prices.

Government’s strong anti-cyclical fiscal stance was reconfirmed in the October 2009 Medium Term Budget Policy Statement with the announcement of a projected 2009/10 budget deficit of 7,6 per cent of gross domestic product, roughly double the estimate of the deficit contained in the February Budget Review. The intensity of the recession and resultant contraction in tax revenue gave rise to the larger deficit, which could be afforded for a while because the government had worked down its indebtedness during the preceding economic upswing, thereby creating fiscal room for manoeuvre to be used in difficult times. At the same time, government indicated its intention to reduce the deficit gradually over the course of the forthcoming three fiscal years as economic conditions and tax revenue improved, thereby containing the increase in the level of government debt and debt-service cost.

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South African Reserve Bank

Domestic economic developments^{1, 2}

Domestic output

Subsequent to three quarters of negative growth, South Africa’s real gross domestic product turned around in the third quarter of 2009 when an annualised increase of 0,9 per cent was recorded. This improvement can be attributed to a decisive recovery in the real value added by the secondary sector and a less prominent turnaround in the tertiary sector. By contrast, the real value added by the primary sector declined over the period, but this was more than fully offset by the expansion in the other two main sectors. Despite the uptick in activity in the third quarter, aggregate real gross domestic product for the first three quarters of 2009 was about 1,8 per cent lower compared with the corresponding period of the previous year, reflecting the negative impact of the recessionary conditions evident since the fourth quarter of 2008.

Real gross domestic product

Seasonally adjusted annualised rates

If the climate-bound agricultural sector is excluded, real value added by the other sectors increased at an annualised rate of 1,8 per cent in the third quarter of 2009 compared with a decline of 2 per cent in the second quarter.

In the primary sector the quarter-to-quarter change in real value added reversed from an increase of 6 per cent in the second quarter of 2009 to a decrease of 7 per cent in the third quarter. This was the result of a decline in the volume of production in both the agricultural and the mining sectors.

1	The analysis in this section of the review is based on an extensively revised set of national accounts estimates. These revisions are based on more detailed or more appropriate data that have become available. In addition, the national accounts estimates at constant prices have been rebased from 2000 prices to 2005 prices. The revisions are introduced in a note elsewhere in this Bulletin.
2	The quarter-to-quarter growth rates referred to in this section are based on seasonally adjusted data.

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Real gross domestic product

Percentage change at seasonally adjusted annualised rates

	2008										2009
Sectors	1st qr		2nd qr		3rd qr		4th qr		Year		1st qr		2nd qr		3rd qr
Primary sector		-8,7		9,3		-2,3		1,7		-1,2		-23,4		6,0		-7,0
Agriculture		12,8		6,2		17,8		5,6		10,9		-3,7		-13,1		-9,8
Mining		-15,8		10,5		-9,5		0,1		-5,4		-30,7		15,8		-5,8
Secondary sector		0,2		14,0		-2,5		-12,9		3,4		-19,4		-6,9		7,0
Manufacturing		-0,1		17,4		-5,2		-17,4		2,7		-25,5		-11,1		7,6
Tertiary sector		4,8		2,6		3,8		4,2		4,7		-0,9		-1,7		0,8
Non-agricultural sector		2,2		5,8		1,3		-0,5		3,7		-7,6		-2,0		1,8
Total		2,5		5,5		1,3		-0,7		3,7		-7,4		-2,8		0,9

The further decline in the real output of the agricultural sector in the third quarter of 2009 can mainly be ascribed to declines in the real gross income of horticultural and livestock farmers. The latter can partly be attributed to a decrease in the number of animals slaughtered. In addition, alongside the decline in the volume of aggregate output, the real cost of intermediate inputs accelerated in the third quarter of 2009.

The erratic fluctuations in the real value added by the mining sector recorded since the first quarter of 2008 continued into the third quarter of 2009. Real output of the mining sector switched from an annualised rate of growth of 15,8 per cent in the second quarter of 2009 to a decline of 5,8 per cent in the third quarter.

Production activity in most of the mining subsectors receded again in the third quarter of 2009 as the production of platinum group metals (PGM) and gold, in particular, contracted over the period. PGM production was strongly affected by strikes and mine accidents during the third quarter. Apart from the strengthening in the exchange value of the rand which adversely affected the mining sector in general, the gold-mining sector was also affected by an increase in intermediate expenditure which more than neutralised the potential benefits of the higher dollar-denominated gold price. Mining output, however, benefited from firmer real output by coal mining and increased iron ore production in the third quarter of 2009. Growing demand from Eskom and the modernisation of transportation links contributed to the increase in the production of coal, while the production of iron ore was largely underpinned by strong demand from China.

In the case of the secondary sector, real value added registered a sharp reversal from negative growth at an annualised rate of 6,9 per cent in the second quarter of 2009 to an increase of 7 per cent in the third quarter. This turnaround was primarily brought about by the improved performance of the manufacturing sector. In addition, growth in real value added by the sector supplying electricity, gas and water accelerated, whereas growth in real value added by the construction sector moderated somewhat over the period.

Having contracted at a rate of 11,1 per cent in the second quarter of 2009, the real value added by the manufacturing sector turned around and increased at an annualised rate of 7,6 per cent in the third quarter. This improvement in production by the manufacturing sector was mainly driven by higher production of basic iron and steel products and of motor vehicles, trailers, parts and accessories. Other subsectors that held up well in the third quarter were food processing; chemicals; and plastic products. However, continued decreases were reported in the real output of the furniture and other manufacturing, as

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South African Reserve Bank

well as the wood and wood products, paper, publishing and printing subsectors. Despite the growth in real manufacturing production in the third quarter, output levels remained repressed and production capacity utilisation registered an average of 77,8 per cent in the first three quarters of 2009, having averaged 83,8 per cent in 2008.

Real value added by the sector supplying electricity, gas and water rose at an annualised rate of 4,2 per cent in the third quarter of 2009 following a subdued increase of 1,9 per cent in the second quarter. This marked increase probably reflected the recovery in the production activities of certain electricity intensive mining and manufacturing industries, as well as the stronger demand for electricity for heating purposes during a relatively long and cold winter.

The pace of growth in real value added by the construction sector slowed from an annualised rate of 8,7 per cent in the second quarter of 2009 to a rate of 6,1 per cent in the third quarter. The output of the construction industry continued to be adversely affected by the weakness in private-sector demand for residential and non-residential buildings. However, non-residential building activity was sustained at a relatively moderate pace in keeping with recreational services and offices built in preparation for the 2010 FIFA World Cup Soccer tournament. The somewhat slower growth performance of the civil construction sector reflected the completion of some activities related to infrastructural development.

After the real value added by the tertiary sector had declined at annualised rates of 0,9 per cent and 1,7 per cent in the first two quarters of 2009, it rose at an annualised rate of 0,8 per cent in the third quarter. Although the increase in real value added could mainly be attributed to the transport and communication and general government subsectors, the rate of decline in the real value added by the trade and financial services sectors also slowed somewhat in the third quarter.

In the subsector commerce, real value added contracted at annualised rates of 5,9 per cent in the second quarter and 1,1 per cent in the third quarter of 2009. Consistent with the lower disposable income of households, real output of the wholesale, retail and motor trade sector remained subdued. However, activity in the motor trade sector bottomed out in the third quarter of 2009. The real value added by the trade sector as a whole declined by 2,8 per cent in the first nine months of 2009, compared with the corresponding period in 2008.

The real value added by the transport, storage and communication sector increased at an annualised rate of 1,2 per cent in the third quarter of 2009 after contracting for two consecutive quarters. Real value added by the transport sector edged higher, consistent with the higher volume of exports during the third quarter of 2009, while the real output in the communication sector increased moderately.

Real value added by the finance, insurance, real-estate and business services sector contracted in each of the first three quarters of 2009. Subsequent to a contraction of 3,8 per cent in the second quarter of 2009, the annualised pace of decline slowed to 1,5 per cent in the third quarter. The continued subdued levels of activity related to credit extension to the private sector and the residential property market was symptomatic of the weak output performance in the financial services sector. As could be expected under the circumstances, liquidations continued to exhibit an upward trend.

By contrast, growth in the real value added by general government amounted to 4,9 per cent in the third quarter of 2009, notably higher than the rate of 3,1 per cent recorded in the second quarter. This increase can be attributed to rising employment levels by general

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government as part of countercyclical efforts to soften the impact of the economic recession on job creation alongside structural efforts to improve service delivery.

Domestic expenditure

Unlike the turnaround in the real gross domestic production, real gross domestic expenditure continued to deteriorate in the third quarter of 2009, albeit at a considerably lower rate than in the second quarter. This contraction in domestic expenditure in the third quarter of 2009 resulted from a perceivable decline in gross fixed capital formation and a markedly slower pace of decline in final consumption expenditure by households alongside a further contraction in the level of real inventories, which more than neutralised sustained increases in real final consumption expenditure by general government. Consequently, the level of real gross domestic expenditure for the first three quarters of 2009 was 2,1 per cent lower compared with the same period in 2008, significantly lower than the 3,3 per cent increase registered for 2008 as a whole.

Real gross domestic expenditure

Percentage change at seasonally adjusted annualised rates

	2008										2009
Components	1st qr		2nd qr		3rd qr		4th qr		Year		1st qr		2nd qr		3rd qr
Final consumption expenditure:
Households		2,9		0,6		-1,5		-2,2		2,4		-5,8		-6,1		-2,0
General government		11,6		-2,3		10,1		3,5		4,9		6,4		0,8		7,5
Gross fixed capital formation		17,5		7,9		12,4		2,8		11,7		7,4		-0,9		-4,1
Domestic final demand		7,2		1,4		3,3		-0,2		4,6		-1,0		-3,7		-0,7
Change in inventories (R billions)*		9,9		-6,5		-7,6		-26,4		-7,7		-4,0		-38,7		-49,9
Gross domestic expenditure		14,7		-2,5		0,7		-2,7		3,3		4,7		-12,1		-1,7

* At constant 2005 prices

Real final consumption outlays by the household sector, which contracted most forcefully at the height of recessionary conditions and uncertainty earlier in 2009, declined moderately during the quarter under review. The further contraction in households’ real final consumption expenditure in the third quarter of 2009 constituted the fifth consecutive quarterly decline since the middle of 2008, consistent with the contraction in households’ real disposable income over the period. The level of real expenditure by households in the first three quarters of 2009 receded by 3,4 per cent, compared with the corresponding period in 2008. As a ratio of gross domestic product, total consumption expenditure by households amounted to 61 per cent in the third quarter of 2009 — the lowest ratio since the first quarter of 1994.

Real household expenditure on durable goods rose at an annualised rate of 0,5 per cent in the third quarter of 2009, subsequent to a decline of 17,8 per cent recorded in the preceding quarter. This quarter-to-quarter recovery in real spending on durable goods was mainly due to positive growth in household expenditure on personal transport equipment, and on durable recreational and entertainment goods. Real spending on all other durable components remained below the levels achieved a year earlier.

Nevertheless, for the first nine months of 2009 real outlays on durable goods contracted at a year-on-year rate of 14,4 per cent, reflecting the impact of the recession and prevailing low levels of consumer confidence. This was also evident in the decline of

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South African Reserve Bank

22,2 per cent in spending on personal transport equipment for the first nine months of 2009 compared with the same period in 2008.

Real final consumption expenditure by households

Seasonally adjusted annualised rates

Real outlays by households on semi-durable goods declined at an annualised rate of 7,2 per cent in the third quarter of 2009, faster than the decline recorded in the previous quarter. Positive quarter-to-quarter growth rates were, in fact, posted by almost all the subcategories of semi-durable goods in the third quarter, but were negated by significantly lower real spending on clothing and footwear.

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Real expenditure on non-durable goods declined further in the third quarter of 2009. Except for spending on household fuel and power and non-durable recreational goods, lower spending was recorded across all categories of non-durable goods in the third quarter of 2009. However, real expenditure by households on services inched higher by 1,4 per cent in the third quarter of 2009 following a decline of 5,9 per cent recorded in the previous quarter. During the first nine months of 2009, consumers in real terms spent 0,7 per cent less on services, compared with the same period in 2008.

The economic contraction and declining employment in the formal sectors of the economy contributed to a decline in real disposable income of households in the third quarter of 2009. Household disposable income declined at a rate of 1,1 per cent in the third quarter of 2009, slower than the decline recorded in the second quarter. Even though the level of aggregate household debt was lower in the third quarter than in the previous quarter, causing the ratio of household debt to disposable income to edge downwards from 80,1 per cent in the second quarter of 2009 to 79 per cent in the third quarter, the debt ratio remained at an elevated level. The ratio of debt-service cost to disposable income of households receded from 9,9 per cent in the second quarter of 2009 to 8,5 per cent in the third quarter as interest rates declined further. This was the lowest ratio recorded since the third quarter of 2006.

Household consumption expenditure and debt ratio

Seasonally adjusted annualised rates

The growth in real consumption expenditure by general government accelerated from annualised rates of increase of 6,4 per cent in the first quarter of 2009 and 0,8 per cent in the second quarter to 7,5 per cent in the third quarter. The stronger growth was evident in increased spending on compensation of employees. In addition to the purchase of two military aircraft, real expenditure by general government in the third quarter of 2009 also reflected spending on core focus areas relating to social services. Relative to spending during the first three quarters of 2008, real final consumption expenditure by general government increased by 4,7 per cent during the corresponding period in 2009.

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South African Reserve Bank

Having increased at a robust pace since 2003, real gross fixed capital formation recorded a marginal decline of 0,9 per cent in the second quarter and then contracted more forcefully at an annualised rate of 4,1 per cent in the third quarter of 2009. The contraction in real fixed capital spending in the third quarter reflected a further decline in real capital formation by the private sector; this prevailed over investment activity by public corporations and general government, which continued to expand. Real outlays on fixed capital formation in the first nine months of 2009 were 4,8 per cent lower than in the corresponding period in 2008, also markedly lower than the average growth rate of 12,1 per cent per annum attained between 2003 and 2008 when investment activity in South Africa reached its recent peak. Consequently, the ratio of total fixed capital formation to gross domestic product declined from 23,2 per cent in the second quarter to 22,5 per cent in the third quarter of 2009.

Real gross fixed capital formation

Percentage change at seasonally adjusted annualised rates

	2008						2009
Components		1st qr	2nd qr	3rd qr	4th qr	Year		1st qr	2nd qr	3rd qr
Private business enterprises		9,7	5,6	5,3	4,0	5,6		-16,8	-9,4	-14,1
Public corporations		58,1	17,3	46,1	-2,1	41,0		152,3	23,4	18,7
General government		16,3	7,9	10,0	3,4	13,4		1,6	2,0	4,4
Total		17,5	7,9	12,4	2,8	11,7		7,4	-0,9	-4,1

Comprising more than two-thirds of total gross fixed capital formation, real fixed capital outlays by private business enterprises declined for three quarters in succession. Subsequent to a decline of 9,4 per cent in the second quarter of 2009, the pace of contraction increased to 14,1 per cent in the third quarter. Apart from the construction industry and, to a lesser extent, the transport and communication industry where investment activity expanded somewhat, real gross fixed capital formation in the rest of the private sector declined in the third quarter of 2009. Declines in real fixed investment spending were particularly severe in the agricultural, mining and manufacturing sectors.

Fixed investment spending by most subsectors of the private sector was held back in the third quarter of 2009 due to weak domestic demand conditions and poor prospects for a rapid recovery in export demand. This was also reflected in the low imports of machinery and equipment by the mining and manufacturing sectors since the first quarter of the year. In addition, alongside falling business confidence levels, the under-utilisation of production capacity among business enterprises in the manufacturing sector increased markedly from a recent low of 13,8 per cent in the second quarter of 2007 to 22,8 per cent in the quarter under review.

Alongside relatively subdued domestic economic conditions and the declining trend in consumer confidence levels which negatively impacted on employment and real income of households, the net wealth of households deteriorated further. Consequently, real fixed investment outlays on private residential buildings continued to decline in the third quarter of 2009. Consistent with the moderation in growth in mortgage advances and the number of residential buildings completed over this

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Gross fixed capital formation

Seasonally adjusted annualised rates

period, investment activity in private residential property in the third quarter of 2009 was about 25 per cent below its recent peak registered in the third quarter of 2006.

Real fixed capital expenditure by public corporations held up well in the first three quarters of 2009 and was specifically pronounced in the subsector providing electricity, gas and water. As a consequence of these and other capital programmes, real fixed capital formation by public corporations was more than 40 per cent higher in the first three quarters of 2009 compared with the same period in 2008. Investment activity of public corporations remained robust in the third quarter of 2009 and increased at an annualised rate of 18,7 per cent.

Growth in real fixed capital outlays by general government accelerated to an annualised rate of 4,4 per cent in the third quarter of 2009, notably higher than the average growth rate of 1,8 per cent in the previous two quarters. This increase in capital spending represented spending by the public works, roads and transport cluster combined with increased spending by the health sector. The marked improvement in capital spending by general government continued to reflect projects linked to the infrastructure development programme introduced earlier.

Inventory levels were reduced further in the third quarter of 2009. Following a decline of R38,7 billion in the second quarter of 2009, real inventories declined by R49,9 billion in the third quarter, thereby subtracting 2,4 percentage points from growth in gross domestic expenditure over the period. Inventory deaccumulation in the third quarter of 2009 was concentrated in the gold- and platinum-mining and manufacturing sectors, as well as in the construction sector.

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South African Reserve Bank

Factor income

The rate of increase in total nominal factor income, measured over one year, decelerated progressively from 7,9 per cent in the first quarter to 5,3 per cent in the second and 3 per cent in the third quarter of 2009. Despite the slowdown in the third quarter of 2009, total nominal factor income rose by 5,3 per cent in the first nine months compared with the same period of 2008. The lower rate of increase in nominal factor income in the third quarter could be ascribed to a decline in the operating surpluses of private business enterprises and business enterprises of general government, which was only partly offset by an increase in total compensation of employees.

The year-on-year rate of increase in total operating surpluses in the economy receded from 6,3 per cent in the first quarter of 2009 to 3 per cent in the second quarter and turned into a contraction in the third quarter. Lower increases occurred in operating surpluses of almost all the major sectors of the economy, but were more pronounced in the manufacturing and finance sectors. This was due to a general slowdown in profits in all these sectors. The exception to this slowdown was the construction sector where increases in operating costs were well contained. In line with the lower rate of increase in total operating surpluses in the economy, the ratio of gross operating surpluses to total factor income inched lower from 49,9 per cent in the second quarter to 48,7 per cent in the third quarter.

Gross operating surplus and compensation of employees

Seasonally adjusted annualised rates

The rate of increase over four quarters in the compensation of employees edged lower from 7,8 per cent in the second quarter to 7 per cent in the third quarter of 2009. However, for the first three quarters of the year, the rate of increase in the

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compensation of employees amounted to 8,1 per cent compared with 14,3 per cent in the corresponding period of 2008, reflecting lower wage settlements and the effect of staff reductions.

Saving

South Africa’s gross saving as a percentage of gross domestic product increased from 15,4 per cent in the second quarter of 2009 to 15,7 per cent in the third quarter. This improvement was the net outcome of an increase in saving by the corporate sector and the slightly better saving performance of households, which outweighed lower saving by general government over the period. Consequently, the national saving ratio for the first nine months of 2009 amounted to 15,4 per cent compared with a ratio of 14,9 per cent in 2008. On account of the higher saving ratio and lower pace of growth in gross capital formation, 16,9 per cent of South Africa’s total gross capital formation accordingly had to be financed through an inflow of foreign capital into the economy, much lower than the ratio of 33,8 per cent recorded in the third quarter of 2008.

Gross saving by the corporate sector as a percentage of gross domestic product increased from 13 per cent in the second quarter of 2009 to 13,7 per cent in the third quarter. The average saving ratio for the first nine months of 2009 improved to 12,7 per cent from 11,1 per cent in 2008 as a whole. The improvement in the saving performance in the third quarter reflected a decline in dividend declarations, while tax payments also registered a decline in the third quarter of 2009. On a year-on-year basis, the gross operating surplus of business enterprises increased by 2,4 per cent in the first nine months of 2009, compared with an increase of 17,3 per cent recorded in 2008 as a whole.

Gross saving by the household sector as a percentage of gross domestic product increased marginally from 1,4 per cent in the second quarter of 2009 to 1,5 per cent in the third quarter of 2009. Households attained their level of saving in an environment of tight economic conditions and stricter lending criteria on the part of banks.

Gross saving by general government as a ratio of gross domestic product weakened to a mere 0,5 per cent in the third quarter of 2009 from 1,0 per cent in the previous quarter. The saving performance by general government in the third quarter of 2009 was somewhat dampened as current expenditure rose at a much faster pace than current income. The sluggish income growth was the result of a moderation in current tax revenue over the period. Owing to an increase in the number of job losses, government expenditure on transfers to households, specifically unemployment insurance and other transfers, increased in the third quarter of 2009.

Employment

Consistent with the contraction in real gross domestic output and the steady decline in business confidence, employment levels shrank notably in the first half of 2009. Total formal non-agricultural employment contracted by no less than 1,7 per cent in the first six months of 2009 compared with the same period in the preceding year, following annual growth rates of between 1,1 per cent and 2,9 per cent during the five-year period to 2008. According to the most recent Quarterly Labour Force Survey, as many as 366 000 formal-sector jobs were lost in the year to September 2009. This is equal to 4 per cent of the 9,4 million members of the labour force formally employed at the height of the employment cycle in the third quarter of 2008. Job attrition in the private sector occurred at a much faster pace during the initial phase of the current recession when compared with previous recessions.

Quarterly Bulletin December 2009 13

South African Reserve Bank

Output, employment and business confidence

* 3rd quarter on 2nd quarter

The level of enterprise-surveyed employment in the formal non-agricultural sectors of the economy shrank markedly in both the first and second quarters of 2009; approximately 205 000 employment opportunities were lost as employment levels decreased from a seasonally adjusted 8,5 million in the final quarter of 2008 to 8,3 million in the second quarter of 2009.³ Measured at seasonally adjusted and annualised rates, the pace of job shedding, however, moderated from a rate of 6,7 per cent in the first quarter of 2009 to 2,9 per cent in the second quarter. Measured over four quarters, total formal non-agricultural employment decreased by 2,3 per cent in the second quarter of 2009; private-sector employment, which accounts for roughly 77 per cent of total formal non-agricultural employment, shrank by 4,0 per cent, whereas public-sector employment levels expanded at a rate of 4,2 per cent.

Private-sector employment contracted in each of the four quarters up to the second quarter of 2009. The quarter-to-quarter rate of decline, however, moderated from an annualised 8,0 per cent in the first quarter of 2009 to 5,0 per cent in the second quarter. Employment losses were fairly widespread and occurred in all sectors with the exception of the electricity supply sector. On a seasonally adjusted basis approximately 82 400 jobs were lost in the second quarter.

Measured from quarter to quarter and annualised, seasonally adjusted employment in the manufacturing sector decreased by 4,2 per cent in the second quarter of 2009 following a decline of 10,5 per cent in the first quarter. The successive decreases in employment reflected the recessionary conditions in both the global and domestic economy. While the pace of job losses in the manufacturing sector appeared to moderate, the Kagiso Purchasing Managers Index (PMI) employment sub-index also improved somewhat in the third quarter of 2009, although remaining below the neutral level of 50 index points. This less-negative outlook was corroborated by the Manufacturing Survey of the Bureau for Economic Research (BER) for the third quarter of 2009, which suggested that the retrenchment of workers might be levelling off as fewer factory workers were being dismissed and the average number of hours worked per worker stabilised. This suggested that, in general, conditions in the manufacturing sector could be expected to improve in the remainder of 2009.

3 Enterprise-surveyed formal non-agricultural employment is a somewhat narrower concept than household-surveyed overall formal employment.

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South African Reserve Bank

Manufacturing sector

Pronounced employment losses were also registered in the construction and the non-gold mining sectors in the first half of 2009. However, as in the case of the manufacturing sector, the pace of job shedding in the construction sector also slowed from an annualised rate of 11,3 per cent in the first quarter of 2009 to 6,3 per cent in the second quarter. Construction activity continued to be primarily underpinned by the government’s extensive infrastructure-related investment projects. However, the BER/FNB Civil Construction Confidence Index recorded a further decline in the third quarter of 2009 which, according to the compilers, largely demonstrates lacklustre private-sector demand adversely affecting future construction projects. In addition, the inability of local governments to expedite capital expenditure programmes also contributed to the moderation in civil construction works. At the same time, residential building activity remained under pressure, partly due to the sustained contraction in the real disposable income of the household sector.

Change in formal enterprise-surveyed non-agricultural employment: First and second quarters of 2009 (actual numbers)

Sector	1st qr		2nd qr
Mining		-20 900		-5 400
Gold mining		-3 300		-1 500
Non-gold mining		-17 600		-3 900
Manufacturing		-34 800		-13 300
Electricity supply		0		400
Construction		-13 900		-7 400
Trade, catering and accommodation		-23 000		-19 500
Transport, storage and communication		-2 100		-2 200
Financial intermediation and insurance		-43 000		-33 300
Community, social and personal services		1 100		-1 700
Total private sector		-136 600		-82 400
National, provincial and local government		3 800		26 800
Public-sector enterprises		-11 800		-5 400
Total public sector		-8 000		21 400
Grand total		-144 600		-61 000

Quarter-to-quarter seasonally adjusted

Quarterly Bulletin December 2009 15

South African Reserve Bank

Employment prospects in the mining sector in the first half of 2009 continued to be affected by the contraction in global economic activity alongside a moderate increase in international commodity prices. Mainly due to the scaling down of mining operations, job attrition in gold mining and non-gold mining occurred at annualised rates of 3,6 per cent and 4,5 per cent, respectively, in the second quarter of 2009.

Real household consumption expenditure contracted further in the first half of 2009 despite the moderation in consumer price inflation, and the expansionary monetary and fiscal policy environment aimed at bolstering spending. Employment numbers in the trade, catering and accommodation services sector accordingly decreased at an annualised rate of 4,5 per cent, and in the financial services sector at 6,9 per cent in the second quarter of 2009.

While employment opportunities in the private sector continued to dwindle, public-sector employment increased at an annualised rate of 4,7 per cent in the second quarter of 2009, following a decrease of 1,7 per cent in the first quarter. During the second quarter of 2009, all tiers of government expanded their job complement, whereas employment levels in the public enterprises and public transport sectors decreased further. Over the year to the first and second quarters of 2009, growth in public-sector employment remained unchanged at a positive 4,2 per cent, thereby softening the impact of the recession and simultaneously creating capacity to improve service delivery.

During the first three quarters of 2009, industrial strike action intensified in the midst of an economic recession. The fairly widespread industrial action was mainly related to wage demands. According to Andrew Levy Employment Publications, the cumulative number of working days lost due to industrial action amounted to 2,8 million in the first nine months of 2009, compared with 607 000 in the corresponding period in 2008. This increase occurred despite a rise in the official unemployment rate from 23,2 per cent in the third quarter of 2008 to 24,5 per cent in the third quarter of 2009, according to the most recent Quarterly Labour Force Survey published by Statistics South Africa (Stats SA).

Labour cost and productivity

The year-on-year rate of increase in average nominal remuneration per worker in the formal non-agricultural sectors of the economy peaked at a rate of 13,4 per cent in both the second and third quarters of 2008 — the highest rate of increase in almost six years. In the subsequent three quarters, increases in nominal remuneration per worker moderated steadily from a year-on-year rate of 12,1 per cent in the fourth quarter of 2008 to 11,5 per cent in the first and 8,7 per cent in the second quarters of 2009. Over the year to the second quarter of 2009, increases in average remuneration per worker in the private sector amounted to 8,7 per cent, compared with 6,9 per cent in the public sector. According to Andrew Levy Employment Publications, the average wage settlement rate in collective bargaining agreements came to 9,4 per cent in the first nine months of 2009 compared with 9,8 per cent in the corresponding period of 2008.

Year-on-year rates of increases in average nominal compensation per worker in the private sector decelerated from 13,4 per cent in the third quarter of 2008 to 8,7 per cent in the second quarter of 2009. In the year to the second quarter of 2009 average remuneration rates of increase exceeded 6 per cent in all subsectors, except for the private transport, storage and communication sector. In fact, the mining, the electricity and the community, social and personal services sectors recorded double-digit rates of increase. In the public sector average remuneration rose at year-on-year rates that were

16 Quarterly Bulletin December 2009

South African Reserve Bank

generally in excess of the upper limit of the inflation target range. The exception was the public transport, storage and communication sector. On average, wage inflation rates ranged from 6,4 per cent at the national government level to 15,2 per cent at the local government level.

Consistent with the economic recession in the domestic economy, particularly in the manufacturing sector, manufacturing production decreased at a year-on-year rate of 15,1 per cent in the first nine months of 2009. The rate of change in labour productivity in the manufacturing sector moved from an increase of 4,2 per cent in the third quarter of 2008 to a decrease of 12,7 per cent in the second quarter of 2009, suggesting some labour hoarding as output contracted sharply. Economy-wide labour productivity increased at a year-on-year rate of 0,9 per cent in the first quarter of 2009, and remained broadly unchanged in the second quarter.

The decrease in labour productivity in the manufacturing sector outweighed the moderation in the rate of increase in average nominal remuneration in the sector, resulting in an acceleration in the rate of increase in unit labour cost. Measured over a period of four quarters, the rate of increase in the cost of labour per unit of manufacturing output accelerated substantively from 5,4 per cent in the second quarter of 2008 to no less than 25,3 per cent in the second quarter of 2009. This high value may be compared with the all-time high of 32,0 per cent in this series, recorded in June 1982 when the economy also experienced a severe recession.

Despite the most recent high unit labour cost increases in manufacturing, the deceleration in average nominal remuneration per worker in the broader economy resulted in economy-wide nominal unit labour cost increases in the formal non-agricultural sector decelerating from 11,1 per cent in the fourth quarter of 2008 to 8,7 per cent in the second quarter of 2009 on a year-on-year basis.

Prices, wages and salaries

a   First half of 2009 compared with the same period in 2008

b   Average headline CPI inflation for the first ten months of 2009 compared with the same period in 2008

c   Average wage settlement rate in the first nine months of 2009

Sources: Andrew Levy Employment Publications and Statistics South Africa

Quarterly Bulletin December 2009 17

South African Reserve Bank

Prices

In the first ten months of 2009 producer and consumer price inflation moderated considerably. Producer price inflation fell much faster than consumer price inflation, to the extent that prices decreased in each of the six months to October 2009 when measured over twelve-month periods. In the year to October 2009 producer prices decreased by 3,3 per cent. The twelve-month rate of targeted consumer price inflation, which had first breached the 6 per cent upper limit of the inflation target range in April 2007 and rose to a high point of 13,6 per cent in August 2008, slowed to 6,1 per cent in September 2009 and then re-entered the target range as it moderated to 5,9 per cent in October.

Prices

* CPIX up to December 2008; CPI for all urban areas from January 2009

Producer price inflation for imported commodities has decelerated sharply since the collapse in global commodity prices in July 2008 and the commencement of the global economic recession. Year-on-year changes in producer prices of imported commodities have been negative since the beginning of 2009, declining at a rate of 10,2 per cent in October 2009. The decline in producer prices of imported commodities was mainly driven by the steep fall in the prices of imported mining goods, including crude oil, and more recently the decline in the prices of petroleum coal and furniture.

Producer price inflation for domestic output, that is, headline producer price inflation, broadly followed the trend of imported producer price inflation. Year-on-year headline producer price inflation amounted to a positive rate of 19,1 per cent in August 2008, but in subsequent months decelerated sharply to a rate of decrease of 3,7 per cent in September 2009 before increasing somewhat to a negative 3,3 per cent in October. Both mining and manufacturing experienced price deflation towards the end of the period under review. Within the manufacturing sector, the basic metal and steel and the petroleum and coal categories shaped the trend in manufacturing producer prices. In the year to October 2009 deflation in these two sub-categories amounted to 13,4 per cent and 26,2 per cent respectively. Electricity price changes represented a notable exception to the deflationary trend in producer prices amounting to a year-on-year rate of increase of 21,7 per cent in October 2009.

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South African Reserve Bank

Food price inflation at both producer and consumer levels moderated significantly from the peaks reached in August 2008. Producer food price changes switched from a twelve-month increase of 12,5 per cent in January 2009 to a decrease of 1,6 per cent in October 2009. Since March 2009, agricultural food prices have decreased when measured over periods of twelve months, and in the year to October 2009 recorded a rate of deflation of 2,1 per cent. This reflected lower international prices of food commodities, the appreciation of the exchange value of the rand and demand conditions that were generally subdued. In the first nine months of 2009 manufactured food price inflation decelerated consistently from 12,0 per cent in the year to January 2009 to 0,1 per cent in August. Thereafter, manufactured food prices decreased at a rate of 1,4 per cent in the year to October 2009.

Food prices

Percentage change over twelve months

		Domestic producer prices of food						Headline consumer food prices
		Agricultural		Manufactured				Processed		Unprocessed
Period		food		food		Total		food		food		Total
2009:	Jan		13,2		12,0		12,5		19,6		13,0		16,1
	Feb		4,4		10,9		8,3		18,4		13,6		15,8
	Mar		-8,1		9,4		2,2		15,7		14,0		14,9
	Apr		-2,0		8,4		4,5		13,7		13,7		13,7
	May		-1,5		6,2		3,4		10,9		13,2		12,1
	Jun		-6,5		3,7		0,0		8,7		10,9		9,9
	Jul		-6,7		0,8		-2,0		7,0		8,2		7,6
	Aug		-7,6		0,1		-2,7		5,9		6,5		6,2
	Sep		-5,8		-1,8		-3,3		4,3		5,5		4,9
	Oct		-2,1		-1,4		-1,6		3,6		5,9		4,9

Food prices

* CPIX up to December 2008; CPI for all urban areas from January 2009

Quarterly Bulletin December 2009 19

South African Reserve Bank

The moderation in food price increases at the consumer level lagged the declining trend in producer prices of food. During the course of 2009, the twelve-month pace of overall consumer food price inflation decelerated considerably and reached a single-digit rate of increase in June and a rate of 4,9 per cent in October 2009. At the consumer level, processed food price inflation from January 2009 decelerated at a very fast pace and amounted to 3,6 per cent in the year to October, while unprocessed food price inflation amounted to 5,9 per cent over the same period. A stronger correlation can be observed between producers’ manufactured food price changes and consumers’ processed food price changes than between food prices at the agricultural producer level and consumers’ unprocessed food prices.

As already mentioned, headline consumer price inflation has remained above the 6 per cent level for 30 months. However, in October 2009 it edged into the inflation target range. At the same time, the differential between the rate of headline producer price deflation and headline consumer price inflation amounted to no less than -9,2 percentage points in October, with producer prices contributing to the containment of consumer price inflation.

Consumer goods price inflation entered single-digit territory in January 2009, amounting to a year-on-year rate of 7,9 per cent, and from July 2009 fell within the inflation target range. By October 2009 the year-on-year rates of inflation for durable, semi-durable and non-durable goods amounted to 2,0 per cent, 4,6 per cent and 5,7 per cent respectively. In the durable goods category transport prices consistently recorded decreases during the eleven months to October 2009, when measured over twelvemonth periods. Among the non-durable goods items, housing and utilities price increases remained at elevated levels during the past year, driven by twelve-month increases in electricity prices of no less than 30 per cent.

Targeted consumer services price inflation remained in excess of the inflation target range during the period from March 2008 and recorded a twelve-month rate of 7,4 per cent in October 2009. Within the housing utilities category of the services basket, water supply, assessment rates and refuse removal prices increased at fairly similar year-on-year rates, amounting to 9,8 per cent, 9,3 per cent and 8,1 per cent respectively in the year to October. Inflation in all the sub-components of health services accelerated meaningfully in recent months, resulting in health services price inflation remaining at double-digit rates during the past nine months to October 2009. Similarly, year-on-year inflation in the education services category amounted to 10,5 per cent in October 2009. Furthermore, price inflation in the recreation and culture category has remained fairly elevated since March 2009, recording a twelvemonth rate of 20,1 per cent in October. Price inflation in miscellaneous services was driven largely by increases in housing and health insurance, and funeral services costs. Communication and transport services inflation, by contrast, remained very low during the first ten months of 2009.

Administered price inflation remained subdued, amounting to a twelve-month rate of 2,9 per cent in March 2009 and straddling nil per cent in the subsequent six months. The downward pressure on administered price inflation mainly emanated from the lower prices of petrol and communication services, which was only partly countered by upward pressure originating from housing and education costs. When the effect of petrol prices (which declined strongly over the period) is excluded from the calculation of administered prices, the year-on-year rate of increase amounted to 11,0 per cent in October 2009.

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South African Reserve Bank

Administered prices

Based on the classification of individual consumption by purpose (COICOP) categories, inflation in seven of the twelve categories recorded rates above the upper limit of the inflation target range in October 2009. In fact, five categories registered inflation above 10,0 per cent, as shown in the accompanying table. At the other extreme, year-on-year changes in the prices of transport goods and services were actually negative at a rate of 1,8 per cent in October 2009, following decreases in the prices of petrol by 19,0 per cent and paraffin by 17,2 per cent. The clothing and footwear category was the only category where price increases have remained within the inflation target range since January 2009 and more recently, food and non-alcoholic beverages as well as household contents, maintenance and equipment stock into inflation target range.

Consumer price inflation in COICOP categories

Twelve-month percentage changes

	Weights		October 2009
Alcoholic beverages and tobacco		5,58		11,6
Health		1,47		11,2
Miscellaneous goods and services		13,56		11,0
Education		2,19		10,5
Recreation and culture		4,19		10,4
Restaurants and hotels		2,78		7,8
Housing and utilities		22,56		7,4
Food and non-alcoholic beverages		15,68		5,3
Clothing and footwear		4,11		5,0
Household contents, maintenance and equipment		5,86		4,8
Communication		3,22		0,5
Transport		18,80		-1,8
Total headline consumer prices		100,0		5,9

Italics denote values inside the inflation target range of between 3 and 6 per cent in October 2009

Underlying inflationary pressures remained prevalent in the economy as indicated by the disaggregated analysis of the COICOP categories within the headline price index. Furthermore, when the impact of the more volatile food, non-alcoholic beverages and

Quarterly Bulletin December 2009 21

South African Reserve Bank

petrol categories is omitted from the calculation of headline consumer price inflation, underlying inflation — while moderating to 7,2 per cent in October — still exceeded the upper limit of the inflation target range for twenty-two consecutive months and by as much as 1,2 percentage points in October.

Measures of underlying inflation

* CPIX up to December 2008; CPI for all urban areas from January 2009

The BER’s Inflation Expectations Survey, conducted in the third quarter of 2009, showed a moderation in inflation expectations in the three years to 2011. Inflation is expected to decelerate from 8,2 per cent in 2009 to 7,5 per cent in 2010 and 2011. Among the three groups surveyed, financial analysts expect headline CPI to move into the inflation target range in 2010 and to remain within the band in 2011, while business people and trade unions expect inflation to remain above the upper limit of the inflation target in 2009, 2010 and 2011.

Headline consumer price inflation expectations

Per cent, as surveyed in the third quarter of 2009

	Financial		Business		Trade union		All surveyed
Average inflation expected for:	analysts		representatives		representatives		participants
2009		9,1		9,1		8,3		8,2
2010		5,6		8,7		8,2		7,5
2011		5,5		8,5		8,3		7,5

Source: Bureau for Economic Research, Stellenbosch University

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South African Reserve Bank

Foreign trade and payments

International economic developments

Global economic activity gained further momentum in the third quarter of 2009 despite prevailing fragile consumer confidence in many parts of the world. The momentum was underpinned by higher levels of manufacturing production following faster growth experienced by emerging-market economies, especially in Asia. At the same time, global current-account imbalances narrowed considerably during the course of 2009. Current-account deficits shrank in the case of advanced economies such as the United States, Greece, Ireland, Portugal, Spain, the United Kingdom and several emerging European economies, whereas current-account surpluses receded in Japan, Germany and most oil-exporting countries.

Following the Pittsburgh Summit in September 2009, the Group of Twenty (G-20) countries agreed to maintain a stimulatory policy stance until the recovery is secure and to start constructing a credible process for the gradual withdrawal of the extraordinary fiscal, monetary and financial policy support measures, once economic activity had gained sufficient momentum. The G-20 countries also undertook to implement policy measures to support sustained and balanced economic growth that bolsters employment.

Real output growth in most advanced economies rebounded somewhat in the third quarter of 2009. Economic activity has started to recover in the United States with growth turning positive in the third quarter of 2009. This improvement was underpinned by positive contributions from personal consumption expenditure, exports, private inventory investment and residential fixed investment, but was partly offset by an increase in imports. Real output growth in Japan accelerated further during the same period, driven by external demand together with stronger private consumption and investment, while government consumption and investment remained weak. The euro area emerged from the recession in the third quarter of 2009, led by strong export growth in Germany and France mainly due to the significant macroeconomic stimulus measures.

The improvement in the global economy was, however, mainly driven by the strong rebound in emerging Asia, especially China, during the second and third quarters of 2009. Economic growth in emerging Europe and Latin America also accelerated in the third quarter of 2009. The composite leading indicator of the Organisation for Economic Co-operation and Development (OECD) increased for the first time in almost two years in August and September 2009, suggesting an expansion in economic activity in the OECD area.

The International Monetary Fund upgraded its outlook for global growth in October 2009 and now expects economic activity to contract at a rate of 1,1 per cent in 2009, before returning to positive growth at a pace of 3,1 per cent in 2010. Real output in the advanced economies as a group is projected to contract by 3,4 per cent in 2009, while economic growth in emerging-market and developing economies is expected to decelerate to a sluggish but positive rate of 1,7 per cent. Economic growth in Africa is expected to moderate sharply to 1,7 per cent in 2009 owing mainly to weak external demand and lower commodity prices.

Quarterly Bulletin December 2009 23

South African Reserve Bank

Brent crude oil prices advanced further during the third quarter of 2009 from earlier lows reached in the first quarter and fluctuated between US$65 and US$73 per barrel, mainly due to a weaker US dollar and expectations of a global economic recovery. In response, Organization of the Petroleum Exporting Countries (OPEC) left its production quotas unchanged at 24,8 million barrels at its September 2009 meeting, with OPEC officials recently indicating that production increases would be reconsidered once inventory levels have declined to more normal levels.

Brent crude oil prices

Source: Bloomberg

Headline inflationary pressures moderated significantly in most advanced and emerging-market economies since mid-2008 following lower commodity prices and subdued global economic conditions. The downward pressure on prices due to widening output gaps resulted in deflation in a number of advanced economies such as the United States, Japan, Canada and the euro area. This deflationary trend in most advanced countries has, however, started to dissipate in recent months, while consumer price inflation in most emerging-market economies continued to moderate. Subdued energy and food prices continue to put downward pressures on overall consumer price inflation, especially in Latin America and emerging Europe. There was, however, a moderate increase in consumer price inflation in emerging Asia, mainly due to dissipating deflationary pressures in China.

Monetary and fiscal policy measures played an important part in many countries to address the adverse impact of the global financial crisis. In general, central banks responded by significantly reducing official interest rates and by adopting unconventional monetary policy measures. Since July 2009 policy rates were reduced further by central banks in Brazil, Chile, the Czech Republic, Denmark, Hungary, Indonesia, Mexico, Russia, Sweden and Turkey. The major challenge confronting central banks in the near future relates to the eventual unwinding of monetary policy accommodation as soon as the recovery becomes more sustainable. The Bank of Israel has increased its policy rate in August 2009, followed by the Reserve Bank of Australia and the Norges Bank in October. The stronger-than-expected economic conditions in Australia and Israel prompted the central banks in both countries to increase policy rates further in November 2009.

24 Quarterly Bulletin December 2009

South African Reserve Bank

Current account⁴

The positive impact of the largely synchronised economic stimulus packages introduced during the past eighteen months became noticeable in the second and especially third quarter of 2009, with many economies showing tentative signs of recovery. Many of these support packages combined a strong infrastructure investment dimension with measures to stimulate consumption, and were reflected in a moderate pick-up in international trade activity following strong contractions since the final quarter of 2008. This reversal led to a moderate increase in the volume of merchandise exports and had a positive impact on South Africa’s trade account, resulting in the country recording its second consecutive trade surplus of R21,1 billion in the third quarter of 2009.

Balance of payments on current account

Seasonally adjusted and annualised
R billions

	2008						2009
	3rd qr		4th qr		Year		1st qr		2nd qr		3rd qr
Merchandise exports		706,3		668,2		655,8		535,1		475,1		478,3
Net gold exports		49,4		51,2		48,5		51,0		47,5		53,4
Merchandise imports		-792,4		-739,0		-739,9		-639,4		-510,1		-510,6
Trade balance		-36,7		-19,6		-35,6		-53,3		12,5		21,1
Net service, income and current
transfer payments		-137,3		-107,2		-126,1		-104,0		-93,5		-98,5
Balance on current account		-174,0		-126,8		-161,7		-157,3		-81,0		-77,4
As a percentage of gross domestic product		-7,5		-5,4		-7,1		-6,7		-3,4		-3,2

The larger trade surplus was partly neutralised by an increase in net service, income and current transfer payments to the rest of the world, causing the deficit on the current account of the balance of payments to narrow slightly further to R77,4 billion in the third quarter of 2009. As a percentage of the country’s gross domestic product the deficit remained broadly unchanged.

Ratio of current-account balance to gross domestic product

4 Unless stated to the contrary, the current-account flows referred to in this section are all seasonally adjusted and annualised.

Quarterly Bulletin December 2009 25

South African Reserve Bank

The declining trend in the value of merchandise exports was reversed in the third quarter of 2009 when an increase in the volume of goods more than countered a decrease in the rand price of such goods. The volume of merchandise exports, which had been contracting since the fourth quarter of 2008, advanced by approximately 3 per cent in the third quarter. Consistent with an increase in steel production in China, the volume of iron ore exports for example advanced visibly in the first three quarters of 2009. Over the period, the volume of coal exports rose substantially ahead of the winter season in the northern hemisphere.

Volume of South Africa’s merchandise exports by destination

Although international commodity prices advanced by a further 7,4 per cent in US dollar terms in the third quarter of 2009, the strengthening in the exchange value of the rand countered this trend and contributed to a reduction of 2,6 per cent in the rand price of merchandise exports over the period. International commodity prices in US dollar rose by 20 per cent in the first nine months of 2009 partially due to the depreciation of the American currency. Pronounced increases were noted in the prices of a number of minerals and industrial commodities; the price of platinum, in particular, rose by 35,6 per cent over the nine-month period.

South African export commodity prices

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South African Reserve Bank

Largely on account of the weaker US dollar, the fixing price of gold on the London market advanced by almost 5 per cent from US$915 per fine ounce in the second quarter of 2009 to US$960 per fine ounce in the third quarter. However, due to the strengthening of the exchange value of the rand from the second to the third quarter of 2009 the average realised rand price of gold declined by 4 per cent over the period. The increased demand for gold bullion by international investors seeking safe custody for their wealth further bolstered the physical volume of net gold exports by 17,1 per cent in the third quarter. The value of net gold exports accordingly increased from R47,5 billion in the second quarter of 2009 to R53,4 billion in the third quarter, or by 12,5 per cent.

The value of merchandise imports inched slightly higher in the third quarter of 2009, rising by less than 0,5 per cent during the period. While a substantially lower volume of crude oil imports was recorded in the third quarter, this was partially offset by increases in the volume of other imports which included the acquisition of military aircraft by government. On balance, the volume of merchandise imports declined marginally from the second to the third quarter of 2009. The import penetration ratio edged down from 20,0 per cent in the second quarter of 2009 to 19,9 per cent in the third quarter.

There was a slight increase of 1 per cent in the rand price of imports in the third quarter of 2009, despite the strengthening of the exchange value of the rand over the period. Sizeable increases in the international price of crude oil underpinned the increase in the rand price of merchandise imports.

Having narrowed for three consecutive quarters, the negative imbalance on the service, income and current transfer account widened moderately from the second to the third quarter of 2009. Despite this widening, the shortfall on this account in the third quarter of 2009 was still about 28 per cent less than in the corresponding period of 2008.

The higher shortfall during the third quarter of 2009 can mainly be attributed to an increase in net dividend payments to non-resident investors, marginally higher payments for freight-related activities and a further contraction in net travel receipts. Cumulatively, gross dividend payments declined by about 30 per cent in the first three quarters of 2009 compared with the corresponding period of 2008, reflecting the subdued economic environment and lower profit levels of the recent past. As conditions started

Services, income and current transfer account

Seasonally adjusted and annualised

Quarterly Bulletin December 2009 27

South African Reserve Bank

to stabilise, a slight recovery in dividend payments to non-residents was nevertheless recorded in the third quarter.

An increase in gross payments for freight-related activities was recorded in the third quarter of 2009. By contrast, there was a further reduction in interest payments on outstanding foreign debt as well as a decline in travel-related receipts, reflecting the lacklustre international economic conditions. As a ratio of gross domestic product, the deficit on the services, income and current transfer account deteriorated marginally from 3,9 per cent in the second quarter of 2009 to 4,1 per cent in the third quarter.

South Africa’s terms of trade deteriorated marginally in the third quarter of 2009 as the prices of exported goods and services did not keep up with those of imported goods and services, the latter having been bolstered by significantly higher crude oil prices.

Financial account

The rising trend in prices of securities and international commodities underpinned international investors’ appetite towards investment in emerging-market economies during the third quarter of 2009. In South Africa, the financial account of the balance of payments registered a net inflow of capital of R30,4 billion during the third quarter of 2009 compared with an inflow of R27,8 billion in the second quarter. The capital inflows on the financial account during the third quarter of 2009 mainly emanated from the net purchases of South African equity and debt securities by non-resident investors. Cumulatively the net inflow of capital during the first three quarters of 2009 came to R93,0 billion compared with an inflow of R150,9 billion during the corresponding period of 2008.

Net financial transactions not related to reserves

R billions

	2008						2009
	3rd qr		4th qr		Year		1st qr		2nd qr		3rd qr
Change in liabilities
Direct investment		16,0		3,7		74,4		11,1		24,9		8,3
Portfolio investment		-7,6		-60,6		-71,5		10,0		29,7		26,3
Other investment		13,9		-3,4		47,7		-6,8		-27,0		-6,8
Change in assets
Direct investment		-4,8		42,3		26,0		2,5		-3,7		-3,5
Portfolio investment		-4,3		-51,1		-63,4		-0,9		-0,4		-3,6
Other investment		-0,9		64,3		83,0		-2,2		4,1		20,1
Total financial transactions*		59,0		36,6		187,5		34,8		27,8		30,4

* Including unrecorded transactions

Foreign-owned assets in South Africa

Foreign direct investment into South Africa amounted to an inflow of R8,3 billion in the third quarter of 2009. This inflow of capital was, however, substantially lower than the inflow of R24,9 billion recorded in the second quarter when a large investment in the domestic telecommunication sector was registered. The inflow of capital in the third quarter mainly took the form of an increase in loan finance extended to domestic subsidiaries by non-resident holding companies.

28 Quarterly Bulletin December 2009

South African Reserve Bank

Foreign portfolio investors continued to increase their holdings of South African equity securities in the third quarter of 2009 as risk aversion towards emerging-market assets subsided further on account of an improvement in liquidity in global credit markets. Inward portfolio investment remained brisk for the third consecutive quarter and amounted to R26,3 billion in the third quarter of 2009 following an inflow of R29,7 billion in the second quarter. Over the same period, the decline in domestic bond yields encouraged non-resident investors to dispose of part of their rand-denominated debt securities; these outflows were, however, fully countered by inflows emanating from the issuance of a US$500 million international bond by the South African government. The cumulative inflow of portfolio investment during the first three quarters of 2009 amounted to R66,0 billion, compared with an outflow of R71,5 billion recorded in 2008 as a whole.

Other investment flows into South Africa registered an outflow of R6,8 billion in the third quarter of 2009 partly due to the redemption of foreign short-term credit facilities extended by non-resident creditors. At the same time, non-resident investors reduced their foreign-currency deposits with the South African banking sector by R5,0 billion, that is, at a slower pace than the outflow of R6,3 billion recorded in the second quarter of 2009.

Balance on financial account

Including unrecorded transactions

South African-owned assets abroad

Outward direct investment showed an outflow of R3,5 billion in the third quarter of 2009 compared with an outflow of R3,7 billion recorded in the second quarter. South African companies continued to diversify their businesses abroad through the acquisition of companies, albeit at a slower pace than recorded before.

Outward portfolio investment by South African entities registered an outflow of R3,6 billion in the third quarter of 2009 compared with an outflow of R0,4 billion recorded in the second quarter as South African institutional and individual investors probably made use of the relative strength of the rand to further diversify their portfolio assets abroad.

Other outward investment from South Africa recorded a further inflow of R20,1 billion in the third quarter of 2009 following an inflow of R4,1 billion in the second quarter.

Quarterly Bulletin December 2009 29

South African Reserve Bank

Although South African banks continued to increase their deposits abroad, these outflows were more than offset by a decline in the foreign assets of the non-bank private sector which was mainly used to finance the settlement of debt security purchases from non-resident investors.

Foreign debt

An increase of US$6 billion in the rand-denominated debt raised South Africa’s total outstanding foreign debt from US$67,4 billion at the end of the first quarter of 2009 to US$74,0 billion at the end of the second quarter. The increase in the dollar value of rand-denominated debt could mainly be attributed to the appreciation of the rand against the US dollar during the second quarter of 2009. Although non-resident investors increased their holdings of rand-denominated domestic bonds over the period, these inflows were partly neutralised by a decline in the loan and deposit liabilities of the South African banking sector.

Foreign debt of South Africa

US$ billions at end of period

	2008						2009
	2nd qr		3rd qr		4th qr		1st qr		2nd qr
Foreign currency-denominated debt		43,0		42,1		42,0		39,4		39,8
Bearer bonds		15,0		14,1		14,0		13,3		14,8
Public sector		5,6		5,4		5,3		5,3		5,3
Monetary sector		12,0		11,5		12,1		10,5		9,5
Non-monetary private sector		10,4		11,1		10,6		10,3		10,2
Rand-denominated debt		33,1		35,0		29,8		28,0		34,2
Bonds		7,9		9,4		8,0		6,6		9,2
Other		25,2		25,6		21,8		21,4		25,0
Total foreign debt		76,1		77,1		71,8		67,4		74,0
As a percentage of gross domestic product		25,8		25,8		25,9		25,7		28,5

The country’s foreign-currency denominated debt rose marginally in the second quarter of 2009 when the proceeds from an international US dollar-denominated bond issue by the national government were partly neutralised by the redemption of maturing international bonds of the national government. Simultaneously, the loan and deposit liabilities of the South African banking sector declined. As the result of the strengthening of the exchange rate of the rand, the country’s foreign-currency denominated debt as a ratio of total foreign debt, measured in US dollars, declined from 56,5 per cent at the end of June 2008 to 53,8 per cent at the end of June 2009. Outstanding foreign-currency denominated debt as a ratio of gross gold and other foreign reserves declined from 123,5 per cent to 111,3 per cent over the same period.

As a result of the continued appreciation of the exchange rate of the rand against the US dollar in the second quarter of 2009, South Africa’s foreign debt shrank in rand terms from R649 billion at the end of March 2009 to R574 billion at the end of June. Relative to the country’s gross domestic product, the country’s external debt deteriorated from 25,7 per cent at the end of March 2009 to 28,5 per cent at the end of June.

30 Quarterly Bulletin December 2009

South African Reserve Bank

International reserves and liquidity

The narrowing of the current-account deficit alongside increasing capital inflows on the financial account of the balance of payments resulted in a further surplus on South Africa’s overall balance-of-payments position. The country’s net international reserves consequently increased by R6,3 billion in the third quarter of 2009 compared with a surplus of R7,1 billion recorded in the second quarter.

Gross international reserves of the South African Reserve Bank

Measured in US dollar, the value of the gross gold and other foreign reserves of the South African Reserve Bank (i.e. the international reserves before accounting for reserve-related loans) increased from US$35,8 billion at the end of June 2009 to US$39,1 billion at the end of September and further to US$40,5 billion at the end of November. The increase in the gross gold and other foreign reserves of the South African Reserve Bank during the third quarter of 2009 was mainly due to the general allocation of Special Drawing Rights (SDRs) by the International Monetary Fund to member countries. The one-off SDR allocations made at the end of August and in early September 2009 in total amounted to US$2,4 billion. The Bank’s short-term credit facilities utilised declined from approximately US$650 million at the end of June 2009 to US$350 million at the end of September and remained roughly unchanged at this level up to the end of November.

The international liquidity position increased from US$34,6 billion at the end of June 2009 to US$37,9 billion at the end of September and further to US$39,6 billion at the end of November.

Special Drawing Rights

The Special Drawing Right (SDR) is an international reserve asset first created by the International Monetary Fund (IMF) in 1969 to supplement existing reserve assets of IMF member countries. SDRs are mainly held by the monetary authorities of IMF member countries, and represent an unconditional right of a member country to obtain foreign exchange or other reserve assets from other IMF members in order to deal with situations involving inadequate international liquidity.

Quarterly Bulletin December 2009 31

South African Reserve Bank

Exchange rates

The nominal effective exchange rate of the rand increased, on balance, by 21,4 per cent during the first nine months of 2009. The weighted average exchange rate of the rand, on balance, declined by 0,6 per cent and 0,3 per cent in July and August 2009 respectively, but increased by 3,4 per cent in September. The appreciation of the exchange rate of the rand during the third quarter of 2009 can largely be attributed to the improvement in South Africa’s current-account deficit, an increase in the risk appetite of international investors and the subsequent acquisition of domestic securities, a further surge in commodity prices, the weakness of the US dollar as well as positive sentiment concerning a sizeable foreign direct investment transaction into the domestic telecommunications sector.

Exchange rates of the rand

Percentage change

	31 Dec 2008		31 Mar 2009		30 Jun 2009		30 Sep 2009
	to		to		to		to
	31 Mar 2009		30 Jun 2009		30 Sep 2009		30 Nov 2009
Weighted average*		0,8		17,5		2,5		-1,8
Euro		2,5		16,7		1,2		-2,7
US dollar		-3,4		23,8		5,0		0,1
Chinese yuan		-3,2		23,7		4,9		0,1
British pound		-2,1		6,2		8,6		-2,3
Japanese yen		5,2		20,3		-1,5		-4,0

* Against a basket of 15 currencies

The strengthening in the average weighted exchange rate of the rand was interrupted from the end of September 2009 to the first week of October by the announcement of the abandonment of the potential foreign direct investment transaction into the telecommunications sector. The exchange rate of the rand consequently depreciated by 4,2 per cent over the period. However, the nominal effective exchange rate of the rand

Exchange rates and US dollar commodity prices

32 Quarterly Bulletin December 2009

South African Reserve Bank

recovered thereafter on account of, among other things, the higher international price of gold. This reflected the continuation of the close relationship between international commodity prices and the exchange rates of commodity currencies such as the rand and the Australian dollar.

The real effective exchange rate of the rand increased by 23,5 per cent from December 2008 to September 2009 and by 9,1 per cent over the twelve months to September 2009, weakening South African exporters’ price competitiveness in international markets.

The average net daily turnover in the domestic market for foreign exchange which increased to US$14,6 billion in the second quarter of 2009, decreased marginally to US$14,5 billion in the third quarter. The elevated activity on the domestic market for foreign exchange during the second and third quarters of 2009 coincided with higher levels of portfolio investment inflows and further improvement in the exchange rate of the rand. The value of transactions in which non-residents participated also decreased marginally from US$11,0 billion per day to US$10,9 billion over the same period.

Quarterly Bulletin December 2009 33

South African Reserve Bank

Monetary developments, interest rates and financial markets

Money supply

Money supply growth continued to reflect the recessionary conditions in the economy. Calculated over twelve-month periods, the broadly defined money supply (M3) recorded seven consecutive single-digit growth rates to October 2009, having started to slow shortly after the onset of a downturn in the country’s business cycle in December 2007. The accompanying graph illustrates the history of M3 growth in a business cycle context, and shows that during the downward phase of the business cycle in the early 1990s, M3 growth remained below 10 per cent for about two years. The longest record of persistent single-digit growth rates in M3 was from 1970 to 1972 — a period during which credit ceilings were in force which partly preceded the January 1971 start of a downturn in the business cycle. Developments in M3 during 2000 could partly be associated with the unwinding of increased cash holdings around the millennium date change.

M3 and business cycle

Low single-digit quarterly M3 growth rates were registered in the first three quarters of 2009, including a negative growth rate in the second quarter. On a quarter-to-quarter⁵ basis, growth in M3 declined sharply to 4,1 per cent in the first quarter of 2009 and changed to a negative 1,4 per cent in the second quarter, before switching to a positive 4,1 per cent in the third quarter. Twelve-month growth decelerated to single digits in April 2009, declining further to a recent low of 2,7 per cent in October. The slowdown in M3 growth reflected the subdued level of aggregate income, the relative low return on M3 deposits, lower inflation, and the deterioration in corporate and household balance sheets.

Growth in the narrower monetary aggregates was subdued in the first three quarters of 2009, while growth in term deposits was volatile. Long-term deposits dominated growth in M3 deposits during the third quarter of 2009, rebounding from two consecutive negative growth rates in the first half of the year. Other short- and medium-term deposits balances were reduced markedly in the third quarter, while growth in notes and coin stagnated after a contraction in the second quarter.

5 The quarter-to-quarter growth rates referred to in this section are based on seasonally adjusted and annualised data.

34 Quarterly Bulletin December 2009

South African Reserve Bank

Maturity analysis of growth in M3

Per cent at seasonally adjusted annualised rates

	2008		2009
	4th qr		1st qr		2nd qr		3rd qr
Notes and coin		16,3		13,7		-1,0		0,5
Cheque and transmission deposits		12,8		-4,2		1,4		10,5
Call and overnight deposits		-3,7		-23,3		25,9		12,6
Other short- and medium-term deposits*		16,3		42,1		-11,7		-20,7
Long-term deposits**		43,5		-25,0		-12,9		71,6
M3		15,1		4,1		-1,5		4,1

*	Unexpired maturities of more than one day and up to six months, and savings deposits
**	Unexpired maturities of more than six months

At the sectoral level, the overall increase of R5,1 billion in M3 deposits during the third quarter of 2009 was solely accounted for by the corporate sector, while household-sector deposits decreased marginally by R0,3 billion. Year-on-year growth in M3 deposit holdings of the corporate sector decelerated from 4,9 per cent in June 2009 to 2,2 per cent in September. The deceleration was more pronounced in the deposit holdings of non-financial companies which recorded negative growth rates from July 2009, whereas those of financial companies accelerated. However, a severe contraction in the deposit holdings of non-financial companies persisted, as real-sector economic conditions continued to favour disintermediation. Measured over twelve months, M3 deposit holdings of the household sector grew by 6,0 per cent in October 2009, compared with 9,2 per cent recorded in June.

M3 holdings of households and companies

Quarterly Bulletin December 2009 35

South African Reserve Bank

The statistical counterparts of the increase in M3 during the third quarter of 2009 were, firstly, an increase in net claims on the government sector, largely due to a decline in government deposits arising from the redemption and coupon interest payments on various bonds during the period under review and, secondly, an increase in net foreign assets. Thirdly, banks’ claims on the private sector declined for the second consecutive quarter.

Statistical counterparts of change in M3

R billions

	2008		2009
	4th qr		1st qr		2nd qr		3rd qr
Net foreign assets		-14,5		7,6		20,6		7,8
Net claims on the government sector		17,3		5,6		-5,0		21,0
Claims on the private sector		38,3		27,1		-21,4		-15,0
Net other assets and liabilities		6,6		-27,1		14,6		-8,8
Total change in M3		47,6		13,1		8,8		5,1

The income velocity of circulation of M3 increased slightly to 1,25 in the third quarter of 2009, as M3 growth was outpaced by that of nominal gross domestic product.

Credit extension

Growth over twelve months in banks’ total loans and advances extended to the private sector decelerated markedly from mid-2007, receding to single-digit levels from February 2009 and turning negative in September — an occurrence only observed once before in the 1960s. It is evident that the conventional response of credit extension to the marked reduction in the repurchase rate in the first half of 2009 was still in the pipeline, outweighed by the stricter lending standards of private-sector banks, and deleveraging of balance sheets by households and companies, as the twelve-month rate of growth in total loans and advances recorded an all-time-low negative 1,2 per cent

Total loans and advances to the private sector

36 Quarterly Bulletin December 2009

South African Reserve Bank

in October 2009. The quarterly average levels of loans and advances moved broadly sideways in 2009, its seasonally adjusted annualised growth reversing from a negative rate of 1,9 per cent in the second quarter of 2009 to a positive rate of 0,2 per cent in the third quarter.

Most categories of loans and advances continued to contract in the third quarter of 2009, although at a more moderate pace than in the previous quarter. Mortgage advances was an exception: growth over twelve months in mortgage advances, which accounts for about 52 per cent of total loans and advances, remained positive and amounted to 3,6 per cent in October 2009. The growth in mortgage advances was supported, in part, by a slight improvement in housing affordability stemming from lower interest rates, and by the easing of lending criteria by banks through lower deposit requirements. Early indications that house prices were edging higher after a period of deflation also improved sentiment in this market.

Quarterly changes in banks’ total loans and advances by type

R billions

	2009
	2nd qr		3rd qr
Mortgage advances		2,2		3,4
Instalment sale credit and leasing finance		-5,2		-4,3
Other loans and advances		-19,0		-4,7
Overdrafts		-1,6		-3,4
Credit card advances		-0,7		0,5
General advances		-16,7		-1,7
Total loans and advances		-22,0		-5,6
Of which: To household sector		-1,6		5,7
To corporate sector		-20,5		-11,3

Twelve-month growth in instalment sale and leasing finance, accounting for about 13 per cent of total loans and advances, turned negative in April 2009 and recorded rates of contraction of 2,2 per cent in June and 5,8 per cent in October, consistent with the subdued demand for motor vehicles and other durable goods.

Loans and advances to the private sector by type of credit

Quarterly Bulletin December 2009 37

South African Reserve Bank

Other loans and advances continued to contract, and registered a negative twelve-month growth rate of 6,3 per cent in October. The contraction in other loans and advances continued to reflect the diminishing demand for general loans by the corporate sector.

The weak economic conditions dampened the use of loans and advances by the household, and especially the corporate sector in the second quarter of 2009. For the household sector, conditions improved somewhat in the third quarter, resulting in a slight increase in loans and advances, while loans to the corporate sector declined. The decline in credit extended to the corporate sector can mainly be attributable to the recessionary conditions and accompanying cautious outlook for business investment, lower working capital requirements and relatively tight credit conditions.

Interest rates and yields

Against the backdrop of receding inflationary pressures and subdued economic activity, the Monetary Policy Committee (MPC) extended its accommodative monetary policy stance into the third quarter of 2009. After reducing the repurchase (repo) rate by 100 basis points in May, the MPC left this rate unchanged at its July meeting. The repurchase rate was subsequently lowered by 50 basis points to 7,0 per cent in August 2009, but was then kept at that level in the ensuing three MPC meetings to November 2009. Although cost-push pressures in the economy continued to cloud the inflation outlook, the MPC decided to keep the monetary policy stance unchanged as the risks to the inflation outlook appeared to be fairly evenly balanced. The MPC statements discussing developments underlying recent monetary policy decisions are reproduced in full elsewhere in this Bulletin.

Other money-market interest rates drifted further downwards in the third quarter of 2009 and returned to near-record lows that prevailed before the onset of the tightening phase of the monetary policy in June 2006. The three-month Johannesburg Interbank Agreed Rate (Jibar), for example, decreased from 7,68 per cent on 12 August 2009 to 6,98 per cent on 22 September — a level last observed in October 2005. With the repurchase rate kept unchanged at the post-August meetings of the MPC, the Jibar then adjusted higher and reached 7,22 per cent on 27 November. Similarly, the 91-day Treasury bill rate remained in line with other money-market interest rates, and reflected demand and supply for short-term government instruments.

Money-market rates

38 Quarterly Bulletin December 2009

South African Reserve Bank

After the 50 basis points reduction in the repurchase rate in August, rates on forward rate agreements (FRAs) remained relatively stable from mid-August to early September, before trending upwards following the unchanged monetary policy stance. The increase was fairly generalised across the maturity spectrum of the FRA yield curve. In particular, the 9x12-month FRA rate recorded the largest increase of 57 basis points to 7,54 per cent on 26 October 2009. The FRA rate declined to 7,28 per cent on 27 November 2009. More recently, the slope of the FRA curve indicated that market participants expected the unchanged monetary policy stance to continue at the forthcoming MPC meetings.

The South African Benchmark Overnight Rate on Deposits (Sabor) remained fairly stable and well within the standing facility limits. The rate declined from 7,26 per cent on 12 August 2009 to 6,79 per cent on 27 November. The implied rate on one-day rand funding in the foreign-exchange swap market (overnight FX rate) exhibited some stability, in relation to the extreme volatility that characterised this market at the height of the global financial crisis in the third quarter of 2008.

Benchmark overnight rates

Developments in both the prime overdraft rate and the predominant rate on mortgage loans of the private-sector banks were consistent with the movements in the repurchase rate and remained unchanged at 10,50 per cent since August 2009.

The official rate of interest applicable to fringe benefit taxation, as defined in the Income Tax Act, declined from 8,5 per cent to 8,0 per cent on 1 September 2009.

Interest rates on the RSA government fixed-rate retail bonds are priced off the government bond yield curve on a monthly basis. The following table depicts how rates on fixed-rate bonds have changed since March 2009:

Interest rates on RSA fixed-rate retail bonds in 2009

Per cent

	2-year bond		3-year bond		5-year bond
Effective from:
1 Mar		9,50		9,75		10,25
1 Jun		9,00		9,25		9,75
1 Jul		9,25		9,50		9,75
1 Oct		8,75		9,00		9,25

Quarterly Bulletin December 2009 39

South African Reserve Bank

The daily average yield on the R157 government bond (maturing in 2014/15/16) fluctuated lower from a recent high of 8,78 per cent on 3 July 2009 to 8,02 per cent on 9 September in response to the appreciation in the exchange value of the rand and the decline in measured inflation. Subsequently, the yield rose to 8,42 per cent on 26 November in the wake of increased issuance and an expected further increase in the supply of government bonds, and inflation concerns related to Eskom’s tariff application. The daily closing yield on the US 5-year bond declined from a recent high of 2,92 per cent on 10 June 2009 to 2,11 per cent on 26 November. The spread between the South African R157 bond yield and the US 5-year bond yield narrowed from 636 basis points on 3 July 2009 to 565 basis points on 9 September, before widening again to 631 basis points on 26 November.

From July 2009 to September the yield curve moved downwards across all maturities. Thereafter, the yield curve shifted upwards with the exception of the short end, which remained anchored to the unchanged repurchase rate after the August MPC meeting. As a result, the yield gap (differential between yields at the extreme long and short ends of the curve) widened from 129 basis points on 8 September 2009 to 218 basis points on 26 November.

The gap between the nominal yield on conventional bonds and the real yield on inflation-linked government bonds increased in recent months, regardless of the appreciation in the exchange value of the rand and lower-than-expected measured inflation. The break-even inflation rate in the four-year maturity range progressively moved higher from a recent low of 3,88 per cent on 10 February 2009 to above the 6 per cent level in early June 2009, and came to 6,12 per cent on 26 November as the conventional government bond yield increased while the real yield on inflation-linked government bonds declined.

The currency risk premium on South African government bonds (the differential between South African government bond yields on rand-denominated debt in the five-to-six-year maturity range issued in the domestic market and on dollar-denominated debt issued in the United States) widened from 34 basis points in January 2009 to 424 basis points in October, as a general increase in the yield on domestic rand-denominated bonds and a decline in the corresponding yield on dollar-denominated bonds were observed.

Yields on government bonds

40 Quarterly Bulletin December 2009

South African Reserve Bank

The yield differential, as measured by the JP Morgan Emerging Markets Bond Index Plus (EMBI+), narrowed from 718 basis points in November 2008 to 323 basis points in October 2009 as investors reassessed exposure to emerging-market sovereign debt in line with improved global conditions. Tracking the narrowing emerging-market bond spreads, the sovereign risk premium on South African government US dollar-denominated bonds in the five-year maturity range trading in international markets narrowed from 720 basis points in November 2008 to 202 basis points in October 2009.

Money market

Money-market conditions remained normal in the third quarter of 2009. The average daily liquidity requirement of the private-sector banks varied within a narrower range of between R8,1 billion and R13,3 billion in the third quarter, compared with a range of between R7,4 billion and R14,8 billion during the second quarter of 2009, as fluctuations in liquidity moderated further. The weekly main refinancing auctions oscillated between R9,0 billion and R12,8 billion over the same period. In October 2009 the average daily liquidity requirement of the private-sector banks fluctuated downwards to R8,1 billion.

Liquidity requirement, range and amount allotted

Daily liquidity disparities were intermittently accommodated through banks’ utilisation of their cash reserve accounts, over and above the use of standing facilities and supplementary repurchase transactions. The statistical counterparts of recent money-market liquidity flows are depicted in the table on page 42.

During the third quarter of 2009, notes and coin in circulation, and banks’ cash reserve deposits with the South African Reserve Bank (SARB) cumulatively drained liquidity to the net value of R0,8 billion. Further tightening in liquidity conditions emanated from an increase in government deposits of R3,1 billion and the use of liquidity management instruments (reverse repurchase transactions and SARB debentures) to the net value of R1,2 billion. These transactions together largely offset the purchases of foreign exchange by the Bank, which injected R3,2 billion worth of liquidity into the money market.

Quarterly Bulletin December 2009 41

South African Reserve Bank

Money-market liquidity flows

R billions (easing + tightening –)

	2009
		2nd qr	3rd qr	Oct
Notes and coin in circulation		0,4	-0,7	-2,1
Required cash reserve deposits		-2,1	-0,1	0,0
Money-market effect of SARB* foreign-exchange transactions		3,0	3,2	3,2
Government deposits with the SARB		0,0	-3,1	1,4
Use of liquidity management instruments		0,9	-1,2	-2,3
Reverse repurchase transactions		-0,7	1,2	0,0
SARB debentures		1,6	-2,4	-2,3
Other items net		-2,2	1,4	-0,2
Banks’ liquidity requirement (decrease + increase –)		0,0	-0,5	0,0

* SARB: South African Reserve Bank

Redemption and coupon interest payments on various government bonds amounting to R24,7 billion were effected from the tax and loan account during the third quarter of 2009. Of this amount R11,1 billion was for the redemption of a portion of the R153 government bond, which matured on 31 August 2009.

Liquidity-draining operations: Outstanding balances

Bond market

Activity in the primary bond market accelerated from the second quarter of 2009, reflecting increased demand for funding by especially the public sector. Net issues of bonds by the national government amounted to a record high of R12,3 billion in September 2009, contributing towards net issues of R47,9 billion in the ten months to October 2009, compared with net issues of only R2,7 billion in the corresponding period of 2008. Net redemptions of R4,0 billion were recorded in August 2009, as the first tranche of the R153 bond, namely the R008 bond, was redeemed, with the balance being split between the remaining two tranches, namely, the R154 (2010) and R155 (2011) government bonds. In the wake of an expected shortfall in revenue

42 Quarterly Bulletin December 2009

South African Reserve Bank

collection, following the deterioration in domestic economic activity, the weekly government bond auction increased from an average R1,1 billion per week in April 2009 to R2,0 billion per week in October. According to the Medium Term Budget Policy Statement 2009, the domestic issuance of bonds is projected to increase further in fiscal 2009/10. The increase in net issues of bonds by state-owned enterprises contributed R38,0 billion thus far in 2009, while local governments raised R3,3 billion.

Domestic government bonds outstanding on 31 October 2009 by expiry date

Net issuance by the private sector amounted to R13,5 billion in the third quarter of 2009 - the highest quarterly net issuance since the first quarter of 2007 — with activity largely driven by banks. Net issues of fixed-interest securities by banks increased from R6,5 billion in the second quarter of 2009 to R17,3 billion in the third quarter. In August 2009, the first credit card securitisation since March 2007 was concluded, amounting to R1,2 billion. The outstanding nominal value of private-sector loan stock listed on the JSE Limited (JSE) increased by R16,6 billion to R231,6 billion in the ten months to October 2009. Short-term funding in the form of commercial paper remained subdued, with net redemptions amounting to R18,5 billion thus far in 2009, compared with net issues of R13,1 billion in the same period of 2008.

Despite generally higher yields offered by South African bonds, issuer interest in rand-denominated bonds in the European bond markets waned, registering net redemptions of R12,3 billion in the ten months to October 2009, compared with net issues of R8,8 billion in the corresponding period of 2008. However, non-resident issuers in the Japanese Uridashi market took advantage of the high-yield environment and net issues of rand-denominated bonds amounted to R4,4 billion in the first ten months of 2009. This was, however, 79 per cent less than in the same period of 2008, as redemptions became noticeable in 2009.

Turnover in the secondary bond market remained subdued thus far in 2009, against the backdrop of generally rising bond yields and lower trading volumes — partly on account of increased issues in the primary market. Despite the increase from R3,4 trillion in the second quarter of 2009 to R3,7 trillion in the third quarter due to higher volumes and

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South African Reserve Bank

some increase in non-resident participation, turnover on the JSE of R12,7 trillion recorded in the first ten months of 2009 was 31 per cent lower than the value traded in the corresponding period of 2008. Meanwhile, the daily average value of turnover declined by 25 per cent from R86,6 billion to R65,4 billion over the same period.

Rand-denominated bond issues in the European and Japanese Uridashi bond markets

Non-residents switched from net purchases of domestic bonds of R5,0 billion in the second quarter of 2009 to net sales of R3,4 billion in the third quarter. As domestic bond yields increased, non-residents returned in October 2009 as reflected by net purchases of R12,9 billion. Non-residents’ cumulative net purchases of domestic debt securities amounted to R4,1 billion in the first ten months of 2009, compared with net sales of R19,2 billion in the corresponding period of 2008. On average, non-resident participation in the JSE has accounted for 12 per cent of the value of all bonds traded thus far in 2009, compared with an average participation rate of 14 per cent in the corresponding period of 2008.

44 Quarterly Bulletin December 2009

South African Reserve Bank

Share market

In conjunction with the more positive sentiment in the share market, the total value of equity capital raised in the domestic and international primary share markets by companies listed on the JSE amounted to R97,0 billion in the first ten months of 2009, about 54 per cent more than the R63,2 billion raised in the corresponding period of 2008. The quarterly value of capital raised, however, declined from R46,5 billion in the second quarter of 2009 to R16,2 billion in the third quarter. Of the total amount raised in the first ten months of 2009, companies constituting the industrial sector were predominant contributors at 53 per cent, followed by the financial and resources sectors with 27 per cent and 17 per cent respectively. Capital was mainly raised through the acquisition of assets and the waiver of pre-emptive rights to the amounts of R51,1 billion and R26,7 billion over the same period. Companies with primary listings on the JSE and those with secondary listings on the JSE contributed nearly equally to the total capital raised thus far in 2009.

The total number of listings came to 412 at the end of October 2009, with 9 new listings and 22 delistings recorded in the first ten months of 2009, compared with 23 new listings and 17 delistings recorded in the same period of 2008. Four new listings — one company transferred from the venture capital board — and four delistings — two companies transferred to the main board — on Alt^X thus far in 2009 brought the total listings on this exchange to 77 at the end of October. The Alt^X listings, together with the 323 companies listed on the main board and 12 companies listed on the venture and development capital boards, represent all listings on the JSE.

The volatility in global equity markets and the cautiousness of market participants were reflected in the total value of shares traded on the JSE of R2,3 trillion during the ten months to October 2009. Turnover was 18 per cent less than the R2,9 trillion recorded in the corresponding period in 2008. The recovery in share prices from March 2009, however, buoyed trading activity and turnover increased from R664,5 billion in the second quarter of 2009 to R740,4 billion in the third quarter. Alt^X recorded only a fraction of total turnover to the amount of R2,1 billion in the first ten months of 2009 — a decrease of 56 per cent compared with the corresponding period of 2008. Although the daily average total turnover increased in the three months to October 2009, the daily average turnover of R10,7 billion in the first ten months of 2009 was lower than the R13,0 billion recorded in the corresponding period of 2008.

As share prices recovered, the total market capitalisation of the JSE increased by 44 per cent from R4,0 trillion in February 2009 to R5,8 trillion in October. The JSE’s market capitalisation, expressed in US dollar terms, placed it at number 18 in the world ranking of the World Federation of Exchanges, an international association comprising more than 50 of the world’s leading bourses. At the end of October 2009, the ten largest companies by market capitalisation represented approximately 47 per cent of total market capitalisation of the JSE. The combined market capitalisation of all companies listed on Alt^X declined from R20,0 billion in November 2008 to R13,1 billion in July 2009, before increasing to R14,1 billion in October — accounting for only 0,2 per cent of total market capitalisation. Total market liquidity, measured by annualised turnover as a percentage of market capitalisation, declined from 75 per cent in March 2009 to 59 per cent in October.

Non-residents’ interest in South African shares confirmed an improvement and recovery in the domestic and global equity markets. Net purchases of domestic shares amounting to R24,8 billion in the third quarter of 2009 followed net purchases of R19,4 billion

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South African Reserve Bank

recorded in the second quarter of 2009. Non-residents’ cumulative net purchases of shares amounted to R70,6 billion in the first ten months of 2009, compared with net sales of R49,2 billion in the corresponding period of 2008. Non-residents’ participation in the secondary share market, measured as their purchases and sales as a percentage of the value of total purchases and sales, averaged 18 per cent in the first ten months of 2009.

Net purchases of shares and bonds by non-residents

Transactions on the JSE Limited

Global share prices rose sturdily in recent months as risk aversion subsided. The All-Share Price Index (Alsi) increased by 49 per cent from a recent low on 3 March 2009 to reach an index value of 27 026 on 26 November, supported by stronger international equity markets, higher commodity prices, lower interest rates, and ample international liquidity. Adjusted for the exchange value of the rand, the South African Alsi, in US dollar terms, increased by 111 per cent from a recent low on 9 March 2009 to 26 November, outperforming the Standard & Poor’s (S&P) 500 Composite Index, which increased by 64 per cent over the same period.

In a world ranking by the World Federation of Exchanges the performance of the JSE’s Alsi, in local currency terms, was placed at number five at the end of 2008. As shown in the table on page 47, the best performance in 2008 was recorded by the Tehran Stock Exchange of Iran and exchanges of developed countries started featuring from position eight on the ranking. However, movements in these indices from the end of December 2008 to the end of October 2009 resulted in a significant change in these ten positions although the Tehran Stock Exchange was still at number one and the JSE at number five.

The historical dividend yield on all classes of shares decreased from 4,5 per cent in February 2009 to a low of 2,3 per cent in October — a level similar to those previously recorded in 2007 and the first half of 2008. The earnings yield also decreased from 11,8 per cent to 6,3 per cent in the period under review, and these decreases can mainly be ascribed to lower earnings and dividends declared in the past twelve months and higher share prices. Conversely, the price-earnings ratio for all classes of shares increased from 8,4 in February 2009 to 15,9 in October. The recent levels of the price-earnings ratio were higher than the average of 13,1 in 2008 and its long-term average of 13,7, measured from 1990 to date, and partly reflected investors’ positive expectations regarding the growth in future earnings of companies.

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South African Reserve Bank

Price performance of top ten share markets, in local currency

			Percentage change
			End Dec 2007		End Dec 2008
Ranking		Exchange	to end Dec 2008		to end Oct 2009
	1.	Tehran Stock Exchange		-11,1		44,2
	2.	Santiago Stock Exchange		-22,1		39,5
	3.	Mexican Exchange		-24,2		28,0
	4.	Amman Stock Exchange		-24,9		-5,2
	5.	JSE Limited		-25,7		22,6
	6.	Colombia Stock Exchange		-29,3		42,1
	7.	Bermuda Stock Exchange		-30,4		-38,1
	8.	London Stock Exchange		-31,3		15,2
	9.	Jasdaq		-33,2		0,8
	10.	New Zealand Exchange		-37,4		13,3

Source: I-Net Bridge and Bloomberg, using broad share price indices

Market for exchange-traded derivatives

In July 2009 the JSE’s Equity Derivatives Division introduced futures and options on the FTSE/JSE African Banks Index. Such futures started trading in September, providing investors an opportunity to trade and gain exposure to shares constituting the African Banks’ Index.

Although activity in equity derivatives on the JSE increased somewhat in the third quarter of 2009, turnover has remained much lower thus far in 2009 when compared with the corresponding period of 2008. In replacing the old dividend futures contracts, the JSE listed new dividend futures contracts from 24 August 2009, partly in an effort to allow clients more possibilities and efficiency in their trades. Single-stock futures continued to dominate trading activity, accounting for 62 per cent; equity index contracts accounted for 26 per cent and dividend futures products for 10 per cent of the total number of contracts traded in the first ten months of 2009.

In August 2009 the Commodity Derivatives Division of the JSE extended its current agreement with the CME Group to diversify its product range by including foreign-referenced energy and precious metal commodities, namely crude oil, gold and platinum products in addition to the cash-settled maize futures and options contracts. Trading in these products started in October 2009.

Trading activity in commodity futures and options contracts has generally displayed a slowdown thus far in 2009, prompted by lower domestic and international agricultural commodity prices and the appreciation in the exchange value of the rand. In the first ten months of 2009 the total number of contracts traded amounted to 1,6 million, some 32 per cent lower than the number of contracts traded in the corresponding period of 2008.

Trading activity on the Yield-X derivatives market soared as volumes traded reached an all-time high of 1,7 million in September 2009, contributing to an increase of 40 per cent in the first ten months of 2009 compared with the same period of 2008. Alongside the movements and developments in the exchange value of the rand, currency futures and options contracts continued to dominate trade, accounting for 94 per cent of the total number of contracts traded in the ten months to October 2009 – with US dollar/rand

Quarterly Bulletin December 2009 47

South African Reserve Bank

contracts being the most favoured. Notwithstanding the introduction of futures contracts on the R155 instrument in September 2009, trade in interest rate futures and options contracts remained subdued in the first ten months of 2009 compared with the same period in 2008, reflecting an increase of only 6 per cent in the number of contracts traded.

Agricultural commodity prices

Along with a decline in the number of warrants traded in the ten months to October 2009 when compared with the corresponding period in 2008, turnover was lower. Turnover in all derivatives traded on the JSE for the first ten months of 2009 is indicated in the table below.

Derivatives turnover on the JSE, January to October 2009

	Value		Change over one year
	R billions		Per cent
Equity futures and options on futures		2 541		-42
Warrants		2		-11
Commodity futures and options		191		-39
Interest rate derivatives		121		24

Real-estate market

The improvement in property demand, although sluggish, provided an indication of the effect of the cumulative 500 basis points reduction in interest rates since December 2008, combined with recent relaxation in the tight credit conditions in the mortgage bond market. The year-on-year rate of change in the average price of residential property in the middle segment of the market, as measured by Absa, improved from a negative 3,5 per cent in April 2009 to a positive 2,6 per cent in October. Similarly, the year-on-year rate of change in the average house price, as measured by First National Bank, slowed from a negative 8,7 per cent in June 2009 to a negative 1,0 per cent in October. The Standard Bank median house price improved from a negative 5,2 per cent year-on-year rate of change in August and September 2009, to a negative 4,6 per cent in October.

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South African Reserve Bank

An analysis by price category indicates that the year-on-year rate of change of residential property prices in the luxury market segment, as measured by Absa, switched from an increase of 1,9 per cent in the second quarter of 2009 to a decline of 4,0 per cent in the third quarter. By contrast, the corresponding rate of change of house prices in the affordable houses category increased from 1,9 per cent to 2,1 per cent over the same period.

House price changes in different price classes

	Percentage change over four quarters
	2nd qr		3rd qr
	2009		2009
Affordable (40 m2 to 79 m2, up to R430 000)		1,9		2,1
Middle segment (80 m2 to 400 m2, up to R3,1 million)		-3,2		-1,1
Small (80 m2 to 140 m2, up to R3,1 million)		-4,2		-4,4
Medium (141 m2 to 220 m2, up to R3,1 million)		-3,1		-4,7
Large (221 m2 to 400 m2, up to R3,1 million)		-1,0		1,9
Luxury segment (between R3,1 million and R11,5 million)		1,9		-4,0

Source: Absa

Non-bank financial intermediaries

A more optimistic outlook for activity in the financial sector during the third quarter of 2009 was evidenced by improvements in the balance sheets of non-bank financial intermediaries.⁶ After contracting by 3 per cent to R3,2 trillion in the first quarter of 2009, the total assets of non-bank financial intermediaries increased to R3,5 trillion in the third quarter. The intermediaries benefited, in part, from the recovery in the equity prices during the quarter ending September. Relatively lower bond prices, however, weighed on the institutions’ holdings of fixed-interest securities amid concerns of increased

Total assets of selected non-bank financial institutions

6 Defined as unit trusts, pension and provident funds and insurers.

Quarterly Bulletin December 2009 49

South African Reserve Bank

supply of government paper. The combined equity holdings of these intermediaries as a percentage of total assets increased from 43 per cent in the second quarter of 2009 to 46 per cent in the third quarter. Holdings of fixed-interest securities increased from 21 per cent to 22 per cent, while cash and deposits declined to 18 per cent over the same period.

However, net inflows to non-bank financial intermediaries declined by 37 per cent from R99,6 billion in the second quarter of 2009 to R63,0 billion in the third quarter against the backdrop of low investor confidence levels. Cumulatively, the net inflow of funds amounted to R244,8 billion in the first three quarters of 2009, compared with R278,1 billion in the corresponding period of 2008.

50 Quarterly Bulletin December 2009

South African Reserve Bank

Public finance

Non-financial public-sector borrowing requirement⁷

The consolidated general government continued with robust spending on infrastructure in the July–September quarter of fiscal 2009/10. As a result of the economic slowdown, tax revenue collections at the same time underperformed, while higher capital spending by non-financial public enterprises and corporations further widened the non-financial public-sector borrowing requirement. The non-financial public-sector cash deficit reached R54,3 billion in the July–September quarter and R107,1 billion in the period April–September 2009. The latter number may be compared with a cash deficit of R35,1 billion recorded in the same six-month period a year earlier.

Non-financial public-sector borrowing requirement

* April–September 2009

In the first half of fiscal 2009/10 the non-financial public-sector borrowing requirement relative to gross domestic product amounted to 8,8 per cent, compared with a deficit of 3,0 per cent recorded in the same period a year earlier.

Financial activities of the non-financial public sector at various levels of government are summarised in the table on page 52.

Non-financial public enterprises and corporations recorded a cash deficit of R6,0 billion in April–September 2009, compared with a cash deficit of R17,0 billion recorded in the corresponding period a year earlier. The much smaller cash deficit resulted from significant revenue received by major non-financial public enterprises and corporations. This included the sale of Telkom’s 15 per cent stake in Vodacom for R22,5 billion. Net investment in non-financial assets by non-financial public enterprises and corporations totalled R44,8 billion during the period under review, representing a year-on-year rate of increase of 17,0 per cent. Eskom received a further amount of R7,5 billion as part of the second tranche of a subordinated loan from National Treasury in September 2009.

7 Calculated as the cash deficit/surplus of the consolidated central government, provincial and local governments, and the non-financial public enterprises and corporations.

Quarterly Bulletin December 2009 51

South African Reserve Bank

Non-financial public-sector borrowing requirement

R billions

Level of government	Apr–Sep 2008*			Apr–Sep 2009*
Consolidated general government		18,1			101,1
National government		15,7			102,6
Extra-budgetary institutions		-6,1			-4,2
Social security funds		-6,3			-3,7
Provincial governments		3,8			-3,1
Local governments		11,1			9,6
Non-financial public enterprises and corporations		17,0			6,0
Total		35,1	**		107,1	**
As a percentage of gross domestic product		3,0			8,8

*	Deficit + surplus –
**	Components may not add up to totals due to rounding off of figures

The fiscal performance of national government was characterised by negative growth in tax revenue, resulting in cash receipts from operating activities decreasing by 7,1 per cent in April–September 2009, compared with the same period of the previous fiscal year. Cash payments for operating activities simultaneously rose 21,0 per cent year on year to total R378,5 billion in the first two quarters of fiscal 2009/10. During April–September 2009, net cash flow from operating activities, together with firm net investment in non-financial assets resulted in a cash deficit of R102,6 billion. This was substantially higher than the cash deficit recorded in the corresponding period a year earlier.

Finances of non-financial public enterprises and corporations

^* April–September 2009

An analysis of Provincial Revenue Fund Statements indicates that provincial governments recorded a cash surplus of R1,0 billion in July–September 2009. This brought the cash surplus for the first half of fiscal 2009/10 to R3,1 billion. This is a turnaround from the R3,8 billion cash deficit recorded in the same period a year earlier. The Provincial Budgets and Expenditure Review 2005/06–2011/12, published by National Treasury in September 2009, projected a cash deficit of R0,7 billion for fiscal 2009/10 as a whole.

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South African Reserve Bank

Grants from national government comprised the equitable share transfers and conditional grants earmarked for specific purposes. These grants remained the principal source of provincial governments’ cash receipts and equalled R144,1 billion in the first six months of fiscal 2009/10. Equitable share transfers are used to provide basic services such as school education, health and social welfare, alongside other functions in terms of government’s strategic objectives.

Cash payments for operating activities by provincial governments amounted to R131,9 billion in April–September 2009, representing a year-on-year rate of increase of 12,0 per cent. Net investment in non-financial assets reached R13,3 billion in the first six months of fiscal 2009/10, which was 22,9 per cent more than in the same period a year earlier. Capital expenditure continues to be one of the fastest-growing items in provincial expenditure. With this, there has been a distinct increase in capital expenditure by provinces, which is largely attributable to the Infrastructure Development Improvement Programme (IDIP).

Provincial governments increased their deposits with private-sector banks from R6,5 billion at the end of March 2009 to R7,6 billion at the end of September. Their overall indebtedness to banks decreased from R1,7 billion to R0,8 billion between these respective dates.

For the first six months of fiscal 2009/10, local governments recorded an estimated cash deficit of R9,6 billion, compared with a deficit of R11,1 billion recorded in the corresponding period a year earlier. This could be ascribed to an improvement in the net operating activities of local governments during the period under review. However, given the still unfavourable domestic economic conditions, municipal own revenue remained under pressure as consumer debt soared. In supporting municipal revenue, national government transferred the first tranche of R0,2 billion to Category A (metropolitan) municipalities as a portion of revenue generated from the general fuel levy. In fiscal 2009/10 the tax-sharing agreement was implemented, which replaced the Regional Services Council and Joint Services Board levies. To this end, national government budgeted for an amount of R6,8 billion to be transferred to local governments for fiscal 2009/10 as a whole.

During the period under review, net investment in non-financial assets by municipalities trended higher and reached R21,7 billion – or 4,1 per cent higher compared with the same period a year earlier. Government continued its commitment to infrastructure-related spending, and in so doing, partly cushioned the domestic economy from the financial crisis, thereby promoting sustainable long-term economic growth and development.

In the July–September quarter of 2009, extra-budgetary institutions recorded an estimated cash surplus of R2,2 billion, bringing the cash surplus to R4,2 billion in the first half of fiscal 2009/10. Preliminary estimates indicated that social security funds recorded a cash surplus of R3,7 billion in the first six months of fiscal 2009/10 – significantly lower than the cash surplus of R6,3 billion recorded in the corresponding period of fiscal 2008/09.

Budget comparable analysis of national government finance

Despite the current economic slowdown, national government spending continued to grow according to budgeted projections. Spending by national government in the first half of fiscal 2009/10 was almost half the budgetary projections and amounted to R368,0 billion, representing a year-on-year rate of increase of 22,1 per cent. Although this growth rate was noticeably higher compared with the 14,9 per cent recorded in April–September 2008 and exceeded the average growth rate recorded in the first six

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South African Reserve Bank

months of the preceding five fiscal years, it was budgeted as such. The Budget Review 2009 projected main budget expenditure to increase by 16,2 per cent to equal R739 billion for the fiscal year 2009/10 as a whole.

National government expenditure relative to gross domestic product amounted to 30,3 per cent in April–September 2009, markedly higher than the ratio of 26,0 per cent recorded in April–September 2008.

National government expenditure

Increased spending by national government was primarily driven by transfers and subsidies paid by the Financial and Administrative cluster – mainly National Treasury –together with the Social Services cluster. In the six-month period under review, transfers and subsidies increased by 39,8 per cent year on year and included extraordinary transfer payments by National Treasury and the departments of Health and Social Development. This increase included a one-off loan of R4,2 billion paid to the Gauteng Province for the Gautrain project, and a grant of R1,7 billion to provinces and municipalities for integrated housing and human settlement development. The Budget Review 2008 made provision for financial support for Eskom’s capital investment programme. To date, Eskom received R25,0 billion in the form of a subordinated loan from National Treasury. The first tranche of R10 billion was paid in fiscal 2008/09. Furthermore, a portion of the second tranche was paid in equal amounts in June and September 2009, amounting to R15,0 billion.

During April–September 2009, interest paid on national government debt totalled R28,2 billion, representing an increase of 2,0 per cent compared with the corresponding period in the previous fiscal year. The modest increase in interest payments was to some

54 Quarterly Bulletin December 2009

South African Reserve Bank

extent influenced by the switch programme of domestic government bonds in fiscal 2008/09, combined with higher issuance of domestic and foreign bonds in the current fiscal year. To date, interest payments exceeded the half-yearly projections by a paltry R0,6 billion. Relative to gross domestic product, interest paid on national government debt equalled 2,3 per cent in April–September 2009, broadly the same as the ratio recorded in the same period a year earlier. Payments for capital assets amounted to R3,4 billion during April–September 2009; 2,2 per cent less than in the same period in the previous fiscal year. The original budget projected that payments for capital assets would amount to R8,5 billion in fiscal 2009/10 as a whole.

After taking into account cash-flow adjustments,⁸ national government’s cash-flow expenditure in the first half of fiscal 2009/10 equalled R359,3 billion – or 19,8 per cent more than in the corresponding period a year earlier.

National government revenue collections continued to weaken in the first six months of fiscal 2009/10 and amounted to R261,4 billion. Revenue collections were well below originally budgeted projections and decreased year on year by 8,4 per cent compared with the same period a year earlier. The Budget Review 2009 estimated that national government revenue would grow by 5,6 per cent to total R643 billion for the fiscal year as a whole.

As a ratio of gross domestic product, national government revenue amounted to 21,6 per cent in the period under review, lower than the ratio of 24,7 per cent recorded in the corresponding period in the previous fiscal year.

National government revenue

8 Transactions arising from timing differences between the recording of transactions and bank clearances, and late departmental requests for funds.

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South African Reserve Bank

Revenue underperformance in April–September 2009 was broad-based as it resulted from declines in almost all the major tax categories, which mirrored the weak domestic economic conditions. Taxes on income, profits and capital gains decreased moderately, influenced by a steep decline in corporate income tax collections, which signalled the decreased profitability of companies following the ongoing sluggish economic activity. The decrease outweighed modest but positive growth in collections from personal income taxes.

Taxes on property continued to reflect the contraction in activity in the real-estate market by registering a negative growth rate as receipts from transfer duties declined further. However, signs of growth in collections from securities transfer taxes negated this slightly. Major components of taxes on goods and services recorded negative growth rates. The decline in value-added tax collections was consistent with the contraction in final consumption expenditure by households. Taxes on international trade and transactions declined strongly in the first six months of fiscal 2009/10 as lower customs duties were collected, reflecting both declining import volumes and a stronger exchange value of the rand, which suppressed the rand value of imports.

National government revenue in fiscal 2009/10

	Originally budgeted				Actual Apr-Sep 2009
			Percentage				Percentage
Revenue source	R billions		change*		R billions		change*
Taxes on income, profits and capital gains		389,0		1,4		170,7		-4,4
Payroll taxes		7,8		5,8		3,8		7,7
Taxes on property		10,4		9,9		4,2		-16,8
Taxes on goods and services		226,5		12,6		84,9		-9,3
Taxes on international trade and transactions		25,3		10,9		8,3		-30,8
Other revenue		11,9		-11,3		3,6		-49,7
Less: SACU** payments		27,9		-3,5		14,0		-3,5
Total revenue		643,0		5,6		261,4		-8,4

*	April–September 2008 to April–September 2009
**	Southern African Customs Union

After taking into account cash-flow adjustments, national government cash-flow revenue in the first six months of fiscal 2009/10 equalled R261,2 billion, representing a year-on-year rate of decrease of 8,8 per cent.

Netting national government revenue and expenditure in the first two quarters of fiscal 2009/10 resulted in a cash-book deficit of R106,5 billion – almost seven times the cash-book deficit recorded in the corresponding period a year earlier. The cash-book deficit in April–September 2009 already exceeded the originally budgeted deficit of R95,6 billion for the current fiscal year as a whole by about R11 billion. As a ratio of gross domestic product, the deficit amounted to 8,8 per cent in the first six months of the current fiscal year, compared with 1,4 per cent recorded in the same six-month period a year earlier.

The net result of national government cash-flow revenue and cash-flow expenditure for April–September 2009 was a cash-flow deficit of R98,0 billion. This was considerably higher than the cash-flow deficit recorded in April–September 2008. Extraordinary receipts included R3,9 billion as proceeds from the sale of Telkom shares in Vodacom and special dividends from Telkom of R0,5 billion. After taking into account extraordinary

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South African Reserve Bank

Cumulative deficit of national government

transactions and the cost on revaluation of foreign debt at redemption, the net borrowing requirement amounted to R93,9 billion in the first six months of fiscal 2009/10, markedly higher than the R14,9 billion recorded in April–September 2008.

National government financing in fiscal 2009/10

R billions

	Originally		Actual			Actual
	budgeted		Apr–Sep			Apr–Sep
Item or instrument	2009/10		2009			2008
Deficit		95,6		98,0	*		13,7	*
Plus: Extraordinary payments		0,9		0,1			1,0
Cost on revaluation of foreign debt at redemption*		2,3		0,5			2,1
Less: Extraordinary receipts		4,0		4,7			1,8
Net borrowing requirement		94,8		93,9			14,9
Treasury bills		15,4		43,3			8,5
Domestic government bonds		63,7		35,4			13,6
Foreign bonds and loans		6,1		10,1			-1,8
Change in available cash balances**		9,6		5,1			-5,3
Total net financing		94,8		93,9			14,9

*	Cash-flow deficit
**	Increase – decrease +

As indicated in the table above, the net borrowing requirement was financed through the issuance of debt instruments in the domestic and foreign capital markets. The 2009 Budget Review projected that net issues of domestic Treasury bills would amount to R15,4 billion in fiscal 2009/10. However, actual issues to date have been almost three times the budgeted amount. In February 2009, the maturities of the current Treasury bills were expanded with the introduction of 364-day bills. Thus far, a total amount of R5,6 billion was sourced from the issuance of this instrument in the first half of fiscal 2009/10. During April–September 2009, net issues of RSA Retail Savings Bonds amounted to R1,8 billion, bringing the total balance outstanding to R3,3 billion at the end

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South African Reserve Bank

of September 2009. Net redemptions of R0,1 billion were recorded in the same period a year earlier. National government redeemed the first tranche of the R153 bond to the amount of R12,6 billion in August 2009.

National government financing

Domestic long-term funding was obtained at an average rate of 8,7 per cent per annum, while domestic short-term instruments were sold at an average of 7,4 per cent. The average maturity of domestic marketable bonds of national government remained unchanged at 123 months between March and September 2009.

In addition to the R12,3 billion raised in May 2009, national government raised a further R4,1 billion during September 2009 through the issuance of a US$500 million ten-year bond. The average maturity of foreign marketable bonds of national government accordingly increased from 77 months at the end of March 2009 to 96 months at the end of September.

Financial activities of national government resulted in a decrease in government’s cash balances during the first half of fiscal 2009/10, bringing these balances to R96,2 billion at the end of September 2009. Deposits with the Bank increased by R2,9 billion and totalled R73,0 billion at the end of September 2009. At the same time, government deposits with commercial banks decreased by R8,0 billion between March and September 2009.

Domestic debt as a proportion of total loan debt increased from 84,2 per cent at the end of March 2009 to 87,2 per cent at the end of September. During this period national government did not conduct any switch transactions.

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South African Reserve Bank

Foreign debt as a portion of total loan debt decreased from 15,8 per cent to 12,8 per cent between the above-mentioned dates. The revaluation effects arising from the strengthening exchange value of the rand contributed to this decrease.

Total loan debt of national government increased from R616 billion at the end of March 2009 to R702 billion at the end of September. As a ratio of gross domestic product, total national government loan debt amounted to 29,6 per cent at the end of September 2009, compared with 26,6 per cent at the end of March.

The Medium Term Budget Policy Statement 2009

The Minister of Finance tabled the 2009 Medium Term Budget Policy Statement (MTBPS) before Parliament on 27 October against the backdrop of a global financial crisis and the first South African economic recession since 1994. South Africa, along with other G-20 economies, responded collectively to support and reform the global financial system. To this end, governments and central banks injected funds into the financial system, thus assisting in restoring credit flows and rebuilding investor confidence. Despite these measures, the Minister noted that considerable uncertainty still existed regarding the pace and sustainability of the global economic recovery. The recession prompted the South African government to alter fiscal projections and plans, with investment in job creation to be expanded and embedded fully in government’s rural development strategy, social services and local infrastructure programmes. Government recognised the restoration of growth and improving financial regulation as its immediate challenges.

Despite some tentative signs that South Africa could be emerging from the recession, government recognised that the eventual recovery could be slow and uneven, with job creation lagging the return to growth and many households continuing to face hardship. Healthy public finances and strong partnerships with business and labour enabled government to reduce the impact of the crisis. The framework of government’s response to the economic crisis included, inter alia, a countercyclical fiscal and monetary policy stance; continued public infrastructure investment and support for investment in industrial capacity and competitiveness; re-skilling of workers; and support for industries in distress or undergoing restructuring.

Over the past seven years, strong economic growth, improvements in tax administration and compliance, and the broadening of the tax base resulted in strong growth in tax revenue. However, as the economy contracted, tax revenue declined and it was expected that gross tax revenue in fiscal 2009/10 would be R70,3 billion, or 10,7 per cent below the forecast presented in the February 2009 Budget.

As economic growth picks up, tax revenue is expected to recover gradually. Tax revenue was projected to reach 26,2 per cent of estimated gross domestic product by 2012/13, driven by a recovery in household consumption and corporate profits, and supported by measures to broaden the tax base.

The 2009 MTBPS reflected a moderation in spending growth, accompanied by significant reprioritisation of public spending phased in over the next three years. The first and second phases include reducing unnecessary and wasteful expenditure; rationalising public entities and agencies; shifting resources from back-office operations to frontline services; and reforming the procurement process to reduce unit costs and corruption. The last phase would include a comprehensive expenditure review, where government would look at reshaping the way public services are delivered and resources allocated.

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South African Reserve Bank

Fiscal projections

Percentage of gross domestic product

	2009/10				2010/11				2011/12				2012/13
Components	Feb*		Oct**		Feb*		Oct**		Feb*		Oct**		Oct**
Consolidated government
Revenue		29,9		27,3		30,3		28,4		30,3		29,1		29,6
Expenditure		33,7		35,0		33,5		34,6		32,3		34,0		33,8
Balance***		-3,8		-7,6		-3,2		-6,2		-1,9		-5,0		-4,2
General government borrowing requirement		3,8		7,8		3,1		6,6		2,3		5,4		4,7
Public-sector borrowing requirement		7,5		11,8		6,5		11,2		5,3		9,4		8,4
Gross loan debt		29,8		33,7		31,0		38,2		31,1		41,5		44,6

*	Budget Review 2009
**	Medium Term Budget Policy Statement, October 2009
***	Deficit – surplus +

Taking into account projected underspending, savings declared by departments and the adjusted state debt cost estimate, the 2009/10 MTBPS provided for total expenditure in 2009/10 to amount to R752,5 billion or 1,9 per cent more compared with the February estimates. Consolidated government capital expenditure had been growing at an average real growth rate of 15,6 per cent annually since 2004/05. With existing capital budgets substantially higher, capital spending was expected to reach 7,8 per cent of non-interest consolidated government spending in 2009/10.

National government finances

Rising expenditure, combined with a largely cyclical downturn in tax revenue, resulted in the consolidated government budget deficit increasing substantially to 7,6 per cent as a ratio of gross domestic product in fiscal 2009/10. Over the medium term expectations were that the stabilisation in expenditure growth and the recovery in budget revenue would result in the deficit declining to 4,2 per cent as a ratio of gross domestic product by 2012/13.

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Major funding needs of government were related to further investment in school buildings, public transport, housing, water and sanitation. The non-financial public enterprises – principally Transnet and Eskom – were expected to continue the strong expansion of their capital infrastructure programmes. Hence, capital expenditure by the public sector was expected to reach 9,8 per cent of estimated gross domestic product by 2012/13. Infrastructure projects of government departments and their agencies were budgeted for, while projects of the non-financial public enterprises would be financed through their own revenue, borrowing and other capital-raising activities.

Non-financial public-sector borrowing requirement

* Medium Term Budget Policy Statement, October 2009

Owing to the higher financing requirement of general government and the non-financial public enterprises, the public-sector borrowing requirement was expected to widen to 11,8 per cent of gross domestic product in 2009/10 – well above the originally budgeted ratio of 8,0 per cent. While general government borrowing would moderate somewhat over the medium term, the infrastructure programme of the non-financial public enterprises would take the public-sector borrowing requirement to an average of 9,7 per cent of gross domestic product over the three years to 2012/13.

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South African Reserve Bank

Statement of the Monetary Policy Committee
22 September 2009

Issued by Mr T T Mboweni, Governor of the South African Reserve Bank, at a meeting of the Monetary Policy Committee (MPC) in Pretoria

Introduction

There are signs that the global economic recovery is under way, but the indications are that the pace of recovery is likely to be slow and uneven, particularly in the industrialised economies where banking sector concerns still persist. Domestic economic growth, which has been negative in each of the past three quarters, is expected to improve in the coming quarters. However, the domestic recovery is likely to be influenced by global growth developments and is subject to a relatively high degree of uncertainty. Domestic inflation has continued its downward trend, but some risks to the outlook remain.

Recent developments in inflation

The year-on-year inflation rate as measured by the consumer price index (CPI) for all urban areas declined to 6,4 per cent in August, compared with 6,7 per cent in July. The main contributors to the inflation outcome were the categories of housing and utilities, and miscellaneous goods and services. Food price inflation moderated further, with food and alcoholic beverages increasing at a year-on-year rate of 6,8 per cent; down from 8,3 per cent in July.

Producer prices have continued their negative trend and declined at a year-on-year rate of 3,8 per cent in July, compared with a decline of 4,1 per cent in June. Food price inflation at the consumer level can be expected to abate as agricultural product prices declined at a year-on-year rate of 1,7 per cent, while manufactured food product prices increased at a rate of 0,8 per cent. Upside pressure on producer prices came from electricity prices which increased by 27,4 per cent.

The outlook for inflation

The CPI inflation forecast by the South African Reserve Bank staff continues to indicate that inflation is likely to return on a sustained basis to within the inflation target range by the second quarter of 2010. CPI inflation is then expected to remain within the inflation target range for the remainder of the forecast period until the end of 2011. Compared with the previous forecast, the outlook is unchanged for 2009 and 2010, although there is a slight improvement for 2011. The exchange rate of the rand has provided downside pressure, which has more or less offset higher oil price assumptions and higher unit labour costs over the period.

The most recent study of inflation expectations undertaken on behalf of the Bank by the Bureau for Economic Research (BER) at Stellenbosch University indicates that inflation expectations have improved somewhat, but remain, on average, above the upper end of the inflation target range. Inflation is expected to average 7,5 per cent in both 2010 and 2011. This represents declines of 0,6 per cent and 0,4 per cent in these years respectively, compared with the previous survey. Only the financial analysts expect inflation to be within the target range in the coming two years. Since the previous meeting of the MPC, the break-even inflation rates, as measured by the yield differential between conventional government bonds and inflation-linked bonds, declined across all maturities to within the inflation target range.

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Overall, the risks to the inflation outlook appear to be fairly evenly balanced. The main upside risks continue to emanate from high increases in some administered prices, particularly electricity prices, and increases in nominal unit labour costs well in excess of the current inflation rate. Nominal unit labour cost increased over four quarters by 9,3 per cent in the second quarter of 2009, compared with 11,3 per cent in the previous quarter.

International oil prices, which remain an upside inflation risk factor, have moderated slightly since the previous meeting of the MPC and appear to have stabilised around current levels of about US$70 per barrel. Domestic petrol prices increased by 36 cents per litre in September, but the current over-recovery indicates that this increase may be offset, to a large extent, in October, as a result of lower product prices and the recent appreciation of the rand.

Growth in domestic final demand declined at an annualised rate of 3,5 per cent in the second quarter of 2009. Household consumption expenditure contracted by 5,8 per cent, compared with a decline of 4,8 per cent in the previous quarter. Durable goods consumption was the most affected sub-category, declining by 18,8 per cent. New vehicle sales declined at a year-on-year rate of 23 per cent in August, but there are signs that the decline is levelling out. In July real retail and wholesale trade sales contracted at year-on-year rates of 3,8 per cent and 13,8 per cent respectively, although retail sales increased on a month-on-month basis.

Consumption expenditure is expected to remain constrained by negative wealth effects, although there has been a marked recovery in the equity markets, which may relieve these effects somewhat. Since the beginning of the year, the all-share index on the JSE Limited has increased by about 20 per cent. House prices, however, have continued their downward trend. The various house price indices, while still indicating negative price trends, show that prices are declining at a slower rate.

Credit extension to the private sector continued to reflect both the weak household consumption expenditure and the prevailing tighter credit criteria. Twelve-month growth in banks’ total loans and advances declined to 2,1 per cent in July. Mortgage advances declined to a year-on-year rate of growth of 6,4 per cent in July, while instalment sale credit and leasing finance contracted by 3,2 per cent over the same period, as a result of subdued demand for motor vehicles and other durable goods. Other loans and advances, comprising credit card advances, bank overdrafts and general loans, declined by 2,0 per cent. Lower levels of credit extension have resulted in a slight decline in household debt as a percentage of household disposable income to 76,3 per cent in the second quarter of 2009. The ratio of debt-service cost to household disposable income declined from 10,9 per cent in the first quarter to 9,5 per cent in the second quarter.

Domestic output contracted by 3,0 per cent in the second quarter of 2009, but there are early indications that the lower turning point may have been reached. However the recovery is expected to be slow. The South African Reserve Bank composite leading indicator increased for the third consecutive month in June and continues to predict a recovery by the end of the year.

The rate of contraction in the manufacturing sector also shows signs of slowing down. On a year-on-year basis, manufacturing output declined by 13,7 per cent in July, but it increased at an annualised month-on-month rate of 3,0 per cent. The Kagiso/BER Purchasing Managers Index (PMI) increased in July, although still at levels that indicate negative growth. Mining production increased at a year-on-year rate of 4,8 per cent in July. However, the real value of all building plans passed declined by 43,2 per cent in July, with the slowdown in residential building plans being the main contributor.

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South African Reserve Bank

The exchange rate of the rand continues to provide downside pressure on inflation and has appreciated further since the previous meeting of the MPC when it was at a level of around R8,10 to the US dollar. Since the beginning of the year, the rand has appreciated by 26 per cent against the US dollar, and by 20 per cent on a trade-weighted basis.

The global economy appears to be recovering in response to concerted fiscal and monetary packages that have been put in place. A number of industrialised economies have experienced positive growth rates in the second quarter, while others have shown a moderation in the rate of contraction. Many forecasts for the second half of the year and for 2010 have been revised upward, but remain well below pre-crisis levels. However, there are risks that the recovery may be short-lived should consumer demand not improve further in the industrialised economies. While there have been some improvements in financial market conditions, more still remains to be done. Global inflation remains relatively subdued and poses no immediate risk to the domestic inflation outlook.

Monetary policy stance

The MPC is of the view that the risks to the inflation outlook appear to be fairly evenly balanced. Given the current policy stance, inflation is expected to continue moderating and return to within the inflation target range during the forecast period. Accordingly, the MPC has decided to leave the repurchase rate unchanged at 7 per cent per annum.

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South African Reserve Bank

Statement of the Monetary Policy Committee
22 October 2009

Issued by Mr T T Mboweni, Governor of the South African Reserve Bank, at a meeting of the Monetary Policy Committee (MPC) in Pretoria

Introduction

The prospects for inflation returning to within the inflation target range by the second quarter of 2010 remain promising. Domestic demand conditions continue to be subdued and currently do not pose a significant threat to the inflation outlook. Economic growth is expected to improve in the coming months, but is likely to remain below potential for some time. Domestic growth prospects are dependent to an extent on the global recovery, which appears to be uneven across countries and regions. However, the medium-term inflation outlook has been affected adversely by possible further significant adjustments to electricity tariffs.

Recent developments in inflation

There has been no publication of consumer price index (CPI) data since the previous meeting of the MPC. The most recent data showed that the year-on-year inflation rate as measured by the CPI for all urban areas declined to 6,4 per cent in August, compared with 6,7 per cent in July. The main contributors to the inflation outcome were the categories of housing and utilities, and miscellaneous goods and services.

Producer prices declined at a year-on-year rate of 4,0 per cent in August, compared with a decline of 3,8 per cent in July. Food price inflation at the producer price level continues to signal dissipating pressures on food prices at the consumer price level. Agricultural product prices declined at a year-on-year rate of 2,0 per cent, while manufactured food product prices increased at a rate of 0,1 per cent. Upside pressure on producer prices came from electricity prices, which increased by 28,6 per cent.

The outlook for inflation

The CPI inflation forecast by the South African Reserve Bank staff continues to indicate that inflation is likely to return to within the inflation target range, on a sustained basis, by the second quarter of 2010. CPI inflation is then expected to stay within the inflation target range for the rest of the forecast period until the end of 2011. Compared with the previous forecast, the outlook showed a slight improvement for 2010 and 2011, mainly as a result of the changed assumption regarding the rand exchange rate. No adjustment has been made at this stage to the central forecast for possible further increases in electricity tariffs over and above those that are already assumed in the baseline forecast.

A number of domestic and global factors have contributed to the persistent downward pressure on inflation. The global economy shows continued signs of improvement, but the recovery is not uniform across regions. The pace of recovery of most of the Asian economies has been higher than that achieved in the main industrialised economies. The timing and speed of the withdrawal of the fiscal and monetary policy stimuli may have a bearing on the nature of the recovery in these economies. Global inflation is expected to be constrained by the relatively weak demand from the industrialised countries, although the US dollar movements may provide some upward pressure to commodity prices.

Quarterly Bulletin December 2009 65

South African Reserve Bank

There are some positive indications that the rate of contraction of the domestic economy has declined and that the economy may emerge from the recession by the end of 2009. However, the mixed picture from the published data shows that the recovery is likely to be tentative, and the output gap is likely to remain positive for some time. The physical volume of manufacturing output declined at a year-on-year rate of 15,0 per cent in August and by 2,8 per cent on a month-on-month basis. However, in the three months to August, compared with the previous three months, an increase of 0,8 per cent was recorded. The Kagiso/Bureau for Economic Research (BER) Purchasing Managers Index (PMI) increased markedly from 39,3 index points in August to 48,0 index points in September. The index shows that new sales orders have increased significantly, while manufacturers’ expectations of business conditions six months ahead improved to the highest level since early 2007.

Other sectoral developments indicate that the physical volume of total mining production increased in the three months to August, but contracted on a month-on-month basis, while the real value of building plans passed continued to decline. The Rand Merchant Bank (RMB)/BER Business Confidence Indicator (BCI) declined to a ten-year low in the third quarter of 2009. The tentative nature of the domestic recovery is also reflected in the composite leading business cycle indicator compiled by the South African Reserve Bank, which declined marginally in July, following three consecutive monthly increases.

Consumption expenditure by households also remains subdued, with real retail trade sales declining at a year-on-year rate of 7,0 per cent in August. In the three months to August, there was a 1,0 per cent decline, compared with the previous three months. Wholesale trade sales also declined further in August. Total new vehicle sales are also well below their levels of a year ago. However, there are indications that the negative trend may have reached its lower turning point with zero or slightly positive rates of change being recorded on a month-on-month and quarter-on-quarter basis. The First National Bank (FNB)/BER consumer confidence index declined in the third quarter of 2009 to a relatively neutral confidence level.

Credit extension to the private sector continued to reflect both the weak household consumption expenditure and the prevailing tighter credit criteria. The Ernst & Young Financial Services Index indicates that credit standards applied by retail banks to loan applications continued to tighten in the third quarter of 2009, but at significantly lower levels. Twelve-month growth in banks’ total loans and advances declined to 0,8 per cent in August 2009. Mortgage advances increased by 5,6 per cent in August, while instalment sale credit and leasing finance contracted by 4,2 per cent. Negative year-on-year growth rates were also recorded in credit card advances, bank overdrafts and general loans.

There has been some recovery in asset prices in recent months, but wealth effects do not appear to be posing an immediate threat to the inflation outlook. Domestic equity prices have increased markedly since March, but are still significantly below the levels reached in May 2008. The various house price indices indicate a moderation in the rate of decline in house prices.

The exchange rate of the rand continues to provide downside pressure on inflation and is currently trading at levels against the US dollar, similar to those prevailing at the time of the previous MPC meeting. During the past month the rand traded in a range of around R7,20 and R7,79 against the US dollar. The exchange rate of the rand has appreciated by 28 per cent against the US dollar since the beginning of 2009 and by 20 per cent on a trade-weighted basis.

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The international oil price has increased in the past week, but does not pose an immediate threat to the inflation outlook. Having averaged around US$70 per barrel for a number of weeks, the price of North Sea Brent crude oil increased to current levels of around US$76 per barrel, mainly as a result of the weaker US dollar and improved global growth prospects. In October the domestic price of 95 octane petrol was reduced by 40 cents per litre as a result of both lower product prices and an appreciated rand exchange rate.

The main risks to the inflation outlook emanate from cost pressures in the economy. The trend of wage settlements still poses an upside risk to the inflation outlook. However, there appears to be some evidence that nominal wage increases are moderating, although increases have generally been above the inflation rate. According to Andrew Levy Employment Publications, the average level of wage settlements amounted to 9,4 per cent in the first nine months of 2009 compared with 9,6 per cent in the corresponding period of 2008. These increases are consistent with the Quarterly Employment Survey (QES) of Statistics South Africa, which reported that growth in average nominal remuneration per worker in the formal non-agricultural sector of the economy moderated from 11,5 per cent in the first quarter of 2009 to 8,7 per cent in the second quarter. Unit labour cost increases declined from 11,3 per cent in the first quarter to 9,3 per cent in the second quarter.

The substantial electricity tariff increases requested by Eskom are seen to be the main longer-term threat to the inflation outlook. Eskom has requested a trebling of the current electricity tariffs over the next three years, and the National Energy Regulator of South Africa (NERSA) is expected to make a decision in February 2010.

Monetary policy stance

The MPC is of the view that overall the risks to the inflation outlook have not changed markedly since the previous meeting. Accordingly, the MPC has decided to leave the repurchase rate unchanged at 7,0 per cent per annum. The MPC will continue to monitor economic and financial developments, and will not hesitate to adjust the monetary policy stance should the risks to the inflation outlook change materially.

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South African Reserve Bank

Statement of the Monetary Policy Committee
17 November 2009

Issued by Ms G Marcus, Governor of the South African Reserve Bank, at a meeting of the Monetary Policy Committee (MPC) in Pretoria

Introduction

There are signs that the domestic economy will continue on its recovery path, but economic growth is expected to remain below potential for some time and dependent to some extent on the pace of the global recovery, which still appears to be fragile and uneven across regions. Economic growth is also expected to be constrained by subdued domestic consumption expenditure. The domestic outlook for inflation remains favourable as a result of weak demand pressures and the main threat to the inflation outlook emanates from possible electricity price increases.

Recent developments in inflation

The year-on-year inflation rate as measured by the consumer price index (CPI) for all urban areas declined from 6,4 per cent in August 2009 to 6,1 per cent in September. The single biggest contributor to the inflation outcome was the category of housing and utilities which accounted for 1,7 percentage points. This was mainly due to the electricity component which increased at a year-on-year rate of 29,1 per cent. Food price inflation continued to moderate and at 4,9 per cent is now exerting downward pressure on overall inflation. Goods price inflation measured 4,9 per cent, compared with services price inflation of 7,8 per cent.

Producer prices declined for the fifth successive month in September, with the headline producer price inflation measuring -3,7 per cent. Most categories in the index exhibited low or negative year-on-year rates of inflation, apart from electricity, gas and water, and tobacco products.

The outlook for inflation

The CPI inflation forecast by the South African Reserve Bank (the Bank) continues to indicate that inflation is likely to return to within the inflation target range, on a sustained basis, by the second quarter of 2010. There may, however, be temporary declines to within the target range before then. CPI inflation is expected to remain within the inflation target range until the end of the forecast period in the final quarter of 2011, when it is forecast to average 5,5 per cent. Given the current uncertainty related to Eskom’s tariff application to the National Energy Regulator of South Africa (NERSA), the forecast does not make provision for the higher increases requested by Eskom, and electricity price increases of 25 per cent in 2010 and 2011 are assumed. The Bank’s forecast is in line with those of private-sector analysts. According to the latest Reuters consensus forecast, inflation is expected to average 5,7 per cent in 2010 and 5,85 per cent in 2011.

There are no major demand-side pressures on inflation, and the assessment of the Monetary Policy Committee (MPC) is that there are no significant upside risks to the inflation outlook emanating from this source.

Household consumption expenditure remains subdued. Real retail sales growth has been negative, but there is further evidence that motor vehicle sales may have reached

68 Quarterly Bulletin December 2009

South African Reserve Bank

their lower turning point. Although total vehicle sales in October were 12,5 per cent lower than a year ago, when the three months to October 2009 are compared with the preceding three months, an increase of 1,4 per cent was recorded. The recovery has been in passenger vehicle sales and exports. Commercial vehicle sales are still declining. Consumption expenditure is expected to remain subdued, despite the lower interest rate environment, as a result of tighter lending conditions by banks, high levels of consumer indebtedness, negative wealth effects or impaired household balance sheets, and higher levels of unemployment.

Credit extension to the private sector reflects weak demand by households and the corporate sector, and tight lending conditions by banks in response to higher perceived risk and rising impaired advances. Twelve-month growth in banks’ total loans and advances declined to -0,2 per cent in September 2009. Growth in mortgage advances to the private sector declined further in September, measuring 4,8 per cent. The other main categories of loans and advances, namely instalment sale and leasing finance, credit card advances, bank overdrafts and general loans, all contracted.

Consumption expenditure is also constrained by high debt levels and negative wealth effects, although asset values have recovered somewhat from their lows earlier in the year. The all-share index on the JSE Limited is currently about 50 per cent higher than the most recent lowest point in March of 2009. House prices also appear to be recovering, with the various house price indices reflecting either small positive growth or moderate declines in October.

Labour market developments are also likely to constrain household consumption expenditure. According to the Quarterly Labour Force Survey, approximately 800 000 jobs have been lost since the beginning of the fourth quarter of 2008. The Quarterly Employment Statistics show a decline of over 200 000 formal-sector jobs between the beginning of the fourth quarter of 2008 and the end of the second quarter of 2009.

Domestic output appears to be recovering and the leading business cycle indicator of the Bank has continued its positive trend. There are still some doubts about the speed of recovery, and the output gap remains relatively wide. Most forecasts suggest that positive growth will have resumed by the fourth quarter of 2009, but there is less unanimity about the third quarter outcome.

The outlook is also not even across sectors. The monthly data suggests that the mining sector contracted further in the third quarter, but the manufacturing sector performance on a quarter-on-quarter basis was relatively robust. According to Statistics South Africa, the physical volume of mining production declined by 7,5 per cent in the three months to September compared with the previous three months. However, a more positive trend may be expected in the fourth quarter.

The physical volume of manufacturing production increased by 2,6 per cent over the same period. This outcome is consistent with the Kagiso/Bureau for Economic Research Purchasing Managers Index which, although still reflecting a contraction in manufacturing, has rebounded significantly and the forward-looking indicators in the index are generally positive. There is a risk, however, that this recovery could be affected by low consumption expenditure growth. The outlook for the construction sector appears to be less favourable. The real value of building plans passed declined by 18,5 per cent on a year-on-year basis in August, while in the three months to August, compared with the previous three months, a decrease of 27,7 per cent was recorded. The First National Bank Civil Construction Index also declined significantly in the third quarter of 2009.

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South African Reserve Bank

Fiscal policy developments are not seen to be a threat to the inflation outlook. The revised budgeted deficit of 7,6 per cent of gross domestic product announced in the Medium Term Budget Policy Statement is to a significant extent due to lower tax revenues – a result of low economic growth – and is therefore part of the workings of the automatic stabilisers. The previous fiscal prudence has provided sufficient space for increased borrowing to fund the shortfall. The deficit is expected to narrow as growth gains momentum.

No significant upside risks to the inflation outlook are expected from food prices. Food price inflation has declined to below 5 per cent, and this favourable trend is expected to continue. Consumer food prices tend to lag food price developments at the producer price level, and the latter have been either declining or rising marginally over the past months. In October, manufactured food prices declined at a year-on-year rate of 1,8 per cent, while agricultural product prices declined by 2,4 per cent. The current spot and future prices of agricultural commodities indicate that no significant upward pressures are expected in the near future.

For the past year petrol prices have exerted downward pressure on inflation as a result of the appreciation of the rand and relatively low international product prices compared to the previous year. However, these favourable base effects are not expected to continue. Over the past few months the international oil prices have remained relatively stable, but some account is taken in the forecast of possible increases in the international oil price should the global recovery accelerate. In November the domestic petrol price remained unchanged and, should current trends continue, a modest increase in the petrol price is possible in December.

The rand has remained a positive factor in the inflation outlook, notwithstanding some volatility during the month. Since the previous MPC meeting, the rand has traded in a range of between R7,30 and R7,90 against the US dollar. The rand’s movements have been influenced, to a large extent, by exogenous factors, in particular movements in the dollar, a resumption in global capital flows to emerging markets and a recovery in commodity prices. Since the beginning of the year the rand has appreciated by 20 per cent on a trade-weighted basis.

The global economic recovery has been led by the emerging Asian economies. However, the turnaround in the advanced economies is less certain. While there are positive signs, the recent higher growth rates have been driven by a turn in the inventory cycle, and the continued weakness in consumption expenditure in the United States in particular, and rising levels of unemployment pose risks to the recovery. The nature and speed of exit strategies from the previous stimulus packages also remain a risk to the outlook.

The global environment remains benign from an inflation perspective. Despite moderately higher commodity prices, there are no significant risks to the global inflation outlook.

As in the past few meetings, the main risks to the inflation outlook are seen to emanate from electricity price increases and the possible second-round effects thereof. In addition, the trend of wage settlements continues to pose an upside risk to the inflation outlook.

Monetary policy stance

The MPC, having reviewed the global and domestic economic and financial developments, has decided to maintain the current stance of monetary policy and to leave the repurchase rate unchanged at 7 per cent per annum.

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South African Reserve Bank

Note on the benchmark revisions and rebasing of South Africa’s national accounts

by H Wagner¹

Introduction

In this issue of the Quarterly Bulletin, the South African Reserve Bank, in co-operation with Statistics South Africa, presents the results of the eighth comprehensive, or benchmark, revision of the national accounts for South Africa. The previous comprehensive revision was released in December 2004.

Traditionally, benchmark revisions of the national accounts differ from the annual national accounts revisions because of the scope of the changes and the number of years subject to revision. Comprehensive revisions to the national accounts were required in order to incorporate four major types of improvements: (1) changes in definitions and classifications to portray the evolving South African economy more accurately, (2) statistical changes to reflect the introduction of new and improved methodologies, and the incorporation of newly available and revised source data, (3) changes in presentation to reflect the changes in definitions and the statistical changes, and (4) to rebase the estimates at constant prices, moving the base period to a more recent year so that volume indicators are more reflective of the current structure of the economy.

Currently, the South African Reserve Bank (the Bank) and Statistics South Africa compile and disseminate the national accounts broadly according to the recommendations of the 1993 System of National Accounts (SNA), published by the United Nations in co-operation with other international organisations comprising the Organisation for Economic Co-operation and Development, the Statistical Office of the European Communities, the International Monetary Fund and the World Bank.

As economies and societies change over time, past conventions become inappropriate, methodological and theoretical developments take place, and users’ needs change. The national accounts standards therefore require regular updating to ensure that the system does not become obsolete. A comprehensive update of the 1993 SNA was recently completed and volumes 1 and 2 of the 2008 SNA were released in August 2008 and February 2009 respectively. Reasons for changes to the 1993 SNA included the need to deal with economic issues that arose or became more prominent since the completion of the 1993 SNA more than 15 years ago, to remove inconsistencies in the 1993 SNA and to harmonise the 1993 SNA with other manuals in the field of macroeconomic statistics. The majority of new recommendations in the 2008 SNA relates to units and transactions that represent characteristics of an increasingly globalised economy, innovation in financial instruments, and greater interest in the wealth and debt of the private and public sectors. The new features and recommendations fall into four main groups, dealing with assets; the financial sector; globalisation and related issues; and the general government and public sector.

The extent to which countries will be able to introduce the recommendations of the 2008 SNA will mainly depend on the level of implementation of the 1993 SNA and country-specific research capacity. For South Africa, preliminary indications are that a strategy and action plan for the implementation of the 2008 SNA would be in place in the foreseeable future.

1 The author wishes to express his sincere appreciation to J P van den Heever, M M Smal, J W Prinsloo and E Botes for their valuable contributions in preparing this note, and to N N Molemoeng, K Kuhn, R Willemse, S Motaung, S Knox, K P Muneri, T Morakile, J Ramatete and B Sampson for their sterling effort with statistical research and compilation.

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The current revisions draw on information from all relevant source data released between 2004 and 2008. The Research Department of the Bank co-operated closely with Stats SA and the National Department of Agriculture during the completion of the revision process. The annual supply and use tables for 2002 to 2008, as compiled by Stats SA, were used extensively to reconcile the data and ensure consistency between the various aggregates as estimated through the independent calculations of the gross domestic product of South Africa according to the production, expenditure and income approaches.

Whereas the National Department of Agriculture was mainly responsible for estimating output and intermediate expenditure in the agricultural sector, Stats SA and the Bank jointly concentrated on estimating the overall gross domestic product at current and constant prices. Stats SA was responsible for the revisions related to the production and income approaches, while the Bank was responsible for the revision of the components of gross domestic expenditure as well as imports and exports of goods and services at current and constant prices, and for the compilation of a set of integrated production, distribution and accumulation accounts for the main institutional sectors in South Africa.

Volume measures and rebasing

The changes in the values of flows of goods and services stemmed from two components, one reflecting changes in the prices of the goods and services concerned and the other changes in their volumes. Consequently, national accounts data at constant prices are compiled to measure changes in the volume or quantity of goods and services produced or utilised. The statistical procedure for measuring volume changes in a macroeconomic aggregate between a chosen base period and the current period, consists of revaluing the aggregate in question in the current period at the prices of the base period and then calculating the change between these two periods. This procedure eliminates the effect of price changes from the base period to the current period, by recalculating the value of aggregate output and expenditure in terms of the prices of goods and services in the base period. The prices in the selected base period are therefore a factor in determining the real values of the different goods and services that are included in total output and expenditure in the other periods.

Relative values change over time because prices generally do not rise or decline at the same rate from one period to another. Reasons for shifts in relative prices include changes in supply and demand, different rates of change in productivity in different industries, changes in the quality of products, technological advances, tax changes, international price movements and exchange rate adjustments. To ensure that relative values, and therefore weighted average volume changes, approximate the current structure of the economy as closely as possible, base periods and weights have to be changed from time to time.

The 1993 SNA suggests that constant price series should not be allowed to run for longer than five or, at most, ten years without changing the base year. It recommends, however, that the base year should be changed every five years. For this reason, South Africa’s national accounts data at constant prices have been rebased, using 2005 instead of 2000 as the new base year.

The new constant price series, with 2005 as the base year, have been calculated for the period from 2003 onwards. This allows for changes in the growth rates on account of changes in the weighting structure, while ensuring that the weights used in the measurement of changes in real national accounts aggregates between 2000 and 2005 reflect reasonably closely the relevant price and quantity structure for this period.

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The previously estimated series expressed in terms of constant 2000 prices have been retained for the period up to 2002 and have been linked to the new series without being reweighted. However, owing to the magnitude of some revisions, it was necessary to allow for a gradual phasing-in period prior to 2003 to accommodate the underlying revision for certain aggregates. This implies that in those cases, the growth rates at constant prices before 2003 could also change.

So as not to disturb the previously existing rates of change in volume series, up to 2002 subtotals and totals have been converted to 2005 prices independently of their components. As a result, these converted subtotals and totals for periods before 2003 are not equal to the sums of their components. This means that constant price figures do not “add up” in an accounting sense.

Relevant data sources, and changes to data and tables published in the Quarterly Bulletin

The new benchmark and related revisions of the gross domestic product and the components of gross expenditure at current prices used the statistical input that became available from various large sample surveys and other surveys, specific sectoral surveys and technical reports. Particularly important sources included the 2007 census of agriculture and the 2006 large-scale agricultural survey; the 2005/06 income and expenditure survey of households; the 2005 general household survey; the 2004/05 economic activity survey; the 2006, 2007 and 2008 annual financial surveys; and the 2006 electricity, gas and water supply report. In addition, large sample surveys of the following industries were also used: the 2004 survey of the mining industry; 2005 survey of the manufacturing industry; 2007 survey of the construction industry; 2005 survey of the wholesale and retail trade; 2004 and 2007 surveys of the accommodation industry; 2006 survey of transport, post and telecommunication; 2006 survey of real estate and business services; and 2004 survey of personal services.

In addition to revisions that stemmed from the more up-to-date source data mentioned above, the following methodology and technical changes related to the data and tables published in the Quarterly Bulletin were also implemented:

– Final expenditure per product by households on durable goods was expanded to show expenditure on privately owned computers and related equipment separately. In addition, households’ expenditure on security services was separately identified and explicitly estimated, and is now shown separately in expenditure on services, that is, an identified part of miscellaneous services.

– Gross fixed capital formation on machinery and equipment was disaggregated to show capital expenditure on computers and related equipment separately. Consequently, the classification of gross fixed capital formation by type of asset was brought in line with the recommendations of the 1993 SNA.

– The value added by the finance subsector was adjusted to include estimates of output by services auxiliary to financial intermediation, primarily brokers active in the bond and derivatives markets. This service was not explicitly included in previous estimates.

– Value added by the banking sector, particularly the component “other” income, was revised as more detail on income items became available following more comprehensive reporting by banks after the adoption of the Basel II guidelines.

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– New price indices reflecting the results of the revision of the consumer and production price indices were used from 2002 for the deflation of nominal values. Furthermore, where appropriate, deflating of components of household consumption expenditure was introduced at a more disaggregated level, which enhanced the reliability of the series on real final consumption expenditure by households.

– The scope to estimate financial intermediation services indirectly measured (FISIM) was broadened with the incorporation of data on interest paid and received from the Land and Agricultural Bank of South Africa. In addition, the classification of FISIM paid and received by the institutional sectors and the distribution of FISIM to industries were refined, in keeping with revised data obtained from banks since the banking sectors’ adoption of the Basel II guidelines.

Revision of gross domestic product

The nominal value of gross domestic product at market prices in the benchmark year 2005 was revised upwards by an amount of R32,1 billion or by 2,1 per cent and the contributions of the various economic subsectors to total gross value added at basic prices changed notably from 2000 to 2005 (see Table 1).

Table 1 Contribution of gross value added by kind of economic activity to total value added at basic prices

Per cent

Sectors	2000		2005
Primary sector		10,9		10,3
Agriculture, forestry and fishing		3,3		2,7
Mining and quarrying		7,6		7,6
Secondary sector		24,2		23,0
Manufacturing		19,0		18,2
Electricity, gas and water		2,7		2,4
Construction		2,5		2,4
Tertiary sector		64,9		66,7
Wholesale, retail and motor trade, catering and accommodation		14,6		13,9
Transport, storage and communication		9,6		9,7
Finance, insurance, real-estate and business services		18,6		21,9
General government		15,9		14,9
Other		6,1		6,3
Gross value added at basic prices		100,0		100,0

As shown in the table, the primary sector’s contribution to nominal gross value added at basic prices declined from 10,8 per cent in 2000 to 10,3 per cent in 2005. This was due to a decline in the contribution of the agricultural sector, while the relative size of the mining sector remained unchanged at 7,6 per cent. The decline in value added by the agricultural sector in 2005 could partly be attributed to the fact that the net income came under pressure as the term of trade index for agriculture declined significantly in 2005. This was due to a reduction in producer prices, while input costs kept rising. In the case of the mining sector the relatively stable contribution to total value added at basic prices was mainly caused by the increase in value added by the platinum group metals industry, which almost offset the decline in value added by the gold-mining industry.

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The secondary sector’s share of total value added shrank from 24,2 per cent in 2000 to 23,0 per cent in 2005, reflecting relative declines in the contribution of value added by all three subsectors (i.e., manufacturing; the sector supplying electricity, gas and water; and the construction sector). The manufacturing sector’s relative importance declined from 19,0 per cent in 2000 to 18,2 per cent in 2005. This decline implies that in 2005 manufacturing forfeited its status as the most important contributor to gross value added in the economy, to the finance, insurance, real-estate and business services sector. The weaker output of the manufacturing sector in 2005 can partly be ascribed to moderate growth in output prices, coupled with a strengthening in the exchange value of the rand which put manufacturers’ export proceeds under pressure.

By contrast, the contribution of the tertiary sector to total value added at basic prices increased from 64,9 per cent in 2000 to 66,7 per cent in 2005. The main contributor to this change was the finance, insurance, real-estate and business services sector, as its share in gross value added rose from 16,6 per cent in 2002 to 21,9 per cent in 2005. This increase stemmed mainly from higher levels of output recorded by the finance, insurance, real-estate and business services sector. These developments reflected the positive impact of an increase in real personal disposable income and a rising number of wealthy middle-class citizens with an increasing demand on business services, the drive to reduce the unbanked portion of the South African population as well as the property boom that boosted the value added by the real-estate subsector.

Growth in the revised estimates of real gross domestic product for 2002 and subsequent years deviates somewhat from the previously published growth rates.

Growth in real gross domestic product at market prices

Growth in real gross domestic product was revised downwards in 2003 and 2004, but from 2005 the annual growth was revised upwards by an average of half-a-percentage point per year. This increased the average real annual growth rate for the period 2002 to 2008 to 4,6 per cent at 2005 prices, from 4,4 per cent at 2000 prices.

Compound annual rates of growth in the primary sectors was revised downwards from 1,0 per cent to 0,5 per cent for the period 2002 to 2008. The compound growth for both the agricultural and mining sectors was revised downwards.

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The average annual growth rate in the secondary sector was revised upwards to 4,7 per cent, compared with the growth rate of 4,2 per cent registered in the corresponding period prior to the revisions. Stronger average growth in the manufacturing sector and the sector supplying electricity, gas and water more than neutralised lower growth recorded in the construction sector. The last-mentioned moderation stemmed from a revised methodology and new weights used in the calculation of real value added by the construction sector.

Table 2 Percentage change in gross value added by kind of economic activity, 2002 to 2008

Per cent

	Compound annual		Compound annual
Sectors	rates at 2000 prices		rates at 2005 prices
Primary sector		1,0		0,5
Agriculture, forestry and fishing		2,9		2,1
Mining and quarrying		0,1		-0,1
Secondary sector		4,2		4,7
Manufacturing		3,1		3,9
Electricity, gas and water		1,9		3,8
Construction		12,4		10,4
Tertiary sector		5,0		6,0
Wholesale, retail and motor trade, catering and accommodation		5,4		4,6
Transport, storage and communication		5,3		5,3
Finance, insurance, real-estate and business services		6,0		7,1
General government		3,2		3,4
Personal services		3,6		4,2
Gross value added at market prices		4,4		4,6

The average growth for the tertiary sector was revised upwards from 5,0 per in 2002 to 2008 to 6,0 per cent. This was due to a strong increase in the growth rate of real value added by the finance and business services sector, supported by increases in the growth rates of the sectors providing personal services and general government services. By contrast, the compound annual growth rate in the trade sector decreased, while the growth in the transport and communication sector remained unchanged between 2002 and 2008.

Revisions of the components of gross domestic expenditure

Aggregate final consumption expenditure contributed 82,4 per cent to gross domestic product in the 2005 base year, compared to 81,1 per cent in 2000. This increase was due to higher contributions by final consumption expenditure by households and by general government (see Table 3).

Likewise the contribution of gross capital formation rose from 15,9 per cent in 2000 to 18,1 per cent in 2005, reflecting increases in both fixed capital formation and the change in inventories relative to total gross domestic product.

By contrast, the contribution of exports of goods and services to gross domestic product declined slightly from 27,9 per cent in 2000 to 27,4 per cent in 2005. However,

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imports of goods and services rose from 24,9 per cent to 27,9 per cent in the corresponding period. This increase in imports in the base year mainly resulted from the strengthening of the exchange value of the rand and the increase in the consumption and investment demand of the South African economy in the advanced stages of the 1999 to 2007 upward phase of the business cycle.

Table 3 The contributions of the components of gross domestic expenditure to gross domestic product at market prices

Per cent

Components	2000		2005
Final consumption expenditure		81,1		82,4
Households		63,0		63,3
General government		18,1		19,1
Gross capital formation		15,9		18,1
Fixed capital formation		15,1		16,8
Change in inventories		0,8		1,3
Gross domestic expenditure		97,0		100,5
Exports of goods and services		27,9		27,4
Imports of goods and services		-24,9		-27,9
Gross domestic product at market prices		100,0		100,0

Revisions of the components of gross domestic expenditure were benchmarked individually in accordance with the relevant sources mentioned. The revised estimates of consumption expenditure by households were based on data obtained from

– the 2005/06 Income and Expenditure Survey of Households and the 2005 General Household Survey, both conducted by Stats SA;

– a study by the Bureau for Market Research at the University of South Africa, namely Total Household Expenditure in South Africa by Province, Population Group and Product, 2005; and

– the findings of special research projects such as those for the security industry, the imputed rent for owner-occupied dwellings and expenditure on narcotics and personal care services, including service provided by sex workers.

Although final consumption expenditure by households as a percentage of gross domestic product increased only slightly from 63,0 per cent in 2000 to 63,1 per cent in 2005, within aggregate consumption expenditure there were significant shifts between components. Final expenditure on durable goods relative to total final expenditure increased from 8,6 per cent in 2000 to 10,4 per cent in 2005. This increase was primarily driven by the surge in outlays on new motor vehicles. Final expenditure on semi-durable goods relative to total expenditure by households declined from 9,8 per cent in 2000 to 9,4 per cent in 2005 due to lower outlays on clothing and footwear. The share of non-durable goods declined from 39,2 per cent to 38,1 per cent, brought about by relatively lower outlays mainly on food, beverages and tobacco. Expenditure on services relative to total expenditure declined from 42,4 per cent to 42,0 per cent. Relatively stronger increases in expenditure on rent and communication services were more than neutralised by declines in expenditure on domestic services, medical services and miscellaneous services.

Final consumption expenditure by general government was revised in accordance with changes made by the Public Finance Division of the Research Department as obtained

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from financial reports released by the Auditor-General from 2002/03 onwards. In addition, up-to-date information on national, provincial and local government as published by Stats SA was also incorporated.

Estimates of final consumption expenditure by general government as a ratio of gross domestic product rose from 18,1 per cent in 2000 to 19,5 per cent in 2005 as government expenditure on goods and services, and on salaries and wages rose relative to total gross domestic product. These increases were mainly the result of substantial outlays related to the defence procurement programme on destructive military equipment and the gradual increase in the employment levels of general government between 2000 and 2005.

Revisions to gross fixed capital formation and the book value of inventories were based on the data obtained from the large sample surveys for the different industries in the base year, while the Stats SA Annual Financial Surveys for the appropriate industries were used for the other years.

Gross fixed capital formation as a percentage of gross domestic product increased from 15,1 per cent in 2000 to 16,8 per cent in 2005. Rising capital formation by the private sector and public corporations more than offset the subdued performance of investment expenditure by general government on new infrastructure developments between the two base year periods. The last-mentioned type of capital expenditure was especially held back at the local authority level. In the private sector the contribution to fixed capital formation was boosted by capital outlays made by the sector commerce, transport and communication and the financial services sector. In the case of public corporations, increases in gross fixed capital formation stemmed mainly from the sector supplying electricity, gas and water, transport and the subsector communication.

Although compound annual growth in aggregate real gross domestic expenditure remained unchanged at 6,2 per cent for the period 2002 to 2008, the growth rates registered by the components of gross domestic expenditure changed markedly.

Estimates of real final consumption expenditure by households and general government were revised slightly downwards and in the period 2002 to 2008 the average annual growth in real outlays on final consumption expenditure by households declined from 5,7 per cent to 5,2 per cent. Likewise, in the case of general government the average annual growth in real final consumption expenditure declined from 5,4 per cent to 5,2 per cent.

Real outlays on gross fixed capital formation were revised substantially upwards and in the period 2002 to 2008 the average annual rate of increase rose from 11,3 per cent to 12,1 per cent. The annual growth in real capital expenditure was revised higher in all the years from 2002 to 2008 except in 2006. The average annual growth for real exports and imports of goods and services remained virtually unchanged.

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Table 4 Average real growth: Components of gross domestic expenditure and gross domestic product aggregates, 2002 to 2008

Per cent

	Compound annual		Compound annual
Components	rates at 2000 prices		rates at 2005 prices
Final consumption expenditure by households		5,7		5,2
Final consumption expenditure by general government		5,4		5,2
Gross fixed capital formation		11,3		12,1
Gross domestic expenditure		6,2		6,2
Exports of goods and services		4,3		4,3
Imports of goods and services		10,6		10,5
Expenditure on gross domestic product
GDP(E) at market prices		4,7		4,5
GDP(P) at market prices		4,4		4,6
GDP(I) at market prices		4,6		4,6
GDP(A) at market prices		4,6		4,6

GDP(E) is gross domestic product estimated from the expenditure components

GDP(P) is gross domestic product estimated from the production base

GDP(I) is gross domestic product estimated from the income components

GDP(A) is the average measure of GDP(E), GDP(P) and GDP(I)

Revision of gross saving

Changes to the level of gross saving was made in response to new benchmarked data on output, intermediate consumption and compensation of employees. The primary and secondary income levels (i.e., property income, social contributions and benefits, current taxes on income and wealth and current transfers for all institutional sectors) were also revised according to more complete data sources. The main sources to benchmark non-financial corporation were the Annual Financial Surveys of various industries published by Stats SA, while the financial sector’s revisions were based on data obtained from the consolidated income statements of the banking sector and up-to-date information from the surveys conducted by the Capital Market and Flow of Funds Division of the Research Department. The McGregor BFA database, the various exchanges and the general government financial statistics provided additional inputs.

Gross saving as a percentage of gross domestic product declined from 15,8 per cent in 2000 to a new benchmarked ratio of 14,5 per cent in 2005. However, this is slightly higher than the original estimate for 2005, namely 14,3 per cent. This improvement was due to the general government’s gross saving ratio that increased from 1,1 per cent in 2005 to 1,5 per cent after benchmarking. Households’ gross saving ratio deteriorated from 1,8 per cent to 1,7 per cent, while the saving ratio of the corporate sector remained at 11,3 per cent.

Table 5 Gross saving as a percentage of gross domestic product

			2005
Sector	2000		Before revision		After revision
Household saving		2,5		1,8		1,7
Corporate saving		13,4		11,3		11,3
Non-financial corporate sector		10,7		9,5		9,3
Financial corporate sector		2,7		1,8		2,0
General government		-0,2		1,1		1,5
Total saving		15,8		14,3		14,5

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Conclusion

The compilation of a country’s national accounts involves a continuous examination of existing data sources and the development of new information sources. The recognition and capturing of new developments in technology and products, and the changed behaviour of consumers and businesses, together with improved and new methodologies of compiling a set of national accounts as proposed by international guidelines, formed the basis of this set of national accounts portraying a slightly evolved structure of the South African economy. This should lead to improved and more relevant macroeconomic analyses.

The data contained in the statistical tables of the Quarterly Bulletin include the official estimates of South Africa’s national accounts benchmarked according to the latest and most comprehensive data sources available and rebased to 2005 prices. Along with the supply and use tables, and the flow of funds accounts, they present a reliable and comprehensive statistical overview of the South African economy.

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Note on the separate identification of computer equipment in the analysis of gross fixed capital formation

by N N Molemoeng¹

Introduction

This issue of the Quarterly Bulletin introduces estimates of expenditure on computer equipment as a separate category in the national accounts. Computer equipment is separately identified in the household final consumption expenditure tables and in the tables dealing with gross fixed capital formation by type of asset. In this note the focus is on the latter.

Computers² were invented as early as the 1930s, and South Africa has imported computers and related equipment from, inter alia, Europe, the United States (US) and Japan for more than half a century. With the industrialisation and advancement of economies, investment in computers as a factor of production became progressively more important. It has been noted³ that a substantial part of the very strong economic growth in the US in the 1990s could be attributed to the spectacular expansion of information technology.

The System of National Accounts 1993 (1993 SNA) includes under machinery and equipment, fixed assets⁴ such as transport equipment, furniture, computers, office equipment, and other machinery and equipment. In South Africa, computers and related equipment have always implicitly been included in gross fixed capital formation as part of machinery and other equipment. However, capital spending on computers has grown in importance over the years. Furthermore, the difference in the service life of computers relative to other machinery and equipment implies that separate identification of computers will have a significant effect on the capital stock and productivity analysis. It consequently became imperative to estimate this type of assets individually.

This note firstly outlines how nominal capital expenditure on computer equipment was estimated from 1960. Secondly, the methodology used to estimate an appropriate deflator for computer equipment is discussed. Thirdly, the real capital formation data in respect of computer equipment are presented, followed by the capital stock of computer equipment. The note ends with some concluding observations.

Estimating capital expenditure on computer equipment

Since 2000 the Economic Activity Survey (EAS) of Statistics South Africa (Stats SA), which, among other things, surveys capital formation and provides for computer equipment as a separate asset type, was used to get a breakdown between computer equipment and machinery and other equipment. Prior to 2000, enterprise-surveyed data on capital formation obtained from official sources did not identify computers and related equipment as a separate type of asset. Accordingly, from 1960 to 1999 the imports of computers and related equipment, such as typing machines, calculating machines, statistical machines and parts, obtained from the foreign trade statistics published by government, were used in order to estimate the historical investment in computers. Prior to 1960 it was assumed that capital expenditure on computer equipment was negligible.

1	The author wishes to thank J P van den Heever, J W Prinsloo and H Wagner for their valuable assistance and inputs.
2	By definition, a computer is a device that accepts data and converts it based on a program or sequence of instructions on how the data are to be processed.
3	See Magnien (2001).
4	According to the 1993 SNA, fixed assets are tangible or intangible assets produced as outputs from processes of production that are themselves used continuously in other processes of production for more than one year.

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Figure 1 shows the estimated series for nominal capital expenditure on computer equipment. It should be noted that a semi-log scale is used and that inflation, relative price changes and structural developments all had a bearing on this nominal expenditure series.

Figure 1 Nominal capital expenditure on computer equipment

Table 1 illustrates the growing importance of expenditure on computer equipment in the economy. In the 1960s computers were relatively expensive, had limited capacity and were used by a very limited group of institutions. During the ensuing decades their usefulness and popularity rose at a stellar pace as their prices declined, and their capacity and range of applications expanded.

Table 1 Share of computer equipment in nominal gross fixed capital formation

Per cent

	Share of computer equipment in:
	Total machinery		Overall fixed
	and equipment*		capital formation
1960s		3,2		1,0
1970s		4,0		1,3
1980s		8,6		3,2
1990s		11,8		4,7
2000–2008		16,0		6,6

* Total of computer equipment and machinery and other equipment

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Methodology used to derive a price index for computers

In the absence of an official price index for computer equipment in South Africa that could be used historically, relevant price indices from selected countries were used to compile a price index to deflate computer equipment for the years prior to 2000.

Figure 2 Price indices for computers in selected countries

Sources: Office for National Statistics (UK), Bureau of Labor Statistics (US), Bank of Japan and Statistics South Africa

As illustrated in Figure 2, the United Kingdom’s (UK) price index for computer equipment shows a relatively fast decline, with less rapid declines in the price indices compiled by the US and Japan. Both the US and Japan use hedonic methods⁵ to derive a price index. The UK’s statistical office uses other methods to calculate quality change in computer models, such as option pricing or expert opinions where a manufacturer gives an assessment of the cost of adding the improvement that reflects the additional cost of the change in specification.⁶ As noted by Schreyer (2002), methodologies to derive price indices for information technology products vary between national statistics offices. The methodology used in South Africa’s national accounts to compile a price index from 1960 was to combine different price indices from different sources.

For the period 2000 to date the price index for computer equipment as published by Stats SA was used. Between 1991 and 1999, an unweighted average of the price indices for computer equipment in the UK, US and Japan were used, while the price index of the US Bureau of Economic Analysis (BEA) was used for the period 1960 to 1990. In order to have comparable indices, all the foreign price indices were converted to rand using the rand exchange rate against each currency. The international price indices (in rand) were linked to Stats SA’s price index, to obtain a comparable time series for the deflation of gross fixed capital formation on computer equipment from 1960.

It may be noted that the rand price index of computer equipment rose by less than 2 per cent per annum from 1960 to 2008 whereas consumer prices, for instance, rose by almost 9 per cent per annum, illustrating the magnitude of the relative price decline recorded by computer equipment.

Using the deflator as constructed for South Africa, the series for nominal gross fixed capital expenditure on computers was adjusted to obtain a real fixed capital formation series. The results are shown in Figure 3.

5	Hedonic methods are regression-based methods that may be applied to goods, such as computers, for which quality and characteristics are changing rapidly, in order to develop unit prices. In this way technological changes such as improvements on memory and speed are excluded from the index so as to include underlying price changes. See Triplett (2004).
6	See Schreyer (2002).

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Figure 3 Real capital expenditure on computer equipment

Figure 4 indicates the real investment in computer equipment together with that in machinery and other equipment. While both components started picking up in the 1990s, there has been a noticeable increase in the contribution of investment in computer equipment since the turn of the century. Along with trade liberalisation and increasing globalisation, South Africa had to forcefully expand its use of computer-related technologies and internationally competitive computer software packages.

Figure 4 Real fixed capital expenditure on computer equipment and on machinery and other equipment

Consumption of fixed capital and the capital stock of computer equipment

The consumption of fixed capital, often referred to as ‘depreciation’, relates to the decline in the current value of the stock of fixed assets owned by a producer as a result of physical deterioration, technological obsolescence or normal accidental damage in the course of time. Different asset types have a different service life and in South Africa’s

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national accounts the assumed service life ranges from 80 years for construction works in the agricultural sector to 8 years for transport equipment. In the case of computer equipment, the service life was estimated to be 5 years. The time span was chosen mainly based on expert opinions, but also mindful that the average service life as measured by some other countries⁷ such as the US and Japan is somewhat longer, while in the UK it is shorter (Nomura, University and Momose, 2008).

The standard or traditional procedure to calculate capital stock values is the Perpetual Inventory Method (PIM). Estimates of the net capital stock (as published in the Quarterly Bulletin of the South African Reserve Bank) are obtained by applying a capital consumption function based on the expected economic life of the various asset types. In South Africa, estimates of net capital stock are based on a straight-line retirement function.

Figure 5 shows the real fixed capital stock of computer equipment. As may be expected, it increased rapidly over time as the use of computer equipment became widespread. The fixed capital stock of machinery and equipment, including computer equipment, according to the old methodology and the capital stock obtained if computer equipment is treated separately differ in terms of level.

Figure 5 Fixed capital stock: Computer equipment

The difference can be ascribed to the fact that the service life that was used for depreciation of computer equipment when it was included in the machinery and equipment was 10 years instead of 5 years. The capital stock of machinery and other equipment that includes the computer equipment separately calculated shows stock levels that are lower. This can be attributed to the computer investment portion of capital formation that depreciates at a rate of 20 per cent per year instead of the 10 per cent previously used.

Conclusion

Since the 1990s there has been a noticeable increase in nominal investment in computer equipment in South Africa, as elsewhere in the world. At the same time, the prices of computer equipment have declined significantly. International price indices for computers, adjusted for exchange rate changes, were combined and linked to the computer equipment price index for South Africa to obtain a deflator series going back to 1960.

7 The service life of computers in the US (BLS) is 6 years, for Japan it is 7,8 years and for the UK it is 3,2 years.

Quarterly Bulletin December 2009 85

South African Reserve Bank

Applying the deflator series to nominal capital formation, a rapidly increasing series for real capital expenditure on computer equipment is obtained. These estimates are also used to refine the South African Reserve Bank’s capital stock series. Since computer equipment has an assumed life-span of only 5 years – significantly shorter than that of other capital goods – the separation of computer equipment from machinery and other equipment has improved the estimates of the capital stock by type of asset.

References

Kanamori, T and Motohashi, K. 2007. “Information technology and economic growth: comparison between Japan and Korea”. RIETI Discussion Paper Series 07-E-009. Tokyo: Research Institute of Economy, Trade and Industry.

Magnien, F. 2001. “Methods of estimating ICT in the French national accounts”. OECD Meeting of National Accounts Experts. Paris.

Nomura, K, University, K and Momose, F. 2008. “Measurement of depreciation rates based on disposal asset data in Japan”. OECD Meeting of National Accounts Experts. Paris.

Oulton, N. 2001. ICT and productivity growth in the United Kingdom. Bank of England Working Paper No.140. London: Bank of England.

Schreyer, P. 2002. Computer price indices and international growth and productivity comparisons. Review of Income and Wealth Series 48 (1). Paris: Organisation for Economic Co-operation and Development Statistics Directorate.

Strydom, P D F. 2003. “International trade and economic growth in South Africa”. Paper delivered at the 2003 Conference of the Economic Society of South Africa, Somerset West.

Triplett, J. 2004. Handbook on hedonic indexes and quality adjustments in price indexes: Special application to information technology products. OECD Science, Technology and Industry Working Papers 2004/9. Paris: Organisation for Economic Cooperation and Development Statistics Directorate.

86 Quarterly Bulletin December 2009

South African Reserve Bank

Note on the profile of repurchase transactions on the JSE Limited

by H Coetzer and M Tlali¹

Introduction

Repurchase transactions, loosely referred to as ‘repos’, are widely used in the financial markets. They constitute one of several types of transactions catered for in the secondary bond market on the JSE Limited (JSE). While it is well known that large amounts of funds flow through the repurchase market on a daily basis, the detailed information on the bond market obtained by the South African Reserve Bank (the Bank) makes it possible to measure and analyse numerous dimensions of the formal market in repurchase agreements. The purpose of this note is to explain the profile of repurchase transactions, including the definition and working of repurchase agreements; the underlying instruments used; the active sectors and countries in this trade type; and the maturity spectrum of, and the average interest rates on repurchase transactions.

Definition and working of repurchase transactions

A repurchase agreement is an agreement between two parties whereby one party sells a security to the other at a specified price with a commitment to buy the security back at a later date. The second price (determined at the time of the first leg) is the price of the first leg plus the repurchase interest, often called the ‘carry rate’. The difference between the first and second price is the cost of carry. Any repurchase transaction therefore has two trade legs; (1) the near leg and (2) the far leg. For the party buying the security and agreeing to sell it later (buyer), the agreement is referred to as a ‘reverse repurchase agreement’.

In a repurchase transaction the original owner retains or is entitled to any proceeds that accrue to that security while it is temporarily sold, as the risk and return on the collateral are retained by the temporary seller. The legal transfer of ownership and use of funds are temporary, since a repurchase agreement is economically similar to a secured, collateralised loan, with the difference being that in the case of a loan the collateral is only pledged to the party providing finance, with no legal change in ownership. Repurchase agreements are also not the same as securities (scrip) lending as in scrip lending the party obtaining the assets is the borrower and not the buyer, while the party providing the assets is the lender not the seller, with a fee paid to the lender and not interest as in a repurchase transaction. A distinction can also be drawn between classical repurchase transactions and buy/sell-backs; the main difference being the treatment of the coupon payment. In a classic repurchase transaction the coupon is paid by the buyer to the original owner on the coupon payment date, whereas in the case of buy/sell-backs the coupon payment is included as part of the price of the second leg of the trade.

By contrast, ‘outright transactions’ (all trades excluding repurchase transactions) refer to the purchasing or selling of securities and, unlike repurchase transactions, do not involve the obligation or agreement to re-sell or repurchase those securities. With outright transactions, the ownership of securities is transferred to the buyer and remains with the buyer until maturity of the security or until the choice to trade the security is exercised.

The significance of repurchase trades in the secondary bond market on the JSE is reflected in the considerable contribution they made towards total turnover as indicated in Figure 1. On a monthly basis, repurchase agreements constituted between 50 and 72 per cent of total turnover.

1  The views expressed are those of the authors and do not necessarily reflect the views of the South African Reserve Bank. The authors wish to thank J P van den Heever, M Kock and Z Nhleko for their comments and inputs.

Quarterly Bulletin December 2009 87

South African Reserve Bank

Figure 1 Repurchase turnover as a percentage of total turnover

Underlying instruments in repurchase trades

Although repurchase trades are conducted across a wide spectrum of securities, government bonds dominate. For instance, in October 2009, 96 per cent of repurchase turnover in the secondary bond market involved government bonds – mainly conventional, but also inflation-linked bonds (Table 1). Of the total repurchase turnover in inflation-linked bonds the R189 (maturing in 2013) accounted for 70 per cent and within conventional government bonds the R157 (maturing in 2014/2015/2016) and the R186 (maturing in 2025/2026/2027) accounted for 57 per cent.

Table 1 Repurchase turnover by type of instrument, October 2009

	Percentage contribution to
Issuer and type	total repurchase turnover
National government		96
Conventional bonds		92
Inflation-linked bonds		4
State-owned enterprises		3
Private sector		1
Total		100

Main sectors and countries participating in repurchase agreements

The domestic banking sector accounted for half of the trading activity in October 2009, with the other participants mainly being non-residents and the rest of the domestic financial sector, which includes finance companies, financial controlling companies and private-sector financial auxiliaries. The non-resident and other domestic financial sectors jointly accounted for around 38 per cent of trading activity. The monetary authority and public non-financial corporate sectors contributed to a lesser extent to total turnover as specified in Table 2. Repurchase transactions are used by the Bank to manage and control liquidity in the money market.

88 Quarterly Bulletin December 2009

South African Reserve Bank

Table 2 Repurchase turnover by type of participant, October 2009

	Percentage contribution to
Institutional sectors	total repurchase turnover
Banks		52
Other financial institutions		26
Public non-financial corporate sector		5
Monetary authority		2
Public-sector pension and provident funds		1
Unit trusts		1
Public-sector financial intermediaries		1
Non-residents		12
Total		100

About 99,6 per cent of the repurchase transactions conducted by non-residents are by parties domiciled in the United Kingdom, with Namibia and the United States the only other countries involved in repurchase trades in South Africa in the first ten months of 2009.

Maturity spectrum of, and interest rates on repurchase transactions

The flexible maturity structure of repurchase trades is entirely independent of the maturity of the underlying security. Considering all repurchase trades on a normal² day, the repurchase turnover for every settlement is depicted in Figure 2. Settlement on a T+3 basis dominated trade as it accounted for nearly half of the number of repurchase trades and turnover on this day.

Figure 2 Turnover of repurchase transactions across settlement dates

Table 3 shows that the near leg settlement date of 22 October 2009 and the far leg settlement date of 17 December 2009 – with a difference of 56 days – generated the highest average value per transaction.

2 A normal trading day has an average number of repo trades, and is not an auction day or the day before a major announcement, for example, the Monetary Policy Committee’s announcement of the repurchase rate.

Quarterly Bulletin December 2009 89

South African Reserve Bank

Table 3 Repurchase trades entered into on 19 October 2009

Near leg	Far leg	Difference in		Number		Value of		Average value
settlement	settlement	settlement		of		transactions		per transaction
date	date	(Days)		transactions		(R millions)		(R millions)
19 October 2009	20 October 2009		1		4		574		144
19 October 2009	22 October 2009		3		4		5		1
20 October 2009	21 October 2009		1		8		251		31
20 October 2009	22 October 2009		2		16		489		31
20 October 2009	27 October 2009		7		10		110		11
21 October 2009	22 October 2009		1		200		8 226		41
21 October 2009	26 October 2009		5		2		3		1
22 October 2009	29 October 2009		7		26		6 198		238
22 October 2009	19 November 2009		28		26		6 981		269
22 October 2009	17 December 2009		56		2		804		402

In 71 per cent of the trades the difference in settlement between the near leg and the far leg was one single day and accounted for 38 per cent of total repurchase turnover (Figure 3 and Table 4).

Figure 3 Turnover per difference (in days) in settlement between the near leg and far leg of repurchase trades

Annualised interest rates were calculated for each repurchase trade on 19 October 2009. Table 4 shows the average annualised interest rates calculated from each difference in settlement. These rates are similar to the Johannesburg Interbank Agreed Rates (Jibar) for October 2009, namely 6,95 per cent (1 month), 7,16 per cent (3 months) and 7,63 per cent (6 months). This confirms the point that repurchase agreements are essentially collateralised lending over money-market time horizons and at money-market interest rates.

90 Quarterly Bulletin December 2009

South African Reserve Bank

Table 4 Interest rates per difference in settlement, 19 October 2009

Average interest rates	Difference in settlement		Percentage of the number
per difference	between near leg		of trades in each difference
per annum	and far leg		category to total trades
(Per cent)	(Days)		(Per cent)
7,05		1		71
7,02		2		5
6,72		3		1
6,87		5		1
7,12		7		12
7,76		28		9
6,95		56		1

Conclusion

Repurchase transactions are well developed and this trade type forms an integral part of the secondary bond market on the JSE with regard to turnover and market liquidity –especially in respect of liquidity in the government bond sector – and therefore help to attract investors. Repurchase trades are settled mostly over a very short period, and the difference between selling and repurchase prices translates to annualised interest rates similar to those in the money market, such as the Jibar rates.

Quarterly Bulletin December 2009 91

South African Reserve Bank

Notes to tables

Yields and stock exchange activity – Table S–33

The column containing the unit selling prices of unit trusts has been discontinued since this indicator has lost its relevance. This is as a result of the flexibility of investing by unit trusts, resulting in the indicator reflecting returns on continuously changing combinations of asset classes. This column was replaced with the price-earnings ratio for all classes of shares previously published in Table S–143.

Final consumption expenditure by households – Tables S–110 and S–111

Following the outcome of the benchmarking and rebasing project by the National Accounts Division, the durable goods expenditure categories have been expanded to separately show expenditure on computers and related equipment. Expenditure on miscellaneous services has also been expanded to separately provide for spending on security services.

Gross fixed capital formation by type of asset – Tables S–118 and S–119

Previously included under machinery and equipment, computers and related equipment have been added as a separately identified asset category in the analysis of gross fixed capital formation.

Capital market (Selected data) – Table S–143

The column containing the price-earnings ratio for all classes of shares was replaced with the 12-month percentage change in the total value of share capital raised. The column for the underlying value of futures contracts was replaced with the total value of derivatives contracts traded.

92 Quarterly Bulletin December 2009

Statistical tables

South African Reserve Bank

Statistical tables

	Page “S”
Money and banking
South African Reserve Bank: Liabilities and assets		2-3
Corporation for Public Deposits: Liabilities and assets		4-5
Banks: Liabilities and assets		6-9
Banks: Analysis of deposits		10
Banks: Selected asset items		10
Banks and Mutual Banks: Instalment sale and leasing transactions		11
Term lending rates and amounts paid out by banks		11
Banks: Contingent liabilities		12
Banks: Credit cards, cheques and electronic transactions		13
Banks: Liquid assets and cash reserves		14
Mutual banks and the Postbank: Liabilities and assets		15
Land and Agricultural Bank of South Africa: Liabilities and assets		16-17
Monetary sector: Liabilities and assets		18-21
Credit extension by all monetary institutions		22
Monetary aggregates		23
Monetary analysis		24
Banks and Mutual Banks: Mortgage loans		25
Selected money-market and related indicators		26
Money-market accommodation: Selected daily indicators		27
Money-market and related interest rates		28
Capital market
Capital market interest rates and yields		29
Capital market activity: Primary and secondary markets		30
Capital market activity: Non-resident and real-estate transactions		30
Derivative market activity		31
Share prices		32
Yields and stock exchange activity		33
Unit trusts: Selected items and transactions		34
Public Investment Corporation: Liabilities and assets		35
Long-term insurers: Income statement		36
Long-term insurers: Liabilities and assets		37
Short-term insurers: Income statement		38
Short-term insurers: Liabilities and assets		39
Official pension and provident funds: Income statement		40
Official and private self-administered pension and provident funds: Assets and liabilities		41
Private self-administered pension and provident funds: Assets and income statement		42
Participation bond schemes: Funds received and invested		43
Participation bond schemes: Functional classification of mortgage bonds paid out and outstanding		43
National financial account
Flow of funds for the year 2008		44-45
Public finance
National government finance		46-47
Cash-flow statement of national government and financing according to instruments		48
National government financing according to ownership of government debt		49
National government debt		50-51
Ownership distribution of domestic marketable bonds		52-53
Redemption schedule of domestic marketable bonds of national government		54-55
Interest payment schedule of domestic marketable bonds of national government		56
Marketable bonds of national government by unexpired maturity		57
National government debt denominated in foreign currencies		58
Redemption schedule of foreign debt of national government		59
Interest payment schedule of foreign debt of national government		60-61
Ownership distribution of domestic marketable bonds of local governments		62
Ownership distribution of domestic marketable bonds of non-financial public enterprises		62
Government deposits		63
Government finance statistics of national government		64
Government finance statistics of extra-budgetary institutions		65
Government finance statistics of social security funds		66
Government finance statistics of consolidated central government		67
Government finance statistics of provincial governments		68
Government finance statistics of local governments		69
Government finance statistics of consolidated general government		70
Government finance statistics of non-financial public enterprises		71
Non-financial public-sector borrowing requirement		72

S–0 Quarterly Bulletin December 2009

South African Reserve Bank

	Page “S”
Government finance statistics of financial public enterprises		73
Total expenditure — consolidated general government (Functional classification)		74
Local governments: Liabilities and assets		75
Non-financial public enterprises: Liabilities and assets		76
Financial public enterprises: Liabilities and assets		77
International economic relations
Balance of payments: Annual figures		78
Balance of payments: Quarterly figures		79
Current account of the balance of payments		80
Foreign trade: Indices of volume and prices		81
Services, income and transfers		82-83
Capital movements		84-85
Foreign liabilities and assets of South Africa		86-87
Foreign liabilities and assets of South Africa by selected countries		88-95
Foreign liabilities of South Africa by kind of economic activity		96-97
Foreign debt of South Africa		98
Maturity structure of foreign-currency denominated debt		99
Ratios of selected data		99
Gold and other foreign reserves		100
Average daily turnover on the South African foreign exchange market		101
Exchange rates		102
Exchange rates, commodity prices and trade financing rates		103
National accounts
National income and production accounts of South Africa		104
Gross value added by kind of economic activity		105-106
Expenditure on gross domestic product		107-109
Final consumption expenditure by households		110-113
Gross fixed capital formation		114-120
Fixed capital stock		121
Change in inventories		122-123
Gross and net capital formation by type of organisation		124
Financing of gross capital formation		124
Production, distribution and accumulation accounts of South Africa		125-130
Current income and saving		131
General economic indicators
Labour: Employment in the non-agricultural sectors		132
Labour: Labour costs in the non-agricultural sectors		133
Manufacturing: Orders, production, sales and utilisation of production capacity		134
Indicators of real economic activity		135
Consumer prices — all urban areas		136,138
Consumer prices — all urban areas		137,139
Producer prices		140
Composite business cycle indicators		141
Key information
Money and banking: Selected data		142
Capital market: Selected data		143
Public finance: Selected data		144-145
Balance of payments: Percentage changes in selected data		146
Balance of payments: Ratios of selected data		146
Terms of trade and exchange rates of the rand: Percentage changes		147
National accounts: Percentage changes in selected data at constant prices		148
National accounts: Selected data		149
National accounts: Ratios of selected data		150
Composite business cycle indicators: Percentage change		151
Labour in the non-agricultural sector: Percentage change		152
Prices: Percentage change		152
Inflation expectations		153
Business cycle phases of South Africa since 1945		153
General notes
Owing to the rounding off of figures, the sum of the separate items will sometimes differ from the total shown.
...  denotes not available
—   denotes a value equal to nil
0   denotes a value between nil and half of the measuring unit

Quarterly Bulletin December 2009 S–1

South African Reserve Bank

South African Reserve Bank
Liabilities

R millions

			Deposits
			Central government				Banks and mutual banks4						Other
	Notes and		Exchequer				Required		Excess														Capital
	coin in		and PMG				reserve		cash		Other						Total		SARB		Foreign		and		Other		Total
	circulation1		accounts2		Other3		balances5		reserves		balances6		Domestic		Foreign		deposits		securities		loans7		reserves		liabilities		liabilities
End of	(1000M)		(1001M)		(1002M)		(1014M)		(1013M)		(1005M)		(1006M)		(1007M)		(1008M)		(1015M)		(1009M)		(1010M)		(1011M)		(1012M)
2003		44 671		153		5 600		17 346		58		2		1		86		23 245		3 233		19 953		357		15 156		106 614
2004		48 831		45		6 391		22 035		258		79		4 063		85		32 956		11 904		19 687		364		16 472		130 213
2005		54 237		23		25 280		25 260		491		11		15 038		108		66 211		5 327		22 080		365		10 259		158 479
2006		63 575		—		42 437		31 840		628		27		9 812		73		84 817		3 011		19 190		367		32 203		203 164
2007		68 196		—		62 044		40 826		956		151		12 712		71		116 761		9 026		11 930		380		40 784		247 076
2008		72 697		—		65 861		47 605		84		128		6 316		73		120 066		24 199		6 040		393		117 696		341 090
2006: Aug		54 624		1		36 604		28 892		565		29		12 813		90		78 995		5 020		25 251		367		34 927		199 184
Sep		56 538		—		36 759		29 603		603		1 368		9 729		81		78 143		4 318		27 435		367		50 034		216 835
Oct		56 922		—		36 914		30 194		312		13		13 623		76		81 131		2 850		24 169		367		43 518		208 957
Nov		59 546		—		37 067		30 748		1 301		14		12 256		76		81 463		3 512		21 747		367		40 066		206 701
Dec		63 575		—		42 437		31 840		628		27		9 812		73		84 817		3 011		19 190		367		32 203		203 164
2007: Jan		56 986		—		43 694		32 673		1 068		21		15 220		75		92 751		4 912		19 597		367		40 779		215 393
Feb		57 130		—		45 644		33 508		1 351		81		11 215		76		91 873		4 912		19 539		367		43 555		217 376
Mar		58 469		—		45 856		33 832		1 537		1 378		10 258		77		92 938		4 914		19 584		367		43 653		219 926
Apr		59 943		1		48 845		34 457		610		137		8 237		76		92 363		6 943		17 601		367		39 777		216 994
May		58 943		—		49 310		35 915		101		—		11 219		78		96 623		8 730		17 751		367		41 798		224 211
Jun		59 424		—		49 515		36 488		1 079		145		11 675		69		98 972		8 342		17 694		367		41 130		225 929
Jul		58 875		—		54 716		37 342		95		94		11 673		72		103 992		8 460		17 746		367		43 485		232 924
Aug		59 932		1		57 775		37 409		388		143		5 822		71		101 609		9 938		17 859		367		45 252		234 956
Sep		60 948		2		59 686		37 997		10		58		7 666		80		105 500		11 399		15 476		380		41 672		235 373
Oct		60 126		—		60 908		38 732		43		86		14 478		80		114 327		10 473		13 068		380		34 534		232 906
Nov		64 660		—		61 128		39 762		162		115		10 542		82		111 791		12 059		11 763		380		42 082		242 735
Dec		68 196		—		62 044		40 826		956		151		12 712		71		116 761		9 026		11 930		380		40 784		247 076
2008: Jan		61 281		—		61 978		41 500		125		151		16 858		67		120 680		12 077		11 154		380		67 220		272 791
Feb		62 879		—		63 738		43 502		68		99		12 191		104		119 701		13 306		11 624		380		79 076		286 966
Mar		63 372		1		64 443		44 262		164		104		6 772		67		115 814		15 678		11 310		380		94 141		300 694
Apr		66 914		1		63 426		43 691		138		119		7 325		75		114 775		18 437		10 558		380		73 999		285 062
May		63 400		—		63 493		44 468		102		111		8 357		77		116 607		19 285		8 681		380		75 073		283 426
Jun		63 801		—		63 603		44 610		623		84		8 807		74		117 801		18 400		8 941		380		81 494		290 816
Jul		63 681		1		63 816		45 303		408		-12		12 276		71		121 863		19 901		6 561		380		67 672		280 058
Aug		65 023		1		64 077		46 246		534		243		9 659		77		120 837		21 597		6 903		380		73 114		287 854
Sep		65 434		1		64 459		47 269		553		46		8 194		73		120 595		23 648		6 550		393		92 566		309 186
Oct		68 079		—		64 948		47 660		16		199		5 438		73		118 334		24 384		8 011		393		138 204		357 405
Nov		70 920		1		65 449		47 644		50		123		1 516		70		114 852		25 831		6 559		393		141 927		360 483
Dec		72 697		—		65 861		47 605		84		128		6 316		73		120 066		24 199		6 040		393		117 696		341 090
2009: Jan		68 419		—		66 012		47 529		89		67		6 765		75		120 538		25 138		6 520		393		145 738		366 747
Feb		68 259		1		66 094		47 621		135		—		4 805		79		118 735		27 610		6 468		393		142 784		364 249
Mar		68 979		1		66 294		47 778		22		56		1 996		73		116 222		28 109		6 198		393		125 692		345 594
Apr		71 203		1		66 402		48 165		144		64		198		71		115 045		28 157		5 428		393		90 813		311 039
May		69 198		—		71 581		48 553		51		39		1 888		72		122 183		28 795		5 237		393		82 432		308 237
Jun		68 556		—		70 390		48 711		1 073		24		2 822		71		123 091		26 480		4 998		393		72 708		296 226
Jul		69 762		—		69 727		49 254		113		115		5 388		61		124 657		27 452		5 073		393		76 434		303 771
Aug		69 783		—		69 681		48 696		33		131		5 365		71		123 976		26 073		5 070		393		91 146		316 441
Sep		69 214		—		73 516		48 843		89		74		5 412		71		128 005		28 830		2 604		397		83 984		313 034

KB101

1.	Including coin as from March 1994 onwards.
2.	PMG means Paymaster General. Including deposits of provincial administrations with the South African Reserve Bank as from December 1992. Exchequer balance includes uninvested part of the Stabilisation Account.
3.	Mainly comprising government departments, and the Compensatory and Contingency Financing Facility of the IMF as from December 1993 onwards.
4.	Until October 1986 only banks, thereafter banks and building societies. Banks and mutual banks as from January 1994 onwards.
5.	As from April 1998 the minimum cash reserve requirement was set at 21/2per cent of banks’ liabilities but banks’ vault cash holdings qualified in full as part of cash reserves, as per notice R572 in Government Gazette No. 18810 of April 1998. As from September 2001, only 75 per cent of banks’ vault cash holdings qualified as cash reserves, and subsequently the qualifying portion was reduced by 25 percentage points each year. In September 2004 the concession was fully phased out.
6.	Not including deposits denominated in foreign currencies.
7.	Including loans of the South African government for which the South African Reserve Bank has assumed liability.

S–2 Quarterly Bulletin December 2009

South African Reserve Bank

South African Reserve Bank
Assets

R millions

	Foreign assets				Liquidity provided2								Advances and investments
							Loans granted to
							banks under:						Advances				Investments
					Utilisation																Total
	Gold coin				of		Resale										Govern-				(excluding
	and				cash		agree-		SAMOS								ment				foreign		Other		Total
	bullion1		Total		reserves		ments		penalty		Total		Banks4		Other3		stock		Other		assets)		assets		assets
End of	(1020M)		(1021M)		(1033M)		(1034M)		(1035M)		(1036M)		(1025M)		(1026M)		(1027M)		(1028M)		(1029M)		(1030M)		(1031M)
2003		9 799		52 905		81		13 000		1		13 082		64		579		16 469		279		30 474		23 235		106 614
2004		8 887		82 849		23		12 958		—		12 981		67		483		15 057		279		28 867		18 498		130 213
2005		12 970		130 466		445		11 909		—		12 354		110		497		12 629		279		25 870		2 143		158 479
2006		17 634		178 318		122		12 315		—		12 438		88		457		9 289		279		22 549		2 297		203 164
2007		22 843		224 313		101		10 866		—		10 967		118		412		8 698		279		20 475		2 288		247 076
2008		32 426		316 991		953		10 753		—		11 707		153		458		9 067		279		21 664		2 436		341 090
2006: Aug		17 789		173 835		587		12 756		—		13 343		121		443		8 865		279		23 050		2 299		199 184
Sep		18 629		191 218		204		13 412		—		13 616		120		453		8 855		279		23 323		2 293		216 835
Oct		17 908		182 701		1 188		12 721		—		13 908		127		455		9 180		279		23 949		2 307		208 957
Nov		18 501		181 337		300		12 456		—		12 755		142		633		9 267		279		23 078		2 286		206 701
Dec		17 634		178 318		122		12 315		—		12 438		88		457		9 289		279		22 549		2 297		203 164
2007: Jan		18 690		187 696		732		14 704		—		15 435		126		440		9 122		279		25 403		2 294		215 393
Feb		19 531		191 171		148		13 703		—		13 851		170		474		9 108		279		23 882		2 323		217 376
Mar		19 224		192 709		1 140		13 914		—		15 053		163		514		8 918		279		24 927		2 289		219 926
Apr		19 184		190 689		751		13 420		—		14 171		147		396		9 059		279		24 052		2 252		216 994
May		18 729		198 102		965		13 056		—		14 021		152		391		8 958		279		23 801		2 308		224 211
Jun		18 333		199 561		111		14 406		—		14 517		135		471		8 641		279		24 044		2 324		225 929
Jul		18 902		207 743		112		13 285		—		13 397		151		390		8 671		279		22 888		2 294		232 924
Aug		19 186		212 637		302		10 308		—		10 610		158		409		8 578		279		20 033		2 286		234 956
Sep		20 311		209 439		452		13 719		—		14 171		149		406		8 635		279		23 641		2 294		235 373
Oct		20 527		207 455		244		13 304		—		13 548		139		411		8 780		279		23 156		2 295		232 906
Nov		21 425		217 934		450		12 611		—		13 061		132		394		8 648		279		22 513		2 288		242 735
Dec		22 843		224 313		101		10 866		—		10 967		118		412		8 698		279		20 475		2 288		247 076
2008: Jan		27 419		249 429		178		11 407		—		11 585		150		401		8 666		279		21 080		2 282		272 791
Feb		29 865		263 925		501		10 860		—		11 361		213		427		8 461		279		20 740		2 300		286 966
Mar		30 334		278 294		22		10 920		—		10 942		181		416		8 280		279		20 097		2 303		300 694
Apr		26 460		260 085		1 113		12 500		119		13 732		146		277		8 237		279		22 671		2 307		285 062
May		26 940		261 545		833		9 812		—		10 645		177		373		8 038		279		19 512		2 369		283 426
Jun		29 046		272 080		146		7 615		—		7 761		187		343		7 787		279		16 357		2 378		290 816
Jul		26 870		256 269		685		11 507		12		12 204		167		386		8 394		279		21 430		2 360		280 058
Aug		25 659		264 230		224		11 693		—		11 917		162		373		8 493		279		21 225		2 399		287 854
Sep		29 435		284 388		—		13 173		—		13 173		181		379		8 374		279		22 386		2 413		309 186
Oct		29 758		332 403		829		12 272		—		13 101		137		720		8 353		279		22 590		2 412		357 405
Nov		32 934		336 342		473		11 619		—		12 092		175		460		8 716		279		21 722		2 419		360 483
Dec		32 426		316 991		953		10 753		—		11 707		153		458		9 067		279		21 664		2 436		341 090
2009: Jan		37 702		343 794		854		9 812		—		10 666		157		441		8 943		279		20 486		2 467		366 747
Feb		38 387		339 183		152		10 412		2 556		13 120		142		372		8 706		279		22 620		2 447		364 249
Mar		35 175		323 554		293		10 018		—		10 311		121		428		8 437		279		19 576		2 463		345 594
Apr		29 953		287 904		228		10 906		—		11 134		97		357		8 506		279		20 373		2 762		311 039
May		31 044		284 633		1 181		10 428		—		11 609		108		325		8 498		279		20 819		2 785		308 237
Jun		29 004		274 502		193		9 989		—		10 183		106		324		8 345		279		19 236		2 488		296 226
Jul		29 269		278 695		2 126		11 307		—		13 433		118		155		8 451		279		22 435		2 641		303 771
Aug		29 565		295 154		547		8 960		—		9 508		128		306		8 573		279		18 794		2 493		316 441
Sep		29 973		290 899		109		10 502		—		10 611		130		300		8 312		279		19 631		2 504		313 034

KB102

1.	Valued at a market-related price.
2.	In terms of the new procedures to regulate money-market liquidity introduced on 9 March 1998.
3.	Including the central government, provincial governments, the National Supplies Procurement Fund, agricultural control boards and other semi-government bodies.
4.	Including overnight loans, which came into effect on 1 May 1993 and ended on 8 March 1998.

Quarterly Bulletin December 2009 S–3

South African Reserve Bank

Corporation for Public Deposits
Liabilities

R millions

	Deposits
	Domestic
	Central				Insurance
	and		Public		companies
	provincial		enter-		and										Capital
	govern-		prises/		pension								Total		and		Other		Total
	ments		corporations1		funds		Other		Total		Foreign		deposits		reserves		liabilities		liabilities
End of	(1053M)		(1042M)		(1043M)		(1045M)		(1046M)		(1047M)		(1048M)		(1049M)		(1050M)		(1051M)
2003		3 452		118		32		185		3 787		844		4 631		81		380		5 092
2004		4 981		220		21		1 059		6 281		1 784		8 065		81		588		8 734
2005		14 773		283		31		2 203		17 290		2 473		19 763		81		141		19 985
2006		12 368		891		23		908		14 190		2 512		16 702		81		162		16 945
2007		13 808		733		31		1 205		15 776		5 735		21 511		81		169		21 761
2008		6 782		461		76		935		8 255		3 517		11 772		81		207		12 060
2006: Aug		15 097		801		21		1 195		17 114		2 407		19 521		81		165		19 768
Sep		12 663		833		161		1 207		14 863		2 645		17 509		81		174		17 764
Oct		14 720		856		26		869		16 471		3 493		19 964		81		174		20 220
Nov		12 561		867		99		889		14 417		2 409		16 827		81		351		17 259
Dec		12 368		891		23		908		14 190		2 512		16 702		81		162		16 945
2007: Jan		15 526		891		192		927		17 536		3 518		21 054		81		146		21 281
Feb		12 156		865		163		883		14 067		2 507		16 574		81		181		16 836
Mar		7 126		739		95		866		8 826		3 921		12 747		81		218		13 045
Apr		11 740		674		108		888		13 410		3 280		16 690		81		179		16 950
May		13 127		642		35		914		14 718		1 841		16 559		81		171		16 811
Jun		16 178		634		31		944		17 786		3 581		21 367		81		254		21 702
Jul		13 876		645		35		979		15 535		4 044		19 579		81		174		19 834
Aug		8 430		671		69		994		10 164		3 838		14 002		81		174		14 257
Sep		12 894		658		73		1 076		14 701		4 899		19 599		81		169		19 850
Oct		13 951		679		24		1 128		15 781		6 894		22 675		81		171		22 927
Nov		10 884		650		305		1 171		13 010		6 398		19 407		81		152		19 640
Dec		13 808		733		31		1 205		15 776		5 735		21 511		81		169		21 761
2008: Jan		13 616		784		68		1 265		15 733		7 093		22 826		81		159		23 067
Feb		13 723		776		144		1 291		15 935		5 126		21 060		81		188		21 329
Mar		7 799		788		157		470		9 214		4 154		13 368		81		174		13 623
Apr		9 144		765		89		504		10 502		6 107		16 609		81		109		16 799
May		7 926		775		107		530		9 338		7 583		16 921		81		212		17 215
Jun		10 302		781		32		573		11 688		4 633		16 321		81		182		16 584
Jul		11 490		692		34		638		12 854		7 742		20 596		81		227		20 905
Aug		7 850		627		31		722		9 230		5 088		14 318		81		216		14 615
Sep		7 349		575		94		759		8 777		2 829		11 605		81		216		11 902
Oct		6 156		576		142		841		7 715		4 021		11 735		81		454		12 270
Nov		5 492		526		165		889		7 072		2 920		9 993		81		190		10 264
Dec		6 782		461		76		935		8 255		3 517		11 772		81		207		12 060
2009: Jan		7 198		422		64		998		8 682		3 148		11 830		81		233		12 145
Feb		7 373		444		38		1 089		8 944		3 210		12 154		81		175		12 410
Mar		5 582		403		28		1 114		7 127		2 658		9 785		81		242		10 108
Apr		4 919		391		33		1 157		6 499		3 873		10 372		81		281		10 734
May		5 893		337		525		1 177		7 932		3 010		10 942		81		270		11 292
Jun		6 737		288		67		1 161		8 253		3 979		12 232		81		430		12 743
Jul		5 918		262		311		1 289		7 781		4 182		11 962		81		263		12 306
Aug		3 852		288		275		1 570		5 985		4 470		10 455		81		264		10 800
Sep		4 742		332		271		1 668		7 013		3 674		10 686		81		176		10 943

KB104

1. Including the Public Investment Corporation.

S–4 Quarterly Bulletin December 2009

South African Reserve Bank

Corporation for Public Deposits
Assets

R millions

	Call deposits
													Other
													public
					Promissory				Treasury		Government		sector		Other
	SARB		Banks		notes1		NCD’s		bills		stock		securities		assets		Total assets
End of	(1067M)		(1091M)		(1063M)		(1092M)		(1061M)		(1062M)		(1069M)		(1065M)		(1066M)
2003		638		—		495		—		1 688		42		200		2 030		5 092
2004		4 190		—		717		—		1 473		42		200		2 112		8 734
2005		14 961		1 167		397		237		1 371		28		200		1 624		19 985
2006		9 722		1 447		99		707		3 893		—		200		877		16 945
2007		12 602		2 264		198		2 953		1 062		—		1 365		1 316		21 761
2008		6 300		2 092		198		1 416		750		—		800		505		12 060
2006: Aug		12 730		504		397		1 170		3 930		—		400		636		19 768
Sep		9 642		1 317		197		1 157		4 109		—		400		941		17 764
Oct		13 512		571		199		1 265		4 041		—		300		332		20 220
Nov		12 160		8		198		810		3 055		—		300		728		17 259
Dec		9 722		1 447		99		707		3 893		—		200		877		16 945
2007: Jan		15 107		210		149		660		4 493		���		150		513		21 281
Feb		11 120		4		196		508		4 217		—		255		536		16 836
Mar		10 167		4		198		870		1 286		—		379		142		13 045
Apr		8 162		5 017		249		924		1 422		—		379		797		16 950
May		11 136		2 167		196		1 018		1 373		—		424		497		16 811
Jun		11 587		5 500		197		1 115		1 114		—		1 010		1 179		21 702
Jul		11 558		1 774		398		2 171		1 161		—		1 711		1 061		19 834
Aug		5 720		3 362		835		943		1 137		—		2 061		199		14 257
Sep		7 594		4 110		1 139		2 015		1 114		—		2 177		1 701		19 850
Oct		14 367		4		995		3 060		1 180		—		1 946		1 375		22 927
Nov		10 421		3 871		449		1 983		1 161		—		1 547		208		19 640
Dec		12 602		2 264		198		2 953		1 062		—		1 365		1 316		21 761
2008: Jan		16 702		2 714		199		918		1 219		—		815		500		23 067
Feb		12 057		3 941		590		2 062		1 032		—		950		698		21 329
Mar		6 680		4		894		3 580		952		—		1 350		162		13 623
Apr		7 325		1 342		641		3 396		982		—		1 850		1 263		16 799
May		8 271		1 006		545		2 943		939		—		2 350		1 161		17 215
Jun		8 720		1 508		197		1 897		1 963		—		1 050		1 249		16 584
Jul		12 166		1 232		398		2 910		1 016		—		1 850		1 332		20 905
Aug		9 557		4		196		1 608		947		—		700		1 603		14 615
Sep		8 113		183		197		1 775		687		—		700		246		11 902
Oct		5 370		601		298		2 325		733		—		600		2 343		12 270
Nov		1 465		3 498		296		3 182		749		—		800		275		10 264
Dec		6 300		2 092		198		1 416		750		—		800		505		12 060
2009: Jan		6 664		491		199		1 377		710		—		1 257		1 446		12 145
Feb		4 764		2 190		296		1 701		790		—		1 409		1 261		12 410
Mar		1 964		1 599		198		2 485		27		—		852		2 983		10 108
Apr		179		4 612		347		2 460		27		—		862		2 247		10 734
May		1 879		922		346		2 321		3 522		—		894		1 409		11 292
Jun		2 801		2 697		348		1 918		153		—		844		3 982		12 743
Jul		5 355		1 709		200		2 045		105		—		837		2 056		12 306
Aug		5 325		1 741		197		1 542		100		—		861		1 034		10 800
Sep		5 383		14		198		1 999		95		—		1 210		2 043		10 943

KB103

1. Including Land Bank securities.

Quarterly Bulletin December 2009 S–5

South African Reserve Bank

Banks¹
Liabilities

R millions

	Deposits2																Other
																	Loans received under repurchase
															Foreign-		agreements
	Cash														currency
	managed														deposits
	cheque and		Other				Short		Medium		Long				included				Other
	transmission		demand		Savings		term		term		term		Total		in total		SARB		domestic		Foreign
End of	(1070M)		(1071M)		(1072M)		(1073M)		(1075M)		(1076M)		(1077M)		(1078M)		(1500M)		(1501M)		(1514M)
2003		225 876		196 151		45 110		146 518		190 881		106 749		911 284		24 837		13 006		37 161		6 680
2004		251 241		214 561		51 158		151 078		232 161		132 935		1 033 134		27 702		13 444		32 496		5 866
2005		301 469		249 847		57 657		183 328		269 513		175 811		1 237 624		33 030		11 909		29 160		13 239
2006		353 802		319 774		72 427		261 454		281 171		250 774		1 539 402		50 284		12 484		39 269		9 790
2007		401 169		412 910		90 079		305 630		324 378		327 509		1 861 675		54 936		11 964		53 938		23 285
2008		410 793		408 702		112 484		377 807		423 975		438 182		2 171 942		78 269		10 753		77 183		29 667
2006: Aug		313 213		302 453		69 782		223 082		271 871		244 870		1 425 270		44 926		12 755		33 258		13 781
Sep		329 160		315 185		70 317		253 601		261 103		238 440		1 467 806		47 290		13 411		30 199		16 877
Oct		329 818		318 589		70 686		244 084		282 295		247 704		1 493 176		48 597		12 810		37 705		17 076
Nov		338 079		310 108		73 390		223 925		306 607		260 352		1 512 461		45 786		13 010		35 298		10 194
Dec		353 802		319 774		72 427		261 454		281 171		250 774		1 539 402		50 284		12 484		39 269		9 790
2007: Jan		350 046		317 229		71 992		270 848		270 515		276 426		1 557 057		52 528		14 859		41 671		12 260
Feb		349 464		331 725		72 977		250 735		287 022		301 273		1 593 196		52 612		13 452		38 976		19 807
Mar		357 190		334 343		75 082		232 391		306 009		309 676		1 614 689		44 685		14 073		35 091		18 823
Apr		351 453		337 239		76 238		224 911		333 436		319 177		1 642 454		46 283		14 085		37 852		9 780
May		344 190		347 427		78 281		242 890		328 726		316 841		1 658 356		44 953		13 414		29 622		16 757
Jun		364 968		352 884		81 755		238 737		333 822		329 359		1 701 526		42 435		12 348		30 070		11 685
Jul		351 467		360 714		82 700		255 995		349 354		317 032		1 717 261		38 090		13 131		46 097		19 797
Aug		359 667		380 245		84 972		252 023		370 854		303 878		1 751 640		45 274		10 412		39 468		21 269
Sep		376 127		379 139		84 742		288 886		354 816		310 195		1 793 905		55 900		14 389		40 532		22 064
Oct		363 844		383 438		86 115		243 394		384 890		329 792		1 791 473		51 363		15 652		51 390		17 932
Nov		375 907		408 672		89 547		240 986		392 213		332 343		1 839 667		57 181		12 711		49 264		16 942
Dec		401 169		412 910		90 079		305 630		324 378		327 509		1 861 675		54 936		11 964		53 938		23 285
2008: Jan		392 436		480 954		87 185		273 920		315 787		369 652		1 919 934		68 918		11 885		70 589		34 248
Feb		383 326		485 674		90 579		276 017		353 303		391 987		1 980 885		72 741		11 274		68 327		32 527
Mar		400 119		437 435		90 017		335 868		338 862		396 614		1 998 916		71 058		9 714		72 780		35 698
Apr		380 369		381 667		93 218		392 510		366 456		400 590		2 014 811		68 851		12 546		69 856		28 285
May		371 117		398 784		95 588		432 657		332 226		404 606		2 034 978		73 481		9 898		81 592		37 688
Jun		410 167		430 924		98 343		352 536		348 046		434 589		2 074 604		69 079		7 857		91 456		41 322
Jul		374 832		412 716		101 538		386 794		361 109		448 780		2 085 769		78 570		11 535		89 087		36 851
Aug		382 365		411 326		102 303		354 072		376 247		460 598		2 086 912		78 134		11 692		86 857		36 393
Sep		396 877		433 276		104 180		349 482		392 467		449 555		2 125 837		79 741		13 132		91 504		52 413
Oct		394 377		439 157		108 716		370 348		395 815		474 188		2 182 600		102 281		12 357		82 933		41 626
Nov		391 046		430 446		111 731		321 583		458 964		471 719		2 185 488		90 649		11 697		78 127		32 402
Dec		410 793		408 702		112 484		377 807		423 975		438 182		2 171 942		78 269		10 753		77 183		29 667
2009: Jan		385 673		403 897		111 399		370 878		477 946		432 173		2 181 967		77 490		9 812		70 206		28 369
Feb		377 345		387 076		113 082		367 701		497 433		430 214		2 172 850		74 598		11 110		65 551		26 859
Mar		399 074		418 956		114 278		387 250		453 340		435 839		2 208 736		79 561		11 652		72 917		28 552
Apr		383 134		407 885		115 869		388 844		446 223		444 695		2 186 650		71 318		11 995		61 489		20 203
May		377 352		424 593		116 411		399 882		413 412		451 079		2 182 730		63 550		10 412		62 095		22 948
Jun		402 427		417 456		116 903		353 696		391 052		489 120		2 170 654		56 399		12 489		67 031		23 305
Jul		397 985		401 582		118 291		345 804		395 780		514 313		2 173 755		56 157		11 306		74 319		30 564
Aug		396 937		416 867		117 749		341 255		397 807		503 065		2 173 680		55 315		8 960		84 349		23 142
Sep		394 507		407 143		117 621		328 647		413 611		504 367		2 165 896		51 805		11 502		82 299		25 898

KB105

1.	Banks registered under the Banks Act, Act No. 94 of 1990; it includes the former banks, discount houses and equity building societies. All series may not be strictly comparable due to changes in regulations and returns; distortions were concentrated in February and July 1991, as well as in January 2008.
2.	Includes certain items previously classified as loans, as from January 2008.
3.	Debentures and loans that formed part of secondary and tertiary capital prior to January 2008 are now included in subordinated debt securities.
4.	Includes collaterised borrowing since January 2008. Prior to January 2008 it included items previously classified as loans and advances, and other funding-related liabilities.
5.	Only outstanding acceptances up to December 1991.

S–6 Quarterly Bulletin December 2009

South African Reserve Bank

Banks¹
Liabilities

R millions

liabilities to the public												Capital and other liabilities
Foreign currency funding												Outstanding
										Total		liabilities					Share				Total
				Subordinated						liabilities		on behalf					capital				equity
Domestic		Foreign		debt						to the		of clients		Other			and				and
sector		sector		securities3		Other4		Total		public		per contra5		liabilities			reserves3		Total		liabilities
(1080M)		(1081M)		(1082M)		(1083M)		(1084M)		(1085M)		(1086M)		(1087M)			(1088M)		(1089M)		(1090M)		End of
	7 940		6 117		...		51 941		122 845		1 034 129		1 415		237 937			108 362		347 714		1 381 843	2003
	12 396		5 673		...		36 101		105 976		1 139 111		481		236 021			123 007		359 509		1 498 619	2004
	13 145		10 625		...		44 483		122 560		1 360 185		1 004		184 664			131 799		317 467		1 677 652	2005
	16 853		22 229		...		54 866		155 491		1 694 894		294		216 212			163 757		380 264		2 075 157	2006
	15 678		53 866		...		68 133		226 864		2 088 539		364		255 743			202 142		458 249		2 546 788	2007
	9 357		64 699		67 179		12 300		271 136		2 443 079		132		547 415			175 878		723 425		3 166 504	2008
	19 265		21 761		...		53 892		154 711		1 579 981		273		232 572			154 987		387 832		1 967 813	2006: Aug
	20 590		26 903		...		56 107		164 087		1 631 894		122		277 442			154 647		432 212		2 064 106	Sep
	17 405		23 282		...		55 933		164 209		1 657 385		600		234 894			156 811		392 305		2 049 691	Oct
	17 930		26 297		...		55 914		158 642		1 671 104		825		232 009			158 090		390 925		2 062 028	Nov
	16 853		22 229		...		54 866		155 491		1 694 894		294		216 212			163 757		380 264		2 075 157	Dec
	13 093		22 551		...		52 431		156 865		1 713 922		339		216 510			166 113		382 963		2 096 884	2007: Jan
	16 690		25 668		...		57 750		172 342		1 765 538		580		223 650			170 512		394 742		2 160 280	Feb
	19 311		34 516		...		55 596		177 410		1 792 099		529		208 969			174 932		384 430		2 176 530	Mar
	21 715		28 607		...		57 624		169 664		1 812 118		392		215 313			177 585		393 290		2 205 408	Apr
	20 886		28 795		...		58 818		168 292		1 826 648		306		214 464			179 888		394 658		2 221 307	May
	22 551		45 547		...		61 252		183 453		1 884 979		368		242 283			180 470		423 121		2 308 100	Jun
	28 090		50 311		...		65 167		222 593		1 939 854		348		238 425			182 485		421 258		2 361 112	Jul
	26 643		53 805		...		70 448		222 045		1 973 685		321		243 564			186 323		430 208		2 403 893	Aug
	18 096		50 773		...		71 158		217 013		2 010 918		210		257 485			187 403		445 098		2 456 016	Sep
	20 073		47 561		...		76 977		229 586		2 021 059		227		281 814			188 491		470 532		2 491 591	Oct
	22 000		48 599		...		68 572		218 087		2 057 754		328		284 740			192 443		477 510		2 535 264	Nov
	15 678		53 866		...		68 133		226 864		2 088 539		364		255 743			202 142		458 249		2 546 788	Dec
	10 912		46 143		61 404		7 715		242 897		2 162 831		9		339 122			155 073		494 204		2 657 035	2008: Jan
	12 910		42 782		63 517		10 403		241 739		2 222 624		8		375 258			156 119		531 385		2 754 009	Feb
	14 529		48 367		65 339		5 873		252 299		2 251 215		32		411 212			157 601		568 845		2 820 060	Mar
	10 047		49 413		65 271		12 195		247 613		2 262 424		17		366 014			157 575		523 606		2 786 030	Apr
	8 391		46 255		66 325		11 616		261 766		2 296 745		9		397 152			158 694		555 855		2 852 600	May
	11 970		48 298		66 822		11 679		279 404		2 354 008		169		430 590			160 591		591 350		2 945 358	Jun
	12 671		38 484		68 155		11 242		268 024		2 353 793		4		371 567	��		163 518		535 088		2 888 882	Jul
	12 452		40 041		68 641		11 066		267 143		2 354 055		167		338 517			163 853		502 537		2 856 591	Aug
	13 378		42 494		69 126		12 416		294 462		2 420 300		168		347 416			165 246		512 829		2 933 129	Sep
	11 726		53 480		68 054		12 204		282 381		2 464 981		5		604 895			167 420		772 320		3 237 301	Oct
	11 825		46 193		66 536		12 756		259 536		2 445 024		31		603 958			173 260		777 249		3 222 273	Nov
	9 357		64 699		67 179		12 300		271 136		2 443 079		132		547 415			175 878		723 425		3 166 504	Dec
	10 488		76 140		67 709		14 757		277 480		2 459 447		131		559 974			184 003		744 108		3 203 555	2009: Jan
	13 916		72 764		67 280		17 041		274 520		2 447 370		20		509 590			182 314		691 925		3 139 295	Feb
	12 063		65 203		67 416		16 608		274 410		2 483 146		20		476 693			182 446		659 159		3 142 305	Mar
	14 008		48 614		68 010		14 243		238 562		2 425 212		2		461 455			184 104		645 561		3 070 773	Apr
	10 863		43 700		67 551		17 050		234 619		2 417 348		...		461 193			184 041		645 234		3 062 582	May
	12 456		52 021		66 931		15 593		249 826		2 420 480		160		412 198			186 761		599 119		3 019 599	Jun
	14 249		50 566		71 374		16 578		268 956		2 442 711		1		390 404			188 497		578 902		3 021 613	Jul
	13 349		47 738		73 450		18 461		269 449		2 443 129		4		383 396			187 951		571 350		3 014 480	Aug
	9 341		51 168		72 551		17 617		270 375		2 436 271		123		368 066			191 034		559 222		2 995 494	Sep

KB106

1.	Banks registered under the Banks Act, Act No. 94 of 1990; it includes the former banks, discount houses and equity building societies. All series may not be strictly comparable due to changes in regulations and returns; distortions were concentrated in February and July 1991, as well as in January 2008.
2.	Includes certain items previously classified as loans, as from January 2008.
3.	Debentures and loans that formed part of secondary and tertiary capital prior to January 2008 are now included in subordinated debt securities.
4.	Includes collaterised borrowing since January 2008. Prior to January 2008 it included items previously classified as loans and advances, and other funding-related liabilities.
5.	Only outstanding acceptances up to December 1991.

Quarterly Bulletin December 2009 S–7

South African Reserve Bank

Banks
Assets

R millions

	Central bank money and gold								Deposits, loans
									Interbank and
									intragroup		Loans		Instalment
	Banknotes								funding,		granted		debtors,						Foreign-		Redeem-
	and		Gold coin		Deposits				including		under		suspensive				Credit		currency		able
	subsidiary		and		with the				NCDs/		resale		sales and		Mortgage		card		loans and		preference
	coin		bullion		SARB		Total		PNs		agreements		leases		advances		debtors		advances		shares
End of	(1100M)		(1101M)		(1102M)		(1104M)		(1113M)		(1107M)		(1108M)		(1109M)		(1110M)		(1120M)		(1121M)
2003		10 953		6		17 543		28 501		77 843		46 417		126 373		325 752		16 950		115 091		15 904
2004		9 747		24		22 258		32 028		72 658		29 173		152 417		405 620		21 169		116 959		16 185
2005		10 814		55		27 082		37 951		94 649		34 648		179 160		521 698		31 207		145 848		18 737
2006		13 620		593		32 458		46 670		116 052		55 581		207 411		680 064		43 940		192 131		23 790
2007		14 586		49		43 377		58 011		149 584		91 917		234 203		852 271		55 135		190 938		28 968
2008		15 330		7		50 520		65 857		181 613		92 732		251 866		969 374		57 345		177 488		55 337
2006: Aug		9 771		317		29 992		40 080		113 733		58 294		198 549		623 387		38 267		194 953		24 365
Sep		8 602		280		33 795		42 676		118 626		58 884		197 311		636 469		39 570		218 770		25 034
Oct		9 795		363		31 964		42 123		124 901		67 870		199 133		652 789		40 595		194 704		24 250
Nov		10 816		427		33 532		44 776		128 125		57 120		203 534		667 154		42 169		187 723		24 395
Dec		13 620		593		32 458		46 670		116 052		55 581		207 411		680 064		43 940		192 131		23 790
2007: Jan		10 163		631		34 274		45 068		120 453		65 581		210 166		691 241		45 795		181 377		24 242
Feb		9 658		648		36 531		46 837		132 108		65 738		214 328		704 765		47 201		184 304		25 686
Mar		8 497		1 915		36 700		47 112		127 439		66 242		218 787		712 498		48 116		199 514		25 813
Apr		10 015		205		35 474		45 694		130 993		57 018		220 897		725 166		49 776		188 950		26 468
May		10 708		1 457		35 803		47 969		126 405		52 350		217 556		742 113		51 017		198 598		26 447
Jun		8 688		930		39 258		48 876		129 484		56 667		217 871		755 510		52 238		216 253		28 024
Jul		10 084		1 686		38 692		50 462		150 284		75 018		220 674		772 943		53 066		212 205		27 933
Aug		9 528		1 743		41 818		53 088		133 041		72 144		224 511		790 774		53 276		235 112		28 379
Sep		9 103		2 353		40 244		51 700		143 757		80 028		227 393		805 335		54 410		220 855		28 273
Oct		10 774		313		40 494		51 581		156 259		80 430		228 493		820 354		54 632		185 142		29 099
Nov		11 040		57		42 626		53 723		152 811		76 899		231 301		836 650		54 991		201 521		27 523
Dec		14 586		49		43 377		58 011		149 584		91 917		234 203		852 271		55 135		190 938		28 968
2008: Jan		10 947		1 053		43 756		55 756		137 050		97 025		238 871		860 844		55 950		186 457		47 441
Feb		10 245		40		46 284		56 569		145 143		100 887		241 902		868 159		56 689		227 816		49 639
Mar		10 656		41		48 758		59 455		141 734		102 593		244 251		878 894		56 452		217 022		49 077
Apr		13 586		1		44 976		58 563		152 421		95 794		246 719		884 757		57 381		182 065		47 739
May		9 271		0		46 835		56 107		147 608		118 257		247 196		895 191		57 584		189 519		47 329
Jun		10 204		1		47 846		58 052		147 084		112 739		248 299		905 860		57 504		193 643		47 536
Jul		11 546		1		47 986		59 534		159 545		117 856		249 255		920 622		57 613		166 611		50 512
Aug		9 555		65		49 869		59 489		161 870		102 266		249 956		930 665		58 060		163 169		51 586
Sep		11 612		1		51 732		63 346		166 195		116 260		251 635		940 776		58 041		183 105		56 020
Oct		11 767		1		49 899		61 667		164 833		99 921		252 566		954 707		58 085		207 745		55 198
Nov		10 382		1		50 777		61 160		159 953		96 287		252 544		965 381		57 967		197 924		55 580
Dec		15 330		7		50 520		65 857		181 613		92 732		251 866		969 374		57 345		177 488		55 337
2009: Jan		10 449		13		49 850		60 312		188 018		99 296		250 813		970 599		57 719		186 006		55 953
Feb		9 303		22		48 308		57 632		172 188		85 813		249 303		978 494		57 925		190 879		55 176
Mar		11 948		100		50 496		62 543		189 824		85 229		248 147		985 343		57 170		187 275		53 835
Apr		13 813		30		50 987		64 829		172 009		76 082		246 261		986 531		57 493		155 767		54 341
May		9 992		113		49 601		59 706		175 388		81 081		244 750		987 972		57 713		155 405		53 987
Jun		11 438		115		52 656		64 209		154 091		86 129		242 925		989 678		56 428		162 084		54 544
Jul		12 066		938		49 607		62 610		161 224		90 624		241 329		989 498		56 253		166 213		55 636
Aug		11 414		804		51 807		64 024		160 142		93 775		239 544		992 152		56 701		171 010		57 014
Sep		12 058		836		52 265		65 159		170 771		88 852		238 583		993 854		56 881		153 743		56 841

KB107

1. Specific provisions up to December 2007. Includes specific and general provisions as from January 2008.

S–8 Quarterly Bulletin December 2009

South African Reserve Bank

Banks
Assets

R millions

and advances						Investments and bills discounted
						Investments other
						than shares
												Bills
Overdrafts		Less:										and		Less:				Non-
and		Credit				Government						acceptances		Credit				financial		Other		Total
loans		impairments1		Total		stock		Other		Shares		discounted		impairments1		Total		assets		assets		assets
(1122M)		(1123M)		(1124M)		(1125M)		(1126M)		(1127M)		(1111M)		(1128M)		(1129M)		(1130M)		(1131M)		(1132M)		End of
	262 294		18 517		968 107		71 564		236 584		14 619		20 830		534		343 063		12 279		29 893		1 381 843	2003
	278 937		16 047		1 077 071		72 510		235 123		12 736		28 322		578		348 114		11 642		29 765		1 498 619	2004
	301 668		15 255		1 312 361		68 446		170 797		11 153		26 888		348		276 935		13 838		36 568		1 677 652	2005
	383 571		13 724		1 688 816		67 124		176 599		11 920		35 673		120		291 195		14 706		33 770		2 075 157	2006
	474 408		17 854		2 059 570		68 624		232 639		13 786		42 071		87		357 033		18 769		53 404		2 546 788	2007
	566 812		39 647		2 312 921		99 963		524 068		41 561		72 704		52		738 243		25 332		24 150		3 166 504	2008
	346 072		15 231		1 582 388		58 967		186 306		11 162		34 194		119		290 510		13 782		41 054		1 967 813	2006: Aug
	359 648		15 298		1 639 015		61 921		225 822		11 729		33 734		119		333 086		13 889		35 439		2 064 106	Sep
	368 610		15 465		1 657 386		62 454		191 420		12 144		32 994		124		298 888		13 896		37 398		2 049 691	Oct
	373 341		14 267		1 669 295		59 580		186 270		12 290		34 621		124		292 638		14 136		41 184		2 062 028	Nov
	383 571		13 724		1 688 816		67 124		176 599		11 920		35 673		120		291 195		14 706		33 770		2 075 157	Dec
	390 534		13 952		1 715 438		64 739		166 690		12 059		40 244		120		283 612		14 654		38 112		2 096 884	2007: Jan
	412 230		13 847		1 772 513		62 507		163 844		12 554		42 806		120		281 591		14 551		44 788		2 160 280	Feb
	415 264		13 846		1 799 825		62 819		161 217		12 608		40 548		116		277 076		14 682		37 834		2 176 530	Mar
	427 972		14 145		1 813 094		63 780		169 317		12 973		41 955		116		287 909		14 692		44 020		2 205 408	Apr
	424 547		14 361		1 824 671		65 080		165 450		12 905		42 536		116		285 854		14 861		47 951		2 221 307	May
	436 675		14 555		1 878 168		62 570		187 481		13 701		42 629		98		306 283		15 249		59 524		2 308 100	Jun
	440 579		14 945		1 937 756		60 359		188 613		13 095		41 518		98		303 486		15 599		53 809		2 361 112	Jul
	442 687		15 433		1 964 491		65 784		190 451		12 748		45 493		98		314 378		15 702		56 233		2 403 893	Aug
	460 255		16 020		2 004 288		67 976		199 682		13 301		45 771		98		326 631		15 916		57 481		2 456 016	Sep
	469 270		16 681		2 006 998		66 910		228 994		13 464		46 063		98		355 333		16 018		61 662		2 491 591	Oct
	472 755		17 141		2 037 311		66 099		240 169		13 066		44 792		86		364 041		16 585		63 605		2 535 264	Nov
	474 408		17 854		2 059 570		68 624		232 639		13 786		42 071		87		357 033		18 769		53 404		2 546 788	Dec
	501 976		26 073		2 099 539		71 792		271 119		38 071		52 521		0		433 503		19 248		48 989		2 657 035	2008: Jan
	511 138		27 489		2 173 884		62 695		305 715		39 094		61 338		0		468 843		19 303		35 411		2 754 009	Feb
	540 131		27 808		2 202 344		64 512		345 314		38 842		54 150		0		502 818		19 336		36 108		2 820 060	Mar
	547 549		28 739		2 185 686		67 918		317 762		38 738		57 850		0		482 268		20 698		38 815		2 786 030	Apr
	552 682		29 666		2 225 700		67 832		343 703		39 725		61 210		32		512 437		21 007		37 349		2 852 600	May
	579 548		31 359		2 260 854		78 276		374 528		37 963		64 864		36		555 596		21 931		48 925		2 945 358	Jun
	570 413		32 576		2 259 850		83 491		328 741		35 960		63 003		39		511 156		22 161		36 181		2 888 882	Jul
	578 752		34 138		2 262 184		86 411		301 200		35 398		63 156		42		486 124		22 760		26 034		2 856 591	Aug
	574 937		35 525		2 311 442		82 190		308 763		34 763		67 830		45		493 501		22 944		41 896		2 933 129	Sep
	580 534		37 244		2 336 344		79 814		589 331		37 111		72 925		47		779 134		23 221		36 936		3 237 301	Oct
	583 662		37 415		2 331 885		96 666		567 246		36 142		72 852		50		772 856		23 628		32 745		3 222 273	Nov
	566 812		39 647		2 312 921		99 963		524 068		41 561		72 704		52		738 243		25 332		24 150		3 166 504	Dec
	577 053		41 216		2 344 243		101 665		526 406		38 388		72 836		30		739 266		24 506		35 228		3 203 555	2009: Jan
	578 204		43 195		2 324 786		96 546		490 499		38 147		75 148		31		700 309		24 769		31 799		3 139 295	Feb
	574 067		44 665		2 336 225		97 722		468 042		38 227		77 585		31		681 545		25 366		36 625		3 142 305	Mar
	573 448		46 111		2 275 820		99 943		456 459		37 571		80 803		30		674 747		25 480		29 896		3 070 773	Apr
	549 625		47 367		2 258 553		94 452		464 774		41 548		85 079		30		685 823		25 669		32 832		3 062 582	May
	560 489		47 945		2 258 422		92 346		418 164		40 254		89 906		29		640 640		26 771		29 556		3 019 599	Jun
	568 242		49 092		2 279 928		101 399		395 959		40 365		88 280		28		625 975		27 531		25 569		3 021 613	Jul
	560 133		50 118		2 280 352		95 831		386 072		37 837		92 340		30		612 050		27 631		30 423		3 014 480	Aug
	552 861		51 128		2 261 259		106 065		375 344		37 048		92 389		31		610 815		28 571		29 690		2 995 494	Sep

KB108

1. Specific provisions up to December 2007. Includes specific and general provisions as from January 2008.

Quarterly Bulletin December 2009 S–9

South African Reserve Bank

Banks
Analysis of deposits by type of depositor

R millions

	Residents
					Local
					govern-						Other												of which:
	Interbank				ments and		Public		Insurers		companies												Denomina-
	and		Govern-		regional		enterprises/		and		and close				Other						Total		ted in
	intragroup		ment		services		corpora-		pension		corpora-				monetary				Non-		all		foreign
	deposits		deposits1		councils		tions2		funds		tions		Households3		institutions		Total		residents		deposits		currency
End of	(1153M)		(1143M)		(1144M)		(1145M)		(1146M)		(1147M)		(1154M)		(1155M)		(1150M)		(1152M)		(1077M)		(1078M)
2006		101 739		86 964		26 285		93 898		86 698		720 868		363 113		...		1 479 566		59 836		1 539 402		50 284
2007		120 654		73 106		27 258		113 440		111 296		925 374		423 700		...		1 794 829		66 846		1 861 675		54 936
2008		140 094		62 108		32 469		132 480		105 139		1 086 949		501 878		7 870		2 068 986		102 956		2 171 942		78 269
2008: Aug		128 029		54 117		36 539		118 565		104 579		1 064 282		476 473		7 211		1 989 795		97 117		2 086 912		78 134
Sep		138 929		59 516		33 892		127 343		109 645		1 062 183		482 385		11 403		2 025 296		100 541		2 125 837		79 741
Oct		153 657		51 257		32 386		135 140		105 905		1 066 964		493 553		10 373		2 049 236		133 364		2 182 600		102 281
Nov		142 895		41 396		34 675		136 611		107 137		1 108 495		498 935		9 151		2 079 294		106 194		2 185 488		90 649
Dec		140 094		62 108		32 469		132 480		105 139		1 086 949		501 878		7 870		2 068 986		102 956		2 171 942		78 269
2009: Jan		151 246		58 628		30 740		137 934		108 867		1 082 789		500 616		5 834		2 076 655		105 312		2 181 967		77 490
Feb		148 794		35 405		42 776		138 376		107 640		1 086 466		502 595		9 169		2 071 221		101 629		2 172 850		74 598
Mar		179 912		57 509		36 797		137 242		103 534		1 085 017		508 165		6 900		2 115 076		93 660		2 208 736		79 561
Apr		163 414		45 433		32 338		133 246		103 979		1 099 360		510 710		7 780		2 096 261		90 389		2 186 650		71 318
May		151 308		46 299		31 240		133 009		111 112		1 114 045		510 076		4 354		2 101 443		81 287		2 182 730		63 550
Jun		143 527		62 527		28 837		124 390		112 928		1 107 871		511 718		7 216		2 099 015		71 639		2 170 654		56 399
Jul		150 762		49 172		32 274		119 185		111 452		1 120 744		513 602		5 821		2 103 011		70 744		2 173 755		56 157
Aug		150 611		44 008		29 136		120 518		113 628		1 122 158		512 550		6 354		2 098 962		74 719		2 173 680		55 315
Sep		150 065		56 797		29 406		120 491		121 720		1 106 009		511 282		4 560		2 100 329		65 567		2 165 896		51 805

KB109

Banks
Selected asset items

R millions

			Advances								Investments												Bills discounted
											Government sector						Private sector
																	Stock of										Other
											Short-term		Long-term				public								Land Bank		including
					Provincial		Total loans				govern-		govern-				enterprises/								bills and		bankers’
	NCDs/		Central		govern-		and		Foreign		ment		ment				corpora-				Foreign		Treasury		promissory		acceptan-
	PNs		government		ments		advances4		sector		stock		stock		Other		tions		Other		sector		bills		notes		ces
End of	(1160M)		(1510M)		(1174M)		(1166M)		(1167M)		(1168M)		(1169M)		(1170M)		(1171M)		(1172M)		(1173M)		(1161M)		(1162M)		(1163M)
2006		25 197		756		277		1 324 910		204 611		38 044		29 080		–		2 080		47 247		23 159		30 976		27		8 093
2007		27 518		607		241		1 622 198		224 520		41 156		27 467		58		3 379		71 845		106 551		37 175		16		12 794
2008		44 543		2 116		1 889		1 853 693		377 822		51 772		48 190		2 839		6 250		95 901		300 794		62 821		–		9 883
2008: Aug		43 230		4 933		569		1 828 664		241 556		45 947		40 465		3 057		7 579		78 599		167 874		55 120		–		8 036
Sep		39 780		5 148		349		1 839 165		252 017		45 195		36 995		2 940		5 543		72 645		171 892		59 077		–		8 753
Oct		40 441		5 372		795		1 857 476		385 089		46 617		33 197		1 956		9 605		82 404		314 823		61 109		–		11 816
Nov		48 101		1 939		661		1 874 177		386 124		55 350		41 317		1 978		5 962		93 634		307 995		61 572		–		11 280
Dec		44 543		2 116		1 889		1 853 693		377 822		51 772		48 190		2 839		6 250		95 901		300 794		62 821		–		9 883
2009: Jan		54 776		2 240		1 700		1 863 488		381 800		49 071		52 594		813		9 537		95 211		304 652		62 840		–		9 996
Feb		59 144		1 893		1 477		1 867 428		357 180		37 065		59 481		1 885		9 722		98 767		286 612		64 136		–		11 012
Mar		58 659		1 610		1 741		1 863 820		329 568		39 350		58 372		2 461		9 653		109 417		261 446		67 638		–		9 947
Apr		59 634		1 246		965		1 860 392		309 813		40 763		59 181		1 966		8 993		114 575		243 807		72 110		–		8 693
May		56 566		1 492		910		1 832 083		311 300		36 705		57 747		2 508		8 123		117 285		245 066		77 504		–		7 575
Jun		56 229		1 594		1 072		1 841 314		277 960		38 735		53 611		634		7 782		113 202		214 603		80 758		–		9 147
Jul		50 798		1 541		964		1 847 172		280 068		40 953		60 446		685		8 628		107 120		205 442		79 400		–		8 879
Aug		53 554		1 508		709		1 844 008		274 258		31 548		64 283		325		8 901		107 665		202 288		84 223		–		8 117
Sep		54 154		1 028		772		1 836 250		268 159		34 080		71 985		1 029		7 687		103 656		197 320		84 031		–		8 358

KB110

1.	The Public Investment Commissioners was corporatised in April 2005 and the name changed to Public Investment Corporation, resulting in the exclusion of the Corporation from the government sector. The figures were revised back to January 1996.
2.	Including the Public Investment Corporation as from January 1996.
3.	Includes individuals, unincorporated business enterprises of households and non-profit organisations serving households.
4.	To the domestic private sector.

S–10 Quarterly Bulletin December 2009

South African Reserve Bank

Banks and mutual banks
Instalment sale and leasing transactions¹

R millions

	Instalment
	sale credit						Leasing finance												Total assets
Quarter-end balances according to	(Hire-purchase credit)						Financial leases						Operating leases						financed
type of asset and agreement	2009/01		2009/02		2009/03		2009/01		2009/02		2009/03		2009/01		2009/02		2009/03		2009/01		2009/02		2009/03
Passenger cars:
New		51 915		51 496		50 756		15 874		14 331		13 681		1 152		1 038		881		68 941		66 865		65 318
Used		53 889		55 091		56 897		7 433		6 979		6 473		777		704		611		62 100		62 774		63 982
Minibuses		3 370		3 379		3 406		155		159		156		14		14		4		3 538		3 552		3 567
Trucks and other land transport equipment		47 256		46 014		44 928		9 836		8 865		8 031		647		599		544		57 738		55 478		53 503
Aircraft, ships and boats		4 288		3 926		3 775		268		256		260		–		–		–		4 555		4 181		4 035
Agricultural machinery and equipment		4 800		4 922		4 831		211		206		183		2		1		1		5 013		5 129		5 016
All household appliances, such as furniture, televisions, radio sets and other electrical equipment		69		64		58		2		2		2		–		–		–		71		66		59
Industrial, commercial and office equipment		28 642		27 855		26 958		4 561		4 559		4 254		766		910		963		33 970		33 324		32 175
Other goods		9 712		9 263		8 823		2 716		2 513		2 264		65		60		62		12 493		11 837		11 149
All goods		203 941		202 009		200 431		41 055		37 871		35 304		3 423		3 328		3 067		248 419		243 207		238 803

According to type of purchaser/lessee	Households2						Other3						Total
	2009/01		2009/02		2009/03		2009/01		2009/02		2009/03		2009/01		2009/02		2009/03
Instalment sale balances		121 490		121 823		123 041		82 451		80 185		77 390		203 941		202 009		200 431
Leasing balances		27 825		25 436		23 564		16 653		15 763		14 808		44 478		41 199		38 372

KB111

1.	Unearned finance charges excluded.
2.	Includes individuals, unincorporated business enterprises of households, non-profit organisations serving households and non-incorporated farming.
3.	Includes general government, financial corporate sector, non-financial corporate sector and foreign sector.

Term lending rates and amounts paid out by banks

	Average rates on instalment
	sale agreements				Paid out in respect of new business
	New fixed rate		Adjustable rate		Instalment sale		Leasing
	agreements		agreements		transactions		transactions		Total
	%		%		Rm		Rm		Rm
Period	(1181M)		(1182M)		(1183M)		(1184M)		(1185M)
2008: May		15.53		14.27		9 538		1 060		10 597
Jun		15.74		14.91		9 514		1 177		10 691
Jul		16.20		15.21		9 224		1 590		10 815
Aug		16.65		15.14		8 265		1 423		9 687
Sep		15.68		14.85		8 902		2 006		10 908
Oct		16.21		14.88		8 981		1 618		10 598
Nov		15.97		14.98		7 689		1 162		8 850
Dec		16.07		14.44		7 284		1 218		8 503
2009: Jan		15.86		14.41		6 411		1 177		7 588
Feb		15.85		13.73		5 981		874		6 855
Mar		15.42		13.12		6 738		1 176		7 913
Apr		15.44		13.09		6 165		984		7 149
May		15.25		11.35		6 182		881		7 064
Jun		14.74		11.34		6 311		884		7 194
Jul		14.32		11.37		7 098		862		7 960
Aug		13.62		11.15		6 346		818		7 164
Sep		14.68		11.29		6 997		770		7 767

KB112

Quarterly Bulletin December 2009 S–11

South African Reserve Bank

Banks
Contingent liabilities

R millions

			Letters of														Portfolios managed:
			credit
			and committed						Credit		Committed		Operating		Other		By others on		By banks on
	Guarantees on		undrawn		Bankers’		Underwriting		derivative		capital		lease		contingent		behalf of		behalf of
	behalf of clients		facilities		acceptances		exposures		instruments		expenditure		commitments		liabilities		banks		clients
End of	(1191M)		(1192M)		(1198M)		(1193M)		(1199M)		(1211M)		(1212M)		(1194M)		(1213M)		(1214M)
2003		62 700		45 375		...		0		...		272		...		5 227		...		...
2004		62 432		58 989		...		12		...		354		...		8 190		...		...
2005		76 404		97 012		...		46		...		931		...		8 708		...		...
2006		105 838		151 937		...		0		...		1 318		...		8 624		...		...
2007		115 837		178 949		...		467		...		1 529		...		7 836		...		...
2008		108 250		221 967		572		1 889		18 281		2 189		7 429		8 216		...		4 326
2006: Aug		104 829		140 875		...		4		...		1 324		...		8 655		...		...
Sep		104 497		141 818		...		4		...		1 239		...		8 706		...		...
Oct		130 311		144 945		...		3		...		1 265		...		8 668		...		...
Nov		129 429		151 165		...		1		...		1 310		...		8 726		...		...
Dec		105 838		151 937		...		0		...		1 318		...		8 624		...		...
2007: Jan		106 048		150 831		...		0		...		1 224		...		8 729		...		...
Feb		104 046		151 514		...		0		...		1 275		...		8 479		...		...
Mar		105 686		152 598		...		737		...		1 377		...		8 570		...		...
Apr		103 226		153 502		...		737		...		1 405		...		8 476		...		...
May		103 555		162 889		...		700		...		1 372		...		8 446		...		...
Jun		101 224		176 560		...		678		...		1 536		...		8 253		...		...
Jul		109 012		177 367		...		700		...		1 487		...		7 810		...		...
Aug		114 916		176 448		...		467		...		1 448		...		7 840		...		...
Sep		114 886		181 686		...		467		...		1 480		...		7 688		...		...
Oct		117 453		187 155		...		467		...		1 584		...		8 387		...		...
Nov		118 104		184 680		...		467		...		1 633		...		8 008		...		...
Dec		115 837		178 949		...		467		...		1 529		...		7 836		...		...
2008: Jan		104 509		204 640		499		903		11 764		1 172		5 487		13 029		—		3 642
Feb		104 879		209 695		224		3 084		12 025		1 295		5 483		12 979		—		3 618
Mar		104 898		219 517		306		3 388		12 096		2 153		5 647		12 338		—		3 686
Apr		106 592		220 779		210		2 786		12 578		2 070		5 090		12 567		—		3 857
May		101 327		223 152		161		3 161		12 537		2 202		5 946		15 760		—		3 700
Jun		110 260		210 831		2 155		1 498		10 532		2 247		6 912		14 295		—		3 701
Jul		105 178		211 841		1 845		2 764		12 542		1 998		6 026		14 901		—		3 666
Aug		111 474		210 818		368		2 704		14 206		1 864		6 526		14 207		—		3 875
Sep		115 970		221 743		439		2 630		14 623		1 788		6 185		10 210		—		3 894
Oct		116 044		225 046		267		2 465		15 510		1 583		6 008		8 125		—		3 894
Nov		112 377		219 159		246		2 459		15 507		1 571		6 283		7 876		—		4 327
Dec		108 250		221 967		572		1 889		18 281		2 189		7 429		8 216		—		4 326
2009: Jan		109 096		218 599		1 255		1 171		19 509		3 268		8 863		8 638		—		4 197
Feb		110 422		219 208		1 115		952		16 709		3 146		8 761		8 384		—		4 152
Mar		112 475		212 764		976		1 181		14 933		3 141		8 187		12 197		—		4 235
Apr		106 336		208 159		843		759		15 783		3 222		8 273		11 830		—		4 350
May		105 839		215 183		1 003		1 294		16 127		3 016		8 371		11 562		—		4 398
Jun		104 391		224 315		1 001		1 655		13 480		4 072		8 875		12 294		—		4 662
Jul		101 500		227 125		862		1 672		16 283		3 820		8 244		11 619		—		4 814
Aug		103 046		233 092		696		994		17 321		3 888		7 841		12 888		4 856		5 084
Sep		103 121		235 584		810		1 249		12 915		3 721		8 365		14 411		4 929		5 284

KB113

S–12 Quarterly Bulletin December 2009

South African Reserve Bank

Banks
Credit cards, cheques and electronic transactions

	Credit cards						Cheques						Electronic transactions
	Credit card purchases processed						Cheques processed by the						Electronic fund transfers
	during the period						automated clearing bureau1,2						processed2,3
					Value						Value						Value
					seasonally						seasonally						seasonally
	Number		Value		adjusted		Number		Value		adjusted		Number		Value		adjusted
	Millions		R millions		R millions		Millions		R millions		R millions		Millions		R millions		R millions
Period	(1260M)		(1261M)		(1261N)		(1262M)		(1263M)		(1263N)		(1264M)		(1265M)		(1265N)
2003		210.328		74 392		74 392		143.848		1 472 067		1 472 067		428.230		2 144 739		2 144 739
2004		240.965		89 396		89 396		127.496		1 474 893		1 474 893		481.384		2 561 657		2 561 657
2005		280.097		111 094		111 094		112.826		1 496 533		1 496 533		532.225		2 986 988		2 986 988
2006		317.039		132 111		132 111		97.929		1 534 999		1 534 999		581.504		3 556 485		3 556 485
2007		344.857		150 230		150 230		83.652		1 549 030		1 549 030		635.419		4 262 494		4 262 494
2008		337.170		160 719		160 719		69.390		1 399 938		1 399 938		670.399		4 915 220		4 915 220
2006: Aug		27.483		11 365		11 659		8.349		137 365		134 658		49.805		313 842		309 562
Sep		25.294		10 776		11 002		7.862		130 174		125 427		48.559		303 663		296 354
Oct		27.758		11 605		11 717		8.315		136 872		129 885		49.990		324 768		312 435
Nov		28.525		12 098		11 734		8.268		136 229		130 479		50.337		335 131		320 638
Dec		32.322		13 975		11 716		7.381		131 176		123 204		49.788		329 073		302 899
2007: Jan		28.849		11 789		12 207		7.018		116 713		130 043		48.147		297 202		331 523
Feb		26.169		10 925		12 122		7.177		123 333		131 507		49.262		311 448		335 030
Mar		29.017		12 515		12 315		7.732		137 327		133 470		52.910		353 700		350 657
Apr		27.374		11 560		12 016		6.417		115 229		123 598		50.168		314 909		329 849
May		30.792		13 148		13 267		7.652		138 270		138 059		53.816		359 377		359 608
Jun		28.122		12 458		12 928		6.846		128 688		129 156		52.832		347 937		347 490
Jul		28.576		12 420		12 384		6.970		135 583		134 219		54.394		369 629		366 665
Aug		28.782		12 452		12 507		7.037		133 909		129 706		55.231		379 386		371 675
Sep		27.480		12 084		12 346		6.452		126 429		123 236		51.115		342 572		338 039
Oct		29.406		13 359		13 433		7.286		139 058		134 082		56.904		398 633		388 151
Nov		29.118		13 227		12 725		7.015		133 100		126 244		56.098		405 109		384 792
Dec		31.172		14 292		11 980		6.050		121 391		115 711		54.541		382 592		359 016
2008: Jan		28.785		12 800		13 236		5.920		112 071		124 912		51.970		347 769		387 398
Feb		26.322		12 131		13 482		6.399		120 590		127 640		54.448		378 808		405 263
Mar		27.916		13 034		12 787		6.021		120 675		115 280		53.632		384 336		372 469
Apr		28.454		13 583		14 268		6.009		117 993		129 280		56.858		405 474		431 529
May		28.317		13 348		13 338		6.045		116 923		113 881		54.371		400 195		393 946
Jun		26.126		12 729		13 047		5.700		116 623		116 394		54.218		405 643		405 223
Jul		28.450		13 761		13 864		5.926		125 904		124 640		57.179		446 390		444 082
Aug		26.962		13 024		12 985		5.552		112 159		107 306		54.792		410 259		396 820
Sep		28.226		13 672		14 061		5.627		118 268		116 507		58.128		429 109		425 264
Oct		28.410		13 920		13 880		5.817		122 421		116 107		59.543		450 471		435 933
Nov		26.825		13 024		12 430		5.183		102 447		96 419		54.951		409 494		385 442
Dec		32.379		15 693		13 339		5.192		113 864		111 570		60.308		447 272		431 849
2009: Jan		24.296		11 498		11 854		4.563		91 658		102 002		54.314		363 926		404 328
Feb		22.048		10 507		11 569		4.793		99 681		104 407		55.418		380 325		401 636
Mar		24.044		11 802		11 758		5.114		106 011		102 641		59.228		419 805		409 637
Apr		23.737		11 356		11 525		4.270		88 135		96 963		57.971		386 771		413 949
May		23.189		11 457		11 334		4.595		90 340		88 110		55.351		390 100		385 040
Jun		23.395		11 604		12 009		4.483		93 895		94 109		59.377		407 481		408 806
Jul		23.580		11 863		12 000		4.521		97 873		96 711		60.454		430 147		421 685
Aug		22.745		11 449		11 615		4.172		85 317		82 387		57.139		400 882		390 571
Sep		23.272		11 950		12 315		4.285		90 039		88 738		59.088		415 605		412 358

KB117

1.	Including magnetic ink character recognition (MICR), as well as code line clearing transactions as from July 1997.
2.	Risk reduction measures and changes in the processing of cheques and electronic transactions have affected the figures in these columns as from January 2002.
3.	Including all electronic transfers, such as electronic salary payments, and all debit and credit transactions settled among banks, excluding intrabank transactions.

Quarterly Bulletin December 2009 S–13

South African Reserve Bank

Banks
Liquid assets and cash reserves¹

R millions

	Liquid assets																		Cash reserves6
					Reserve																Minimum
					and clearing																reserve
					account														Banks’		balance
	Banknotes		Gold coin		balances				Govern-										liabilities		to be
	and subsi-		and		held with		Treasury		ment		SARB		Land Bank		Total		Required		as		held with
	diary coin		bullion		SARB2		bills		stock3		securities		bills		holdings4		holdings5		adjusted		SARB7
Period	(1240M)		(1241M)		(1242M)		(1244M)		(1245M)		(1246M)		(1247M)		(1250M)		(1251M)		(1252M)		(1255M)
2003		4 682		6		2		16 796		31 633		5 349		722		59 191		52 782		765 444		16 047
2004		6 976		3		4		18 963		36 243		3 812		698		66 699		56 791		820 939		19 314
2005		8 570		0		6		24 445		35 445		6 515		750		75 731		65 469		972 286		24 307
2006		9 229		0		65		34 789		37 634		5 051		572		87 340		79 731		1 192 359		29 809
2007		9 524		0		39		45 142		42 210		8 185		531		105 631		96 950		1 499 115		37 478
2008		11 042		1		14		52 646		53 880		19 800		509		137 890		124 375		1 831 617		45 790
2006: Aug		8 457		0		175		38 294		36 731		4 783		567		89 006		80 831		1 208 770		30 219
Sep		8 822		0		104		37 600		38 883		3 614		600		89 624		84 167		1 230 938		30 773
Oct		8 803		0		81		37 039		41 619		3 467		583		91 592		86 185		1 274 614		31 865
Nov		8 756		0		125		38 044		40 335		4 489		562		92 311		86 678		1 307 980		32 699
Dec		9 130		0		275		38 304		43 893		4 260		521		96 383		87 706		1 341 385		33 534
2007: Jan		11 490		0		85		39 263		43 350		4 483		520		99 191		87 631		1 354 365		33 859
Feb		9 691		0		19		41 177		38 806		4 669		536		94 899		89 728		1 379 357		34 484
Mar		8 976		0		55		42 480		39 349		6 250		553		97 664		91 181		1 403 726		35 093
Apr		9 278		0		7		43 342		40 108		7 591		543		100 867		92 139		1 437 616		35 940
May		9 816		0		1		44 430		38 103		8 218		513		101 080		93 355		1 460 597		36 515
Jun		9 326		0		3		45 829		36 968		8 263		527		100 916		95 972		1 497 419		37 435
Jul		8 924		0		26		47 020		40 328		7 607		524		104 430		98 141		1 500 310		37 508
Aug		8 949		0		10		48 901		43 938		8 211		526		110 535		100 033		1 520 950		38 024
Sep		9 303		0		105		48 900		43 880		9 162		533		111 884		101 457		1 550 279		38 757
Oct		9 320		0		133		48 605		43 806		11 180		527		113 570		102 693		1 591 546		39 788
Nov		9 430		0		16		45 850		46 974		11 733		528		114 531		104 901		1 634 113		40 853
Dec		9 787		0		6		45 911		50 911		10 851		540		118 005		106 167		1 659 103		41 477
2008: Jan		12 707		0		6		46 207		52 949		11 900		532		124 301		111 855		1 741 335		43 533
Feb		10 627		1		8		48 999		48 499		15 355		535		124 023		114 812		1 747 011		43 675
Mar		10 955		1		8		48 763		48 900		17 580		539		126 744		118 425		1 748 150		43 704
Apr		11 416		1		11		51 058		50 262		19 440		509		132 696		120 558		1 779 246		44 481
May		11 295		0		9		54 286		51 130		17 074		504		134 299		121 772		1 784 841		44 621
Jun		10 157		1		10		54 499		50 517		17 305		492		132 980		123 633		1 821 690		45 542
Jul		10 256		1		25		53 564		52 986		18 365		548		135 746		125 093		1 849 966		46 249
Aug		10 372		1		10		54 092		52 558		21 715		488		139 234		125 462		1 887 377		47 184
Sep		10 712		1		12		55 045		50 438		23 689		492		140 388		125 331		1 906 909		47 673
Oct		11 050		1		11		54 387		55 400		25 147		485		146 480		130 422		1 906 273		47 657
Nov		11 519		1		28		55 214		67 626		25 915		488		160 790		135 882		1 904 912		47 623
Dec		11 434		1		27		55 638		65 297		24 112		492		157 001		139 254		1 901 692		47 542
2009: Jan		13 358		1		12		55 772		64 499		24 336		485		158 463		138 787		1 905 365		47 634
Feb		11 414		1		23		58 744		60 544		23 746		489		154 961		137 532		1 911 634		47 791
Mar		11 179		1		31		62 759		60 346		23 809		492		158 617		136 838		1 927 065		48 177
Apr		11 173		1		26		63 968		64 138		22 063		487		161 857		134 712		1 942 579		48 564
May		12 211		163		273		65 469		64 633		18 437		490		161 677		133 278		1 948 650		48 716
Jun		10 796		1		164		66 351		63 437		17 704		493		158 946		131 616		1 948 288		48 707
Jul		11 502		1		123		66 430		64 975		24 332		488		167 850		130 966		1 943 255		48 581
Aug		12 370		1		23		69 118		62 541		25 053		491		169 597		130 369		1 949 554		48 739
Sep		12 352		1		115		71 245		61 152		28 572		491		173 929		129 910		1 948 468		48 712

KB116

1.	Average amounts as from January 2008.
2.	As from April 1993 only that part of the reserve balance in excess of the minimum cash reserve requirement can be utilised as liquid assets.
3.	As from 18 October 2000 all government stock qualifies as liquid assets, irrespective of maturity.
4.	Total holdings include very small amounts of other liquid assets.
5.	As from April 1993 the liquid asset requirement has been set at 5 per cent of banks’ liabilities, as per notice R696 in Government Gazette No. 14763 of 28 April 1993.
6.	As from April 1998 the minimum cash reserve requirement was set at 21/2per cent of banks’ liabilities but banks’ vault cash holdings qualified in full as part of cash reserves, as per notice R572 in Government Gazette No. 18810 of April 1998. As from September 2001, only 75 per cent of the banks’ vault cash holdings qualified as cash reserves, and subsequently the qualifying portion was reduced by 25 percentage points each year. In September 2004 the concession was fully phased out.
7.	The average daily minimum reserve balance calculated in respect of a specific month and shown opposite that month has to be held on deposit with the South African Reserve Bank as from the 15th working day of the following month. For example, the banks’ liabilities and cash holdings during August give rise to a minimum reserve balance reported opposite August in the table but only held with the South African Reserve Bank as from the 15th working day of September.

S–14 Quarterly Bulletin December 2009

South African Reserve Bank

Mutual Banks¹ and the Postbank
Liabilities

R millions

	Mutual banks																				Postbank
	Deposits
											Other		Total		Gross
					Other						liabilities		liabilities		capital
					short and		Long				to the		to the		and		Other		Total
	Transmission		Savings		medium term		term		Total		public		public		reserves		liabilities		liabilities		Deposits2
End of	(1200M)		(1201M)		(1202M)		(1203M)		(1204M)		(1205M)		(1206M)		(1207M)		(1208M)		(1210M)		(1209M)
2006		1		167		229		291		688		2		690		94		15		799		1 943
2007		1		168		271		312		752		3		755		116		15		886		2 124
2008		1		157		273		380		810		3		813		124		16		952		2 333
2008: Sep		1		172		250		367		790		3		793		123		15		931		2 394
Oct		1		173		265		376		816		4		819		123		14		956		2 489
Nov		1		162		272		385		821		4		824		123		15		962		2 465
Dec		1		157		273		380		810		3		813		124		16		952		2 333
2009: Jan		1		158		262		388		809		3		812		124		16		952		2 269
Feb		1		159		279		384		823		3		825		125		16		966		2 307
Mar		1		163		279		384		827		2		829		125		14		968		2 357
Apr		1		164		282		380		828		2		830		127		14		971		2 395
May		1		168		277		387		833		3		836		126		14		976		2 424
Jun		1		173		285		383		842		2		844		126		14		983		2 456
Jul		1		178		288		388		856		2		858		126		13		997		2 479
Aug		1		179		283		400		863		2		865		126		13		1 004		2 502
Sep		1		183		284		395		864		2		866		135		14		1 015		2 523

KB114

1.	Mutual building societies until December 1993.
2.	Deposits include the Savings Bank, Telebank, Savings Bank Certificate Accounts, National Savings Certificates and Senior Citizen deposits.

Mutual Banks¹ and the Postbank
Assets

R millions

	Mutual banks																						Postbank
									Claims on the government
	Claims on the private sector								sector				Claims on the monetary sector
																	Land Bank
											Government		Central bank				bills and						Claims on
	Mortgage		Other		Bankers’		Stocks		Treasury		stock		money		Deposits		promissory		Other		Total		the private
	advances		advances		acceptances		and shares		bills		and other		and gold		with banks		notes		assets		assets		sector
End of	(1220M)		(1221M)		(1222M)		(1223M)		(1224M)		(1225M)		(1232M)		(1227M)		(1228M)		(1229M)		(1231M)		(1230M)
2006		320		224		—		19		40		—		18		170		—		8		799		1 943
2007		367		222		—		20		48		—		19		201		—		8		886		2 124
2008		400		228		—		23		51		—		20		220		—		10		952		2 333
2008: Sep		391		223		—		23		49		—		19		217		—		10		931		2 394
Oct		389		224		—		23		49		—		19		243		—		10		956		2 489
Nov		387		226		—		23		51		—		20		243		—		10		962		2 465
Dec		400		228		—		23		51		—		20		220		—		10		952		2 333
2009: Jan		399		223		—		24		56		—		20		221		—		10		952		2 269
Feb		402		223		—		24		48		—		19		240		—		10		966		2 307
Mar		406		238		—		24		50		—		19		220		—		11		968		2 357
Apr		411		244		—		24		50		—		20		212		—		11		971		2 395
May		429		247		—		14		49		—		20		207		—		11		976		2 424
Jun		439		246		—		14		48		—		20		205		—		11		983		2 456
Jul		454		246		—		14		48		—		20		204		—		11		997		2 479
Aug		468		250		—		14		48		—		21		194		—		10		1 004		2 502
Sep		479		247		—		14		50		—		21		194		—		10		1 015		2 523

KB115

1. Mutual building societies until December 1993.

Quarterly Bulletin December 2009 S–15

South African Reserve Bank

Land and Agricultural Bank of South Africa
Liabilities

R millions

			Bank
			overdrafts
			and				Land Bank				Capital
			overnight		Land Bank		promissory		Land Bank		and		Other		Total
	Deposits		loans		bills		notes		debentures		reserves		liabilities		liabilities
End of	(1273M)		(1274M)		(1275M)		(1276M)		(1277M)		(1278K)		(1279K)		(1280K)
2003		763		299		604		11 158		2 631		2 934		144		18 532
2004		841		412		812		13 151		3 270		1 943		—		20 429
2005		716		497		673		12 143		3 270		1 834		—		19 134
2006		910		500		518		9 833		3 408		1 323		440		16 932
2007		700		551		511		9 461		1 840		1 991		1 960		17 014
2008		642		400		495		10 211		1 840		1 749		—		15 337
2006: Aug		702		473		554		8 907		3 408		...		...		...
Sep		702		480		607		10 853		3 408		1 309		—		17 358
Oct		751		477		588		9 628		3 408		...		...		...
Nov		710		494		571		10 015		3 408		...		...		...
Dec		910		500		518		9 833		3 408		1 323		440		16 932
2007: Jan		748		494		516		10 468		3 408		...		...		...
Feb		813		600		572		11 265		3 408		...		...		...
Mar		822		583		562		11 619		2 839		1 008		267		17 701
Apr		821		563		551		11 909		2 839		...		...		...
May		766		550		511		12 193		2 613		...		...		...
Jun		746		550		531		11 516		2 613		1 269		278		17 503
Jul		748		603		533		11 839		2 474		...		...		...
Aug		770		551		533		12 519		1 840		...		...		...
Sep		717		651		538		11 709		1 840		1 217		1 011		17 681
Oct		735		651		536		9 484		1 840		...		...		...
Nov		768		651		520		9 534		1 840		...		...		...
Dec		700		551		511		9 461		1 840		1 991		1 960		17 014
2008: Jan		741		651		542		10 100		1 840		...		...		...
Feb		799		550		511		10 979		1 880		...		...		...
Mar		748		550		495		10 555		1 840		1 710		695		16 594
Apr		748		550		495		10 136		1 840		...		...		...
May		691		550		541		10 031		1 840		...		...		...
Jun		726		550		495		9 019		1 840		1 916		1 205		15 752
Jul		639		550		495		8 886		1 840		...		...		...
Aug		633		550		495		8 476		1 840		...		...		...
Sep		623		550		495		8 359		1 840		1 944		1 062		14 872
Oct		636		550		495		10 001		1 840		...		...		...
Nov		624		550		495		10 114		1 840		...		...		...
Dec		642		400		495		10 211		1 840		1 749		—		15 337
2009: Jan		660		400		495		9 836		1 840		...		...		...
Feb		713		400		495		9 508		1 840		...		...		...
Mar		743		400		495		10 777		1 840		1 780				16 036
Apr		679		250		495		10 649		1 840		...		...		...
May		673		250		495		9 996		1 840		...		...		...
Jun		676		250		495		9 337		1 840		2 032		389		15 020
Jul		673		250		495		8 704		1 840		...		...		...
Aug		650		250		495		8 599		1 840		...		...		...
Sep		596		350		495		8 024		1 840		2 096		925		14 327

KB118

S–16 Quarterly Bulletin December 2009

South African Reserve Bank

Land and Agricultural Bank of South Africa
Assets

R millions

	Loans and advances
	Short term						Long term
	Cash credit advances						Mortgage loans
																						Cash credit
											Other				Total							advances,
			Co-						Co-		loans to				loans and		Other			Total		seasonally
	Individuals		operatives1		Total		Individuals		operatives		individuals		Total		advances		assets			assets		adjusted
End of	(1290M)		(1291M)		(1293M)		(1294M)		(1295M)		(1296M)		(1297M)		(1298M)		(1299K)			(1300K)		(1301M)
2003		1 186		8 934		10 121		5 251		860		1 390		7 502		17 623		909			18 532		9 797
2004		981		9 495		10 476		5 038		2 078		1 002		8 118		18 594		1 835			20 429		10 041
2005		842		9 270		10 112		4 638		1 382		922		6 943		17 055		2 079			19 134		9 687
2006		509		9 904		10 413		3 930		1 792		796		6 519		16 931		1			16 932		10 194
2007		481		10 333		10 814		3 397		2 090		714		6 201		17 014		—			17 014		10 615
2008		388		8 874		9 262		2 736		2 355		583		5 675		14 937		400			15 337		9 307
2006: Aug		561		9 352		9 913		4 198		1 704		826		6 728		16 641		...			...		9 817
Sep		545		9 423		9 967		4 162		1 754		821		6 736		16 704		654			17 358		10 231
Oct		531		8 980		9 511		4 096		1 766		817		6 678		16 190		...			...		9 948
Nov		514		10 118		10 632		4 028		1 820		804		6 652		17 283		...			...		11 048
Dec		509		9 904		10 413		3 930		1 792		796		6 519		16 931		1			16 932		10 194
2007: Jan		503		9 208		9 711		3 894		1 805		792		6 490		16 201		...			...		9 687
Feb		569		10 541		11 111		3 856		1 907		787		6 551		17 662		...			...		11 275
Mar		527		10 698		11 225		3 777		1 917		782		6 476		17 701		—			17 701		11 313
Apr		502		10 380		10 882		3 756		1 963		769		6 488		17 370		...			...		10 605
May		490		10 557		11 046		3 708		1 977		761		6 445		17 492		...			...		10 929
Jun		453		10 652		11 104		3 675		1 966		757		6 398		17 503		—			17 503		10 830
Jul		439		10 866		11 306		3 586		2 033		744		6 363		17 668		...			...		11 189
Aug		462		10 736		11 198		3 543		2 094		742		6 378		17 576		...			...		11 066
Sep		458		10 838		11 296		3 525		2 117		743		6 385		17 681		—			17 681		11 386
Oct		470		9 944		10 414		3 471		2 141		727		6 340		16 754		...			...		10 880
Nov		471		10 588		11 059		3 436		2 148		720		6 304		17 362		...			...		11 454
Dec		481		10 333		10 814		3 397		2 090		714		6 201		17 014		—			17 014		10 615
2008: Jan		461		9 719		10 180		3 338		2 197		706		6 240		16 420		...			...		10 226
Feb		450		9 817		10 267		3 261		2 208		697		6 166		16 433		...			...		10 110
Mar		445		10 026		10 470		3 227		2 220		676		6 123		16 594		—			16 594		10 172
Apr		434		9 095		9 529		3 172		2 348		667		6 187		15 716		...			...		9 345
May		422		9 102		9 524		3 125		2 342		659		6 127		15 650		...			...		9 412
Jun		414		9 256		9 670		3 077		2 357		648		6 082		15 752		—			15 752		9 540
Jul		401		8 952		9 353		3 006		2 377		629		6 013		15 366		...			...		9 276
Aug		318		8 966		9 284		2 947		2 382		616		5 945		15 229		...			...		9 273
Sep		312		8 670		8 982		2 897		2 390		603		5 890		14 872		—			14 872		9 026
Oct		309		8 799		9 108		2 844		2 398		592		5 834		14 942		...			...		9 690
Nov		385		8 688		9 073		2 781		2 349		587		5 717		14 789		...			...		9 315
Dec		388		8 874		9 262		2 736		2 355		583		5 675		14 937		400	��		15 337		9 307
2009: Jan		393		8 667		9 060		2 702		2 406		581		5 690		14 750		...			...		9 240
Feb		395		8 675		9 071		2 669		2 375		571		5 615		14 686		...			...		8 882
Mar		388		8 682		9 070		2 632		2 399		570		5 601		14 671		1 365			16 036		8 764
Apr		531		9 160		9 691		2 603		2 461		566		5 630		15 321		...			...		9 710
May		530		9 070		9 601		2 578		2 134		564		5 275		14 876		...			...		9 616
Jun		527		9 228		9 755		2 548		2 158		560		5 265		15 020		—			15 020		9 630
Jul		530		8 994		9 524		2 528		2 074		558		5 160		14 684		...			...		9 454
Aug		675		8 680		9 355		2 543		1 996		550		5 089		14 443		...			...		9 361
Sep		530		8 560		9 090		2 542		2 150		545		5 237		14 327		—			14 327		9 163

KB119

1. Including control boards.

Quarterly Bulletin December 2009 S–17

South African Reserve Bank

Monetary sector¹
Liabilities

R millions

			Deposits of domestic private sector, local authorities and public enterprises/corporations3
	Banknotes		Cheque and		Other
	and coin2		transmission		demand		Savings		Short term		Medium term		Long term		Total
End of	(1312M)		(1313M)		(1314M)		(1321M)		(1316M)		(1322M)		(1319M)		(1320M)
2003		33 715		185 240		168 833		45 422		130 529		169 714		74 594		774 332
2004		39 080		205 378		177 036		51 234		135 789		210 222		95 410		875 069
2005		43 419		248 533		211 101		57 861		163 728		238 874		137 615		1 057 711
2006		49 951		288 041		267 687		72 692		222 713		255 758		192 450		1 299 342
2007		53 606		347 040		337 672		90 026		266 267		301 715		271 255		1 613 974
2008		57 362		362 492		333 774		112 778		332 540		362 665		352 589		1 856 838
2006: Aug		44 850		266 016		261 396		69 907		190 752		245 868		187 023		1 220 962
Sep		47 933		270 780		259 978		70 481		224 361		232 777		177 668		1 236 046
Oct		47 123		271 640		270 298		70 971		213 827		251 848		185 029		1 263 613
Nov		48 726		285 627		265 634		73 512		194 916		277 682		195 751		1 293 122
Dec		49 951		288 041		267 687		72 692		222 713		255 758		192 450		1 299 342
2007: Jan		46 820		274 174		265 496		71 877		233 559		241 700		215 131		1 301 938
Feb		47 469		306 394		279 433		72 924		217 846		256 221		237 799		1 370 617
Mar		49 968		310 553		286 612		75 214		199 705		273 081		252 222		1 397 386
Apr		49 925		310 172		285 837		76 551		198 069		294 627		261 098		1 426 353
May		48 231		311 299		301 293		78 993		212 360		289 170		260 283		1 453 398
Jun		50 733		317 579		297 561		81 505		205 107		296 906		273 974		1 472 631
Jul		48 787		312 332		308 241		82 946		225 230		312 692		261 263		1 502 705
Aug		50 400		329 927		332 907		85 141		211 771		331 766		250 479		1 541 991
Sep		51 841		333 571		317 253		84 995		239 667		323 009		253 877		1 552 372
Oct		49 348		324 454		325 037		86 487		208 890		352 142		270 257		1 567 268
Nov		53 616		331 687		346 326		89 868		200 904		359 238		270 523		1 598 547
Dec		53 606		347 040		337 672		90 026		266 267		301 715		271 255		1 613 974
2008: Jan		50 330		330 755		387 945		87 754		243 023		277 555		301 260		1 628 292
Feb		52 630		341 367		375 156		91 035		223 448		309 594		316 392		1 656 991
Mar		52 712		344 876		349 463		90 475		293 038		299 698		312 747		1 690 298
Apr		53 323		343 532		313 885		93 695		329 293		323 688		325 185		1 729 278
May		54 124		340 903		347 044		96 060		356 306		287 246		329 352		1 756 910
Jun		53 593		355 625		351 952		98 898		314 399		299 644		351 247		1 771 766
Jul		52 132		340 332		342 664		101 993		326 865		319 929		363 196		1 794 979
Aug		55 464		339 912		348 066		102 931		305 901		329 688		369 213		1 795 711
Sep		53 818		344 317		354 814		104 471		305 888		342 379		360 877		1 812 746
Oct		56 309		350 353		347 403		109 069		316 632		343 028		366 064		1 832 548
Nov		60 533		357 909		353 005		112 078		280 500		400 886		376 780		1 881 160
Dec		57 362		362 492		333 774		112 778		332 540		362 665		352 589		1 856 838
2009: Jan		57 966		340 718		324 145		111 701		324 144		407 193		346 720		1 854 621
Feb		58 953		350 778		320 033		113 363		316 218		425 614		349 844		1 875 850
Mar		57 028		355 023		319 787		114 639		342 544		384 428		353 893		1 870 314
Apr		57 387		351 215		336 050		115 889		325 081		387 971		360 268		1 876 474
May		59 202		347 077		361 559		116 513		349 081		362 217		356 622		1 893 070
Jun		57 114		356 379		358 643		117 449		313 533		342 590		390 410		1 879 004
Jul		57 693		361 623		343 883		118 864		307 139		350 314		412 803		1 894 625
Aug		58 366		363 220		358 011		118 176		301 706		353 949		399 371		1 894 433
Sep		57 152		355 210		349 261		118 160		296 628		366 638		398 120		1 884 017

KB120

1.	A consolidation of the balance sheets of institutions within the monetary sector, that is the South African Reserve Bank, the former National Finance Corporation, Corporation for Public Deposits (CPD) and the so-called “pooled” funds of the former Public Debt Commissioners, the Land Bank, Postbank, private banking institutions (including the former banks, discount houses and equity building societies) and mutual building societies. Coin in circulation is included in this consolidation.
2.	In circulation outside the monetary sector.
3.	Deposits of the private non-monetary sector (including the Public Investment Corporation as from January 1996). Foreign deposits and government deposits are excluded.
4.	“Government” consists of the South African Central Government (including the former Public Debt Commissioners up to December 1995, but excluding the Public Investment Corporation, Transnet, Sapos and Telkom) and provincial governments. All transfers to the Stabilisation Account are also included, as are deposits of the International Monetary Fund with the South African Reserve Bank arising from drawings on the super reserve tranche or reserve tranche.

S–18 Quarterly Bulletin December 2009

South African Reserve Bank

Monetary sector¹
Liabilities

R millions

		Foreign liabilities						Capital and reserves
Government		SARB												Other		Total
deposits4		and CPD		Other		Total		Domestic		Foreign		Total		liabilities		liabilities
(1506M)		(1339M)		(1507M)		(1508M)		(1334K)		(1335K)		(1336K)		(1509K)		(1338K)		End of
	58 396		20 883		66 947		87 830		92 640		2 734		95 374		307 698		1 357 344	2003
	73 438		21 557		66 620		88 177		107 914		2 368		110 282		314 890		1 500 937	2004
	106 572		24 661		77 961		102 622		118 987		2 330		121 316		273 877		1 705 517	2005
	141 803		21 775		113 737		135 512		145 258		3 527		148 786		330 059		2 105 453	2006
	148 983		17 736		239 445		257 180		178 090		9 308		187 398		265 659		2 526 800	2007
	134 756		9 630		447 251		456 882		141 138		7 496		148 634		405 817		3 060 289	2008
	111 642		27 749		119 874		147 623		...		...		...		...		...	2006: Aug
	124 656		30 161		137 168		167 329		136 148		3 901		140 049		377 807		2 093 821	Sep
	129 610		27 737		121 840		149 577		...		...		...		...		...	Oct
	121 646		24 232		110 267		134 500		...		...		...		...		...	Nov
	141 803		21 775		113 737		135 512		145 258		3 527		148 786		330 059		2 105 453	Dec
	157 231		23 190		115 044		138 234		...		...		...		...		...	2007: Jan
	114 597		22 122		125 840		147 962		...		...		...		...		...	Feb
	113 365		23 583		129 689		153 271		155 097		4 095		159 192		333 296		2 206 478	Mar
	108 366		20 957		122 831		143 789		...		...		...		...		...	Apr
	102 643		19 669		124 223		143 893		...		...		...		...		...	May
	127 816		21 345		145 865		167 210		160 877		2 877		163 754		344 293		2 326 437	Jun
	117 417		21 862		158 716		180 578		...		...		...		...		...	Jul
	110 474		21 768		166 822		188 590		...		...		...		...		...	Aug
	134 056		20 455		180 436		200 890		165 936		9 880		175 815		371 370		2 486 345	Sep
	126 272		20 041		176 251		196 293		...		...		...		...		...	Oct
	121 598		18 242		185 236		203 478		...		...		...		...		...	Nov
	148 983		17 736		239 445		257 180		178 090		9 308		187 398		265 659		2 526 800	Dec
	139 005		18 314		280 478		298 792		...		...		...		...		...	2008: Jan
	121 207		16 854		354 928		371 782		...		...		...		...		...	Feb
	127 044		15 531		344 657		360 188		129 300		7 000		136 300		376 392		2 742 935	Mar
	113 841		16 740		329 102		345 842		...		...		...		...		...	Apr
	111 906		16 341		354 117		370 458		...		...		...		...		...	May
	136 866		13 648		370 169		383 817		133 246		5 607		138 853		373 221		2 858 115	Jun
	120 392		14 374		327 950		342 324		...		...		...		...		...	Jul
	126 051		12 068		316 741		328 808		...		...		...		...		...	Aug
	131 330		9 452		335 828		345 280		134 904		6 711		141 615		368 248		2 853 038	Sep
	122 366		12 104		488 701		500 805		...		...		...		...		...	Oct
	112 343		9 550		445 065		454 615		...		...		...		...		...	Nov
	134 756		9 630		447 251		456 882		141 138		7 496		148 634		405 817		3 060 289	Dec
	131 843		9 744		469 678		479 423		...		...		...		...		...	2009: Jan
	108 878		9 757		447 583		457 340		...		...		...		...		...	Feb
	129 392		8 930		423 787		432 717		147 078		7 596		154 674		393 232		3 037 357	Mar
	116 761		9 371		392 536		401 907		...		...		...		...		...	Apr
	123 778		8 318		378 384		386 702		...		...		...		...		...	May
	139 665		9 047		346 066		355 113		150 564		7 864		158 428		331 422		2 920 746	Jun
	124 827		9 316		346 185		355 501		...		...		...		...		...	Jul
	117 550		9 611		338 615		348 225		...		...		...		...		...	Aug
	135 066		6 349		331 496		337 845		154 541		8 593		163 134		348 074		2 925 288	Sep

KB121

1.	A consolidation of the balance sheets of institutions within the monetary sector, that is the South African Reserve Bank, the former National Finance Corporation, Corporation for Public Deposits (CPD) and the so-called “pooled” funds of the former Public Debt Commissioners, the Land Bank, Postbank, private banking institutions (including the former banks, discount houses and equity building societies) and mutual building societies. Coin in circulation is included in this consolidation.
2.	In circulation outside the monetary sector.
3.	Deposits of the private non-monetary sector (including the Public Investment Corporation as from January 1996). Foreign deposits and government deposits are excluded.
4.	“Government” consists of the South African Central Government (including the former Public Debt Commissioners up to December 1995, but excluding the Public Investment Corporation, Transnet, Sapos and Telkom) and provincial governments. All transfers to the Stabilisation Account are also included, as are deposits of the International Monetary Fund with the South African Reserve Bank arising from drawings on the super reserve tranche or reserve tranche.

Quarterly Bulletin December 2009 S–19

South African Reserve Bank

Monetary sector¹
Assets

R millions

	Foreign assets										Claims on the private sector
	Gold and foreign exchange
									Total								Other				of which:
							Long		foreign						Land		monetary				Local
	SARB2		Other		Total		term3		assets		SARB		CPD4		Bank		institutions		Total		authorities
End of	(1021M)		(1349M)		(1511M)		(1342M)		(1512M)		(1344M)		(1345M)		(1298M)		(1346M)		(1347M)		(1348M)
2003		52 905		127 477		180 382		34 107		214 489		341		200		17 623		820 336		838 500		4 442
2004		82 849		117 200		200 049		29 514		229 564		344		200		18 594		935 087		954 224		1 568
2005		130 466		150 108		280 574		17 195		297 769		387		200		17 055		1 122 553		1 140 195		4 223
2006		178 318		206 570		384 888		24 881		409 769		365		200		16 931		1 417 377		1 434 873		3 263
2007		224 313		225 784		450 097		111 599		561 696		395		1 365		17 014		1 725 084		1 743 858		4 495
2008		316 991		246 173		563 164		284 189		847 353		430		800		14 937		1 964 883		1 981 050		8 080
2006: Aug		173 835		201 852		375 687		21 773		397 460		398		400		16 641		1 306 884		1 324 323		3 186
Sep		191 218		228 008		419 227		25 319		444 546		398		400		16 704		1 344 513		1 362 014		3 169
Oct		182 701		209 195		391 896		29 252		421 147		404		300		16 190		1 370 182		1 387 076		3 151
Nov		181 337		205 817		387 154		25 846		413 000		420		300		17 283		1 395 714		1 413 717		3 238
Dec		178 318		206 570		384 888		24 881		409 769		365		200		16 931		1 417 377		1 434 873		3 263
2007: Jan		187 696		199 158		386 854		24 727		411 581		403		150		16 201		1 428 932		1 445 686		3 235
Feb		191 171		203 877		395 048		25 365		420 413		447		255		17 662		1 473 316		1 491 680		3 226
Mar		192 709		207 754		400 463		25 107		425 570		440		379		17 701		1 491 407		1 509 927		3 136
Apr		190 689		197 113		387 803		29 161		416 964		424		379		17 370		1 524 973		1 543 146		3 185
May		198 102		206 198		404 301		27 743		432 043		429		424		17 492		1 536 771		1 555 116		3 197
Jun		199 561		219 898		419 459		36 317		455 776		412		1 010		17 503		1 561 568		1 580 492		4 036
Jul		207 743		221 920		429 663		36 925		466 588		428		1 711		17 668		1 587 674		1 607 481		4 116
Aug		212 637		234 182		446 819		36 524		483 343		435		2 061		17 576		1 612 546		1 632 618		2 958
Sep		209 439		238 187		447 626		41 182		488 808		426		2 177		17 681		1 649 401		1 669 685		3 944
Oct		207 455		210 616		418 071		51 577		469 649		416		1 946		16 754		1 678 377		1 697 493		3 991
Nov		217 934		223 788		441 722		57 058		498 780		409		1 547		17 362		1 715 290		1 734 608		4 248
Dec		224 313		225 784		450 097		111 599		561 696		395		1 365		17 014		1 725 084		1 743 858		4 495
2008: Jan		249 429		244 288		493 717		139 807		633 524		427		815		16 420		1 764 325		1 781 987		7 921
Feb		263 925		292 233		556 158		169 257		725 414		490		950		16 433		1 784 460		1 802 333		8 509
Mar		278 294		270 971		549 265		186 212		735 477		458		1 350		16 594		1 832 317		1 850 718		4 809
Apr		260 085		247 066		507 150		174 664		681 815		423		1 850		15 716		1 834 196		1 852 184		6 353
May		261 545		253 824		515 369		185 195		700 564		454		2 350		15 650		1 856 597		1 875 051		6 959
Jun		272 080		257 756		529 836		204 008		733 844		464		1 050		15 752		1 893 390		1 910 655		6 790
Jul		256 269		234 452		490 721		163 314		654 035		444		1 850		15 366		1 905 662		1 923 322		7 776
Aug		264 230		230 249		494 479		152 505		646 984		439		700		15 229		1 922 384		1 938 752		7 097
Sep		284 388		260 670		545 058		155 445		700 503		458		700		14 872		1 926 717		1 942 746		7 638
Oct		332 403		270 948		603 351		294 600		897 952		414		600		14 942		1 960 289		1 976 245		7 372
Nov		336 342		259 217		595 559		295 229		890 788		452		800		14 789		1 985 118		2 001 159		7 627
Dec		316 991		246 173		563 164		284 189		847 353		430		800		14 937		1 964 883		1 981 050		8 080
2009: Jan		343 794		258 171		601 964		287 110		889 075		434		1 257		14 750		1 976 736		1 993 176		7 188
Feb		339 183		251 973		591 155		269 481		860 636		419		1 409		14 686		1 985 062		2 001 576		8 953
Mar		323 554		244 105		567 659		244 728		812 387		398		852		14 671		1 992 234		2 008 154		7 072
Apr		287 904		212 907		500 811		228 156		728 968		374		862		15 321		1 992 481		2 009 038		7 316
May		284 633		217 990		502 623		230 060		732 683		385		894		14 876		1 964 886		1 981 042		8 251
Jun		274 502		216 364		490 865		200 200		691 066		383		844		15 020		1 970 475		1 986 722		8 175
Jul		278 695		231 100		509 795		190 471		700 266		395		837		14 684		1 971 063		1 986 979		8 475
Aug		295 154		232 740		527 894		187 534		715 428		405		861		14 443		1 968 446		1 984 156		8 383
Sep		290 899		219 797		510 696		182 319		693 015		407		1 210		14 327		1 955 801		1 971 745		6 950

KB122

1.	See footnote 1 on pages S–18 and S–19.
2.	The gold component of the South African Reserve Bank’s foreign assets is valued at a market—related price.
3.	Including investments and bills.
4.	Including investments in private-sector securities of the so-called “pooled funds” administered up to March 1984 by the former Public Debt Commissioners.
5.	Consisting of the South African Reserve Bank’s holdings of SA Treasury bills, SA government securities, loans to the government sector and investments of the Stabilisation Account.
6.	Including investments in government securities of the so-called “pooled funds” administered up to March 1984 by the former Public Debt Commissioners.
7.	Including coin responsibility of the Treasury up to February 1994.

S–20 Quarterly Bulletin December 2009

South African Reserve Bank

Monetary sector¹
Assets

R millions

Claims on the government sector
Credit
								Total claims
				Other				on the
				monetary				government		Other		Total
SARB5		CPD6		institutions		Total		sector7		assets		assets
(1350M)		(1351M)		(1352M)		(1353M)		(1359M)		(1513K)		(1358K)		End of
	16 469		1 729		85 979		104 177		104 177		200 179		1 357 344	2003
	15 057		1 515		99 519		116 092		116 092		201 057		1 500 937	2004
	12 629		1 398		93 324		107 351		107 351		160 201		1 705 517	2005
	9 289		3 893		99 172		112 354		112 354		148 457		2 105 453	2006
	8 698		1 062		106 753		116 513		116 513		104 733		2 526 800	2007
	9 067		750		169 678		179 495		179 495		52 390		3 060 289	2008
	8 865		3 930		89 426		102 221		102 221		...		...	2006: Aug
	8 855		4 109		91 831		104 795		104 795		182 466		2 093 821	Sep
	9 180		4 041		91 555		104 776		104 776		...		...	Oct
	9 267		3 055		90 082		102 405		102 405		...		...	Nov
	9 289		3 893		99 172		112 354		112 354		148 457		2 105 453	Dec
	9 122		4 493		101 041		114 656		114 656		...		...	2007: Jan
	9 108		4 217		101 483		114 808		114 808		...		...	Feb
	8 918		1 286		100 044		110 248		110 248		160 733		2 206 478	Mar
	9 059		1 422		101 827		112 309		112 309		...		...	Apr
	8 958		1 373		103 295		113 627		113 627		...		...	May
	8 641		1 114		100 846		110 602		110 602		179 567		2 326 437	Jun
	8 671		1 161		97 652		107 484		107 484		...		...	Jul
	8 578		1 137		106 792		116 507		116 507		...		...	Aug
	8 635		1 114		109 690		119 438		119 438		208 413		2 486 345	Sep
	8 780		1 180		108 845		118 805		118 805		...		...	Oct
	8 648		1 161		106 900		116 709		116 709		...		...	Nov
	8 698		1 062		106 753		116 513		116 513		104 733		2 526 800	Dec
	8 666		1 219		126 942		136 826		136 826		...		...	2008: Jan
	8 461		1 032		124 684		134 176		134 176		...		...	Feb
	8 280		952		117 088		126 320		126 320		30 420		2 742 935	Mar
	8 237		982		123 196		132 415		132 415		...		...	Apr
	8 038		939		126 692		135 669		135 669		...		...	May
	7 787		1 963		141 169		150 919		150 919		62 697		2 858 115	Jun
	8 394		1 016		147 279		156 688		156 688		...		...	Jul
	8 493		947		150 137		159 577		159 577		...		...	Aug
	8 374		687		149 752		158 814		158 814		50 975		2 853 038	Sep
	8 353		733		149 094		158 180		158 180		...		...	Oct
	8 716		749		162 867		172 332		172 332		...		...	Nov
	9 067		750		169 678		179 495		179 495		52 390		3 060 289	Dec
	8 943		710		169 315		178 968		178 968		...		...	2009: Jan
	8 706		790		165 985		175 481		175 481		...		...	Feb
	8 437		27		171 222		179 686		179 686		37 130		3 037 357	Mar
	8 506		27		176 280		184 814		184 814		...		...	Apr
	8 498		3 522		176 915		188 935		188 935		...		...	May
	8 345		153		176 452		184 950		184 950		58 008		2 920 746	Jun
	8 451		105		184 037		192 592		192 592		...		...	Jul
	8 573		100		182 645		191 318		191 318		...		...	Aug
	8 312		95		192 975		201 382		201 382		59 146		2 925 288	Sep

KB123

1.	See footnote 1 on pages S–18 and S–19.
2.	The gold component of the South African Reserve Bank’s foreign assets is valued at a market-related price.
3.	Including investments and bills.
4.	Including investments in private-sector securities of the so-called “pooled funds” administered up to March 1984 by the former Public Debt Commissioners.
5.	Consisting of the South African Reserve Bank’s holdings of SA Treasury bills, SA government securities, loans to the government sector and investments of the Stabilisation Account.
6.	Including investments in government securities of the so-called “pooled funds” administered up to March 1984 by the former Public Debt Commissioners.
7.	Including coin responsibility of the Treasury up to February 1994.

Quarterly Bulletin December 2009 S–21

South African Reserve Bank

Credit extension by all monetary institutions¹

R millions

	Credit extended to the domestic private sector																						Memorandum items
					Loans and advances
																	Total credit		Net credit
																	extended		extended		Total				Loans
					Instalment						Other		Total		of which:		to the		to the		domestic		Claims on		granted
			Bills		sale		Leasing		Mortgage		loans and		loans and		To		private		government		credit		local		under resale		Assets
	Investments		discounted		credit		finance2		advances		advances		advances3		households		sector4		sector		extension5		authorities		agreements		securitised6
End of	(1360M)		(1361M)		(1362M)		(1363M)		(1364M)		(1365M)		(1369M)		(1505M)		(1347M)		(1367M)		(1368M)		(1348M)		(1502M)		(1375M)
2003		84 510		7 785		89 208		37 166		331 842		287 988		746 204		378 530		838 500		45 770		884 270		4 442		18 840		5 070
2004		79 289		5 461		109 469		43 048		412 769		304 188		869 474		478 741		954 224		42 643		996 867		1 568		8 257		—
2005		81 493		5 323		129 701		49 603		526 647		347 428		1 053 380		585 541		1 140 195		768		1 140 963		4 223		15 781		9 800
2006		85 789		4 669		147 399		60 157		684 593		452 267		1 344 416		726 270		1 434 873		-29 460		1 405 413		3 263		21 872		20 100
2007		96 949		4 867		176 725		57 613		853 819		553 886		1 642 043		867 635		1 743 858		-32 482		1 711 376		4 495		21 123		33 760
2008		103 252		6 055		204 520		47 486		966 921		652 817		1 871 744		1 002 020		1 981 050		44 728		2 025 779		8 080		32 560		2 027
2006: Aug		87 450		4 483		143 075		55 614		627 412		406 291		1 232 391		682 826		1 324 323		-9 433		1 314 890		3 186		25 334		3 000
Sep		96 152		4 483		140 700		56 750		640 449		423 479		1 261 379		697 521		1 362 014		-19 874		1 342 140		3 169		25 354		4 900
Oct		95 326		4 620		141 672		57 599		656 379		431 479		1 287 130		707 128		1 387 076		-24 846		1 362 231		3 151		29 688		2 100
Nov		91 474		4 596		144 841		58 834		671 869		442 102		1 317 647		713 319		1 413 717		-19 253		1 394 463		3 238		24 734		3 100
Dec		85 789		4 669		147 399		60 157		684 593		452 267		1 344 416		726 270		1 434 873		-29 460		1 405 413		3 263		21 872		2 000
2007: Jan		77 098		4 662		149 498		60 809		694 120		459 499		1 363 926		746 770		1 445 686		-42 586		1 403 101		3 235		24 628		—
Feb		81 214		4 747		152 829		61 642		708 211		483 036		1 405 718		757 968		1 491 680		200		1 491 880		3 226		28 890		—
Mar		80 572		5 179		156 170		62 754		715 768		489 483		1 424 175		765 449		1 509 927		-3 128		1 506 799		3 136		22 530		8 700
Apr		83 878		5 384		157 881		63 151		728 367		504 485		1 453 884		780 511		1 543 146		3 932		1 547 078		3 185		21 905		—
May		83 601		5 044		153 554		64 138		744 803		503 976		1 466 471		789 087		1 555 116		10 972		1 566 088		3 197		20 406		8 000
Jun		79 783		5 104		154 188		63 822		758 080		519 515		1 495 605		798 043		1 580 492		-17 227		1 563 266		4 036		22 106		2 728
Jul		83 206		4 801		157 629		63 185		775 369		523 291		1 519 473		812 240		1 607 481		-9 945		1 597 536		4 116		22 026		—
Aug		83 999		4 725		162 090		62 558		793 085		526 161		1 543 894		825 455		1 632 618		6 021		1 638 639		2 958		21 109		2 100
Sep		86 256		4 643		165 679		61 849		807 536		543 721		1 578 786		838 472		1 669 685		-14 630		1 655 055		3 944		20 710		728
Oct		90 795		4 657		167 786		60 840		822 356		551 060		1 602 041		849 570		1 697 493		-7 478		1 690 015		3 991		19 452		2 621
Nov		106 527		4 805		173 145		58 290		838 436		553 405		1 623 276		856 613		1 734 608		-4 901		1 729 707		4 248		19 236		4 700
Dec		96 949		4 867		176 725		57 613		853 819		553 886		1 642 043		867 635		1 743 858		-32 482		1 711 376		4 495		21 123		4 183
2008: Jan		90 698		3 074		181 959		57 033		864 526		584 697		1 688 215		928 912		1 781 987		-2 190		1 779 796		7 921		20 781		354
Feb		88 011		4 294		184 961		57 067		871 532		596 468		1 710 028		944 832		1 802 333		12 957		1 815 290		8 509		26 269		340
Mar		92 321		4 713		188 559		55 830		882 039		627 255		1 753 684		954 611		1 850 718		-736		1 849 982		4 809		27 066		386
Apr		79 330		5 631		192 052		54 800		887 939		632 433		1 767 224		957 979		1 852 184		18 563		1 870 747		6 353		27 061		—
May		87 782		5 851		193 535		53 802		898 274		635 808		1 781 419		962 819		1 875 051		23 752		1 898 803		6 959		31 604		202
Jun		86 961		4 561		196 147		52 291		908 848		661 846		1 819 134		967 645		1 910 655		14 042		1 924 697		6 790		29 794		163
Jul		91 726		4 683		198 005		51 382		923 534		653 991		1 826 913		975 599		1 923 322		36 284		1 959 606		7 776		34 157		140
Aug		87 178		4 581		199 758		50 334		932 668		664 234		1 846 994		981 510		1 938 752		33 514		1 972 267		7 097		29 151		—
Sep		79 187		6 334		201 741		50 029		941 733		663 721		1 857 224		986 973		1 942 746		27 473		1 970 219		7 638		30 418		—
Oct		92 910		7 679		203 441		49 260		954 794		668 160		1 875 656		995 964		1 976 245		35 802		2 012 047		7 372		27 961		—
Nov		100 697		8 243		204 215		48 466		963 240		676 299		1 892 220		1 000 555		2 001 159		59 978		2 061 137		7 627		27 820		—
Dec		103 252		6 055		204 520		47 486		966 921		652 817		1 871 744		1 002 020		1 981 050		44 728		2 025 779		8 080		32 560		442
2009: Jan		106 306		5 585		204 605		46 340		967 627		662 713		1 881 286		1 007 190		1 993 176		47 114		2 040 291		7 188		34 684		—
Feb		110 198		6 190		204 173		45 265		974 904		660 845		1 885 187		1 011 937		2 001 576		66 593		2 068 168		8 953		29 483		—
Mar		120 222		6 320		203 817		44 474		981 192		652 129		1 881 612		1 013 684		2 008 154		50 283		2 058 437		7 072		24 730		—
Apr		124 730		5 447		203 074		43 337		982 059		650 391		1 878 861		1 014 519		2 009 038		68 042		2 077 080		7 316		21 844		—
May		126 593		4 282		202 485		42 418		982 229		623 035		1 850 166		1 013 605		1 981 042		65 146		2 046 188		8 251		23 452		—
Jun		122 118		5 023		201 887		41 195		983 387		633 112		1 859 581		1 012 116		1 986 722		45 275		2 031 997		8 175		28 749		—
Jul		116 876		4 951		201 233		40 264		982 819		640 835		1 865 152		1 014 223		1 986 979		67 754		2 054 733		8 475		27 353		—
Aug		117 719		4 637		200 360		39 352		985 225		636 862		1 861 800		1 017 133		1 984 156		73 757		2 057 913		8 383		29 454		—
Sep		112 844		4 944		200 375		38 368		986 765		628 448		1 853 957		1 017 827		1 971 745		66 305		2 038 051		6 950		28 801		—

KB124

1.	Monetary sector as defined on pages S–18 and S–19.
2.	Unearned finance charges excluded.
3.	Total of instalment sale credit, leasing finance, mortgage advances and other loans and advances.
4.	Total of investments, bills discounted, instalment sale credit, leasing finance, mortgage advances and other loans and advances.
5.	Total of credit extended to the private sector and net credit extended to the government sector.
6.	During the period.

S–22 Quarterly Bulletin December 2009

South African Reserve Bank

Monetary aggregates¹

R millions

	Banknotes		Cheque								Other
	and coin		and				Other				short- and
	in		transmission				demand				medium-term				Long-term
	circulation		deposits		M1A2		deposits3		M14		deposits5		M26		deposits7		M38
End of	(1312M)		(1313M)		(1370M)		(1314M)		(1371M)		(1372M)		(1373M)		(1319M)		(1374M)
2003		33 715		185 240		218 955		168 833		387 788		345 665		733 453		74 594		808 047
2004		39 080		205 378		244 458		177 036		421 494		397 246		818 740		95 410		914 150
2005		43 419		248 533		291 952		211 101		503 053		460 462		963 515		137 615		1 101 130
2006		49 951		288 041		337 992		267 687		605 679		551 163		1 156 842		192 450		1 349 293
2007		53 606		347 040		400 645		337 672		738 317		658 008		1 396 325		271 255		1 667 580
2008		57 362		362 492		419 854		333 774		753 628		807 983		1 561 612		352 589		1 914 200
2006: Aug		44 850		266 016		310 866		261 396		572 261		506 527		1 078 788		187 023		1 265 811
Sep		47 933		270 780		318 713		259 978		578 691		527 620		1 106 311		177 668		1 283 979
Oct		47 123		271 640		318 763		270 298		589 061		536 646		1 125 707		185 029		1 310 736
Nov		48 726		285 627		334 353		265 634		599 987		546 110		1 146 097		195 751		1 341 848
Dec		49 951		288 041		337 992		267 687		605 679		551 163		1 156 842		192 450		1 349 293
2007: Jan		46 820		274 174		320 994		265 496		586 490		547 137		1 133 627		215 131		1 348 758
Feb		47 469		306 394		353 863		279 433		633 296		546 990		1 180 287		237 799		1 418 086
Mar		49 968		310 553		360 521		286 612		647 133		548 000		1 195 132		252 222		1 447 355
Apr		49 925		310 172		360 096		285 837		645 933		569 247		1 215 180		261 098		1 476 278
May		48 231		311 299		359 530		301 293		660 823		580 523		1 241 347		260 283		1 501 629
Jun		50 733		317 579		368 312		297 561		665 872		583 517		1 249 390		273 974		1 523 363
Jul		48 787		312 332		361 120		308 241		669 361		620 869		1 290 230		261 263		1 551 493
Aug		50 400		329 927		380 327		332 907		713 234		628 678		1 341 912		250 479		1 592 391
Sep		51 841		333 571		385 412		317 253		702 665		647 671		1 350 336		253 877		1 604 213
Oct		49 348		324 454		373 803		325 037		698 840		647 519		1 346 359		270 257		1 616 616
Nov		53 616		331 687		385 303		346 326		731 629		650 010		1 381 640		270 523		1 652 163
Dec		53 606		347 040		400 645		337 672		738 317		658 008		1 396 325		271 255		1 667 580
2008: Jan		50 330		330 755		381 085		387 945		769 030		608 332		1 377 362		301 260		1 678 622
Feb		52 630		341 367		393 997		375 156		769 153		624 077		1 393 230		316 392		1 709 622
Mar		52 712		344 876		397 588		349 463		747 052		683 211		1 430 263		312 747		1 743 010
Apr		53 323		343 532		396 856		313 885		710 741		746 676		1 457 417		325 185		1 782 601
May		54 124		340 903		395 028		347 044		742 071		739 612		1 481 683		329 352		1 811 035
Jun		53 593		355 625		409 218		351 952		761 170		712 941		1 474 111		351 247		1 825 358
Jul		52 132		340 332		392 463		342 664		735 127		748 787		1 483 915		363 196		1 847 111
Aug		55 464		339 912		395 375		348 066		743 441		738 521		1 481 962		369 213		1 851 175
Sep		53 818		344 317		398 135		354 814		752 949		752 738		1 505 687		360 877		1 866 564
Oct		56 309		350 353		406 661		347 403		754 064		768 728		1 522 792		366 064		1 888 856
Nov		60 533		357 909		418 442		353 005		771 448		793 465		1 564 913		376 780		1 941 693
Dec		57 362		362 492		419 854		333 774		753 628		807 983		1 561 612		352 589		1 914 200
2009: Jan		57 966		340 718		398 684		324 145		722 829		843 038		1 565 867		346 720		1 912 587
Feb		58 953		350 778		409 731		320 033		729 764		855 195		1 584 958		349 844		1 934 803
Mar		57 028		355 023		412 051		319 787		731 838		841 611		1 573 449		353 893		1 927 342
Apr		57 387		351 215		408 602		336 050		744 651		828 941		1 573 593		360 268		1 933 861
May		59 202		347 077		406 279		361 559		767 839		827 811		1 595 650		356 622		1 952 272
Jun		57 114		356 379		413 494		358 643		772 136		773 571		1 545 708		390 410		1 936 118
Jul		57 693		361 623		419 316		343 883		763 199		776 317		1 539 516		412 803		1 952 319
Aug		58 366		363 220		421 586		358 011		779 597		773 831		1 553 428		399 371		1 952 799
Sep		57 152		355 210		412 362		349 261		761 623		781 426		1 543 049		398 120		1 941 169

KB125

1.	Based on the consolidated liabilities of the monetary sector.
2.	Notes and coin in circulation plus cheque and transmission deposits of the domestic private sector with monetary institutions.
3.	Demand deposits (other than cheque and transmission deposits) of the domestic private sector with the monetary sector.
4.	M1A plus other demand deposits held by the domestic private sector.
5.	Short-term deposits (other than demand deposits) and medium-term deposits (including all savings deposits) of the domestic private sector with monetary institutions, including savings deposits with and savings bank certificates issued by the Postbank.
6.	M1 plus other short-term and medium-term deposits held by the domestic private sector.
7.	Long-term deposits of the domestic private sector with monetary institutions, including national savings certificates issued by the Postbank.
8.	M2 plus long-term deposits held by the domestic private sector.

Quarterly Bulletin December 2009 S–23

South African Reserve Bank

Monetary analysis¹

R millions

	Not seasonally adjusted														Seasonally adjusted
			Counterparts														Counterparts
			Net		Claims on the government sector												Net
			foreign														foreign		Net claims
			assets:								Claims on		Net other				assets:		on the		Claims on
			Cumulative				Government				the private		assets and				Cumulative		government		the private
	M3		flow2		Gross claims		deposits		Net claims		sector		liabilities		M3		flow		sector		sector
End of	(1374M)		(1380M)		(1356M)		(1330M)		(1367M)		(1347M)		(1381M)		(1374N)		(1380N)		(1367N)		(1347N)
2008: May		1 811 035		241 664		135 658		111 906		23 752		1 875 051		-329 432		1 804 427		237 204		14 639		1 884 757
Jun		1 825 358		248 180		150 908		136 866		14 042		1 910 655		-347 519		1 824 858		237 079		15 658		1 927 796
Jul		1 847 111		239 016		156 676		120 392		36 284		1 923 322		-351 512		1 847 784		233 691		39 258		1 933 130
Aug		1 851 175		235 288		159 565		126 051		33 514		1 938 752		-356 380		1 847 945		229 934		26 845		1 952 367
Sep		1 866 564		253 699		158 803		131 330		27 473		1 942 746		-357 354		1 867 971		248 452		31 953		1 940 418
Oct		1 888 856		230 480		158 168		122 366		35 802		1 976 245		-353 670		1 897 900		233 358		40 979		1 976 212
Nov		1 941 693		263 357		172 321		112 343		59 978		2 001 159		-382 801		1 944 378		263 648		60 901		1 987 848
Dec		1 914 200		239 198		179 484		134 756		44 728		1 981 050		-350 776		1 927 620		239 198		54 371		1 971 346
2009: Jan		1 912 587		236 554		178 957		131 843		47 114		1 993 176		-364 258		1 941 900		236 621		55 706		1 987 083
Feb		1 934 803		238 472		175 470		108 878		66 593		2 001 576		-371 837		1 932 002		238 490		57 007		1 996 510
Mar		1 927 342		246 821		179 675		129 392		50 283		2 008 154		-377 916		1 920 228		246 787		51 442		2 001 624
Apr		1 933 861		244 981		184 803		116 761		68 042		2 009 038		-388 201		1 915 271		245 005		57 683		2 003 457
May		1 952 272		268 347		188 924		123 778		65 146		1 981 042		-362 263		1 936 600		268 296		53 109		1 988 556
Jun		1 936 118		267 391		184 939		139 665		45 275		1 986 722		-363 270		1 928 962		267 278		47 453		2 002 106
Jul		1 952 319		270 700		192 581		124 827		67 754		1 986 979		-373 115		1 948 221		270 707		69 691		1 990 595
Aug		1 952 799		277 981		191 307		117 550		73 757		1 984 156		-383 095		1 948 023		278 011		67 517		1 994 042
Sep		1 941 169		275 211		201 371		135 066		66 305		1 971 745		-372 092		1 946 727		275 136		72 915		1 970 840

KB126

Changes

R millions

	Not seasonally adjusted														Seasonally adjusted
			Counterparts														Counterparts
					Claims on the government sector														Net claims
			Net								Claims on		Net other				Net		on the		Claims on
			foreign				Government				the private		assets and				foreign		government		the private
	M3		assets3		Gross claims		deposits4		Net claims		sector		liabilities		M3		assets		sector		sector
Period	(1374H)		(1380H)		(1356H)		(1330H)		(1367H)		(1347H)		(1381H)		(1374I)		(1380I)		(1367I)		(1347I)
2008: May		28 433		-5 864		3 253		1 936		5 189		22 867		6 242		39 534		-14 450		5 027		38 794
Jun		14 323		6 516		15 250		-24 960		-9 710		35 604		-18 087		20 431		-125		1 019		43 039
Jul		21 753		-9 164		5 768		16 474		22 242		12 667		-3 992		22 926		-3 388		23 601		5 334
Aug		4 064		-3 728		2 889		-5 659		-2 770		15 431		-4 869		161		-3 757		-12 413		19 238
Sep		15 390		18 411		-762		-5 279		-6 041		3 994		-974		20 026		18 518		5 107		-11 949
Oct		22 292		-23 220		-635		8 964		8 329		33 499		3 684		29 930		-15 094		9 026		35 793
Nov		52 837		32 877		14 153		10 023		24 176		24 914		-29 131		46 477		30 290		19 922		11 636
Dec		-27 493		-24 159		7 164		-22 413		-15 250		-20 109		32 025		-16 757		-24 450		-6 529		-16 502
2009: Jan		-1 614		-2 644		-527		2 913		2 386		12 126		-13 482		14 279		-2 578		1 334		15 737
Feb		22 216		1 918		-3 487		22 965		19 478		8 399		-7 579		-9 897		1 870		1 301		9 426
Mar		-7 461		8 349		4 205		-20 514		-16 309		6 578		-6 078		-11 774		8 297		-5 565		5 114
Apr		6 518		-1 840		5 128		12 631		17 759		884		-10 285		-4 958		-1 782		6 241		1 833
May		18 411		23 365		4 121		-7 017		-2 896		-27 996		25 938		21 329		23 292		-4 574		-14 901
Jun		-16 154		-956		-3 985		-15 887		-19 871		5 680		-1 007		-7 638		-1 018		-5 657		13 551
Jul		16 201		3 309		7 642		14 838		22 480		257		-9 845		19 259		3 428		22 238		-11 511
Aug		480		7 281		-1 274		7 277		6 003		-2 823		-9 980		-198		7 305		-2 174		3 447
Sep		-11 630		-2 770		10 064		-17 515		-7 452		-12 410		11 002		-1 296		-2 876		5 398		-23 202

KB127

1.	Calculated from the consolidated liabilities and assets of the monetary sector.
2.	Cumulative change owing to balance of payments transactions as from 1 March 1965.
3.	The data in this column do not agree with changes calculable from the relevant columns in tables S–18 to S–21 because of valuation adjustments which are taken into account with the calculation of changes.
4.	Increase -; decrease +.

S–24 Quarterly Bulletin December 2009

South African Reserve Bank

Banks and mutual banks
Mortgage loans

R millions

	New mortgage loans and re-advances granted during period
	Gross amount1
	Assets mortgaged										Application						Mortgage		Capital
	Residential																loans		repay-		Total
											For con-						paid out		ments on		mortgage
											struction		On		On		during		advances		loans
			of which:				Commercial				of		existing		vacant		the		during		out-
	Total		Re-advances		Farms		and other		Total		buildings2		buildings		land		period		period		standing3
Period	(2120M)		(2133M)		(2134M)		(2135M)		(2127M)		(2128M)		(2125M)		(2126M)		(2129M)		(2131M)		(2132M)
2003		111 472		...		1 505		39 635		152 613		15 897		127 638		9 078		166 518		113 948		325 976
2004		179 317		...		3 250		49 668		232 236		27 565		189 410		15 260		220 207		146 614		405 847
2005		248 801		...		4 374		82 173		335 348		32 446		277 697		25 205		313 887		183 526		521 974
2006		338 328		...		5 124		79 490		422 942		30 941		357 850		34 150		399 295		250 357		680 384
2007		364 575		...		3 628		73 207		441 409		28 574		384 051		28 784		461 727		297 876		852 639
2008		271 275		81 585		3 793		23 576		298 644		29 928		256 669		12 048		276 269		156 193		969 775
2006: Aug		32 540		...		235		7 140		39 915		2 931		33 185		3 799		38 784		23 501		623 698
Sep		27 773		...		331		6 795		34 899		2 491		29 380		3 028		33 967		20 612		636 782
Oct		32 760		...		320		7 773		40 854		2 947		34 837		3 070		37 736		23 140		653 101
Nov		33 672		...		189		6 901		40 761		2 711		34 902		3 148		40 858		26 005		667 472
Dec		25 222		...		167		6 490		31 878		2 009		27 425		2 444		35 683		23 132		680 384
2007: Jan		25 937		...		108		4 066		30 111		1 884		25 978		2 250		28 549		18 390		691 573
Feb		35 740		...		152		5 921		41 814		2 733		36 129		2 952		35 320		21 202		705 106
Mar		37 678		...		855		6 458		44 992		2 972		38 841		3 178		38 514		29 037		712 856
Apr		32 163		...		102		4 186		36 451		2 354		31 685		2 413		34 462		21 660		725 525
May		39 511		...		138		6 865		46 514		3 087		40 532		2 896		42 857		26 769		742 477
Jun		27 249		...		332		6 364		33 945		2 297		29 629		2 018		37 951		22 039		755 882
Jul		28 963		...		349		7 482		36 793		2 628		31 936		2 230		43 517		24 850		773 307
Aug		30 233		...		363		6 171		36 767		2 469		31 772		2 526		43 676		26 556		791 142
Sep		26 364		...		241		5 298		31 903		2 158		27 729		2 016		36 987		23 468		805 701
Oct		31 237		...		351		6 012		37 600		2 494		32 691		2 414		40 334		26 863		820 725
Nov		29 628		...		351		6 298		36 277		2 137		31 889		2 251		43 426		27 843		837 021
Dec		19 872		...		284		8 086		28 243		1 361		25 241		1 640		36 134		29 200		852 639
2008: Jan		23 702		6 460		261		2 435		26 398		2 667		22 513		1 217		28 187		22 226		861 215
Feb		30 681		8 745		323		2 845		33 848		3 710		28 491		1 648		31 032		23 328		868 537
Mar		28 719		8 212		259		2 416		31 394		3 143		26 880		1 371		29 531		18 722		879 277
Apr		27 358		8 524		326		2 527		30 210		3 164		25 588		1 459		29 041		16 094		885 145
May		24 627		7 845		364		1 708		26 699		3 024		22 558		1 118		23 101		12 346		895 576
Jun		18 923		6 524		361		2 533		21 817		2 330		18 499		987		22 019		10 376		906 248
Jul		18 874		6 536		464		2 115		21 452		2 423		18 128		902		26 520		12 871		921 017
Aug		19 211		5 859		322		1 765		21 299		2 351		18 276		671		18 733		8 779		931 058
Sep		21 782		6 208		248		1 447		23 476		2 457		20 058		961		16 874		7 009		941 168
Oct		27 293		6 887		414		1 278		28 984		2 434		25 832		718		21 939		8 172		955 097
Nov		18 860		5 449		263		1 451		20 573		1 322		18 702		549		15 445		5 382		965 770
Dec		11 246		4 336		189		1 058		12 493		902		11 143		448		13 849		10 887		969 775
2009: Jan		8 945		3 390		132		1 244		10 322		971		9 011		339		8 705		8 292		970 999
Feb		12 543		4 345		200		1 171		13 914		911		12 695		308		10 191		2 964		978 897
Mar		13 859		5 509		226		2 352		16 438		1 875		14 210		353		10 949		5 038		985 750
Apr		10 346		3 299		160		1 089		11 594		1 166		10 151		277		9 195		8 781		986 943
May		11 611		3 487		164		1 516		13 290		1 618		11 294		378		9 010		8 092		988 402
Jun		13 761		4 614		173		1 587		15 522		1 401		13 823		298		10 191		9 101		990 119
Jul		13 867		5 054		192		1 701		15 760		1 685		13 826		248		9 636		10 747		989 953
Aug		13 932		4 056		173		1 442		15 547		1 135		14 182		231		9 123		7 013		992 621
Sep		18 777		5 996		204		1 279		20 260		1 276		18 735		249		9 416		8 262		994 334

KB208

1.	As from October 1988 only gross amounts are available due to a change in the banking regulations. “Gross amount” refers to mortgage loans granted before deducting the mortgage balances outstanding on the property purchased.
2.	Building loans for the construction of buildings.
3.	As at the end of the period.

Quarterly Bulletin December 2009 S–25

South African Reserve Bank

Selected money market and related indicators

R millions

	Average of daily values						SARB operations
							Money-market		Total
							swaps with counter		reverse		Total
	Liquidity		Government		Notes and coin		foreign-exchange		repurchase		SARB
	provided1		deposits2		in circulation3		deposits4		transactions5		debentures6		Total
Period	(1390M)		(1391M)		(1392M)		(1441M)		(1442M)		(1455M)		(1449M)
2003		12 941		238		37 268		—		7 384		3 233		10 617
2004		14 143		89		43 187		—		7 600		11 904		19 504
2005		13 789		50		48 003		—		—		5 306		5 306
2006		13 981		17		52 971		—		600		3 000		3 600
2007		10 107		0		57 900		—		3 000		8 987		11 987
2008		8 672		1		62 570		—		2 700		24 028		26 728
2006: Aug		15 055		0		52 753		—		2 000		5 000		7 000
Sep		15 080		1		53 745		—		3 000		4 300		7 300
Oct		13 407		0		54 237		—		2 750		2 841		5 591
Nov		9 184		0		55 512		—		2 250		3 500		5 750
Dec		9 654		0		62 196		—		600		3 000		3 600
2007: Jan		9 491		1		56 273		—		2 000		4 900		6 900
Feb		10 314		0		55 328		—		2 800		4 900		7 700
Mar		10 711		0		56 431		—		3 100		4 900		8 000
Apr		10 153		1		57 513		—		3 100		6 920		10 020
May		9 603		0		56 612		—		4 800		8 700		13 500
Jun		9 378		0		56 693		—		5 300		8 300		13 600
Jul		10 136		0		56 749		—		5 900		8 420		14 320
Aug		10 313		0		57 053		—		6 100		9 900		16 000
Sep		10 240		1		57 796		—		6 600		11 350		17 950
Oct		10 845		0		57 805		—		6 600		10 425		17 025
Nov		10 585		0		59 230		—		6 800		12 004		18 804
Dec		9 519		1		67 320		—		3 000		8 987		11 987
2008: Jan		9 394		0		59 999		—		6 300		12 010		18 310
Feb		9 142		0		59 211		—		6 500		13 212		19 712
Mar		8 671		0		61 701		—		7 500		15 557		23 057
Apr		8 428		0		60 520		—		7 500		18 317		25 817
May		8 190		0		60 807		—		7 500		19 173		26 673
Jun		6 661		0		61 103		—		5 000		18 255		23 255
Jul		6 985		1		61 104		—		7 500		19 785		27 285
Aug		8 187		1		61 452		—		7 500		21 421		28 921
Sep		9 291		1		62 350		—		7 500		23 466		30 966
Oct		10 216		1		63 328		—		7 050		24 190		31 240
Nov		9 211		1		65 267		—		6 790		25 645		32 435
Dec		9 690		1		74 003		—		2 700		24 028		26 728
2009: Jan		8 050		1		65 928		—		5 000		24 984		29 984
Feb		7 853		1		64 798		—		7 300		27 441		34 741
Mar		8 578		1		66 198		—		7 500		27 944		35 444
Apr		8 419		1		68 060		—		7 600		28 014		35 614
May		8 146		1		66 351		—		8 150		28 646		36 796
Jun		7 455		0		65 876		—		8 150		26 361		34 511
Jul		8 811		0		65 867		—		8 125		27 352		35 477
Aug		7 671		0		66 183		—		7 025		25 940		32 965
Sep		7 562		0		66 409		—		6 925		28 742		35 667

KB128

1.	Accommodation at the discount window, up to 8 March 1998. As from 9 March 1998 total liquidity provided by the South African Reserve Bank.
2.	Government deposits in the Exchequer, Paymaster-General and Stabilisation Accounts.
3.	Notes in circulation outside the South African Reserve Bank.
4.	Outstanding amounts as at month-end.
5.	Total outstanding amounts on 28-day reverse repurchase transactions (first issued on 26 April 1999), 91-day reverse repurchase transactions (first issued on 17 June 2002) and 56-day reverse repurchase transactions (first issued 24 March 2005), at month-ends.
6.	Total outstanding amounts on 28-day SARB debentures (first issued on 16 September 1998), 91-day SARB debentures (first issued on 14 August 2002) and 56-day SARB debentures (first issued 1 December 2004), at month-ends.

S–26 Quarterly Bulletin December 2009

South African Reserve Bank

Money-market accommodation
Selected daily indicators

R millions

	Total liquidity provided and outstanding repurchase agreements
	Main repurchase		Standing		Cash reserve accounts				SAMOS
	auction1		facilities2		Withdrawals		Deposits		penalty		Total
Date	(1437D)		(1438D)		(1456D)		(1457D)		(1434D)		(1440D)
2009/07/06		9 850		—		17		589		—		9 279
2009/07/07		9 850		—		949		160		—		10 639
2009/07/08		10 800		—		90		1 671		2		9 221
2009/07/09		10 800		—		98		892		—		10 006
2009/07/10		10 800		—		98		1 228		—		9 670
2009/07/11		10 800		—		98		1 228		—		9 670
2009/07/13		10 800		—		105		521		—		10 384
2009/07/14		10 800		—		105		1 484		—		9 422
2009/07/15		10 800		—		1 134		551		—		11 382
2009/07/16		10 800		—		1 126		409		—		11 517
2009/07/17		10 800		—		1 336		332		—		11 804
2009/07/18		10 800		—		1 336		332		—		11 804
2009/07/20		10 800		275		1 029		872		—		11 231
2009/07/21		10 800		—		19		323		—		10 496
2009/07/22		12 800		-1 936		19		509		—		10 373
2009/07/23		12 800		—		19		822		—		11 997
2009/07/24		12 800		—		108		578		—		12 330
2009/07/25		12 800		—		108		578		—		12 330
2009/07/27		12 800		-1 138		137		1 359		—		10 440
2009/07/28		12 800		-1 017		28		1 577		—		10 234
2009/07/29		11 300		—		548		513		—		11 335
2009/07/30		11 300		—		861		510		—		11 651
2009/07/31		11 300		—		2 126		113		—		13 313
2009/08/01		11 300		—		214		316		1 631		12 829
2009/08/03		11 300		—		82		478		—		10 904
2009/08/04		11 300		—		82		1 028		—		10 354
2009/08/05		10 800		—		471		785		—		10 485
2009/08/06		10 800		—		64		1 110		—		9 755
2009/08/07		10 800		—		270		842		—		10 228
2009/08/08		10 800		—		270		842		448		10 676
2009/08/11		10 800		—		64		786		—		10 079
2009/08/12		10 500		-908		223		638		—		9 177
2009/08/13		10 500		—		218		660		—		10 058
2009/08/14		10 500		—		154		1 299		—		9 355
2009/08/15		10 500		—		154		1 299		—		9 355
2009/08/17		10 500		—		300		1 489		—		9 311
2009/08/18		10 500		-730		177		1 425		—		8 521
2009/08/19		10 000		—		177		1 425		—		8 751
2009/08/20		10 000		—		397		738		—		9 659
2009/08/21		10 000		-1 196		750		742		—		8 812
2009/08/22		10 000		—		750		742		—		10 008
2009/08/24		10 000		-270		0		580		—		9 150
2009/08/25		10 000		-310		20		587		—		9 123
2009/08/26		8 950		—		377		296		—		9 032
2009/08/27		8 950		—		282		33		—		9 199
2009/08/28		8 950		—		15		34		—		8 931
2009/08/29		8 950		—		15		34		—		8 931
2009/08/31		8 950		—		547		33		—		9 464
2009/09/01		8 950		—		309		33		—		9 226
2009/09/02		9 300		—		939		60		—		10 179
2009/09/03		9 300		—		847		29		—		10 118
2009/09/04		9 300		—		753		100		—		9 953
2009/09/05		9 300		—		753		100		—		9 953
2009/09/07		9 300		—		934		30		—		10 204
2009/09/08		9 300		—		24		1 437		—		7 888
2009/09/09		9 450		—		96		432		—		9 114
2009/09/10		9 450		—		114		1 227		—		8 337
2009/09/11		9 450		-430		0		1 260		—		7 761
2009/09/12		9 450		—		0		1 260		—		8 191
2009/09/14		9 450		—		571		48		—		9 973
2009/09/15		9 450		—		455		990		—		8 915
2009/09/16		10 000		—		608		507		—		10 101
2009/09/17		10 000		-1 035		676		502		—		9 139
2009/09/18		10 000		-882		876		512		—		9 481
2009/09/19		10 000		—		876		512		—		10 363
2009/09/21		10 000		—		26		128		—		9 898
2009/09/22		10 000		-310		10		701		—		8 999
2009/09/23		10 000		-1 259		27		31		—		8 737
2009/09/25		10 000		—		287		30		—		10 257
2009/09/26		10 000		—		287		30		—		10 257
2009/09/28		10 000		1 280		724		49		—		11 955
2009/09/29		10 000		—		390		59		—		10 331
2009/09/30		10 500		-855		109		89		—		9 665

KB131

1.	Liquidity provided by the South African Reserve Bank on a weekly basis every Wednesday as from 5 September 2001.
2.	Standing facilities allotted at a spread of 50 basis points above or below the prevailing repurchase rate. Data include supplementary repurchase auctions whenever conducted.

Quarterly Bulletin December 2009 S–27

South African Reserve Bank

Money market and related interest rates

					Predominant prime over-										Negotiable certificates of deposit/
Accommodation rates					draft rate of clearing banks				Interbank rates						promissory notes4
									South African
									Benchmark		Overnight		Rand
									Overnight Rate		foreign		overnight
									(Sabor)		exchange		deposit
	Repurchase		SAMOS						on deposits1		rate2		rate3
	rate		penalty						%		%		%		2 months		3 months		6 months		12 months
Date		%		rate		Date	%	Date	(1444W)		(1446W)		(1447W)		(1409W)		(1411W)		(1412W)		(1413W)
2005/04/14		7.00		12.00		2005/04/15	10.50	2009/06/19		7.26		7.60		7.16		7.38		7.41		7.28		7.95
2006/06/08		7.50		12.50		2006/06/08	11.00	2009/06/26		7.26		7.75		7.17		7.48		7.59		7.58		8.40
2006/08/03		8.00		13.00		2006/08/03	11.50	2009/07/03		7.23		7.50		7.17		7.53		7.62		7.93		8.53
2006/10/13		8.50		13.50		2006/10/13	12.00	2009/07/10		7.25		7.69		7.17		7.53		7.62		7.91		8.44
2006/12/08		9.00		14.00		2006/12/08	12.50	2009/07/17		7.26		7.90		7.17		7.53		7.64		7.99		8.48
2007/06/08		9.50		14.50		2007/06/08	13.00	2009/07/24		7.24		7.52		7.17		7.55		7.68		8.04		8.49
2007/08/17		10.00		15.00		2007/08/17	13.50	2009/07/31		7.21		7.79		7.17		7.55		7.68		8.08		8.42
2007/10/12		10.50		15.50		2007/10/12	14.00	2009/08/07		7.26		7.58		7.18		7.55		7.68		8.13		8.54
2007/12/07		11.00		16.00		2007/12/07	14.50	2009/08/14		6.90		7.53		6.68		6.98		7.11		7.46		7.96
2008/04/11		11.50		16.50		2008/04/11	15.00	2009/08/21		6.78		7.54		6.68		6.98		7.12		7.44		7.88
2008/06/13		12.00		17.00		2008/06/13	15.50	2009/08/28		6.75		7.14		6.68		6.98		7.12		7.48		7.95
2008/12/12		11.50		16.50		2008/12/12	15.00	2009/09/04		6.75		7.00		6.68		6.98		7.09		7.53		7.98
2009/02/06		10.50		15.50		2009/02/06	14.00	2009/09/11		6.77		7.13		6.68		6.98		7.06		7.52		7.94
2009/03/25		9.50		14.50		2009/03/25	13.00	2009/09/18		6.75		6.94		6.68		6.97		6.99		7.51		7.93
2009/05/04		8.50		13.50		2009/05/04	12.00	2009/09/25		6.76		7.00		6.67		6.97		6.98		7.53		8.05
2009/05/29		7.50		12.50		2009/05/29	11.00	2009/10/02		6.73		6.87		6.68		6.90		7.03		7.56		8.19
2009/08/14		7.00		12.00		2009/08/14	10.50	2009/10/09		6.76		6.90		6.68		7.02		7.14		7.63		8.24

KB129

	Other money-market interest rates															Notice deposits with clearing banks8
	SARB																					Weighted
	debentures5																					average
																More than		More than				overdraft
					91-day		3-month									32 days		91 days		12-month		rate on
					Treasury		bankers’		3-month		9x12					up to		up to		fixed		current		Interbank
	28 days		58 days		bills		acceptances		JIBAR6		FRA7			1 to 32 days9		91 days10		185 days11		deposits8		accounts		call money12
	%		%		%		%		%		%			%		%		%		%		%		%
Date	(1448W)		(1458W)		(1405W)		(1406W)		(1450W)		(1451W)		Date	(1414M)		(1415M)		(1416M)		(1417M)		(1404M)		(1402M)
2009/06/19		7.47		7.38		7.24		7.25		7.38		7.05	2008: Jun		10.82		11.74		10.99		11.83		15.04		11.69
2009/06/26		7.36		7.21		7.38		7.44		7.58		7.56	Jul		11.11		12.01		11.14		12.02		15.21		11.73
2009/07/03		7.41		7.28		7.37		7.48		7.63		7.62	Aug		10.67		11.93		10.93		11.91		15.45		11.69
2009/07/10		7.42		7.31		7.36		7.48		7.63		7.51	Sep		10.65		12.08		10.99		11.99		15.93		11.80
2009/07/17		7.44		7.38		7.38		7.50		7.64		7.49	Oct		10.73		12.25		11.06		12.00		15.78		11.75
2009/07/24		7.46		7.43		7.43		7.54		7.68		7.42	Nov		10.61		12.08		10.90		11.95		15.48		11.87
2009/07/31		7.48		7.48		7.44		7.53		7.68		7.32	Dec		10.49		11.72		10.12		11.61		15.98		11.36
2009/08/07		7.48		7.47		7.44		7.53		7.68		7.49
2009/08/14		7.46		7.37		6.98		6.99		7.11		6.96	2009: Jan		10.19		11.34		10.01		11.32		16.70		11.23
2009/08/21		6.99		6.87		6.97		7.00		7.12		6.93	Feb		9.76		10.59		8.94		10.49		15.16		10.25
2009/08/28		6.99		6.91		6.98		7.01		7.13		7.08	Mar		9.10		10.70		8.71		10.11		15.23		9.32
2009/09/04		6.95		6.92		6.98		7.00		7.12		7.02	Apr		8.61		9.21		7.86		9.43		14.86		9.26
2009/09/11		6.97		6.92		6.96		6.97		7.09		6.99	May		7.48		8.32		6.93		8.85		14.10		7.35
2009/09/18		6.97		6.95		6.88		6.88		7.00		6.99	Jun		6.87		7.91		6.45		8.29		12.99		7.25
2009/09/25		6.98		6.98		6.90		6.89		7.01		7.32	Jul		6.84		7.88		6.42		8.22		13.24		7.21
2009/10/02		6.96		6.89		6.87		6.90		7.03		7.38	Aug		6.41		7.56		6.53		8.00		12.84		6.76
2009/10/09		6.92		6.80		6.89		7.02		7.14		7.39	Sep		6.46		7.18		6.47		7.75		12.92		6.73

KB130

1.	The SAONIA rate (weighted average rate of unsecured interbank overnight transactions at market rates consistently worked back to September 2001) was discontinued and replaced with the South African Benchmark Overnight Rate (Sabor) on deposits as from 27 March 2007.
2.	As from 27 March 2007, the rate indicated the weighted average implied rate of both overnight call deposit rates and tomorrow next transactions raised in the forward foreign-exchange market.
3.	Weighted average of the overnight call deposit rates paid by A1-rated local and F1-rated foreign financial institutions where Safex places its daily margin deposits received by members.
4.	As from 1 April 2004, the rate reflected related to negotiable certificates of deposits (instead of promissory notes).
5.	Average tender rate on South African Reserve Bank debentures established at Wednesday auctions (see footnotes 5 and 6 on page S-26 for dates of inception).
6.	Three-month interbank rate agreed upon in Johannesburg.
7.	Rate on 9x12-month forward rate agreements indicating market expectations of rate on three-month instruments in 9 months’ time.
8.	Weighted average on new deposits.
9.	Prior to January 2008 this category related to 32-day deposits.
10.	Prior to January 2008 this caterory related to 88 to 91-day deposits.
11.	Prior to January 2008 this category related to 6-month deposits.
12.	South African Benchmark Overnight Rate on deposits as at month-end.

S–28 Quarterly Bulletin December 2009

South African Reserve Bank

Capital market interest rates and yields

Percentage

	Yields1 and price indices on bonds traded on the securities exchange2														Deposit and investment rates								Borrowing rates
	Government bonds														Average rates						Predominant rates
															Banks								Mortgage loans
															Fixed deposits
									Govern-										Postbank
							10 years		ment						More than 1		3 years and		savings		Participa-		Banks:		Partici-
	0 to		3 to		5 to		and		bond		Eskom		All bond		year but less		more but less		certi-		tion bond		Dwelling		pation bond
	3 years		5 years		10 years		over		index3		bonds		index3		than 3 years11		than 5 years12		ficates		schemes4		units		schemes
Period	(2000M)		(2001M)		(2002M)		(2003M)		(2013M)		(2004M)		(2014M)		(2007M)		(2008M)		(2009M)		(2010M)		(2011M)		(2012M)
2006		8.87		8.28		7.97		7.81		248.47		8.91		247.64		8.04		7.96		7.00		8.50		12.50		11.50
2007		10.56		9.41		8.46		8.29		259.44		11.48		258.18		9.29		8.95		9.75		10.75		14.50		14.00
2008		9.87		7.82		7.81		7.82		303.08		11.45		302.00		10.36		9.94		10.75		11.50		15.00		15.00
2008: Dec		9.87		7.82		7.81		7.82		303.08		11.45		302.00		10.36		9.94		10.75		11.50		15.00		15.00
2009: Jan		7.26		7.63		7.56		7.85		296.59		8.38		294.76		10.75		8.97		10.75		11.50		15.00		14.50
Feb		6.77		7.77		7.81		8.26		288.32		8.82		286.32		10.53		9.28		9.25		11.50		14.00		14.00
Mar		6.72		7.94		7.94		8.43		288.41		8.88		286.48		10.18		9.55		9.25		11.50		13.00		13.50
Apr		6.61		8.09		8.03		8.57		291.06		8.89		289.22		10.01		9.32		7.55		10.50		13.00		12.50
May		6.28		8.29		8.19		8.70		289.69		8.95		287.86		9.82		9.02		6.75		9.50		12.00		11.50
Jun		6.92		8.46		8.36		8.88		289.15		9.19		287.32		9.64		9.22		5.95		7.75		11.00		11.00
Jul		7.38		8.70		8.61		9.11		292.80		9.43		291.03		9.85		9.27		5.95		7.75		11.00		10.50
Aug		7.72		8.35		8.29		8.80		297.35		9.10		295.59		9.29		9.15		5.45		7.50		10.50		10.50
Sep		7.42		8.19		8.13		8.70		297.45		8.96		295.83		9.20		9.02		5.45		7.50		10.50		10.00
Oct		7.59		8.57		8.50		9.11		296.79		9.43		295.11		...		...		5.45		7.50		10.50		10.00

KB201

Usury Act: Maximum finance charge rates					Prescribed rate			Rate of interest on
Money loans, and credit and leasing					of interest6			loans from the			Official rate of interest8			Rate of interest on
transactions5					(Judgement debt)			State Revenue Fund7			(Fringe benefit taxation)			outstanding VAT amounts
			R10 001 –													Art. 399		Art. 4510
Date	R1 – R10 000		R500 000		Date			Date			Date			Date		Tax		Refunds
2003/07/07		27.00		24.00		1976/07/16	11.00		2002/07/01	15.50		2003/03/01	14.50		2002/10/01		15.60		15.50
2003/10/01		24.00		21.00		1985/02/08	20.00		2002/10/01	16.50		2003/07/01	13.00		2003/04/01		16.50		16.50
2003/11/21		22.00		19.00		1986/08/01	15.00		2003/07/01	15.00		2003/09/01	12.00		2003/07/01		15.00		15.00
2004/02/06		21.00		18.00		1987/09/01	12.00		2003/09/01	14.00		2003/12/01	9.50		2003/09/01		14.00		14.00
2004/09/17		20.00		17.00		1989/07/01	18.50		2003/10/01	13.00		2004/03/01	9.00		2003/10/01		13.00		13.00
2007/03/05		23.00		20.00		1993/10/01	15.50		2003/12/01	11.50		2004/09/01	8.50		2003/12/01		11.50		11.50
2007/08/24		24.00		21.00					2004/09/01	10.50		2005/09/01	8.00		2004/11/01		10.50		10.50
2007/10/19		25.00		22.00					2006/09/01	11.00		2006/09/01	9.00		2006/11/01		11.00		11.00
2008/04/18		26.00		23.00					2007/01/01	12.00		2007/03/01	10.00		2007/03/01		12.00		12.00
2008/06/20		27.00		24.00					2007/09/01	13.00		2007/09/01	11.00		2007/11/01		13.00		13.00
2008/12/19		26.00		23.00					2008/01/01	14.00		2008/03/01	12.00		2008/03/01		14.00		14.00
2009/02/13		25.00		22.00					2008/07/01	15.00		2008/09/01	13.00		2008/09/01		15.00		15.00
2009/04/01		23.00		20.00					2009/03/01	13.50		2009/03/01	11.50		2009/05/01		13.50		13.50
2009/05/11		22.00		19.00					2009/05/01	12.50		2009/06/01	9.50		2009/07/01		12.50		12.50
2009/06/05		21.00		18.00					2009/06/01	11.50		2009/07/01	8.50		2009/08/01		11.50		11.50
2009/08/21		20.00		17.00					2009/07/01	10.50		2009/09/01	8.00		2009/09/01		10.50		10.50

KB202

1.	Monthly average bond yield.
2.	Source: The JSE Limited and the Actuarial Society of South Africa.
3.	Indices: 30 June 2000=100. Month-end values.
4.	Rate on investment after deduction of management fee.
5.	Amount categories from 5/5/1988 as indicated; 5/12/1986 to 4/5/1988: R1 – R4 000 and R4 001 – R70 000; 11/2/1986 to 4/12/1986: R1 – R2 500 and R2 501 – R50 000. From 11/9/1981 to 10/2/1986 money loans were R1 – R2 000, R2 001 – R5 000 and R5 001 – R100 000 and credit and leasing transactions R1 – R10 000 and R10 001 – R100 000. From 31/12/92 certain exemptions with regard to amounts of less than R6 000. From 01/07/1999 certain categories of money lending transactions of less than R10 000 were exempted. From 16/02/2001 the ceiling amount of R6 000 was increased to R10 000 and the amount categories changed from R1 – 6 000 and R6 001 – R500 000 to R1 – R10 000 and R10 001 to R500 000.
6.	Prescribed rate of interest (Section 1 of Act No. 55 of 1975), Department of Justice. This Act provides for the calculation and payment of interest on certain judgement debts.
7.	The standard interest rate applicable to loans granted by the State out of the State Revenue Fund, Exchequer Act (Act No. 66 of 1975). As from 01/04/2000 the Public Finance Management Act, Act No. 1 of 1999 (as amended by Act No. 29 of 1999).
8.	Official rate of interest as defined by the Income Tax Act (Act No. 58 of 1962).
9.	Interest for failure to pay tax when due. Value-Added Tax Act (Act No. 89 of 1991). As from 01/04/2003 determined in terms of the Public Finance Management Act, Act No. 1 of 1999.
10.	Interest on delayed refunds. Value-Added Tax Act (Act No. 89 of 1991). As from 01/04/2003 determined in terms of the Public Finance Management Act, Act No. 1 of 1999.
11.	Prior to 2008/01 this category related to 2 year deposits.
12.	Prior to 2008/01 this category related to 3 year deposits.

Quarterly Bulletin December 2009 S–29

South African Reserve Bank

Capital market activity
Primary and secondary markets

R millions

	Primary market																Secondary market
											Share capital raised by companies
	Net issues of marketable bonds										listed on the JSE 2						Securities exchange transactions2
	Public sector1										Private sector						Shares				Bonds9
															Total								Bonds purchased
											Other		Rights		value		Total		Total		Total
			Local								share		issues of		of share		volume		value		number		Total		Total
	Govern-		govern-		Public		Other				capital		ordinary		capital		of shares		of shares		of trans-		considera-		nominal
	ment		ments3		enterprises4		borrowers		Total		raised		shares		raised		traded5		traded		actions6		tion		value
Period	(2030M)		(2031M)		(2032M)		(2033M)		(2034M)		(2046M)		(2044M)		(2043M)		(2038M)		(2039M)		(2040M)		(2041M)		(2042M)
2006		11 628		6		5 413		-32		17 015		86 824		955		87 780		74 487		2 121 500		312 511		13 619 762		11 449 293
2007		-9 372		-75		6 672		1		-2 774		117 468		7 382		124 851		70 870		2 980 129		327 504		16 214 737		13 861 140
2008		3 786		3 995		7 409		1 860		17 050		55 524		21 166		76 690		83 778		3 263 065		377 413		21 270 019		19 264 427
2009: Jan		5 904		-5		338		—		6 237		6 328		2 033		8 361		6 500		183 641		24 734		1 426 424		1 242 041
Feb		-13 812		—		4 952		—		-8 860		15 216		—		15 216		6 500		193 578		31 645		1 490 802		1 323 837
Mar		6 953		-95		9 272		-68		16 062		3 760		—		3 760		8 721		267 876		31 541		1 428 346		1 294 190
Apr		6 481		-11		2 341		2 386		11 197		2 396		657		3 052		6 278		198 196		20 492		996 842		888 110
May		6 697		533		1 153		—		8 383		33 644		4 005		37 649		6 613		231 064		31 232		1 219 828		1 084 590
Jun		5 611		176		4 415		—		10 202		5 352		495		5 847		7 344		235 236		28 894		1 152 581		1 051 918
Jul		8 693		—		912		—		9 605		3 065		20		3 085		7 052		236 703		29 591		1 191 951		1 098 182
Aug		-3 921		—		2 386		2 000		465		3 756		—		3 756		6 792		250 017		27 396		1 175 451		1 055 113
Sep		10 086		—		7 833		—		17 919		5 538		3 800		9 338		6 842		253 689		29 560		1 370 738		1 237 827
Oct		...		...		...		...		...		6 810		157		6 967		7 443		285 222		27 794		1 257 735		1 145 794

KB203

Non-resident and real-estate transactions

R millions

	Transactions by non-residents2
	Shares							Bonds9												Real estate7
											Net purchases						Total			Transfer
	Purchases		Sales		Net purchases		Purchases		Sales		Total		Repurchases		Outright			Net purchases		duty8
Period	(2550M)		(2551M)		(2050M)		(2553M)		(2554M)		(2051M)		(2562M)		(2563M)			(2565M)		(2564M)
2006		480 818		407 119		73 698		2 642 552		2 608 228		34 324		-7 667		41 991			108 023		7 130
2007		649 041		585 769		63 272		2 878 585		2 867 976		10 609		742		9 867			73 881		7 577
2008		586 986		641 425		-54 439		2 860 909		2 884 745		-23 836		-3 299		-20 537			-78 275		5 546
2009: Jan		33 089		34 296		-1 207		153 864		159 243		-5 379		-204		-5 175			-6 586		332
Feb		36 193		31 671		4 522		172 151		176 255		-4 104		-646		-3 458			417		330
Mar		59 394		44 245		15 150		162 112		163 063		-951		-150		-801			14 199		348
Apr		38 880		38 432		448		112 843		111 335		1 507		-657		2 165			1 955		304
May		53 493		45 755		7 739		141 122		139 878		1 245		-55		1 300			8 983		315
Jun		48 308		37 062		11 246		145 015		142 758		2 257		216		2 041			13 502		314
Jul		44 144		35 232		8 912		152 845		153 715		-870		-192		-678			8 042		356
Aug		46 706		33 720		12 985		123 610		114 808		8 802		-135		8 936			21 787		317
Sep		43 325		40 397		2 928		160 453		171 759		-11 306		-461		-10 845			-8 378		383
Oct		50 715		42 852		7 863		159 604		146 692		12 911		-435		13 346			20 774		426

KB204

1.	Net cash receipts after repayment of redemptions. Note: Net increase in own securities excluded.
2.	Source: The JSE Limited.
3.	Excluding water boards as from 1990.
4.	Including water boards as from 1990.
5.	Volume in millions.
6.	Actual number.
7.	Seasonally adjusted.
8.	As from 1 March 2006 the thresholds for transfer duty exemption were changed.
9.	Including free-of-value trades.

S–30 Quarterly Bulletin December 2009

South African Reserve Bank

Capital market interest rates (continued)

Percentage

	National Credit Act: Maximum prescribed interest rates
							Developmental credit agreements
	Mortgage		Credit		Unsecured credit		Development of		Low income		Other credit
Date	agreements		facilities		transactions		a small business		housing (unsecured)		agreements
2007/06/08		25.90		30.90		40.90		40.90		40.90		30.90
2007/08/17		27.00		32.00		42.00		42.00		42.00		32.00
2007/10/12		28.10		33.10		43.10		43.10		43.10		33.10
2007/12/07		29.20		34.20		44.20		44.20		44.20		34.20
2008/04/11		30.30		35.30		45.30		45.30		45.30		35.30
2008/06/13		31.40		36.40		46.40		46.40		46.40		36.40
2008/12/12		30.30		35.30		45.30		45.30		45.30		35.30
2009/02/06		28.10		33.10		43.10		43.10		43.10		33.10
2009/03/25		25.90		30.90		40.90		40.90		40.90		30.90
2009/05/04		23.70		28.70		38.70		38.70		38.70		28.70
2009/05/29		21.50		26.50		36.50		36.50		36.50		26.50
2009/08/14		20.40		25.40		35.40		35.40		35.40		25.40

KB233

Derivative market activity

R millions

	Derivative market1
																	Individual
																	equity		Commodity
	Futures contracts								Options on futures contracts								contracts		contracts
	Number of		Number of		Underlying		Open		Number of		Number of		Underlying		Open		Number of		Number of
	deals2		contracts2		value		interest3		deals2		contracts2		value		interest3		contracts2		contracts2
Period	(2052M)		(2053M)		(2054M)		(2055M)		(2552M)		(2555M)		(2556M)		(2557M)		(2560M)		(2561M)
2003		166 508		13 292 576		743 550		491 062		11 335		17 404 419		50 127		2 414 355		11 463 103		2 305 673
2004		606 912		18 427 582		997 701		908 218		11 299		18 136 543		49 808		2 145 487		15 738 624		1 894 059
2005		624 262		35 176 298		1 501 428		1 831 406		12 473		14 410 203		49 854		2 076 788		27 288 035		1 771 470
2006		694 118		85 625 757		2 899 227		12 346 070		16 534		17 552 862		96 656		2 260 074		75 423 583		1 940 132
2007		1 038 911		296 885 064		4 723 222		32 432 319		21 137		30 455 493		102 867		5 909 619		279 760 204		2 402 053
2008		1 233 253		413 672 641		4 676 293		14 881 733		23 723		37 804 393		179 273		5 387 259		391 329 595		2 646 108
2008: Mar		113 172		64 535 155		751 394		35 669 530		1 987		3 673 538		18 171		7 823 260		59 991 947		184 293
Apr		86 857		15 062 715		249 716		38 935 239		1 517		2 610 513		10 784		8 137 682		14 879 529		222 611
May		86 388		21 354 847		284 577		41 068 874		1 912		2 060 033		9 692		8 539 445		20 053 542		208 558
Jun		119 266		61 314 486		770 662		42 654 689		2 271		4 480 721		15 456		7 335 095		58 253 312		380 305
Jul		109 904		17 047 218		353 568		43 393 344		2 311		3 739 563		19 283		8 353 843		16 389 573		249 933
Aug		87 461		14 110 151		237 289		45 219 125		1 490		3 129 420		8 751		9 125 009		11 870 531		241 826
Sep		123 417		128 084 603		546 912		42 329 868		1 981		3 672 186		16 675		7 692 718		123 038 510		183 395
Oct		118 942		19 546 127		275 676		41 084 498		1 985		3 166 130		13 291		8 634 162		18 266 599		173 811
Nov		99 903		12 681 931		180 227		38 315 185		1 165		1 871 216		12 701		9 066 848		10 991 547		205 554
Dec		87 984		28 875 005		299 898		14 881 733		1 154		795 675		3 539		5 387 259		26 192 161		148 850
2009: Jan		103 380		4 319 860		160 563		13 793 104		735		2 174 574		7 167		6 141 476		4 529 392		129 895
Feb		97 074		7 775 617		173 224		12 113 369		1 874		2 238 593		8 352		6 649 920		6 259 190		161 413
Mar		127 092		21 473 168		358 564		6 726 765		1 804		3 553 952		12 014		5 212 636		18 039 355		125 953
Apr		87 847		4 781 762		147 418		6 763 476		1 029		1 905 679		5 345		6 128 406		4 706 743		125 714
May		106 768		7 055 410		206 947		6 964 807		2 071		3 282 443		10 270		7 304 452		6 052 733		163 582
Jun		119 576		18 044 498		360 902		7 701 272		1 843		2 790 116		9 630		6 433 738		14 739 392		195 813
Jul		110 461		4 908 598		177 660		7 832 737		1 348		1 944 565		6 494		7 175 518		4 193 564		198 495
Aug		102 122		9 237 374		189 716		8 896 762		1 444		1 489 605		4 997		7 689 314		4 246 954		181 096
Sep		130 212		17 867 511		460 055		7 897 024		1 623		2 617 319		4 961		6 970 953		12 981 824		131 121
Oct		132 413		11 120 945		231 873		12 882 113		1 728		2 239 333		5 296		8 116 092		5 852 724		146 718

KB205

1.	Source: The JSE Limited.
2.	Actual number.
3.	Actual number as at the last business day of the particular month and year.

Quarterly Bulletin December 2009 S–31

South African Reserve Bank

Share prices

Share price indices and yields as calculated by the South African Reserve Bank are
only published in hard copy. Due to an agreement with the JSE Limited (JSE)
this information may not be published or disseminated electronically under the
home-page of the SA Reserve Bank.
Proprietary JSE information is available at http//www.jse.co.za
“The Information is the proprietary Information of the JSE. All copyright subsisting in the
Information vests in the JSE. All rights are reserved.”

S–32 Quarterly Bulletin December 2009

South African Reserve Bank

Yields and stock exchange activity

Share price indices and yields as calculated by the South African Reserve Bank are
only published in hard copy. Due to an agreement with the JSE Limited (JSE)
this information may not be published or disseminated electronically under the
home-page of the SA Reserve Bank.
Proprietary JSE information is available at http//www.jse.co.za
“The Information is the proprietary Information of the JSE. All copyright subsisting in the
Information vests in the JSE. All rights are reserved.”

Quarterly Bulletin December 2009 S–33

South African Reserve Bank

Unit trusts¹
Selected items and transactions

R millions

	Market value of security holdings2										Money-				Transactions in units6						Transactions in securities9
											market
			Stocks,						All funds:		funds:		Total
	Public-		debentures				Cash		Market		Market		assets at
	sector		and prefer-		Ordinary		and		value of		value of		book		Gross		Re-		Net						Net
	securities3		ence shares		shares		deposits4		net assets5		net assets5		value		sales7		purchases8		sales		Purchases		Sales		investment
Period	(2410K)		(2411K)		(2412K)		(2414K)		(2415K)		(2423K)		(2422K)		(2416K)		(2417K)		(2418K)		(2419K)		(2420K)		(2421K)
2002		20 894		2 279		86 237		69 718		181 129		56 519		151 655		127 979		111 449		16 530		203 145		184 887		18 259
2003		24 201		4 024		101 782		95 739		227 413		78 718		173 381		179 805		139 975		39 830		248 699		213 106		35 592
2004		22 023		8 125		142 575		126 791		301 122		102 696		202 797		267 505		224 141		43 364		342 182		294 860		47 322
2005		28 905		15 183		214 951		150 041		409 654		115 280		292 620		353 677		294 127		59 550		395 799		325 148		70 651
2006		30 086		13 898		294 557		177 513		529 701		140 083		395 128		425 986		370 050		55 936		487 695		418 068		69 627
2007		30 721		14 357		336 684		243 110		628 358		161 882		587 818		538 111		477 924		60 188		542 952		481 557		61 395
2008		31 889		19 302		269 295		316 285		642 966		212 939		661 768		538 759		492 775		45 984		839 666		732 055		107 611
2001: 04		25 268		2 845		88 446		50 193		168 137		38 987		128 929		34 330		25 859		8 471		58 671		49 519		9 152
2002: 01		20 828		3 887		83 274		61 972		171 034		44 598		140 604		26 737		24 576		2 161		54 430		49 123		5 307
02		19 517		2 930		86 492		67 215		178 177		49 769		144 299		34 748		29 346		5 402		47 535		39 021		8 514
03		24 291		2 937		81 296		70 405		180 700		54 606		143 680		30 528		26 252		4 276		55 079		55 889		-810
04		20 894		2 279		86 237		69 718		181 129		56 519		151 655		35 966		31 276		4 691		46 101		40 854		5 247
2003: 01		20 250		3 146		77 503		76 419		179 316		68 052		157 910		34 232		29 797		4 435		51 821		49 209		2 611
02		15 914		3 340		81 564		89 085		192 217		69 000		158 540		43 499		32 703		10 796		53 021		43 423		9 598
03		20 404		3 913		87 862		89 297		203 521		73 904		162 578		44 086		33 589		10 497		66 481		55 329		11 152
04		24 201		4 024		101 782		95 739		227 413		78 718		173 381		57 987		43 886		14 102		77 377		65 144		12 232
2004: 01		23 461		3 350		105 310		107 242		240 787		84 388		182 439		56 032		44 646		11 386		78 054		67 651		10 403
02		23 768		4 468		108 569		108 901		246 935		87 439		186 666		56 723		47 427		9 297		78 224		72 053		6 171
03		21 917		7 708		129 492		115 930		276 208		93 880		194 644		71 758		55 973		15 785		90 195		71 822		18 373
04		22 023		8 125		142 575		126 791		301 122		102 696		202 797		82 992		76 096		6 896		95 710		83 334		12 375
2005: 01		26 457		7 988		153 412		130 985		318 958		104 336		218 339		75 767		64 284		11 483		92 157		77 318		14 839
02		22 529		11 394		166 942		134 872		346 297		115 134		241 801		88 887		69 242		19 645		94 478		75 248		19 230
03		24 137		12 402		198 274		141 393		386 336		116 512		275 604		93 973		77 229		16 744		107 141		86 895		20 246
04		28 905		15 183		214 951		150 041		409 654		115 280		292 620		95 050		83 373		11 677		102 023		85 687		16 337
2006: 01		34 307		13 978		243 463		157 942		449 458		120 944		325 205		106 875		87 214		19 660		121 981		97 357		24 623
02		32 917		13 019		247 368		157 000		451 904		124 224		327 568		117 245		113 120		4 125		115 797		106 515		9 282
03		34 036		14 563		262 502		164 675		484 248		133 197		355 977		88 623		70 556		18 067		123 102		104 395		18 707
04		30 086		13 898		294 557		177 513		529 701		140 083		395 128		113 244		99 159		14 085		126 815		109 801		17 014
2007: 01		25 318		12 888		326 014		192 424		575 918		150 082		435 121		136 210		111 880		24 329		139 267		114 098		25 168
02		27 197		11 770		323 348		229 387		594 036		157 235		557 966		133 552		120 611		12 941		132 336		117 305		15 030
03		31 629		11 010		337 621		240 977		623 946		162 988		584 853		134 288		118 576		15 712		138 681		122 410		16 272
04		30 721		14 357		336 684		243 110		628 358		161 882		587 818		134 062		126 857		7 205		132 669		127 744		4 925
2008: 01		30 460		13 504		336 415		251 091		634 454		171 849		590 359		133 862		130 787		3 075		135 805		131 482		4 323
02		26 918		13 185		319 819		269 542		633 748		181 247		587 702		137 982		128 543		9 439		192 062		178 628		13 434
03		28 752		12 387		285 891		311 033		636 765		203 380		619 808		133 254		118 647		14 607		221 581		200 603		20 977
04		31 889		19 302		269 295		316 285		642 966		212 939		661 768		133 661		114 798		18 864		290 218		221 342		68 876
2009: 01		27 172		21 433		245 508		331 965		627 920		226 847		680 204		118 180		102 021		16 159		293 608		195 478		98 130
02		28 843		26 001		267 635		347 189		670 722		242 337		698 809		121 336		95 774		25 561		343 453		189 060		154 393
03		35 577		26 284		299 578		343 845		709 004		235 135		717 944		128 372		120 300		8 072		408 896		229 208		179 689

KB225

1.	Including unit trusts classified as “fund of funds” as from July 1998. Including institutional funds from October 2000. Domestic intra-industry holdings of assets are excluded.
2.	At end of period.
3.	Securities issued by the Government, local governments, the Land Bank, Eskom, Rand Water and other securities approved by the Registrar of Collective Investment Schemes.
4.	Including money-market unit trusts’ portfolios as from May 1997.
5.	Market value of security holdings, plus cash, deposits and accrued income, less current liabilities and domestic intra-industry assets, as at end of period.
6.	By the management companies. Excluding domestic intra-industry transactions.
7.	At selling prices, Including switching at market values for an equivalent amount of units at selling prices.
8.	At repurchase prices.
9.	At actual transaction values. Excluding domestic intra-industry transactions.

S–34 Quarterly Bulletin December 2009

South African Reserve Bank

Public Investment Corporation¹
Liabilities

R millions

	Funds received from
			Reconstruction										Non-residents4
			and
			Development		Other				Pension
	Social		Programme		government		Public		and provident				Short-term		Long-term
	security funds2		fund		funds		enterprises		funds		Households3		funds		funds		Other		Total5
End of	(2520K)		(2543K)		(2521K)		(2522K)		(2523K)		(2544K)		(2526K)		(2527K)		(2528K)		(2529K)
2003		15 298		867		2 088		—		338 148		2 309		—		—		—		358 711
2004		20 809		820		1 922		—		412 165		2 809		—		—		—		438 525
2005		26 217		945		2 140		—		513 161		3 238		—		—		—		545 701
2006		32 875		1 053		2 582		—		637 291		3 774		—		—		64		677 638
2007		41 276		1 043		3 319		—		723 259		4 516		—		—		127		773 540
2008		55 216		2 247		4 105		—		687 912		5 094		—		—		203		754 776
2007: 04		41 276		1 043		3 319		—		723 259		4 516		—		—		127		773 540
2008: 01		43 850		891		3 543		—		735 197		4 669		—		—		186		788 335
02		45 857		820		3 748		—		737 493		4 781		—		—		191		792 890
03		50 577		1 297		3 906		—		700 538		4 937		—		—		196		761 452
04		55 216		2 247		4 105		—		687 912		5 094		—		—		203		754 776
2009: 01		56 498		1 176		4 430		—		673 068		5 200		—		—		1 101		741 473
02		58 689		1 129		4 682		—		729 218		5 366		—		—		1 133		800 216
03		61 173		1 134		4 998		—		761 917		5 581		—		—		1 295		836 097

KB212

Assets

R millions

			Fixed-interest securities								Bills issued by								Ordinary shares
					Local
	Cash and				govern-		Public				Central		Public						Direct		Indirect
	deposits		Government		ments6		enterprises7		Other8		government		corporations9		Banks		Other		investment		investment10		Other11		Total5
End of	(2530K)		(2531K)		(2532K)		(2533K)		(2534K)		(2535K)		(2545K)		(2542K)		(2538K)		(2546K)		(2547K)		(2541K)		(2539K)
2003		17 305		169 538		555		12 313		7 714		—		2 871		9 349		1 363		23 715		98 607		15 380		358 711
2004		27 457		187 953		40		21 684		9 460		1 081		2 215		5 576		1 076		37 827		139 181		4 976		438 525
2005		39 821		214 064		99		23 442		11 698		2 939		1 100		2 424		1 620		77 744		156 303		14 447		545 701
2006		50 758		214 057		311		36 715		16 924		571		578		676		1 816		259 403		77 793		18 037		677 638
2007		69 446		203 189		3		44 499		25 200		—		211		6 261		6 684		312 711		91 918		13 419		773 540
2008		88 753		207 762		855		62 185		45 846		—		7 420		1 876		10 776		258 265		61 502		9 538		754 776
2007: 04		69 446		203 189		3		44 499		25 200		—		211		6 261		6 684		312 711		91 918		13 419		773 540
2008: 01		72 709		197 510		410		41 963		37 673		—		5 014		299		7 397		316 293		92 168		16 899		788 335
02		69 391		198 248		510		42 354		37 641		—		6 640		290		7 228		321 738		92 272		16 578		792 890
03		86 328		197 405		565		49 417		43 852		—		7 170		928		7 559		275 950		78 896		13 383		761 452
04		88 753		207 762		855		62 185		45 846		—		7 420		1 876		10 776		258 265		61 502		9 538		754 776
2009: 01		87 873		199 993		681		65 792		42 244		—		9 182		1 927		12 486		240 627		63 482		17 187		741 473
02		98 334		206 578		747		73 083		41 307		—		7 840		1 952		2 975		277 146		73 136		17 118		800 216
03		74 801		208 169		772		80 622		41 467		—		6 919		1 976		3 820		311 864		83 149		22 538		836 097

KB213

1.	Before April 2005 the Public Investment Commissioners.
2.	Workmen’s Compensation Fund, Mines and Works Compensation Fund and Unemployment Insurance Fund.
3.	Mainly trust accounts.
4.	The administration of these funds is located with the South African Reserve Bank.
5.	As from March 2002 data reported at market value.
6.	Before January 1992 including water boards.
7.	Including water boards as from January 1992.
8.	Mainly foreign stock (approved stock of BLNS countries) and debentures. Stock debt of former independent and self-governing national states has been reclassified to government stock as from 27 April 1994.
9.	Including public financial institutions and the state housing funds.
10.	Funds invested in shares by external portfolio managers.
11.	Including guaranteed investment contracts, unit trusts and investment policies.

Quarterly Bulletin December 2009 S–35

South African Reserve Bank

Long-term insurers
Income statement¹

R millions

	Current receipts								Current expenditure
			Premiums received						Claims paid						Surrenders
			Pension								Lump sum				Pension								Domestic		Net capital
	Invest-		and group				Other		Lump		on death				fund and		Admini-						current		profits
	ment		life		Retirement		insurance		sum at		and other				other life		strative				Dividend		income		and other
	income		business		annuities		business		retirement		payments		Annuities		business		expenses		Taxation		payments2		surplus		income3
Period	(2190K)		(2191K)		(2192K)		(2193K)		(2194K)		(2195K)		(2196K)		(2197K)		(2198K)		(2199K)		(2200K)		(2201K)		(2202K)
1987		4 717		3 796		3 729		4 038		744		1 177		804		2 140		1 762		248		126		9 279		7 338
1988		6 033		5 200		5 263		4 734		894		1 499		1 638		2 726		2 436		502		151		11 384		-1 170
1989		8 311		6 070		5 282		5 906		1 206		1 847		2 262		2 737		2 953		561		245		13 758		13 507
1990		10 579		7 769		6 502		7 779		2 133		2 353		3 033		4 469		3 165		618		287		16 571		8 340
1991		12 237		9 232		7 936		9 838		2 874		3 514		3 982		5 452		3 818		654		870		18 079		8 742
1992		13 842		11 274		8 771		12 463		3 619		5 026		5 220		7 213		4 438		792		154		19 888		9 908
1993		16 072		11 992		9 908		18 639		4 220		7 683		6 685		9 975		5 244		934		367		21 503		12 272
1994		17 179		16 485		10 142		23 597		6 122		9 170		8 135		14 083		5 990		1 224		241		22 438		16 323
1995		23 060		18 187		13 854		30 642		8 102		9 768		9 822		17 193		7 231		1 437		978		31 212		21 752
1996		25 164		24 165		13 791		36 323		9 357		9 457		11 436		21 935		7 909		1 929		738		36 683		3 821
1997		27 256		33 141		16 454		41 479		12 845		13 987		13 077		36 516		8 684		2 032		1 859		29 331		7 811
1998		30 382		33 717		16 060		44 306		14 237		14 375		14 292		41 027		9 069		2 035		1 834		27 597		-29 885
1999		34 894		34 660		19 903		55 225		23 885		16 885		15 690		54 910		10 756		3 650		3 633		15 273		111 091
2000		36 295		52 768		23 162		63 805		29 666		22 146		16 887		58 760		11 302		3 672		5 208		28 389		20 653
2001		38 342		68 884		22 388		71 409		32 548		26 761		17 485		72 095		11 003		4 914		7 077		29 141		88 951
2002		42 248		75 175		21 063		74 802		33 967		28 187		21 394		83 420		12 930		5 270		7 660		20 460		-50 610
2003		46 812		78 112		19 122		81 642		31 015		32 032		22 470		83 323		16 021		4 950		4 318		31 561		45 444
2004		43 186		67 841		21 423		72 963		27 522		31 183		20 664		82 648		17 080		7 929		6 142		12 245		99 712
2005		49 017		85 928		23 506		79 305		31 182		44 601		20 770		90 243		19 935		7 562		11 910		11 555		158 080
2006		58 442		115 463		29 063		93 085		35 082		56 546		23 708		116 072		20 940		10 131		9 550		24 025		172 963
2007		69 176		129 081		32 299		114 101		39 055		65 305		24 277		123 365		22 989		9 884		15 723		44 059		94 218
2008		79 371		144 705		46 040		101 563		39 490		69 165		26 218		133 406		21 902		5 420		9 987		66 093		-99 339
2004: 04		10 808		19 514		6 248		18 606		6 907		7 748		5 123		23 654		4 479		2 620		253		4 392		...
2005: 01		11 124		16 494		5 579		18 950		5 831		9 165		4 437		19 821		4 261		1 461		627		6 544		...
02		12 941		21 332		5 901		18 982		8 280		10 251		5 141		22 689		4 755		1 852		3 317		2 872		...
03		12 514		23 398		6 188		20 535		9 493		11 844		5 848		21 123		4 859		1 869		6 501		1 098		...
04		12 438		24 704		5 838		20 839		7 578		13 340		5 345		26 611		6 059		2 380		1 465		1 041		...
2006: 01		14 086		37 962		6 108		22 054		11 573		12 844		5 005		35 800		4 582		2 522		900		6 983		...
02		13 263		28 877		7 596		20 333		7 669		14 300		5 681		26 710		4 864		2 345		4 683		3 818		...
03		15 233		22 510		6 747		24 583		8 277		12 518		6 226		25 946		5 576		2 316		1 688		6 525		...
04		15 860		26 114		8 612		26 115		7 564		16 884		6 796		27 616		5 918		2 948		2 279		6 699		...
2007: 01		16 775		28 253		7 503		22 314		8 419		13 684		5 438		29 162		5 185		3 247		2 196		7 514		...
02		15 038		35 941		7 928		21 840		9 144		16 401		6 190		30 512		5 705		2 852		4 765		5 176		...
03		18 419		30 341		8 607		29 327		10 846		15 185		6 872		32 486		5 970		1 596		1 094		12 645		...
04		18 943		34 546		8 261		40 620		10 646		20 035		5 777		31 205		6 129		2 189		7 667		18 723		...
2008: 01		17 826		35 518		11 347		31 270		11 119		19 131		7 221		29 428		5 015		1 558		3 618		18 872		...
02		16 794		37 253		14 473		25 600		12 254		16 793		5 846		33 009		5 148		2 036		1 652		17 380		...
03		20 522		37 304		11 401		23 930		9 524		16 582		7 313		39 082		5 947		761		3 928		10 019		...
04		24 229		34 630		8 819		20 764		6 592		16 658		5 839		31 887		5 791		1 066		789		19 820		...
2009: 01		24 075		27 055		8 759		18 545		6 935		14 124		6 167		32 145		5 660		1 369		837		11 197		...
02		19 250		32 395		8 178		20 327		8 891		15 008		5 862		22 556		4 150		1 953		7 559		14 171		...

KB214

1.	Source: Registrar of Insurance, annual reports up to 1990 and thereafter South African Reserve Bank survey data.
2.	Data from South African Reserve Bank survey.
3.	Including all foreign items.

S–36 Quarterly Bulletin December 2009

South African Reserve Bank

Long-term insurers¹
Liabilities

R millions

											Liability under
											unmatured policies										Claims in
	Banks						Claims not		Unappro-						Insurance						respect of
	and other		Insurer		Other		yet paid		priated		Pension		Other		fund		Other		Share		derivative		Other		Total
	loans2		creditors3		creditors		out		profits		business4		business		surplus5		reserves		capital6		instruments		liabilities		liabilities
End of	(2210J)		(2211J)		(2212J)		(2213J)		(2214J)		(2215J)		(2216J)		(2217J)		(2218J)		(2219J)		(2222J)		(2220J)		(2221J)
200011		1 915		388		7 904		6 195		5 005		293 121		261 851		50 475		58 119		10 079		1 339		10 641		707 033
2001		2 270		601		3 497		7 903		5 719		346 393		334 609		21 721		79 360		10 069		5 180		7 044		824 367
2002		328		628		2 495		7 245		5 978		325 688		327 667		22 129		64 761		10 319		4 316		13 954		785 508
2003		324		912		2 594		7 666		7 540		348 152		347 518		27 946		65 665		10 526		5 653		11 396		835 892
2004		307		358		5 246		8 266		11 305		400 774		372 212		29 054		79 728		10 276		8 975		17 582		944 081
2005		2 814		196		7 849		9 660		12 073		430 666		502 028		32 697		88 059		8 443		4 797		23 888		1 123 171
2006		5 853		360		10 246		11 054		14 849		629 578		476 936		33 727		119 127		9 140		12 442		37 696		1 361 008
2007		10 215		981		11 894		14 354		16 860		629 291		566 676		37 497		113 080		9 457		8 664		28 021		1 446 990
2008		12 016		2 296		8 960		15 042		20 817		595 392		526 688		36 650		102 893		8 840		10 824		22 769		1 363 190

KB215

Assets

R millions

			Fixed-interest securities										Loans
	Coin,
	banknotes																To
	and		Govern-		Local		Public				Ordinary				Against		public				Fixed		Other		Total
	deposits		ment		governments		enterprises		Other7		shares8		Mortgage		policies		sector9		Other		property		assets10		assets
End of	(2230K)		(2231K)		(2232K)		(2233K)		(2234K)		(2235K)		(2236K)		(2237K)		(2238K)		(2239K)		(2240K)		(2241K)		(2242K)
200011		57 186		84 568		1 698		12 920		15 070		339 621		1 594		9 132		579		37 196		42 967		104 501		707 033
2001		66 398		91 757		1 102		16 051		20 588		381 032		2 021		10 490		1 260		50 428		41 970		141 271		824 367
2002		74 369		100 672		2 042		15 706		33 448		342 239		2 472		10 546		462		40 175		37 641		125 735		785 508
2003		85 994		100 069		2 457		21 693		35 140		389 914		1 326		10 160		399		36 738		38 729		113 274		835 892
2004		95 086		111 288		1 727		12 605		39 657		455 347		1 559		5 904		383		56 662		38 238		125 626		944 081
2005		106 690		114 026		1 804		13 216		44 995		568 516		2 096		5 499		279		57 435		43 228		165 387		1 123 171
2006		144 193		131 472		4 188		13 543		58 205		684 841		2 551		3 781		243		88 356		49 601		180 034		1 361 008
2007		176 935		121 695		4 359		13 378		71 563		731 964		1 136		4 437		145		91 773		55 847		173 759		1 446 990
2008		201 574		118 150		6 269		16 828		83 533		570 381		2 875		4 250		233		102 041		59 294		197 761		1 363 190
2006: 02		116 032		114 215		3 029		14 025		47 010		604 460		2 199		5 502		257		74 684		46 280		185 791		1 213 482
03		128 983		119 807		3 056		15 122		53 270		614 787		2 198		6 057		265		81 405		47 311		187 260		1 259 522
04		144 193		131 472		4 188		13 543		58 205		684 841		2 551		3 781		243		88 356		49 601		180 034		1 361 008
2007: 01		156 983		117 835		4 388		15 352		62 561		709 243		2 552		4 686		168		97 673		51 658		183 389		1 406 487
02		165 340		115 844		4 151		14 322		65 665		711 441		2 592		5 418		177		94 816		54 412		176 942		1 411 121
03		174 429		128 439		4 222		12 760		68 325		721 347		1 222		5 497		157		91 303		53 598		185 837		1 447 136
04		176 935		121 695		4 359		13 378		71 563		731 964		1 136		4 437		145		91 773		55 847		173 759		1 446 990
2008: 01		171 491		115 476		3 827		13 505		75 104		693 890		1 874		4 369		139		101 115		56 845		211 271		1 448 906
02		188 599		100 072		3 609		14 752		70 490		648 359		2 155		2 652		79		105 554		54 189		214 775		1 405 286
03		180 055		116 812		5 196		16 181		79 061		595 244		2 298		4 349		78		107 919		56 355		200 837		1 364 385
04		201 574		118 150		6 269		16 828		83 533		570 381		2 875		4 250		233		102 041		59 294		197 761		1 363 190
2009: 01		203 545		107 823		5 653		16 948		81 223		546 321		3 364		3 163		395		96 784		59 021		196 538		1 320 777
02		194 299		106 250		5 446		16 951		80 749		571 396		3 254		2 881		380		105 591		59 292		194 728		1 341 219

KB216

1.	Domestic insurers and South African branches of foreign insurers. Only net claims on foreign branches and foreign head offices are included in the data. Data of investment subsidiaries, as well as data of property companies which are directly or indirectly controlled by insurers, are consolidated with those of parent organisations.
2.	Including mutual banks.
3.	Balances due to insurers and re-insurers.
4.	Pension and retirement annuity fund business.
5.	Difference between insurance fund and liability under unmatured policies.
6.	Including outside shareholders in subsidiaries.
7.	Including company stock, debentures and preference shares, and government guaranteed stock.
8.	Including units of unit and property trusts.
9.	Including loan levy, loans to local governments, public corporations and, as from September 1979, also universities.
10.	Including net foreign claims.
11.	All annual data as from 1990 and all quarterly data as from December 1991 are recorded at market value.

Quarterly Bulletin December 2009 S–37

South African Reserve Bank

Short-term insurers
Income statement¹

R millions

	Current receipts							Current expenditure
				Premiums received				Claims paid
																				Domestic		Net capital
	Investment					Other						Premiums on		Administrative				Dividend		current income		profits and
	income			Reinsurance		insurance		Reinsurance		Other		reinsurance		expenses		Taxation		payments		surplus		other income2
End of	(2600K)			(2601K)		(2602K)		(2603K)		(2604K)		(2605K)		(2606K)		(2607K)		(2608K)		(2609K)		(2610K)
2001		3 431			11 976		23 749		3 658		17 284		7 776		6 517		697		1 600		1 624		1 186
2002		2 885			10 899		32 719		2 850		20 041		11 813		9 244		311		849		1 396		1 728
2003		3 722			15 239		32 487		2 755		20 437		11 946		9 297		1 148		1 224		4 640		1 248
2004		3 868			12 848		37 580		3 127		20 317		12 510		10 613		1 903		2 053		3 772		2 945
2005		4 281			13 851		40 151		3 184		24 177		12 592		12 187		1 833		1 459		2 852		3 667
2006		3 995			10 809		45 773		2 598		26 466		11 986		11 959		3 408		5 239		-1 082		3 924
2007		5 412			14 738		58 095		5 010		32 137		16 295		12 706		4 253		3 390		4 454		1 370
2008		5 667			17 617		62 884		6 675		39 125		14 574		14 365		1 446		2 679		7 304		-2 618
2001: 03		704			2 365		6 018		713		4 207		1 858		1 571		230		194		313		...
04		1 275			3 277		6 095		1 077		4 888		2 170		1 758		224		1 058		-529		...
2002: 01		1 167			2 460		7 862		731		5 093		2 867		2 346		36		202		215		...
02		585			2 451		8 170		642		4 905		2 615		2 274		104		301		365		...
03		705			2 810		8 702		726		4 973		3 157		2 371		85		130		774		...
04		428			3 178		7 985		751		5 070		3 174		2 252		86		215		42		...
2003: 01		540			2 983		8 878		608		5 396		3 069		2 334		118		197		679		...
02		821			2 956		7 331		347		4 950		2 352		1 985		261		617		597		...
03		924			4 141		7 929		788		5 207		2 991		2 294		308		342		1 065		...
04		1 436			5 159		8 348		1 012		4 884		3 535		2 684		460		68		2 299		...
2004: 01		996			3 149		9 222		925		5 033		2 923		2 448		327		429		1 284		...
02		434			3 104		8 777		827		4 849		2 847		2 486		266		335		706		...
03		1 265			3 332		9 932		852		4 960		3 357		2 767		663		1 149		781		...
04		1 173			3 263		9 649		523		5 476		3 383		2 912		648		141		1 001		...
2005: 01		1 163			3 316		10 103		891		5 702		3 103		2 907		295		343		1 342		...
02		942			3 412		9 560		611		6 046		3 064		2 828		507		523		336		...
03		1 272			3 177		10 181		831		5 700		3 082		3 247		657		248		863		...
04		904			3 947		10 307		851		6 729		3 342		3 204		375		345		311		...
2006: 01		806			2 760		10 890		631		6 227		3 301		3 084		574		505		132		...
02		830	��		2 891		11 084		705		6 463		2 812		3 108		523		708		485		...
03		1 377			2 319		11 878		695		6 462		3 076		3 202		717		3 655		-2 233		...
04		982			2 839		11 921		567		7 314		2 797		2 565		1 594		371		534		...
2007: 01		1 009			2 672		12 497		774		7 503		3 302		3 232		411		711		244		...
02		1 031			2 684		13 730		1 070		7 300		3 420		2 635		1 235		419		1 367		...
03		1 557			3 805		15 329		1 606		7 692		3 462		3 426		822		1 176		2 508		...
04		1 815			5 577		16 539		1 560		9 642		6 111		3 413		1 785		1 085		335		...
2008: 01		1 331			4 109		13 212		1 298		8 219		3 153		2 478		465		357		2 682		...
02		1 282			4 883		15 084		2 235		9 621		3 730		3 088		439		1 057		1 079		...
03		1 458			4 715		18 296		1 680		11 405		3 470		5 006		80		381		2 448		...
04		1 595			3 911		16 292		1 462		9 880		4 221		3 793		462		885		1 096
2009: 01		1 307			4 269		15 575		1 689		11 208		3 001		3 235		127		918		972		...
02		1 292			4 066		15 130		1 318		10 906		2 802		3 368		371		603		1 122		...

KB232

1.	Source: South African Reserve Bank survey data. Excluding the Road Accident Fund as from June 1996.
2.	Including all foreign items.

S–38 Quarterly Bulletin December 2009

South African Reserve Bank

Short-term insurers¹
Liabilities

R millions

											Liability								Claims in
					Claims not		Foreign		Unappro-		under		Insurance						respect of
	Insurer		Other		yet paid		head office		priated		unmatured		fund		Other		Share		derivative		Other		Total
	creditors2		creditors		out		balances		profits		policies		surplus3		reserves		capital		instruments		liabilities		liabilities
End of	(2250J)		(2251J)		(2252J)		(2253J)		(2254J)		(2255J)		(2256J)		(2257J)		(2258J)		(2261J)		(2259J)		(2260J)
19988		643		134		5 888		—		3 928		5 273		5 658		15 686		542		328		3 474		41 554
1999		1 133		232		6 348		—		3 813		6 269		9 968		13 015		697		227		5 507		47 209
2000		1 282		129		6 027		—		4 399		6 154		9 378		12 345		1 646		283		6 032		47 676
2001		1 360		441		5 531		—		4 552		4 239		8 336		13 586		1 638		279		5 233		45 193
2002		1 898		160		6 205		—		4 692		5 130		7 385		10 657		1 694		413		4 398		42 632
2003		2 036		313		6 650		—		5 439		5 990		8 609		12 048		1 758		499		6 508		49 850
2004		2 050		290		7 619		—		8 116		6 292		7 724		11 970		2 288		955		8 173		55 479
2005		2 068		240		10 132		—		14 583		8 058		4 816		13 646		1 934		1 567		7 995		65 039
2006		2 235		269		12 261		—		12 932		8 861		5 156		12 919		2 230		1 864		8 681		67 408
2007		3 603		1 037		14 037		—		14 764		8 788		5 084		12 716		1 843		653		10 837		73 361
2008		6 150		972		16 194		—		17 316		9 736		4 310		11 803		2 108		308		11 373		80 270

KB217

Assets

R millions

			Fixed-interest securities										Loans
	Coin,																				Provision for
	banknotes														To						unexpired
	and		Govern-		Local		Public				Ordinary				public				Fixed		risks			Other		Total
	deposits		ment		governments		enterprises		Other4		shares5		Mortgage		sector6		Other		property		ceded			assets7		assets
End of	(2270K)		(2271K)		(2272K)		(2273K)		(2274K)		(2275K)		(2276K)		(2277K)		(2278K)		(2279K)		(2280K)			(2281K)		(2282K)
19998		13 282		4 149		80		505		1 547		19 587		450		0		428		907		98			6 176		47 209
2000		13 108		5 313		24		485		1 365		18 173		372		0		538		776		114			7 408		47 676
2001		13 124		4 958		77		590		1 142		17 072		361		—		326		570		442			6 530		45 193
2002		14 262		4 386		37		503		1 352		14 458		359		—		774		564		1 096	��		4 841		42 632
2003		17 900		4 099		12		648		1 360		16 192		359		—		956		636		709			6 978		49 850
2004		20 293		4 463		235		807		2 232		18 508		349		—		626		704		1 162			6 099		55 479
2005		22 559		4 489		36		395		3 014		21 150		346		—		921		763		582			10 784		65 039
2006		23 820		4 732		4		990		3 558		20 554		323		—		922		782		688			11 035		67 408
2007		24 612		4 278		4		1 399		3 780		22 983		58		—		984		870		1 114			13 279		73 361
2008		29 580		5 575		5		1 022		3 956		18 530		40		—		1 074		1 126		1 157			18 205		80 270
2006: 03		24 247		5 160		4		754		3 022		18 350		311		—		1 024		753		...			12 923		66 548
04		23 820		4 732		4		990		3 558		20 554		323		—		922		782		688			11 035		67 408
2007: 01		23 261		4 374		0		1 191		3 658		22 242		323		—		945		822		...			12 991		69 806
02		24 453		4 444		4		1 235		3 766		23 515		325		—		1 037		850		...			13 425		73 053
03		26 018		4 351		4		1 268		3 550		23 214		53		—		899		852		...			15 396		75 607
04		24 612		4 278		4		1 399		3 780		22 983		58		—		984		870		1 114			13 279		73 361
2008: 01		26 384		4 031		5		1 484		3 615		22 305		63		—		926		928		...			13 156		72 897
02		27 912		3 929		5		1 457		3 537		22 339		40		—		975		1 015		...			15 980		77 188
03		28 007		4 500		5		957		3 953		19 144		40		—		1 263		1 049		...			16 297		75 214
04		29 580		5 575		5		1 022		3 956		18 530		40		—		1 074		1 126		1 157			18 205		80 270
2009: 01		32 617		5 036		18		1 076		3 786		18 194		40		—		950		1 163		...			21 739		84 619
02		33 859		5 614		130		1 018		3 912		18 405		41		—		1 023		1 177		...			20 820		85 997

KB218

1.	Domestic insurers (excluding their foreign branches) and South African branches of foreign insurers. Only net claims on foreign branches and head offices are included in the data. Excluding the Road Accident Fund as from June 1996.
2.	Balances due to insurers and re-insurers.
3.	Difference between insurance funds and liability under unmatured policies.
4.	Including preference shares and government guaranteed stock.
5.	Including a very small amount of units in unit trusts.
6.	Including loan levy, loans to local governments, public corporations and, as from September 1979, also universities.
7.	Including net foreign claims.
8.	All annual data as from 1990 and all quarterly data as from December 1991 are reported at market value.

Quarterly Bulletin December 2009 S–39

South African Reserve Bank

Official pension and provident funds¹
Income statement²

R millions

	Current receipts								Current expenditure
	Investment income3				Contributions by				Benefits										Net
											Lump sum						Domestic		capital		Investment
											at retire-		Other		Adminis-		current		profits		income		Total
							Employ-				ment or		lump sum		trative		income		and other		from		net cash		Net asset
	Interest4		Dividends		Members		ers5		Annuities		death		payments		expenses		surplus		income		insurers		inflow		revaluation6
End of	(2290K)		(2291K)		(2292K)		(2293K)		(2294K)		(2295K)		(2296K)		(2297K)		(2298K)		(2299K)		(2300K)		(2301K)		(2302K)
31 March
2002		16 391		3 550		5 321		10 406		9 053		3 270		2 584		1 146		19 617		10 212		7 191		37 019		-41
2003		17 246		4 612		6 432		12 684		11 786		4 082		3 683		942		20 481		4 039		4 767		29 287		-88
2004		16 808		3 498		6 503		11 988		11 104		3 356		3 474		763		20 100		3 969		2 583		26 655		-107
2005		16 058		1 789		7 527		15 290		13 835		4 341		4 987		918		16 585		19 256		15 584		51 424		133
2006		16 640		2 585		8 210		14 788		14 129		3 935		4 079		1 129		18 952		23 893		14 716		57 559		134
2007		15 994		5 429		9 070		16 299		15 194		6 001		5 118		1 185		19 293		31 693		20 226		71 211		-193
2008		26 591		11 408		10 229		18 669		16 696		6 421		6 542		1 100		36 138		37 913		10 745		84 794		-260
2009		35 661		21 376		11 770		21 391		18 692		4 478		10 288		1 203		55 537		5 617		240		61 394		-1 253
31 December
2000		17 349		2 135		4 978		10 922		8 558		3 704		2 826		1 026		19 268		2 932		4 264		26 463		-74
2001		13 299		3 287		5 175		9 918		8 289		2 739		2 301		968		17 383		10 624		7 818		35 823		-32
2002		18 862		4 288		6 365		12 564		11 591		3 993		3 500		1 191		21 805		4 511		4 454		30 770		-33
2003		17 799		3 493		6 168		11 440		10 999		3 763		3 832		768		19 538		3 635		2 453		25 629		-167
2004		16 693		2 569		7 500		15 089		13 211		3 641		4 375		866		19 761		11 552		11 106		42 419		45
2005		16 947		2 191		8 111		14 959		14 162		4 561		5 123		1 117		17 245		26 695		15 283		59 221		72
2006		16 428		3 827		8 802		15 737		15 050		5 256		4 184		1 058		19 246		27 918		18 809		65 971		93
2007		22 989		10 135		10 002		18 046		16 325		6 271		6 014		1 111		31 449		25 228		14 636		71 311		-440
2008		40 879		23 405		11 265		20 644		18 158		5 021		9 734		1 275		62 005		26 796		2 627		91 428		-290
2004: 03		3 271		248		1 762		3 567		3 385		1 183		1 229		233		2 818		3 144		2 650		8 613		13
04		4 453		641		2 035		4 168		3 386		957		1 298		229		5 428		6 500		4 828		16 756		14
2005: 01		4 189		209		1 951		3 929		3 702		1 394		1 302		270		3 609		8 773		5 493		17 874		94
02		4 203		706		2 006		3 601		3 471		850		1 327		295		4 574		4 272		3 478		12 323		8
03		4 916		293		2 050		3 676		3 494		921		1 270		251		4 999		7 536		4 270		16 805		-27
04		3 639		983		2 104		3 753		3 495		1 396		1 224		301		4 063		6 114		2 042		12 219		-3
2006: 01		3 882		603		2 050		3 758		3 669		768		258		282		5 316		5 971		4 926		16 212		156
02		4 556		931		2 092		3 750		3 749		915		714		229		5 722		8 115		5 724		19 561		13
03		4 766		1 058		2 291		4 022		3 813		1 830		1 877		263		4 353		4 640		4 126		13 119		33
04		3 224		1 235		2 369		4 207		3 819		1 743		1 335		284		3 855		9 192		4 033		17 079		-109
2007: 01		3 448		2 205		2 318		4 320		3 813		1 513		1 192		409		5 363		9 746		6 343		21 452		-130
02		5 980		1 654		2 313		4 146		4 199		1 634		1 414		289		6 557		8 693		2 813		18 062		-74
03		6 707		2 891		2 566		4 598		4 131		1 438		1 527		162		9 504		2 321		2 156		13 980		-7
04		6 854		3 385		2 805		4 982		4 182		1 686		1 881		251		10 025		4 468		3 324		17 817		-229
2008: 01		7 050		3 478		2 545		4 943		4 184		1 663		1 720		398		10 052		22 431		2 452		34 935		50
02		11 386		3 408		2 702		4 889		4 465		1 219		2 899		327		13 476		1 171		39		14 686		-473
03		9 053		5 308		2 979		5 374		4 807		1 160		2 570		234		13 942		448		65		14 454		14
04		13 390		11 211		3 039		5 438		4 702		979		2 546		316		24 536		2 747		71		27 353		119
2009: 01		1 832		1 449		3 051		5 691		4 718		1 120		2 275		325		3 584		1 251		65		4 900		-913
02		9 053		3 478		3 024		5 433		4 485		1 255		2 434		319		12 495		1 455		58		14 009		35

KB219

1.	Funds administered by the Department of Finance, Transnet, Telkom and the Post Office.
2.	Source: Auditor-General Annual Reports up to 1992, thereafter South African Reserve Bank survey.
3.	Excluding income from policies and funds invested with insurers.
4.	Including dividends prior to 1992.
5.	Including special actuarial deficit reduction contributions.
6.	Including amounts transferred to and from other accounts and, as from March 1995, privatisation to other funds.

S–40 Quarterly Bulletin December 2009

South African Reserve Bank

Official and private self-administered pension and provident funds
Assets and liabilities

R millions

	Official funds1																				Private self-administered funds3
	Assets2																				Liabilities6
			Fixed-interest securities
																			Total
																			assets				Reserves,
															Accumu-				equal				provisions
	Cash and		Govern-		Local		Public				Ordinary		Fixed		lated		Other		accumula-		Accumula-		and other		Total
	deposits		ment		governments		enterprises		Other		shares		property		interest		Assets4		ted funds4		ted funds		liabilities		liabilities5
End of	(2330K)		(2331K)		(2332K)		(2333K)		(2334K)		(2335K)		(2337K)		(2343K)		(2338K)		(2339K)		(2340K)		(2341K)		(2342K)
31 March
2002		13 920		125 314		1 387		14 015		33 315		130 439		1 465		2 942		5 633		328 430		...		...		...
2003		18 761		147 413		880		18 514		34 406		132 649		1 214		2 920		2 117		358 874		...		...		...
2004		14 911		171 500		51		17 392		32 681		147 170		1 252		2 416		1 877		389 251		...		...		...
2005		28 735		186 037		82		25 676		19 602		229 461		1 358		2 644		2 450		496 045		...		...		...
2006		38 347		201 704		105		30 461		46 564		316 261		1 076		2 894		2 792		640 202		...		...		...
2007		66 541		191 177		12		45 824		48 748		400 232		533		6 093		4 091		763 253		...		...		...
2008		67 071		185 665		410		51 039		57 753		463 431		852		6 439		2 896		835 556		...		...		...
2009		80 510		177 013		681		81 855		71 691		314 724		699		9 339		9 078		745 590		...		...		...
31 December
2000		19 098		88 797		1 429		20 404		17 783		95 999		2 561		4 011		1 919		252 001		224 918		33 967		258 885
2001		13 512		120 912		1 366		16 038		25 069		104 538		1 391		2 795		2 406		288 028		236 015		43 283		279 298
2002		16 092		145 756		875		17 213		35 010		128 244		1 369		3 027		2 637		350 224		241 130		38 543		279 673
2003		15 156		171 134		551		18 148		30 914		138 400		1 174		2 855		2 127		380 460		243 173		41 802		284 975
2004		22 949		185 034		40		26 882		21 133		217 212		1 263		2 520		1 015		478 049		285 794		49 606		335 400
2005		33 375		208 560		99		28 778		37 790		283 467		1 489		5 779		2 293		601 629		319 660		59 428		379 088
2006		47 700		207 830		310		45 021		43 125		339 743		533		3 061		3 625		690 948		364 469		76 740		441 210
2007		68 053		193 014		2		49 187		57 445		444 741		825		2 349		2 374		817 990		421 241		100 543		521 784
2008		85 108		185 295		855		77 608		67 152		366 498		742		8 214		9 604		801 076		397 995		132 051		530 045
2004: 03		26 241		176 426		46		22 984		28 400		176 352		1 263		2 406		1 058		435 175		269 080		47 069		316 149
04		22 949		185 034		40		26 882		21 133		217 212		1 263		2 520		1 015		478 049		285 794		49 606		335 400
2005: 01		28 735		186 037		82		25 676		19 602		229 461		1 358		2 644		2 450		496 045		290 717		54 957		345 674
02		29 148		197 907		86		27 562		24 556		238 007		1 504		5 906		2 652		527 328		299 471		56 154		355 625
03		32 217		200 322		67		27 730		34 459		273 196		1 504		5 150		2 197		576 840		314 330		58 607		372 937
04		33 375		208 560		99		28 778		37 790		283 467		1 489		5 779		2 293		601 629		319 660		59 428		379 088
2006: 01		38 347		201 704		105		30 461		46 564		316 261		1 076		2 894		2 792		640 202		336 254		66 953		403 207
02		36 747		201 873		291		34 612		47 798		317 537		1 172		5 267		2 840		648 138		341 925		66 778		408 703
03		38 685		202 675		300		35 904		51 073		319 851		530		4 909		3 702		657 630		346 007		76 636		422 643
04		47 700		207 830		310		45 021		43 125		339 743		533		3 061		3 625		690 948		364 469		76 740		441 210
2007: 01		66 541		191 177		12		45 824		48 748		400 232		533		6 093		4 091		763 253		367 336		91 501		458 838
02		57 465		196 673		2		51 342		53 197		419 820		621		4 213		2 395		785 728		389 199		87 681		476 880
03		66 606		196 252		13		56 996		55 044		430 211		824		2 095		3 569		811 611		399 036		87 862		486 898
04		68 053		193 014		2		49 187		57 445		444 741		825		2 349		2 374		817 990		421 241		100 543		521 784
2008: 01		67 071		185 665		410		51 039		57 753		463 431		852		6 439		2 896		835 556		419 832		99 774		519 605
02		64 761		180 249		510		59 147		49 774		478 566		960		13 484		8 803		856 253		406 039		107 343		513 382
03		66 907		179 031		565		64 981		58 214		424 263		853		10 518		11 031		816 362		398 019		126 833		524 853
04		85 108		185 295		855		77 608		67 152		366 498		742		8 214		9 604		801 076		397 995		132 051		530 045
2009: 01		80 510		177 013		681		81 855		71 691		314 724		699		9 339		9 078		745 590		373 888		139 718		513 606
02		90 094		182 841		740		90 926		70 101		362 509		852		9 664		8 084		815 811		379 217		140 915		520 133

KB221

1.	Funds administered by the Department of Finance, Transnet, Telkom and the Post Office. Deposit administration investments excluded.
2.	Deposits with the Public Investment Corporation are allocated to the relevant investment items, mainly securities. As from March 2002, data reported at market value.
3.	Privately-administered funds registered in terms of the Pension Funds Act, foreign funds registered in South Africa, funds established in terms of industrial agreements, and state-controlled funds exempted from the requirements of the Act. Underwritten funds covered by insurance policies or group insurance schemes and included with long-term insurers, are excluded.
4.	Including unamortised discount as from March 1995.
5.	Funds invested with long-term insurers in terms of deposit administration contracts and insurance policies are not included in totals of assets and liabilities.
6.	As from March 1999, data for private self-administered pension and provident funds are reported at market value.

Quarterly Bulletin December 2009 S–41

South African Reserve Bank

Private self-administered pension and provident funds¹
Assets

R millions

	Coin,		Fixed-interest securities										Loans												Funds
	banknotes														To										invested
	and		Govern-		Local		Public				Ordinary				public				Fixed		Other		Total		with
	deposits		ment		governments		enterprises		Other2		shares3		Mortgage		sector4		Other		property		assets5		assets6,7		insurers6
End of	(2350K)		(2351K)		(2352K)		(2353K)		(2354K)		(2355K)		(2356K)		(2357K)		(2358K)		(2359)		(2360K)		(2361K)		(2362K)
2003		22 701		36 583		1 491		4 773		17 773		170 812		1 460		221		686		12 571		15 904		284 975		127 055
2004		42 317		42 586		1 750		5 262		20 176		192 261		1 622		211		1 103		10 323		17 790		335 400		140 109
2005		30 633		49 219		1 980		6 254		23 589		230 323		1 234		281		1 305		14 363		19 907		379 088		157 023
2006		42 348		48 498		1 697		9 082		31 403		267 679		1 166		347		2 090		15 023		21 876		441 210		171 942
2007		54 293		76 640		1 842		10 217		37 036		292 147		1 171		406		2 245		17 160		28 627		521 784		231 645
2008		56 057		87 059		1 352		9 296		48 825		270 907		1 222		231		1 924		18 513		34 657		530 045		243 381
2007: 03		55 291		42 109		2 005		9 497		36 041		294 201		1 173		410		2 245		16 634		27 291		486 898		228 969
04		54 293		76 640		1 842		10 217		37 036		292 147		1 171		406		2 245		17 160		28 627		521 784		231 645
2008: 01		54 782		78 643		1 851		9 663		39 561		286 401		1 166		405		2 259		17 418		27 456		519 605		238 267
02		54 619		75 764		1 761		8 500		40 462		286 323		1 166		364		1 924		18 105		24 393		513 382		238 283
03		51 935		84 320		1 452		9 055		37 940		278 056		1 063		261		1 930		22 204		36 638		524 853		244 212
04		56 057		87 059		1 352		9 296		48 825		270 907		1 222		231		1 924		18 513		34 657		530 045		243 381
2009: 01		58 185		95 741		1 410		11 946		48 521		242 039		1 290		245		1 932		19 417		32 879		513 606		266 732
02		58 223		107 934		642		10 761		30 477		257 134		1 022		216		1 816		19 271		32 636		520 133		284 126

KB222

Income statement⁸

R millions

	Current receipts										Current expenditure
	Investment income9						Contributions by				Benefits										Net
													Lump sum						Domestic		capital		Investment
													at retire-		Other		Adminis-		current		profits		income		Total
									Employ-				ment or		lump sum		trative		income		and other		from		net cash		Net asset
	Interest		Dividends		Rent		Members		ers		Annuities		death		payments		expenses		surplus		income		insurers		inflow		revaluation10
Period	(2310K)		(2323K)		(2311K)		(2312K)		(2313K)		(2314K)		(2315K)		(2316K)		(2317K)		(2318K)		(2319K)		(2320K)		(2321K)		(2322K)
2003		11 583		6 587		1 785		9 981		13 073		11 459		9 410		11 224		3 375		7 541		11 041		9 668		28 250		-1 929
2004		12 424		6 573		3 042		11 414		14 857		14 505		8 429		11 616		3 065		10 695		14 573		9 651		34 919		5 017
2005		12 159		8 598		4 164		11 836		15 487		12 445		5 643		9 450		2 588		22 118		18 438		13 267		53 823		15 611
2006		12 348		13 272		4 383		12 164		16 559		14 637		4 402		9 607		2 401		27 679		48 366		15 627		91 672		24 667
2007		12 614		15 270		4 387		13 313		18 217		14 151		4 906		11 562		2 703		30 479		22 255		11 562		64 297		5 571
2008		13 940		18 849		3 961		14 215		18 397		12 438		6 063		15 569		2 428		32 865		20 556		13 014		66 435		-25 351
2007: 03		3 036		4 365		932		3 427		4 835		3 266		1 223		3 131		785		8 190		2 126		3 514		13 830		1 151
04		3 136		3 275		1 311		3 512		4 492		3 941		1 398		3 111		636		6 639		3 872		2 934		13 445		-4 714
2008: 01		3 432		3 364		911		3 710		4 407		3 084		1 551		3 128		365		7 696		8 234		3 197		19 127		-3 871
02		2 885		3 752		1 215		3 126		4 089		3 097		1 333		3 435		781		6 422		5 909		2 963		15 293		-8 327
03		2 896		5 117		921		3 437		3 993		2 378		1 253		3 558		774		8 402		2 524		2 984		13 910		-7 849
04		4 727		6 615		915		3 943		5 908		3 880		1 926		5 448		508		10 345		3 890		3 871		18 105		-5 304
2009: 01		3 981		5 117		1 026		4 881		5 951		3 378		2 099		5 668		588		9 223		2 326		5 380		16 930		-7 235
02		3 642		4 789		1 052		5 368		6 224		4 376		2 355		5 986		490		7 869		630		4 551		13 050		-5 412

KB220

1.	Privately-administered funds registered in terms of the Pension Funds Act, foreign funds registered in South Africa, funds established in terms of industrial agreements, and state-controlled funds exempted from requirements of the Act. Underwritten funds covered by insurance policies or group insurance schemes and included with long-term insurers, are excluded.
2.	Company stock, loan securities, preference shares and foreign securities.
3.	Including a small amount of units in unit trusts.
4.	Local governments, public enterprises and, as from September 1979, also universities.
5.	Including unallocated foreign assets.
6.	Funds invested with long-term insurers in terms of deposit administration contracts and insurance policies are not included in totals of assets and liabilities.
7.	As from March 1999, data are reported at market value.
8.	Source: Registrar of Pension Funds, annual reports up to 1990, thereafter South African Reserve Bank survey.
9.	Excluding income from policies and funds invested with insurers.
10.	Including amounts transferred to and from other funds.

S–42 Quarterly Bulletin December 2009

South African Reserve Bank

Participation bond schemes
Funds received and invested

R millions

	Balances as at end of period
	Funds received from participants														Funds loaned to
	Pension												Total												Net funds
	and								Manager’s				funds re-										Funds		received
	provident						Non-		own				ceived and		Com-		Indivi-						held by		during the
	funds		Companies1		Individuals		residents		funds		Other2		invested		panies1		duals		Other3		Total		manager		period
Period	(2370K)		(2371K)		(2372K)		(2373K)		(2374K)		(2375K)		(2376K)		(2377K)		(2378K)		(2379K)		(2380K)		(2381K)		(2382K)
2003		8		12		2 879		3		891		27		3 820		3 600		157		62		3 820		0		32
2004		8		12		2 970		3		714		24		3 733		3 583		98		51		3 733		0		-88
2005		8		2		2 584		3		850		13		3 460		3 324		105		32		3 460		0		-280
2006		8		2		2 300		3		1 020		12		3 346		3 238		87		21		3 346		0		-70
2007		7		53		2 176		3		811		—		3 051		2 876		112		11		2 999		51		-411
2008		7		2		2 512		3		592		302		3 419		3 240		106		11		3 357		62		368
2007: 04		7		53		2 176		3		811		—		3 051		2 876		112		11		2 999		51		-166
2008: 01		7		11		2 505		3		547		—		3 074		2 940		110		15		3 065		9		23
02		7		2		2 431		3		441		264		3 149		3 001		108		14		3 123		26		75
03		7		2		2 524		3		447		280		3 264		3 103		108		12		3 223		41		115
04		7		2		2 512		3		592		302		3 419		3 240		106		11		3 357		62		155
2009: 01		7		2		2 560		3		610		247		3 429		3 306		106		12		3 423		6		10
02		7		2		2 602		3		646		246		3 506		3 384		106		11		3 501		5		18
03		7		2		2 618		3		731		248		3 609		3 488		105		10		3 603		7		97

KB223

Functional classification of mortgage bonds paid out and outstanding⁴

R millions

	New bonds paid out during the period										Advances		Bond		Outstanding balance as at end of period
											granted		repayments
	Industrial		Commercial		Residential		Other fixed				but not yet		during		Industrial		Commercial		Residential		Farm		Other fixed
	properties		properties		buildings		property5		Total		paid out6		the period		properties		properties		buildings		properties		property7		Total
Period	(2390K)		(2391K)		(2392K)		(2393K)		(2394K)		(2395K)		(2396K)		(2397K)		(2398K)		(2399K)		(2400K)		(2401K)		(2402K)
2003		79		977		2		1		1 060		10		1 028		814		2 892		74		10		29		3 820
2004		133		384		13		111		642		13		729		758		2 767		74		5		129		3 733
2005		217		553		1		27		798		—		1 078		717		2 672		44		2		27		3 460
2006		319		558		20		10		907		3		977		806		2 450		60		1		29		3 346
2007		434		675		3		10		1 122		—		1 544		881		2 029		57		1		30		2 999
2008		543		842		5		15		1 405		1		1 047		1 081		2 181		57		1		36		3 357
2007: 04		96		134		0		1		230		—		351		881		2 029		57		1		30		2 999
2008: 01		121		247		2		6		376		—		311		925		2 049		58		1		32		3 065
02		193		219		0		3		415		—		357		1 015		2 016		57		1		33		3 123
03		110		167		0		2		279		—		179		1 062		2 071		56		1		32		3 223
04		119		208		2		5		334		1		200		1 081		2 181		57		1		36		3 357
2009: 01		85		140		0		1		226		—		160		1 080		2 250		55		1		37		3 423
02		72		117		0		1		190		—		116		1 105		2 303		54		1		37		3 501
03		92		310		2		4		408		—		311		1 117		2 413		35		2		37		3 603

KB224

1.	Excluding finance companies such as hire-purchase finance companies, factoring and other similar finance companies not registered in terms of existing acts on financial institutions.
2.	Including banks, insurers, public enterprises and finance companies.
3.	Including banks, insurers, pension and provident funds, public enterprises, finance companies and non-residents.
4.	Classified according to the main purpose of the mortgaged property.
5.	Including residential sites, business sites and farm properties.
6.	As at end of period.
7.	Including residential and business sites.

Quarterly Bulletin December 2009 S–43

South African Reserve Bank

National financial account
Flow of funds for the year 2008¹

R millions

					Financial intermediaries
													Public				Insurers and				Other
	Foreign				Monetary				Other monetary				Investment				retirement				financial
Sectors	sector				authority				institutions2				Corporation3				funds				institutions
Transaction items	S		U		S		U		S		U		S		U		S		U		S		U
1. Net saving4		169 150				2 392				45 037								7 906				11 252
2. Consumption of fixed capital4						24				3 958								193				1 422
3. Capital transfers		114		322
4. Gross capital formation4								108				9 300								1 222				2 375
5. Net lending (+)/net borrowing (-) (S)		168 942				2 308				39 695								6 877				10 299
6. Net financial investment (+) or (-) (U)				168 942				2 308				39 695								6 877				10 299
7. Net incurrence of financial liabilities
(Total S 9 – 32)		- 25 353				60 201				387 507				62 053				81 010				70 513
8. Net acquisition of financial assets
(Total U 9 – 32)				143 589				62 509				427 202				62 053				87 887				80 812
9. Gold and other foreign reserves		18 305						18 305
10. Cash and demand monetary5 deposits				10 402		3 604		-13 362		30 199		7 712				-1 571				1 707				5 860
11. Short/medium-term monetary5 deposits				28 240		- 119		1 213		180 517						2 411				3 636				63 428
12. Long-term monetary5 deposits				11 500		110		102		93 605						17 016				3 488				64 241
13. Deposits with other financial institutions				-28								6 095				2 851				10 425		46 576
14. Deposits with other institutions		- 42 271										-26 640		62 053		- 164		- 164		47 590				1 454
15. Treasury bills												25 650								200				-64
16. Other bills		9 914				1 765		6 581		733		5 510				16 072		76		2 240		- 560		861
17. Bank loans and advances		955				- 1 694		-2 445		-2 352		201 929						-4				4 381
18. Trade credit and short-term loans		11 892		30 733		-5075		- 689		24 024		13 409						1 300		5 061		2 164		3 261
19. Short-term government bonds				4				369				12 421				-42 632				- 13 969				-3 701
20. Long-term government bonds				- 1 839				- 766				20 799				30 587				- 6 394				7 212
21. Non-marketable government bonds6				1 110				- 312								-36
22. Securities of local governments		-7										701				402				2 052				748
23. Securities of public enterprises		-14		1 900		6 031						- 731				13 339				-1 862		-2 863		1 839
24. Other loan stock and preference shares		7 049		-2 238		62				7 252		18 537				7 964		1 037		1 736		10 728		10 241
25. Ordinary shares		18 521		- 17 119						18 694		21 334				14 493		281		11 326				-45047
26. Foreign branch/head office balances
27. Long-term loans		2 597		21 717		71 791		43				4 463				- 122		4		12 910		17 910		9 846
28. Mortgage loans		3 639										116 743								1 071				761
29. Interest in retirement and life funds7				589								4 570						109 944
30. Amounts receivable/payable		- 14 303		27 081		- 13 369		17 136		54 169		5 104				505		-6 288		5 214		- 5 459		-11 378
31. Other assets/liabilities		- 41 630		31 537		- 2 905		36 334		- 19 499		-10 553				938		-25 743		1 464		-2 522		-28 563
32. Balancing item										165		149						567		-8		158		- 187

S = Sources, i.e. net increase in liabilities at transaction value.

U = Uses, i.e. net increase in assets at transaction value.

KB230

1.	A negative amount reflects a decrease in that item. In the case of liabilities (sources) it denotes a reduction in the available sources of funds and in the case of assets (uses) it indicates an additional source of funds.
2.	Including mutual banks and the Postbank.
3.	Before April 2005 the Public Investment Commissioners.
4.	As taken from the national income (and production) accounts.
5.	Namely deposits with the South African Reserve Bank (including coin liabilities), Corporation for Public Deposits, banks, the Land Bank, mutual banks and the Postbank.
6.	Non-marketable bonds and other Treasury bills.
7.	Members’ interest in the reserves of retirement and all insurance funds.

S–44 Quarterly Bulletin December 2009

South African Reserve Bank

National financial account (continued)
Flow of funds for the year 2008¹

R millions

General government								Corporate business enterprises
Central
and
provincial				Local				Public				Private				Households,
governments				governments				sector				sector				etc.				Total				Sectors
S		U		S		U		S		U		S		U		S		U		S		U		Transaction items
	59 434				-60 163				- 1 497				- 14 487				-5 665				213 359			1. Net saving4
	27 036				18 647				31 014				184 093				40 559				306 946			2. Consumption of fixed capital4
			33 757		12 834				10 392				636		40		10 217		74		34 193		34 193	3. Capital transfers
			40 896				43 123				86 425				275 356				61 500				520 305	4. Gross capital formation4
	11 817				-71 805				-46 516				- 105 154				-16 463				—			5. Net lending (+)/net borrowing (-) (S)
			11 817				-71 805		��		-46 516				- 105 154				-16463				—	6. Net financial investment (+) or (-) (U)
																								7. Net incurrence of financial liabilities
	22 391				61 502				26 793				210 150				202 788				1 159 555			(Total S 9 - 32)
																								8. Net acquisition of financial assets
			34 208				-10 303				- 19 723				104 996				186 325				1 159 555	(Total U 9 - 32)
																					18 305		18 305	9. Gold and other foreign reserves
			13 740				2 611				1 638				- 12 043				17 109		33 803		33 803	10. Cash and demand monetary5 deposits
			970				2 710				4 175				22 489				51 126		180 398		180 398	11. Short/medium-term monetary5 deposits
			779				- 110				-6 604				- 6 845				10 148		93 715		93 715	12. Long-term monetary5 deposits
							- 419				-2 247				9 736				20 163		46 576		46 576	13. Deposits with other financial institutions
			14 767								-5		-3		- 17 862				475		19 615		19 615	14. Deposits with other institutions
	12 658														- 13 128						12 658		12 658	15. Treasury bills
			-3 243						6 618		-3 825		12 118		6 468						30 664		30 664	16. Other bills
	3 066				2 883				13 404				159 665				19 180				199 484		199 484	17. Bank loans and advances
	6 162		- 5 988		2 417		2 875		8 526		-4 475		- 3 533		- 1 519		-3 074		2 135		44 803		44 803	18. Trade credit and short-term loans
	- 47 886						-23				- 367								12		-47 886		-47 886	19. Short-term government bonds
	48 393						-7				-1 183				-1				-15		48 393		48 393	20. Long-term government bonds
	673						3												- 92		673		673	21. Non-marketable government bonds6
					3 995						24				61						3 988		3 988	22. Securities of local governments
			1 889				19		13 416						125				52		16 570		16 570	23. Securities of public enterprises
	- 59		- 223		443		70		10 081		1 053		13 953		13 412				-6		50 546		50 546	24. Other loan stock and preference shares
			948						-8 505		2 813		12 277		52 408				112		41 268		41 268	25. Ordinary shares
																								26. Foreign branch/head office balances
	37		71 898		213		-7		7 194		347		29 554		7 782		- 93		330		129 207		129 207	27. Long-term loans
							-37		453				21 996				92 450				118 538		118 538	28. Mortgage loans
			-1 562								289				21 448				84 610		109 944		109 944	29. Interest in retirement and life funds7
	1 402		-20801		26 829		50		7 470		-2 400		- 43 892		22 780		36 898		166		43 457		43 457	30. Amounts receivable/payable
	- 3 976		- 38 915		24 291		-17 280		-31148		- 8 968		8 858		- 2 841		57 427				-36 847		-36847	31. Other assets/liabilities
	1 921		-51		431		- 758		- 716		12		- 843		2 526						1 683		1 683	32. Balancing item

S = Sources, i.e. net increase in liabilities at transaction value.
U = Uses, i.e. net increase in assets at transaction value.

KB231

1.	A negative amount reflects a decrease in that item. In the case of liabilities (sources) it denotes a reduction in the available sources of funds and in the case of assets (uses) it indicates an additional source of funds.
2.	Including mutual banks and the Postbank.
3.	Before April 2005 the Public Investment Commissioners.
4.	As taken from the national income (and production) accounts.
5.	Namely deposits with the South African Reserve Bank (including coin liabilities), Corporation for Public Deposits, banks, the Land Bank, mutual banks and the Postbank.
6.	Non-marketable bonds and other Treasury bills.
7.	Members’ interest in the reserves of retirement and all insurance funds.

Quarterly Bulletin December 2009 S-45

South African Reserve Bank

National government finance¹

R millions

	Revenue
	Tax revenue
	Taxes on income, profits and capital gains								Payroll taxes		Taxes on property						Taxes on goods and services
																			Excise duties
			Secondary						Skills								Value-				Other
	Income		tax on						development		Transfer						added		Fuel		excise
	tax		companies		Other2		Total		levy		duties		Other3		Total		tax4		levy		duties		Other5		Total
End of	(4570M)		(4571M)		(4572M)		(4573M)		(4574M)		(4575M)		(4576M)		(4577M)		(4578M)		(4579M)		(4580M)		(4581M)		(4582M)
Budget
2008/2009		347 517		20 000		2 237		369 754		7 530		8 620		5 592		14 212		167 028		26 434		22 083		2 815		218 360
2009/2010		367 450		19 000		2 590		389 040		7 750		5 340		5 080		10 420		168 807		30 090		23 950		3 660		226 507
31 March
2004		159 376		6 133		6 454		171 963		3 896		5 172		1 535		6 707		80 682		16 652		12 049		764		110 147
2005		181 764		7 487		5 968		195 219		4 443		7 115		1 898		9 013		98 158		18 688		13 809		725		131 379
2006		211 806		12 278		6 720		230 804		4 872		8 510		2 627		11 138		114 352		19 923		15 367		994		150 636
2007		259 578		15 291		5 122		279 991		5 597		6 774		3 558		10 332		134 463		21 845		17 210		968		174 486
2008		308 907		20 585		2 566		332 058		6 331		7 408		4 476		11 884		150 443		23 741		19 221		1 161		194 565
2009		360 545		20 018		2 920		383 483		7 327		4 931		4 546		9 477		154 343		24 884		20 728		1 254		201 209
31 December
2003		156 184		6 046		6 808		169 038		3 828		4 650		1 402		6 052		76 624		15 918		12 010		1 069		105 622
2004		171 749		7 477		6 148		185 375		4 226		6 618		1 852		8 471		93 118		18 384		13 316		831		125 649
2005		204 120		10 803		6 125		221 048		4 839		8 280		2 344		10 624		109 274		19 716		14 928		877		144 796
2006		243 344		15 435		5 512		264 291		5 313		7 130		3 446		10 576		129 452		20 830		16 429		1 033		167 744
2007		298 707		17 866		3 146		319 719		6 177		7 577		4 326		11 903		146 009		23 752		18 695		886		189 343
2008		349 942		20 562		2 927		373 431		7 023		5 546		4 646		10 191		151 904		24 314		20 383		1 238		197 840
2008: Jan		17 913		2 643		288		20 844		595		492		271		763		13 272		2 138		2 140		356		17 905
Feb		25 812		1 673		157		27 642		529		575		383		958		11 533		2 011		1 749		45		15 338
Mar		41 236		1 505		630		43 371		547		588		401		989		18 252		1 923		1 868		190		22 233
Apr		15 530		1 378		163		17 071		583		506		324		831		8 816		2 099		2 021		47		12 983
May		15 043		2 006		171		17 220		579		550		359		909		12 709		1 913		1 375		48		16 044
Jun		50 461		637		171		51 269		560		515		331		846		12 645		2 060		1 527		158		16 390
Jul		20 670		1 246		340		22 256		594		468		323		791		13 503		2 051		1 554		54		17 161
Aug		27 240		1 815		171		29 226		582		367		301		668		10 929		1 955		1 549		47		14 480
Sep		40 105		1 237		221		41 563		590		344		630		974		13 091		1 990		1 415		66		16 562
Oct		22 273		2 442		196		24 912		609		406		408		813		10 795		1 991		1 799		113		14 698
Nov		16 006		2 283		157		18 446		593		424		433		858		14 569		2 079		1 725		36		18 410
Dec		57 653		1 697		262		59 611		661		309		481		790		11 790		2 105		1 662		77		15 634
2009: Jan		20 236		1 663		147		22 047		706		284		309		593		14 565		2 103		1 992		130		18 789
Feb		32 697		951		225		33 872		622		346		276		622		9 577		2 282		2 073		42		13 974
Mar		42 630		2 663		696		45 989		647		411		371		782		21 353		2 256		2 037		435		26 082
Apr		16 900		1 244		186		18 329		628		264		395		659		6 408		1 870		1 895		50		10 223
May		16 082		1 522		208		17 812		611		349		305		654		8 088		2 144		1 545		56		11 833
Jun		46 199		1 462		356		48 016		621		331		411		742		9 083		2 455		1 394		64		12 996
Jul		19 168		1 654		239		21 061		615		366		445		810		13 904		2 508		1 765		150		18 327
Aug		24 305		1 562		217		26 085		631		313		324		637		11 331		2 553		1 506		480		15 870
Sep		38 376		778		243		39 397		650		342		333		675		11 184		2 503		1 425		516		15 633

KB401

1.	The information on this page is an analysis of the National Revenue Fund. Before April 2000, the basis of reporting revenue and expenditure was bank statement transactions, whereas the current reporting relies on cash book transactions as reported in the Statement of the National Revenue, Expenditure and Borrowing and is therefore not strictly comparable with data prior to April 2000. Total revenue includes amounts in transit before April 2000.
2.	Including tax on retirement funds until March 2007, interest on overdue income tax and other taxes on income and profits.
3.	Including donations tax, estate duty, securities transfer tax from 1 July 2008 and demutualisation levy.
4.	Sales duty is included before 1983 and general sales tax before October 1991.
5.	Including levy on financial services and taxes on the use of goods and permission to use goods or to perform activities.
6.	Including ordinary levy and other taxes on international trade and transactions.
7.	Including stamp duties and fees, and unallocated amounts.
8.	Southern African Customs Union.
9.	Including departmental revenue and other miscellaneous revenue.
10.	Including statutory payments to provinces and other expenditure.

S–46 Quarterly Bulletin December 2009

South African Reserve Bank

National government finance¹

R millions

Revenue															Expenditure
Tax revenue
Taxes on international trade and transactions
																							Cash book
							Less:		Total														balance
Customs					Other		SACU		tax		Non-tax		Total		Voted						Total		before
duties	Other6		Total		taxes7		payments8		revenue		revenue9		revenue1		amounts		Interest		Other10		expenditure		borrowing
(4590M)	(4591M)		(4592M)		(4593M)		(4594M)		(4595M)		(4596M)		(4597M)		(4598M)		(4599M)		(4600M)		(4601M)		(4602M)		End of
																									Budget
31 073		400		31 473		700		28 921		613 108		12 245		625 353		345 308		51 159		214 629		611 096		14 257	2008/2009
24 635		702		25 337		—		27 915		631 139		11 852		642 990		429 643		55 212		253 708		738 563		-95 573	2009/2010
																									31 March
8 479		-65		8 414		1 353		9 723		292 758		6 112		298 870		133 503		46 086		149 155		328 744		-29 874	2004
12 888		398		13 287		1 037		13 328		341 050		6 302		347 352		150 465		48 659		169 479		368 603		-21 252	2005
18 303		-102		18 202		957		14 145		402 463		8 701		411 164		225 007		50 866		140 911		416 784		-5 620	2006
23 697		305		24 002		955		25 195		470 168		12 529		482 697		260 509		52 164		157 490		470 163		12 534	2007
26 470		612		27 082		769		24 713		547 977		11 797		559 774		307 992		52 835		180 617		541 444		18 330	2008
22 751		101		22 852		544		28 921		595 972		12 810		608 783		368 253		54 326		213 228		635 807		-27 025	2009
																									31 December
8 269		-97		8 172		-804		9 357		282 551		6 573		289 123		127 819		45 981		146 669		320 469		-31 346	2003
11 244		333		11 577		-309		12 427		322 561		6 114		328 676		143 205		47 821		166 020		357 047		-28 371	2004
17 136		211		17 347		1 637		13 776		386 516		8 377		394 892		202 115		51 752		148 712		402 579		-7 686	2005
22 514		-63		22 450		827		18 533		452 668		11 600		464 268		253 563		52 456		153 431		459 449		4 819	2006
25 423		720		26 143		959		29 312		524 932		12 037		536 969		294 891		53 099		174 143		522 133		14 836	2007
24 216		427		24 643		1 671		27 454		587 347		12 693		600 039		351 982		56 499		205 688		614 169		-14 130	2008
2 063		-422		1 641		592		5 763		36 577		607		37 184		24 292		1 869		14 963		41 123		-3 939	2008: Jan
2 257		60		2 317		-333		—		46 452		1 351		47 802		35 163		9 350		14 801		59 314		-11 512	Feb
2 920		166		3 085		-145		—		70 081		1 082		71 163		26 558		6 992		14 700		48 251		22 912	Mar
1 370		167		1 537		804		7 230		26 579		616		27 196		21 725		2 035		17 300		41 061		-13 865	Apr
2 004		129		2 133		-653		—		36 233		500		36 733		29 192		1 880		17 142		48 213		-11 480	May
1 970		-21		1 950		95		—		71 110		836		71 946		22 643		6 548		17 460		46 651		25 295	Jun
2 072		476		2 548		56		7 230		36 177		2 059		38 236		37 150		2 201		17 808		57 159		-18 924	Jul
1 883		-160		1 723		76		—		46 755		703		47 458		28 469		7 473		17 339		53 281		-5 823	Aug
1 918		116		2 034		548		—		62 270		1 599		63 870		30 147		7 492		17 353		54 992		8 877	Sep
1 935		-166		1 770		-433		7 230		35 140		1 216		36 356		31 296		1 448		17 338		50 082		-13 727	Oct
1 944		-10		1 934		41		—		40 281		983		41 264		33 782		695		17 345		51 823		-10 559	Nov
1 879		92		1 972		1 024		—		79 692		1 140		80 832		31 566		8 515		22 137		62 219		18 614	Dec
1 584		-229		1 356		-983		7 230		35 278		644		35 922		27 633		2 745		18 122		48 500		-12 578	2009: Jan
1 681		30		1 711		78		—		50 879		1 058		51 937		38 416		4 210		17 683		60 309		-8 372	Feb
2 510		-323		2 187		-108		—		75 579		1 456		77 035		36 234		9 084		16 199		61 517		15 517	Mar
920		219		1 139		106		6 978		24 105		196		24 301		38 846		1 893		20 928		61 667		-37 366	Apr
1 210		-11		1 199		27		—		32 136		299		32 435		30 231		1 652		20 467		52 349		-19 914	May
1 468		-56		1 412		1 005		—		64 793		782		65 575		37 792		8 741		19 519		66 052		-477	Jun
1 398		100		1 498		-1 012		6 979		34 319		659		34 978		42 630		3 075		20 909		66 614		-31 636	Jul
1 354		25		1 379		-53		—		44 548		786		45 333		31 199		3 189		19 502		53 889		-8 556	Aug
1 613		13		1 626		43		—		58 024		801		58 825		37 396		9 623		20 210		67 382		-8 557	Sep

KB402

1.	The information on this page is an analysis of the National Revenue Fund. Before April 2000, the basis of reporting revenue and expenditure was bank statement transactions, whereas the current reporting relies on cash book transactions as reported in the Statement of the National Revenue, Expenditure and Borrowing and is therefore not strictly comparable with data prior to April 2000. Total revenue includes amounts in transit before April 2000.
2.	Including tax on retirement funds until March 2007, interest on overdue income tax and other taxes on income and profits.
3.	Including donations tax, estate duty, securities transfer tax from 1 July 2008 and demutualisation levy.
4.	Sales duty is included before 1983 and general sales tax before October 1991.
5.	Including levy on financial services and taxes on the use of goods and permission to use goods or to perform activities.
6.	Including ordinary levy and other taxes on international trade and transactions.
7.	Including stamp duties and fees, and unallocated amounts.
8.	Southern African Customs Union.
9.	Including departmental revenue and other miscellaneous revenue.
10.	Including statutory payments to provinces and other expenditure.

Quarterly Bulletin December 2009 S–47

South African Reserve Bank

Cash-flow statement of national government and financing according to instruments

R millions

					Deficit/						Cost/profit on
	Revenue		Expenditure		surplus						revaluation				Financing
	adjusted		adjusted		adjusted		Extra-		Extra-		of foreign		Net				Domestic		Foreign				Change in
	for		for		for		ordinary		ordinary		debt at		borrowing		Treasury		government		bonds		Other		cash
	cash flows		cash flows		cash flows1		receipts2		transfers		redemption3		requirement1		bills		bonds4		and loans4		financing5		balances6		Total
End of	(4045M)		(4610M)		(4050M)		(4028M)		(4029M)		(4611M)		(4612M)		(4023M)		(4022M)		(4026M)		(4031M)		(4003M)		(4030M)
31 March
2004		299 239		327 685		-28 445		9		-7 443		3 500		-32 380		6 695		31 197		-2 455		-118		-2 939		32 380
2005		347 746		363 652		-15 906		28		-9 787		-1 296		-26 961		6 157		31 945		5 834		1 226		-18 201		26 961
2006		412 248		413 274		-1 026		4 498		-4 554		-452		-1 534		5 716		21 770		970		394		-27 317		1 534
2007		481 324		467 339		13 985		2 529		-4 214		-1 761		10 539		5 334		-237		1 943		-450		-17 128		-10 539
2008		557 874		539 885		17 988		2 627		-776		-1 242		18 598		5 673		-1 923		-3 504		-350		-18 494		-18 598
2009		610 238		633 258		-23 021		3 284		-4 284		-2 693		-26 714		12 225		23 005		-1 262		285		-7 540		26 714
31 December
2003		289 173		317 025		-27 852		6 486		-7 764		3 058		-26 072		6 050		36 936		2 930		-0		-19 844		26 072
2004		328 232		355 603		-27 371		16		-7 531		-135		-35 022		9 059		34 009		-389		1 026		-8 683		35 022
2005		395 853		400 557		-4 704		2 861		-7 131		-20		-8 994		4 576		24 914		2 079		464		-23 039		8 994
2006		464 095		453 249		10 846		4 165		-3 796		-1 451		9 765		6 907		11 628		1 917		-316		-29 902		-9 765
2007		535 415		520 922		14 492		1 590		-1 125		-1 884		13 073		4 182		-9 372		-3 995		-326		-3 561		-13 073
2008		600 526		614 723		-14 197		3 409		-2 695		-2 567		-16 050		12 345		3 786		-1 265		-173		1 357		16 050
2007: Apr		25 749		39 710		-13 961		0		-1		-59		-14 021		1 043		1 829		-164		-93		11 406		14 021
May		34 632		43 590		-8 958		0		-679		-1 386		-11 023		1 653		3 142		-132		-13		6 372		11 023
Jun		60 522		42 996		17 526		541		-10		-25		18 031		-161		2 254		922		-31		-21 016		-18 031
Jul		32 230		45 117		-12 887		1 034		-0		466		-11 386		2 051		1 378		-4 044		-34		12 036		11 386
Aug		41 595		46 495		-4 900		0		-0		-8		-4 908		4 954		2 266		-23		-62		-2 227		4 908
Sep		59 383		41 431		17 952		0		-300		-4		17 648		-3 610		2 436		200		-17		-16 657		-17 648
Oct		38 762		44 040		-5 278		1		-3		-59		-5 338		-1 830		2 540		128		-24		4 524		5 338
Nov		39 531		47 139		-7 608		-1		300		-39		-7 348		3 024		2 567		-150		-9		1 915		7 348
Dec		69 432		41 770		27 662		0		-2		-28		27 632		-3 143		-162		125		-18		-24 435		-27 632
2008: Jan		38 449		38 846		-397		0		-80		-77		-554		757		3 542		-333		-19		-3 393		554
Feb		46 374		60 014		-13 640		0		—		-14		-13 653		7 418		-22 181		-28		-16		28 460		13 653
Mar		71 215		48 738		22 477		1 050		-0		-9		23 517		-6 484		-1 535		-6		-13		-15 480		-23 517
Apr		27 077		45 753		-18 675		1		—		-1 828		-20 503		5 050		1 969		-2 739		-103		16 325		20 503
May		38 016		47 597		-9 580		-0		—		-74		-9 655		2 585		2 240		-157		-16		5 004		9 655
Jun		71 185		45 251		25 933		1		-0		-45		25 890		2 281		1 513		65		-36		-29 712		-25 890
Jul		39 004		57 732		-18 727		1 682		-153		-139		-17 337		-2 658		2 092		453		-27		17 476		17 337
Aug		47 798		47 104		694		130		-442		-14		367		451		3 867		-28		-20		-4 637		-367
Sep		63 255		56 557		6 698		0		-382		-8		6 307		745		2 099		609		-4		-9 755		-6 307
Oct		38 269		51 582		-13 314		413		-350		-214		-13 466		907		3 456		-367		9		9 462		13 466
Nov		39 690		50 217		-10 527		0		-734		-91		-11 352		216		4 350		-157		19		6 925		11 352
Dec		80 194		65 332		14 862		133		-553		-54		14 388		1 078		2 374		1 425		53		-19 319		-14 388
2009: Jan		38 952		45 949		-6 998		0		-736		-197		-7 930		-1 190		5 904		-355		82		3 490		7 930
Feb		51 656		60 997		-9 340		0		-676		—		-10 016		1 120		-13 812		—		143		22 565		10 016
Mar		75 142		59 188		15 954		924		-257		-29		16 593		1 641		6 953		-8		185		-25 364		-16 593
Apr		24 186		59 891		-35 705		0		—		-213		-35 918		7 336		6 481		-583		17		22 666		35 918
May		33 335		53 304		-19 969		208		—		-87		-19 847		10 012		6 697		6 937		169		-3 968		19 847
Jun		62 904		64 242		-1 337		3 934		-20		-37		2 539	��	8 812		5 611		-43		312		-17 230		-2 539
Jul		37 144		62 236		-25 093		562		-49		-104		-24 684		1 229		8 693		-303		257		14 807		24 684
Aug		45 492		52 764		-7 272		30		-15		-16		-7 272		4 533		-3 921		-31		528		6 164		7 272
Sep		58 165		66 829		-8 663		0		-29		-6		-8 698		11 395		10 086		4 096		458		-17 337		8 698

KB403

1.	Deficit (-)/surplus (+).
2.	Including foreign exchange amnesty proceeds.
3.	Before April 1998 the cost of revaluation of foreign debt at redemption was included in expenditure. As from April 1998 cost (-)/profit (+).
4.	Excluding discount.
5.	Including RSA government retail bonds from May 2004 and the following debt and liabilities assumed by national government:
	- former TBVC countries, self-governing territories and former Regional Authorities in terms of section 239 of the Interim Constitution of the Republic of South Africa Act, No. 200 of 1993;
	- the Republic of Namibia as contemplated in section 52C(1) of the Exchequer Act, No. 66 of 1975, as amended;
	- the South African Housing Trust in terms of the Disestablishment of the South African Housing Trust Limited Act, No. 26 of 2002.
6.	Including Exchequer and Paymaster-General Account balances with the South African Reserve Bank and other banks. Increase (-)/decrease (+).

S–48 Quarterly Bulletin December 2009

South African Reserve Bank

National government financing according to ownership of government debt

R millions

			Financing of deficit/Use of surplus
			Change in net indebtedness to1										Less:
					Monetary sector								Discount/
	Net		Public		Change in		Change in				Non-monetary		premium on
	borrowing		Investment		debt		cash				private		government		Total
	requirement		Corporation2		instruments		balances3		Total		sector4		bonds		financing
End of	(4612M)		(4061M)		(4066M)		(4003M)		(4069M)		(4565M)		(4070M)		(4071M)
31 March
2004		-32 380		19 252		10 653		-2 939		7 714		6 328		914		32 380
2005		-26 961		4 650		-3 366		-18 201		-21 567		46 517		2 639		26 961
2006		-1 534		10 739		5 215		-27 317		-22 102		14 365		1 468		1 534
2007		10 539		-4 723		11 870		-17 128		-5 258		2 593		3 108		-10 495
2008		18 598		5 372		25 283		-18 494		6 789		-28 058		2 744		-18 641
2009		-26 714		-3 829		48 760		-7 540		41 221		-2 529		8 148		26 714
31 December
2003		-26 072		12 757		16 372		-19 844		-3 472		18 121		1 335		26 072
2004		-35 022		10 382		7 539		-8 683		-1 144		28 257		2 474		35 022
2005		-8 994		13 418		-10 942		-23 039		-33 981		31 090		1 533		8 994
2006		9 765		10 718		5 040		-29 902		-24 861		8 409		2 534		-8 269
2007		13 073		-8 772		7 117		-3 561		3 556		-7 051		2 302		-14 569
2008		-16 050		-5 674		56 047		1 357		57 404		-27 983		7 697		16 050
2007: Apr		-14 021		468		1 583		11 406		12 989		510		-10		13 977
May		-11 023		3 876		3 697		6 372		10 069		-2 132		88		11 725
Jun		18 031		4 784		-4 704		-21 016		-25 720		2 320		117		-18 733
Jul		-11 386		1 118		-2 380		12 036		9 656		2 314		198		12 891
Aug		-4 908		-959		15 621		-2 227		13 394		-2 614		434		9 386
Sep		17 648		234		-2 574		-16 657		-19 231		-2 423		215		-21 635
Oct		-5 338		-4 149		-3 439		4 524		1 085		6 563		157		3 342
Nov		-7 348		-285		3 818		1 915		5 733		5 298		353		10 392
Dec		27 632		728		-7 078		-24 435		-31 513		377		267		-30 675
2008: Jan		-554		-1 284		25 393		-3 393		22 001		-19 844		318		554
Feb		-13 653		1 404		-3 394		28 460		25 067		-12 477		335		13 658
Mar		23 517		-562		-1 259		-15 480		-16 739		-5 951		270		-23 522
Apr		-20 503		608		5 546		16 325		21 871		565		570		22 473
May		-9 655		2 282		1 605		5 004		6 608		2 443		1 369		9 964
Jun		25 890		2 347		7 725		-29 712		-21 987		-8 087		443		-28 169
Jul		-17 337		-1 659		-152		17 476		17 324		3 051		1 379		17 337
Aug		367		-2 562		-2 730		-4 637		-7 367		10 006		445		-367
Sep		6 307		-2 281		12 272		-9 755		2 517		-4 440		2 104		-6 307
Oct		-13 466		-671		-1 954		9 462		7 508		6 521		-108		13 466
Nov		-11 352		-2 908		12 343		6 925		19 268		-5 252		-244		11 352
Dec		14 388		-387		651		-19 319		-18 667		5 482		816		-14 388
2009: Jan		-7 930		678		6 902		3 490		10 392		-2 794		345		7 930
Feb		-10 016		966		276		22 565		22 841		-14 521		-730		10 016
Mar		16 593		-242		6 276		-25 364		-19 087		4 497		1 760		-16 593
Apr		-35 918		2 180		3 028		22 666		25 695		10 951		2 907		35 918
May		-19 847		2 796		-2 333		-3 968		-6 301		25 043		1 691		19 847
Jun		2 539		1 806		-1 528		-17 230		-18 758		16 505		2 093		-2 539
Jul		-24 684		1 053		23 552		14 807		38 359		-12 010		2 718		24 684
Aug		-7 272		2 429		-8 246		6 164		-2 083		8 958		2 031		7 272
Sep		-8 698		-1 174		12 135		-17 337		-5 201		18 150		3 077		8 698

KB433

1.	Information based on outright ownership of government debt instruments as reflected in the balance sheets of the respective institutions.
2.	Before 31 March 1984 the Public Debt Commissioners. Before 1 April 2005 the Public Investment Commissioners.
3.	Including Exchequer and Paymaster-General Account balances with the South African Reserve Bank and other banks.
4.	Including domestic bonds held by non-residents and foreign loans entered into.

Quarterly Bulletin December 2009 S–49

South African Reserve Bank

National government debt

R millions

	Loan debt
	Domestic debt
	Marketable														Non-marketable
	Bills
			Corporation																		Total		Total
	Reserve		for Public				Other						Total						Loan		non-		domestic
	Bank		Deposits2		Banks		holders3		Total		Bonds		marketable		Bills4		Bonds5		levies6		marketable		debt
End of	(4080M)		(4081M)		(4082M)		(4092M)		(4085M)		(4086M)		(4088M)		(4100M)		(4093M)		(4103M)		(4104M)		(4105M)
31 March
2004		—		—		19 130		9 469		28 599		359 937		388 536		1 322		—		3		1 324		389 861
2005		—		—		19 486		14 963		34 449		394 436		428 885		1 629		1 297		3		2 929		431 814
2006		—		—		22 705		17 694		40 399		417 674		458 073		1 395		1 753		3		3 150		461 223
2007		—		—		35 291		10 552		45 799		420 499		466 298		1 329		1 381		3		2 713		469 010
2008		—		—		48 213		3 636		51 849		421 294		473 143		952		1 112		—		2 064		475 207
2009		—		—		67 638		-2 639		64 999		452 447		517 446		27		1 476		—		1 503		518 949
31 December
2003		—		—		12 810		11 889		24 699		370 679		395 378		1 688		—		3		1 690		397 069
2004		—		—		22 845		11 127		33 972		407 076		441 049		1 473		1 118		3		2 594		443 643
2005		—		—		21 552		17 099		38 651		433 524		472 174		1 371		1 643		3		3 016		475 191
2006		—		—		30 976		12 060		41 539		447 640		489 179		5 390		1 406		3		6 798		495 977
2007		—		—		37 175		12 874		50 049		440 544		490 593		1 062		1 158		3		2 222		492 815
2008		—		—		62 821		-115		62 706		452 027		514 733		750		1 066		—		1 816		516 549
2007: Oct		—		—		41 219		8 830		50 049		437 518		487 567		1 180		1 184		3		2 367		489 934
Nov		—		—		39 952		13 140		50 049		440 438		490 487		4 205		1 176		3		5 383		495 870
Dec		—		—		37 175		12 874		50 049		440 544		490 593		1 062		1 158		3		2 222		492 815
2008: Jan		—		—		47 501		3 148		50 649		444 404		495 053		1 219		1 138		3		2 360		497 413
Feb		—		—		55 389		2 865		58 249		422 558		480 807		1 036		1 123		3		2 162		482 969
Mar		—		—		48 213		3 636		51 849		421 294		473 143		952		1 112		—		2 064		475 207
Apr		—		—		50 680		6 190		54 899		423 833		478 732		2 953		1 088		—		4 041		482 773
May		—		—		52 459		7 039		57 219		427 442		484 661		3 218		1 072		—		4 289		488 951
Jun		—		—		56 437		4 317		60 755		429 398		490 152		1 963		1 035		—		2 998		493 150
Jul		—		—		55 204		3 840		59 044		432 869		491 912		1 016		1 009		—		2 025		493 937
Aug		—		—		55 120		4 444		59 564		437 180		496 744		947		989		—		1 936		498 680
Sep		—		—		59 077		1 491		60 568		441 383		501 951		687		985		—		1 672		503 623
Oct		—		—		61 109		320		61 429		444 731		506 160		733		994		—		1 727		507 886
Nov		—		—		61 572		57		61 629		448 837		510 466		749		1 012		—		1 761		512 227
Dec		—		—		62 821		-115		62 706		452 027		514 733		750		1 066		—		1 816		516 549
2009: Jan		—		—		62 840		-1 284		61 556		458 277		519 833		710		1 147		—		1 857		521 690
Feb		—		—		64 136		-1 540		62 596		443 734		506 330		790		1 291		—		2 080		508 411
Mar		—		—		67 638		-2 639		64 999		452 447		517 446		27		1 476		—		1 503		518 949
Apr		—		—		72 110		-761		71 349		461 836		533 185		1 014		1 571		—		2 585		535 770
May		—		—		77 504		1 225		78 729		470 124		548 853		3 645		1 741		—		5 386		554 239
Jun		—		—		80 758		10 151		90 909		477 827		568 736		277		2 052		—		2 330		571 066
Jul		—		—		79 400		7 909		87 309		489 238		576 547		5 107		2 310		—		7 417		583 964
Aug		—		—		84 223		7 126		91 349		487 349		578 698		5 600		2 838		—		8 438		587 135
Sep		—		—		84 031		11 818		95 849		500 799		596 648		12 495		3 296		—		15 791		612 439

KB405

1.	Valued at appropriate foreign exchange rates as at the end of each period.
2.	Before 31 March 1984 the National Finance Corporation.
3.	Including the Public Investment Corporation (before 1 April 2005 the Public Investment Commissioners). By mutual agreement these bills may only be sold to National Treasury.
4.	Including the Public Investment Corporation (before 1 April 2005 the Public Investment Commissioners) and Corporation for Public Deposits. Before 31 March 1984 the investments of the “earmarked funds” of the Public Debt Commissioners. Before 31 March 1984 the investments of the “pooled funds” of the Public Debt Commissioners. Before 31 July 1986 including bills held by the South African Reserve Bank and Paymaster-General.
5.	Including floating rate bonds and from May 2004 RSA government retail bonds.
6.	Including tax redemption certificates.
7.	Including the following debt and liabilities assumed by national government: Former TBVC countries, self-governing territories and former Regional Authorities in terms of section 239 of the Interim Constitution of the Republic of South Africa Act, No. 200 of 1993; the Republic of Namibia as contemplated in section 52C(1) of the Exchequer Act, No. 66 of 1975, as amended; and the South African Housing Trust in terms of the Disestablishment of the South African Housing Trust Limited Act, No. 26 of 2002.
8.	Amounts recorded in the accounts of the South African Reserve Bank as at the end of the financial year are kept constant. However, part payments from National Treasury are deducted from the outstanding balance.
9.	Amounts recorded in the accounts of National Treasury are kept constant for the following three months.

S–50 Quarterly Bulletin December 2009

South African Reserve Bank

National government debt

R millions

Loan debt
Foreign debt1
										Gold and
										Foreign
										Exchange				Financial
				Total						Contingency				guarantees
		Non-		foreign		Other		Total		Reserve		Total		by the
Marketable		marketable		debt		debt7		loan debt		Account8		debt		Government9
(4106M)		(4107M)		(4108M)		(4112M)		(4113M)		(4109M)		(4110M)		(4111M)		End of
																31 March
	51 862		12 808		64 670		529		455 060		18 036		473 086		79 639	2004
	53 170		16 236		69 405		458		501 678		5 292		506 970		74 072	2005
	49 918		16 928		66 846		397		528 466		-1 751		526 715		67 880	2006
	58 741		23 840		82 581		319		551 910		-28 514		523 396		67 783	2007
	65 086		31 132		96 218		240		571 666		-72 186		499 480		64 485	2008
	66 691		30 592		97 283		162		616 394		-96 835		519 559		63 079	2009
																31 December
	54 374		18 243		72 617		550		470 235		29 577		499 812		77 982	2003
	49 165		15 042		64 207		458		508 308		11 036		519 344		75 871	2004
	51 625		17 162		68 787		397		544 375		753		545 128		70 451	2005
	57 859		22 467		80 326		319		576 622		-1 751		574 871		66 941	2006
	52 525		25 083		77 608		240		570 664		-28 514		542 150		69 780	2007
	67 320		31 851		99 171		162		615 882		-72 186		543 696		63 351	2008
	49 939		23 921		73 860		240		564 034		-28 514		535 520		68 786	2007: Oct
	52 038		24 840		76 878		240		572 989		-28 514		544 474		68 786	Nov
	52 525		25 083		77 608		240		570 664		-28 514		542 150		69 780	Dec
	57 808		27 218		85 027		240		582 680		-28 514		554 165		69 780	2008: Jan
	60 742		28 790		89 532		240		572 741		-28 514		544 227		69 780	Feb
	65 086		31 132		96 218		240		571 666		-72 186		499 480		64 485	Mar
	56 474		28 257		84 731		162		567 666		-72 186		495 480		64 485	Apr
	56 463		28 044		84 507		162		573 620		-72 186		501 434		64 485	May
	58 391		29 229		87 620		162		580 933		-72 186		508 747		63 947	Jun
	54 578		27 563		82 141		162		576 240		-72 186		504 054		63 947	Jul
	55 871		27 399		83 270		162		582 112		-72 186		509 926		63 947	Aug
	59 386		29 136		88 521		162		592 306		-72 186		520 120		65 587	Sep
	69 918		31 664		101 582		162		609 630		-72 186		537 444		65 587	Oct
	70 254		31 235		101 489		162		613 878		-72 186		541 692		65 587	Nov
	67 320		31 851		99 171		162		615 882		-72 186		543 696		63 351	Dec
	71 251		32 181		103 431		162		625 283		-72 186		553 097		63 351	2009: Jan
	69 362		30 908		100 270		162		608 843		-72 186		536 657		63 351	Feb
	66 691		30 592		97 283		162		616 394		-96 835		519 559		63 079	Mar
	59 398		26 597		85 995		83		621 847		-96 835		525 012		63 079	Apr
	64 284		26 114		90 398		83		644 720		-96 835		547 885		63 079	May
	62 184		25 162		87 347		83		658 496		-96 835		561 661		60 761	Jun
	63 158		25 389		88 546		83		672 593		-96 835		575 758		60 761	Jul
	63 363		25 568		88 930		83		676 149		-96 835		579 314		60 761	Aug
	64 980		24 863		89 843		83		702 365		-96 835		605 530		...	Sep

KB406

1.	Valued at appropriate foreign exchange rates as at the end of each period.
2.	Before 31 March 1984 the National Finance Corporation.
3.	Including the Public Investment Corporation (before 1 April 2005 the Public Investment Commissioners). By mutual agreement these bills may only be sold to National Treasury.
4.	Including the Public Investment Corporation (before 1 April 2005 the Public Investment Commissioners) and Corporation for Public Deposits. Before 31 March 1984 the investments of the “earmarked funds” of the Public Debt Commissioners. Before 31 March 1984 the investments of the “pooled funds” of the Public Debt Commissioners. Before 31 July 1986 including bills held by the South African Reserve Bank and Paymaster-General.
5.	Including floating rate bonds and from May 2004 RSA government retail bonds.
6.	Including tax redemption certificates.
7.	Including the following debt and liabilities assumed by national government: Former TBVC countries, self-governing territories and former Regional Authorities in terms of section 239 of the Interim Constitution of the Republic of South Africa Act, No. 200 of 1993; the Republic of Namibia as contemplated in section 52C(1) of the Exchequer Act, No. 66 of 1975, as amended; and the South African Housing Trust in terms of the Disestablishment of the South African Housing Trust Limited Act, No. 26 of 2002.
8.	Amounts recorded in the accounts of the South African Reserve Bank as at the end of the financial year are kept constant. However, part payments from National Treasury are deducted from the outstanding balance.
9.	Amounts recorded in the accounts of National Treasury are kept constant for the following three months.

Quarterly Bulletin December 2009 S–51

South African Reserve Bank

Ownership distribution of domestic marketable bonds¹

R millions

	National government
	Short term2
			Monetary sector
	Public				Corporation						Total
	Investment		Reserve		for Public				Non-monetary		short
	Corporation4		Bank		Deposits5		Banks		private sector6		term
End of	(4150M)		(4151M)		(4152M)		(4153M)		(4560M)		(4158M)
31 March
2004		16 058		3 967		41		38 065		25 987		84 117
2005		25 723		2 424		27		37 695		24 102		89 972
2006		26 402		218		—		38 405		25 003		90 028
2007		29 645		748		—		24 954		33 388		88 734
2008		35 215		1 530		—		43 052		12 259		92 057
2009		2 340		—		—		36 079		8 567		46 986
31 December
2003		7 796		9 698		40		41 437		22 919		81 890
2004		16 125		7 855		41		37 825		23 572		85 417
2005		23 741		2 954		27		40 542		24 131		91 395
2006		46 341		965		—		26 247		48 322		121 875
2007		44 075		1 530		—		34 575		41 451		121 630
2008		9 291		2 295		—		46 086		19 324		76 997
2007: Apr		29 380		748		—		26 240		32 366		88 734
May		29 807		748		—		29 171		28 920		88 645
Jun		30 459		748		—		25 586		31 853		88 645
Jul		30 488		748		—		25 725		31 685		88 645
Aug		49 230		1 495		—		33 205		37 963		121 893
Sep		48 684		1 495		—		36 683		35 111		121 972
Oct		45 699		1 495		—		33 810		40 882		121 886
Nov		44 208		1 495		—		35 385		40 798		121 886
Dec		44 075		1 530		—		34 575		41 451		121 630
2008: Jan		38 199		1 530		—		48 653		30 374		118 756
Feb		36 776		1 530		—		36 815		19 511		94 633
Mar		35 215		1 530		—		43 052		12 259		92 057
Apr		34 548		1 530		—		39 644		14 983		90 705
May		32 656		1 530		—		35 898		15 225		85 310
Jun		29 423		1 530		—		40 824		13 532		85 310
Jul		28 445		1 530		—		39 525		11 802		81 303
Aug		35 612		2 295		—		41 487		24 233		103 627
Sep		27 456		2 295		—		42 359		24 448		96 557
Oct		17 385		2 295		—		41 461		29 591		90 732
Nov		17 070		2 295		—		48 083		16 439		83 887
Dec		9 291		2 295		—		46 086		19 324		76 997
2009: Jan		6 195		2 295		—		46 845		13 883		69 218
Feb		2 876		—		—		34 875		6 507		44 259
Mar		2 340		—		—		36 079		8 567		46 986
Apr		2 876		—		—		36 880		7 225		46 982
May		2 870		—		—		32 212		11 545		46 628
Jun		2 870		—		—		32 532		11 226		46 628
Jul		2 870		—		—		38 135		5 622		46 628
Aug		4 204		—		—		29 465		18		33 687
Sep		4 204		—		—		29 335		148		33 687

KB431

1.	Information based on outright ownership of government bonds as reflected in the balance sheets of the respective institutions.
2.	Outstanding maturity not exceeding 3 years.
3.	Outstanding maturity exceeding 3 years.
4.	Before 31 March 1984 the Public Debt Commissioners. Before 1 April 2005 the Public Investment Commissioners.
5.	Before 31 March 1984 the National Finance Corporation.
6.	Including domestic bonds held by non-residents.

S–52 Quarterly Bulletin December 2009

South African Reserve Bank

Ownership distribution of domestic marketable bonds¹

R millions

National government
Long term3
		Monetary sector												Total		Total non-
Public						Non-		Total		Total		Total		sundry		financial		Total
Investment		Reserve				monetary		long		national		local		public-sector		public		public
Corporation4		Bank		Banks		private sector6		term		government		government		borrowers		enterprises		sector
(4160M)		(4161M)		(4162M)		(4562M)		(4167M)		(4086M)		(2150K)		(2169K)		(2181K)		(4564K)		End of
																				31 March
	130 235		4 302		14 108		127 175		275 820		359 937		3 165		6 519		59 197		428 818	2004
	125 220		3 833		12 474		162 938		304 465		394 436		4 665		5 466		65 800		470 368	2005
	135 280		7 526		12 533		172 306		327 646		417 674		4 081		5 343		64 447		491 544	2006
	127 315		6 779		25 553		172 118		331 764		420 499		5 269		5 314		67 630		498 712	2007
	127 117		6 103		20 086		175 932		329 237		421 294		5 182		5 292		72 097		503 864	2008
	156 163		7 221		57 731		184 346		405 461		452 447		9 137		7 643		96 029		565 256	2009
																				31 December
	129 232		5 950		18 820		134 788		288 789		370 679		3 216		6 520		60 995		441 409	2003
	131 286		5 406		22 536		162 432		321 659		407 076		4 677		5 637		64 348		481 739	2004
	137 087		7 599		12 993		184 449		342 128		433 524		4 091		5 346		62 189		505 149	2005
	125 206		6 779		21 722		172 059		325 765		447 640		5 296		5 316		66 904		525 155	2006
	118 699		6 086		18 769		175 360		318 914		440 544		5 249		5 292		73 768		524 853	2007
	147 809		5 320		37 970		183 930		375 030		452 027		9 237		7 712		80 910		549 887	2008
	128 047		6 779		24 546		174 211		333 583		422 317		...		...		...		...	2007: Apr
	131 496		6 779		23 716		174 886		336 877		425 522		...		...		...		...	May
	135 628		6 779		23 513		173 328		339 248		427 894		5 264		5 299		65 701		504 159	Jun
	136 718		6 779		20 261		177 067		340 824		429 469		...		...		...		...	Jul
	117 017		6 031		19 905		167 324		310 276		432 169		...		...		...		...	Aug
	117 797		6 031		17 491		171 530		312 848		434 820		5 249		5 307		67 907		513 284	Sep
	116 632		6 031		18 721		174 247		315 632		437 518		...		...		...		...	Oct
	117 838		6 031		19 206		175 477		318 553		440 438		...		...		...		...	Nov
	118 699		6 086		18 769		175 360		318 914		440 544		5 249		5 292		73 768		524 853	Dec
	123 291		6 086		19 600		176 671		325 648		444 404		...		...		...		...	2008: Jan
	126 118		6 086		20 339		175 383		327 925		422 558		...		...		...		...	Feb
	127 117		6 103		20 086		175 932		329 237		421 294		5 182		5 292		72 097		503 864	Mar
	128 391		6 086		24 190		174 462		333 128		423 833		...		...		...		...	Apr
	132 565		6 086		27 895		175 587		342 133		427 442		...		...		...		...	May
	138 145		6 086		27 971		171 886		344 088		429 398		7 979		6 266		69 402		513 044	Jun
	137 464		6 086		31 298		176 718		351 566		432 869		...		...		...		...	Jul
	127 736		5 320		26 760		173 737		333 553		437 180		...		...		...		...	Aug
	133 611		5 320		34 463		171 431		344 825		441 383		7 888		7 308		76 815		533 395	Sep
	143 011		5 320		31 329		174 338		353 998		444 731		...		...		...		...	Oct
	140 418		5 320		36 571		182 640		364 950		448 837		...		...		...		...	Nov
	147 809		5 320		37 970		183 930		375 030		452 027		9 237		7 712		80 910		549 887	Dec
	151 583		5 320		44 133		188 021		389 058		458 277		...		...		...		...	2009: Jan
	155 868		7 633		54 985		180 989		399 475		443 734		...		...		...		...	Feb
	156 163		7 221		57 731		184 346		405 461		452 447		9 137		7 643		96 029		565 256	Mar
	157 806		7 221		54 500		195 328		414 854		461 836		...		...		...		...	Apr
	160 608		7 221		48 808		206 859		423 496		470 124		...		...		...		...	May
	162 414		7 221		47 075		214 490		431 199		477 827		9 842		10 029		103 885		601 584	Jun
	163 467		7 221		61 552		210 370		442 610		489 238		...		...		...		...	Jul
	164 562		7 221		56 660		225 219		453 662		487 349		...		...		...		...	Aug
	163 388		7 221		62 222		234 280		467 112		500 799		9 842		12 029		115 017		637 686	Sep

KB432

1.	Information based on outright ownership of government bonds as reflected in the balance sheets of the respective institutions.
2.	Outstanding maturity not exceeding 3 years.
3.	Outstanding maturity exceeding 3 years.
4.	Before 31 March 1984 the Public Debt Commissioners. Before 1 April 2005 the Public Investment Commissioners.
5.	Before 31 March 1984 the National Finance Corporation.
6.	Including domestic bonds held by non-residents.

Quarterly Bulletin December 2009 S–53

South African Reserve Bank

Redemption schedule of domestic marketable bonds of national government

R millions

					Amount outstanding as at 30 September 2009
					Held by
	Coupon		Redemption		Reserve		Other
Bond	rate		date		Bank1		parties		Total
R154		13.000		2010-08-31		—		12 607.6		12 607.6
R154P		13.000		2010-08-31		—		333.3		333.3
				2010/11		—		12 940.9		12 940.9
R155		13.000		2011-08-31		—		12 607.6		12 607.6
R155P		13.000		2011-08-31		—		333.3		333.3
R205	variable			2012-03-31		—		7 805.0		7 805.0
				2011/12		—		20 745.9		20 745.9
R189		6.250		2013-03-31		—		40 639.4		40 639.4
				2012/13		—		40 639.4		40 639.4
R179		10.000		2013-08-01		—		60.0		60.0
Z006		0.000		2013-08-31		—		30.0		30.0
Z009		0.000		2013-11-30		—		8.9		8.9
R206		7.500		2014-01-15		—		25 842.2		25 842.2
Z018		0.000		2014-03-31		—		6.8		6.8
				2013/14		—		25 947.9		25 947.9
Z019		0.000		2014-06-30		—		25.0		25.0
R157		13.500		2014-09-15		1 175.6		18 953.6		20 129.2
R009P		13.500		2014-09-15		—		760.0		760.0
Z025		0.000		2014-11-30		—		32.6		32.6
R201		8.750		2014-12-21		1 762.2		37 258.8		39 021.0
				2014/15		2 937.8		57 030.0		59 967.8
Z014		0.000		2015-06-30		—		152.3		152.3
Z071		0.000		2015-07-01		—		500.0		500.0
R157		13.500		2015-09-15		1 175.6		18 953.6		20 129.2
R158P		13.500		2015-09-15		—		760.0		760.0
Z020		0.000		2015-10-19		—		77.9		77.9
				2015/16		1 175.6		20 443.8		21 619.4
R157		13.500		2016-09-15		1 175.6		18 953.6		20 129.2
R159P		13.500		2016-09-15		—		760.0		760.0
Z109		0.000		2016-09-15		—		1 099.0		1 099.0
				2016/17		1 175.6		20 812.6		21 988.2
R203		8.250		2017-09-15		916.9		35 585.0		36 501.9
				2017/18		916.9		35 585.0		36 501.9
R204		8.000		2018-12-21		—		36 225.0		36 225.0
				2018/19		—		36 225.0		36 225.0
Z083		0.000		2019-09-30		—		150.0		150.0
R207		7.250		2020-01-15		—		43 899.6		43 899.6
				2019/20		—		44 049.6		44 049.6
R208		6.750		2021-03-31		—		30 191.2		30 191.2
				2020/21		—		30 191.2		30 191.2

KB412

1. Including outright ownership and bonds acquired under repurchase agreements.

S–54 Quarterly Bulletin December 2009

South African Reserve Bank

Redemption schedule of domestic marketable bonds of national government (continued)

R millions

					Amount outstanding as at 30 September 2009
					Held by
		Coupon	Redemption		Reserve		Other
Bond		rate	date		Bank1		parties		Total
R197		5.500		2023-12-07		—		38 719.8		38 719.8
				2023/24		—		38 719.8		38 719.8
R186		10.5		2025-12-21		338.3		22 738.6		23 076.9
R010P		10.500		2025-12-21		—		100.0		100.0
				2025/26		338.3		22 838.6		23 176.9
R186		10.500		2026-12-21		338.3		22 738.6		23 076.9
R187P		10.500		2026-12-21		—		100.0		100.0
				2026/27		338.3		22 838.6		23 176.9
R186		10.500		2027-12-21		338.3		22 738.6		23 076.9
R188P		10.500		2027-12-21		—		100.0		100.0
R210		2.600		2028-03-31		—		3 927.7		3 927.7
				2027/28		338.3		26 766.3		27 104.6
R202		3.450		2033-12-07		—		13 230.3		13 230.3
				2033/34		—		13 230.3		13 230.3
R209		6.250		2036-03-31		—		24 546.6		24 546.6
				2035/36		—		24 546.6		24 546.6
sundry	variable		perpetual			—		26.2		26.2
			perpetual			—		26.2		26.2

KB430

1. Including outright ownership and bonds acquired under repurchase agreements.

Quarterly Bulletin December 2009 S–55

South African Reserve Bank

Interest payment schedule of domestic marketable bonds of national government as at 30 September 2009 for the coming 12 months

R millions

	Coupon		Capital		Interest		Interest		Interest		Interest
Code	rate		outstanding1		date		amount		date		amount
R002		5.000		0.1		15 Oct		0.0		15 Apr		0.0
R197		5.500		23 692.5		07 Dec		1 071.6		07 Jun		1 071.6
R202		3.450		10 435.0		07 Dec		250.7		07 Jun		250.7
R201		8.750		39 021.0		21 Dec		1 707.2		21 Jun		1 707.2
R186		10.500		69 230.6		21 Dec		3 634.6		21 Jun		3 634.6
R204		8.000		36 255.0		21 Dec		1 449.0		21 Jun		1 449.0
R316C		various		300.0		21 Dec		15.8		—		—
R317C		various		300.0		—		—		21 Jun		15.8
R205		variable		7 805.0		31 Dec		135.3		30 Jun		135.3
R206		7.500		25 842.2		15 Jan		969.1		15 Jul		969.1
R207		7.250		43 899.6		15 Jan		1 591.4		15 Jul		1 591.4
R179		10.000		60.0		01 Feb		3.0		01 Aug		3.0
R154		13.000		12 607.6		28 Feb		819.5		31 Aug		819.5
R155		13.000		12 607.6		28 Feb		819.5		31 Aug		819.5
R117C		various		666.7		28 Feb		43.3		—		—
R118C		various		666.7		—		—		31 Aug		43.3
R157		13.500		60 387.5		15 Mar		4 076.2		15 Sep		4 076.2
R203		8.250		36 501.9		15 Mar		1 505.7		15 Sep		1 505.7
R217C		13.500		2 280.0		16 Mar		153.9		—		—
R218C		13.500		2 280.0		—		—		15 Sep		153.9
R189		6.250		27 323.4		31 Mar		1 527.6		30 Sep		1 527.6
R208		6.750		30 191.2		31 Mar		1 019.0		30 Sep		1 019.0
R210		2.600		3 740.0		31 Mar		58.3		30 Sep		58.3
R209		6.250		24 546.6		31 Mar		767.1		30 Sep		767.1
R205		variable		7 805.0		31 Mar		135.3		30 Sep		135.3
sundry		variable		26.2		monthly		0.2		monthly		0.2

Monthly interest payments
October 2009	0.2
November 2009	0.2
December 2009	8 264.4
January 2010	2 560.7
February 2010	1 685.5
March 2010	9 243.3
April 2010	0.2
May 2010	0.2
June 2010	8 264.4
July 2010	2 560.7
August 2010	1 685.2
September 2010	9 423.3

KB411

1. Total nominal value outstanding as at 30 September 2009.

S–56 Quarterly Bulletin December 2009

South African Reserve Bank

Marketable bonds of national government by unexpired maturity

R millions

	Domestic												Foreign1
	Maturity intervals												Maturity intervals
	Not		Exceeding		Exceeding						Average		Not		Exceeding						Average
	exceeding		1 but not		3 but not		Exceeding				maturity		exceeding		1 but not		Exceeding				maturity
	1 year		3 years		10 years		10 years		Total		(months)		1 year2		3 years		3 years		Total		(months)
End of	(4140M)		(4141M)		(4142M)		(4143M)		(4086M)		(4144M)		(4145M)		(4146M)		(4147M)		(4106M)		(4148M)
31 March
2004		26 568		57 549		162 529		113 291		359 937		98		4 790		6 973		40 099		51 862		79
2005		26 272		63 700		192 001		112 464		394 436		99		1 174		9 412		42 584		53 170		78
2006		34 987		55 041		205 753		121 892		417 674		98		5 619		6 922		37 377		49 918		68
2007		31 277		57 457		202 518		129 246		420 499		102		3 688		15 748		39 305		58 741		67
2008		24 158		67 898		196 802		132 435		421 294		104		4 204		4 956		55 926		65 086		81
2009		13 094		33 892		214 607		190 854		452 447		123		5 809		—		60 882		66 691		77
31 December
2003		26 843		55 046		180 646		108 143		370 679		93		4 994		7 361		42 018		54 374		82
2004		24 126		61 291		218 402		103 257		407 076		94		—		9 911		39 254		49 165		81
2005		27 979		63 416		227 704		114 424		433 524		94		6 737		6 984		37 904		51 625		69
2006		33 347		88 528		199 979		125 787		447 640		96		3 517		15 044		39 298		57 859		72
2007		30 961		90 670		195 659		123 255		440 544		97		3 290		4 166		45 069		52 525		83
2008		38 185		38 812		204 979		170 051		452 027		115		5 693		—		61 628		67 320		80
2007: Apr		31 277		57 457		203 005		130 578		422 317		101		8 355		10 597		38 593		57 546		66
May		31 188		57 457		204 135		132 742		425 522		100		6 663		4 356		45 057		56 076		85
Jun		31 188		57 457		204 142		135 106		427 894		100		6 573		4 322		44 713		55 608		85
Jul		31 188		57 457		204 614		136 210		429 469		99		3 194		4 338		45 289		52 821		89
Aug		31 213		90 680		172 209		138 068		432 169		99		3 212		4 365		45 652		53 229		88
Sep		31 206		90 766		194 531		118 317		434 820		98		3 199		4 203		44 631		52 034		87
Oct		31 216		90 670		195 417		120 215		437 518		98		3 102		4 001		42 836		49 939		85
Nov		31 216		90 670		196 294		122 259		440 438		97		3 271		4 108		44 659		52 038		83
Dec		30 961		90 670		195 659		123 255		440 544		97		3 290		4 166		45 069		52 525		83
2008: Jan		27 015		91 741		195 853		129 795		444 404		99		3 629		4 546		49 634		57 808		83
Feb		27 015		67 618		196 320		131 605		422 558		104		3 850		4 728		52 164		60 742		82
Mar		24 158		67 898		196 802		132 435		421 294		104		4 204		4 956		55 926		65 086		81
Apr		24 209		66 495		197 729		135 400		423 833		104		—		4 647		51 827		56 474		85
May		18 814		66 495		202 351		139 781		427 442		105		—		4 656		51 807		56 463		86
Jun		18 814		66 495		204 475		139 613		429 398		104		4 781		—		53 610		58 391		85
Jul		18 814		62 489		203 046		148 520		432 869		106		4 485		—		50 092		54 578		84
Aug		47 069		56 559		173 229		160 324		437 180		109		4 713		—		51 158		55 871		83
Sep		44 712		51 845		173 482		171 344		441 383		110		5 060		—		54 326		59 386		82
Oct		42 764		47 969		174 232		179 767		444 731		112		6 185		—		63 733		69 918		83
Nov		40 482		43 405		174 532		190 418		448 837		115		6 201		—		64 053		70 254		82
Dec		38 185		38 812		204 979		170 051		452 027		115		5 693		—		61 628		67 320		80
2009: Jan		35 592		33 626		207 430		181 629		458 277		117		6 243		—		65 008		71 251		81
Feb		14 787		29 472		216 194		183 281		443 734		122		6 149		—		63 214		69 362		78
Mar		13 094		33 892		214 607		190 854		452 447		123		5 809		—		60 882		66 691		77
Apr		13 059		33 923		221 655		193 199		461 836		122		—		5 180		54 217		59 398		86
May		12 941		33 687		225 470		198 026		470 124		121		—		—		84 079		64 284		99
Jun		12 941		33 687		228 024		203 176		477 827		121		—		—		62 184		62 184		98
Jul		12 941		33 687		232 691		209 919		489 238		120		—		—		63 158		63 158		97
Aug		12 941		20 746		237 588		216 073		487 349		123		—		—		63 363		63 363		96
Sep		12 941		20 746		243 040		224 072		500 799		123		—		—		64 980		64 980		96

KB408

1.	Adjusted for appropriate foreign exchange rates as at the end of each period.
2.	Including revolving credit loans.

Quarterly Bulletin December 2009 S–57

South African Reserve Bank

National government debt denominated in foreign currencies

R millions

	Marketable foreign debt										Non-marketable foreign debt
																					Total
			British				Japanese		Total				British				Japanese				non-
	US dollar		pound		Euro1		yen		marketable		US dollar		pound		Euro		yen		Other2		marketable		Total
End of	(4440M)		(4441M)		(4443M)		(4444M)		(4446M)		(4447M)		(4452M)		(4453M)		(4454)		(4449M)		(4450M)		(4451M)
31 March
2004		21 021		1 169		19 856		9 816		51 862		2 511		502		9 029		101		665		12 808		64 670
2005		26 810		1 174		18 184		7 001		53 170		3 070		717		11 450		91		908		16 236		69 405
2006		26 682		—		16 907		6 329		49 918		2 626		775		11 488		77		1 962		16 928		66 846
2007		27 186		—		24 179		7 376		58 741		3 131		1 317		14 965		84		4 344		23 840		82 581
2008		30 395		—		29 805		4 886		65 086		3 980		1 445		18 530		103		7 074		31 132		96 218
2009		35 630		—		25 277		5 785		66 691		5 432		1 392		16 217		113		7 438		30 592		97 283
31 December
2003		21 912		1 183		21 346		9 932		54 374		7 421		403		9 618		102		699		18 243		72 616
2004		24 209		1 086		17 277		6 593		49 165		2 742		664		10 808		85		743		15 042		64 207
2005		27 196		1 092		16 864		6 472		51 625		3 227		781		11 393		79		1 683		17 162		68 787
2006		27 880		—		22 945		7 034		57 859		3 013		1 189		14 306		80		3 879		22 467		80 326
2007		25 554		—		23 326		3 645		52 525		3 344		1 216		14 953		77		5 494		25 083		77 608
2008		34 917		—		26 224		6 179		67 320		5 346		1 361		17 419		121		7 604		31 851		99 171
2007: Apr		26 401		—		24 057		7 088		57 546		2 948		1 246		14 879		81		4 339		23 492		81 038
May		26 718		—		22 332		7 026		56 076		2 967		1 247		14 728		77		4 420		23 438		79 514
Jun		26 511		—		22 220		6 877		55 608		3 335		1 253		14 587		75		4 968		24 218		79 827
Jul		26 605		—		22 646		3 569		52 821		3 331		1 275		14 676		78		5 176		24 537		77 357
Aug		26 774		—		22 772		3 683		53 229		3 352		1 276		14 725		81		5 126		24 560		77 789
Sep		25 780		—		22 680		3 574		52 034		3 234		1 236		14 854		78		5 225		24 627		76 661
Oct		25 198		—		23 188		3 652		52 038		3 117		1 143		14 335		75		5 251		23 921		75 959
Nov		25 198		—		23 188		3 652		52 038		3 197		1 176		14 938		77		5 452		24 840		76 878
Dec		25 554		—		23 326		3 645		52 525		3 344		1 216		14 953		77		5 494		25 083		77 608
2008: Jan		27 881		—		25 729		4 199		57 808		3 649		1 321		16 057		89		6 102		27 218		85 027
Feb		28 988		—		27 292		4 451		60 731		3 794		1 369		16 990		94		6 541		28 788		89 519
Mar		30 395		—		29 805		4 886		65 086		3 980		1 445		18 530		103		7 074		31 132		96 218
Apr		28 500		—		23 617		4 357		56 474		3 623		1 276		16 930		92		6 336		28 257		84 731
May		28 556		—		23 587		4 320		56 463		3 626		1 282		16 693		88		6 356		28 044		84 507
Jun		29 326		—		24 628		4 438		58 391		3 782		1 382		17 338		90		6 637		29 229		87 620
Jul		27 511		—		22 982		4 084		54 578		3 837		1 292		15 727		83		6 625		27 563		82 141
Aug		28 910		—		22 701		4 260		55 871		4 031		1 251		15 493		87		6 537		27 399		83 270
Sep		31 033		—		23 636		4 717		59 386		4 558		1 327		16 167		96		6 988		29 136		88 521
Oct		37 938		—		25 769		6 211		69 918		5 422		1 378		17 447		127		7 290		31 664		101 582
Nov		38 031		—		25 846		6 376		70 254		5 430		1 304		17 263		125		7 113		31 235		101 489
Dec		34 917		—		26 224		6 179		67 320		5 346		1 361		17 419		121		7 604		31 851		99 171
2009: Jan		38 291		—		26 144		6 816		71 251		5 830		1 479		16 846		134		7 893		32 181		103 431
Feb		37 713		—		25 455		6 195		69 362		5 742		1 443		16 402		121		7 206		30 914		100 276
Mar		35 630		—		25 277		5 785		66 691		5 432		1 392		16 217		113		7 438		30 592		97 283
Apr		31 774		—		22 447		5 177		59 398		4 676		1 206		14 193		101		6 420		26 597		85 995
May		36 893		—		22 409		4 981		64 284		4 388		1 235		13 965		94		6 433		26 114		90 398
Jun		35 664		—		21 717		4 804		62 184		4 241		1 228		13 453		90		6 150		25 162		87 347
Jul		36 221		—		22 036		4 901		63 158		4 283		1 290		13 213		92		6 510		25 389		88 546
Aug		36 128		—		22 225		5 010		63 363		4 262		1 262		13 286		94		6 663		25 568		88 930
Sep		38 247		—		21 757		4 977		64 980		4 073		1 194		12 986		94		6 517		24 863		89 843

KB424

1.	Including bonds issued in other European currencies until March 1999. As from 1 January 2002 outstanding German mark bonds were converted into euro bonds. Including Swiss franc, special drawing rights and Austrian schilling.
2.	Including German mark, Swiss franc, Austrian schilling, Swedish krona and the gold currency.

S–58 Quarterly Bulletin December 2009

South African Reserve Bank

Redemption schedule of foreign debt of national government as at 30 September 2009

Millions

	Coupon		Redemption		Capital
Description	rate		date		repayment
Barclays		various		2009-10-15	$	20.549
Barclays		various		2009-10-15	€	13.279
Barclays		various		2009-10-15	£	6.827
Barclays		various		2009-10-15	XAU	0.026
Barclays		various		2009-10-15	SEK	101.448
AKA-Commerzbank		7.320		2009-10-29	$	0.252
AKA-Commerzbank		various		2009-10-29	€	5.244
Kwandebele Water Project		2.500		2008-11-20	¥	47.040
Société Générale		4.890		2009-11-30	€	3.604
AKA-Commerzbank		7.320		2009-11-30	$	0.562
AKA-Commerzbank		various		2009-11-30	€	14.708
AKA-Commerzbank		7.320		2009-12-30	$	0.270
AKA-Commerzbank		various		2009-12-30	€	7.354
World Bank		various		2010-01-15	$	1.896
AKA-Commerzbank		7.320		2010-01-25	$	1.286
AKA-Commerzbank		various		2010-01-25	€	39.715
Société Générale		4.890		2010-03-01	€	3.689
Société Générale		4.890		2010-03-29	€	1.873
Fiscal 2010/11		various		various	¥	94.080
					$	61.766
					€	178.930
					£	13.654
					XAU	0.026
					SEK	202.895
Fiscal 2011/12		various		various	¥	94.080
					$	67.108
					€	189.929
					£	13.654
					SEK	586.664
Fiscal 2012/13		various		various	¥	94.080
					$	1 066.235
					€	189.929
					£	13.654
					SEK	586.664
Fiscal 2013/14		various		various	¥	94.080
					$	64.909
					€	1 417.867
					£	13.654
					SEK	586.664
Fiscal 2014/15		various		various	¥	94.080
					$	1 062.763
					€	136.872
					£	13.654
					SEK	586.664
Fiscal 2015/16		various		various	¥	94.080
					$	61.841
					€	105.210
					£	13.654
					SEK	586.664
Fiscal 2016/17		various		various	¥	94.080
					$	42.122
					€	810.364
					£	3.976
					SEK	586.664
Fiscal 2017/18		various		various	¥	94.080
					$	171.722
					€	32.913
					£	3.660
					SEK	586.664
Fiscal 2018/19		various		various	¥	94.080
					$	30.610
					€	20.217
					£	3.660
					SEK	586.664
Fiscal 2019/20		various		various	¥	94.080
					$	2 018.591
					€	10.999
					SEK	383.768
Fiscal 2020/21		various		various	¥	30 094.080
					$	15.417
					€	10.999
					SEK	383.768
Fiscal 2021/22		various		various	¥	30 047.040
					$	1 000.000

KB429

Quarterly Bulletin December 2009 S–59

South African Reserve Bank

Interest payment schedule of foreign debt of national government as at 30 September 2009 for the coming 12 months

Millions

	Coupon		Capital		Interest	Interest
Description	rate		outstanding1		date	amount
Barclays		various	$	499.309	15 October	$	14.881
Barclays		various	€	311.591	15 October	€	7.594
Barclays		various	£	100.050	15 October	£	2.878
Barclays		various	XAU	0.051	15 October	XAU	0.000
Barclays		various	SEK	5 765.188	15 October	SEK	140.230
RSA 7.375% $1 billion Notes		7.375	$	1 000.000	25 October	$	36.875
AKA-Commerzbank		7.320	$	2.520	29 October	$	0.093
AKA-Commerzbank		various	€	52.439	29 October	€	1.018
Kwandebele Water Project		2.500	¥	1 128.960	20 November	¥	14.228
RSA 6.875% $1.5 billion Notes		6.875	$	2 000.000	27 November	$	68.750
AKA-Commerzbank		7.320	$	4.796	30 November	$	0.180
AKA-Commerzbank		various	€	125.017	30 November	€	1.610
Société Générale		4.890	€	41.457	30 November	€	1.047
Japanese Yen Notes		3.800	¥	30 000.000	30 November	¥	570.000
RSA 5.875% $1 billion Notes		5.875	$	1 000.000	01 December	$	29.375
RSA 6.5% $1 billion Notes		6.500	$	1 000.000	02 December	$	32.500
Yankee Bond Issue		8.500	$	140.683	23 December	$	5.979
AKA-Commerzbank		7.320	$	1.892	30 December	$	0.070
AKA-Commerzbank		various	€	51.478	30 December	€	1.012
World Bank		various	$	11.234	15 January	$	0.227
AKA-Commerzbank		7.320	$	18.026	25 January	$	0.674
AKA-Commerzbank		various	€	554.219	25 January	€	10.225
World Bank Municipal Financial Project		various	$	9.439	15 February	$	0.230
Société Générale		4.890	€	36.893	01 March	€	0.927
3.8% JPY 30 000 million Notes		3.800	¥	30 000.000	06 March	¥	570.000
Société Générale		4.890	€	20.601	30 March	€	0.509
RSA EUR 750 million Notes		4.500	€	750.000	05 April	€	33.750

KB428

1. Total nominal value outstanding in foreign currency as at 30 September 2009.

S–60 Quarterly Bulletin December 2009

South African Reserve Bank

Interest payment schedule of foreign debt of national government as at 30 September 2009 for the coming 12 months (continued)

Millions

	Coupon		Capital		Interest	Interest
Description	rate		outstanding1		date	amount
Barclays		various	$	478.761	15 April	$	13.894
Barclays		various	€	298.312	15 April	€	6.466
Barclays		various	£	93.223	15 April	£	2.714
Barclays		various	XAU	0.026	15 April	XAU	0.000
Barclays		various	SEK	5 663.741	15 April	SEK	114.510
RSA 7.375% $1 billion Notes		7.375	$	1000.000	25 April	$	36.875
AKA-Commerzbank		7.320	$	2.268	29 April	$	0.084
AKA-Commerzbank		various	€	47.195	29 April	€	0.921
RSA 5.25% Notes Due May 16 2013		5.250	€	1 250.000	16 May	€	65.625
Kwandebele Water Project		2.500	¥	1 081.920	20 May	¥	13.413
RSA 6.875% $1.5 billion Notes		6.875	$	2000.00	27 May	$	68.750
Société Générale		4.890	€	37.853	28 May	€	0.920
RSA 5.875% $1 billion Notes		5.875	$	1000.000	30 May	$	29.375
AKA-Commerzbank		7.320	$	4.234	31 May	$	0.157
AKA-Commerzbank		various	€	110.309	31 May	€	2.431
Japanese Yen Notes		3.800	¥	30 000.000	31 May	¥	570.000
RSA 6.50% $1 billion Notes		6.500	$	1000.000	02 June	$	32.500
Yankee Bond Issue		8.500	$	140.683	23 June	$	5.979
AKA-Commerzbank		7.320	$	1.621	30 June	$	0.060
AKA-Commerzbank		various	€	44.124	30 June	€	1.079
World Bank		various	$	9.337	15 July	$	0.184
AKA-Commerzbank		7.320	$	16.740	25 July	$	0.616
AKA-Commerzbank		various	€	514.504	25 July	€	9.338
World Bank Municipal Financial Project		various	$	9.439	15 August	$	0.230
Société Générale		4.890	€	33.203	28 August	€	0.821
3.8% JPY 30 000 million Notes		3.800	¥	30 000.000	06 September	¥	570.000
Société Générale		4.890	€	18.728	28 September	€	0.466

Monthly interest payments
October 2009	$	51.849
	€	8.612
	£	2.878
	XAU	0.000
	SEK	140.230
November 2009	$	68.930
	€	2.657
	¥	584.228
December 2009	$	67.924
	€	1.012
January 2010	$	0.901
	€	10.225
February 2010	$	0.230
March 2010	€	1.436
	¥	570.000
April 2010	$	50.853
	€	41.137
	£	2.714
	XAU	0.000
	SEK	114.510
May 2010	$	98.282
	€	68.976
	¥	570.000
June 2010	$	38.539
	€	1.079
July 2010	$	0.800
	€	9.338
August 2010	$	0.230
	€	0.821
September 2010	€	0.466
	¥	570.000

KB428

1. Total nominal value outstanding in foreign currency as at 30 September 2009.

Quarterly Bulletin December 2009 S–61

South African Reserve Bank

Ownership distribution of domestic marketable bonds of local governments¹

R millions

			Private non-banking sector												Public sector
					Self-												Local
					administered		Other								Public		governments
	Monetary				pension		financial		Other		Personal		Non-		Investment		and public		Internal
	sector		Insurers		funds		institutions2		companies3		sector		residents4		Corporation5		enterprises8		funds6		Total
End of	(2140K)		(2141K)		(2142K)		(2143K)		(2144K)		(2145K)		(2146K)		(2147K)		(2148K)		(2149K)		(2150K)
31 March
2007		148		295		13		4 006		260		10		0		465		71		2		5 269
2008		112		293		13		3 986		237		9		0		465		65		1		5 182
2009		1 650		286		1 425		4 453		202		1		—		804		316		1		9 137
2007: 04		140		297		13		4 005		248		9		0		465		70		2		5 249
2008: 01		112		293		13		3 986		237		9		0		465		65		1		5 182
02		1 562		331		261		4 546		235		8		0		715		319		1		7 979
03		1 557		316		261		4 506		221		2		0		705		319		1		7 888
04		1 661		316		1 425		4 509		204		1		0		804		316		1		9 237
2009: 01		1 650		286		1 425		4 453		202		1		—		804		316		1		9 137
02		1 764		772		2 035		4 427		69		1		24		459		291		—		9 842
03		1 764		786		1 999		4 432		58		1		24		487		291		—		9 842

KB209

Ownership distribution of domestic marketable bonds of non-financial public enterprises⁷

R millions

	Monetary sector				Private non-banking sector												Public sector
	Reserve						Self-												Local
	Bank						administered		Other								Public		authorities
	and						pension		financial		Other		Personal		Non-		Investment		and public		Internal
	CPD		Other		Insurers		funds		institutions2		companies3		sector		residents4		Corporation5		enterprises8		funds6		Total
End of	(2170K)		(2171K)		(2172K)		(2173K)		(2174K)		(2175K)		(2176K)		(2177K)		(2178K)		(2179K)		(2180K)		(2181K)
31 March
2007		...		...		...		...		...		...		...		...		...		...		1 205		67 630
2008		...		...		...		...		...		...		...		...		...		...		1 023		72 097
2009		...		...		...		...		...		...		...		...		...		...		495		96 029
2007: 04		...		...		...		...		...		...		...		...		...		...		1 084		73 768
2008: 01		...		...		...		...		...		...		...		...		...		...		1 023		72 097
02		...		...		...		...		...		...		...		...		...		...		1 090		69 402
03		...		...		...		...		...		...		...		...		...		...		1 140		76 815
04		...		...		...		...		...		...		...		...		...		...		1 140		80 910
2009: 01		...		...		...		...		...		...		...		...		...		...		495		96 029
02		...		...		...		...		...		...		...		...		...		...		353		103 885
03		...		...		...		...		...		...		...		...		...		...		77		115 017

KB211

1.	Including metropolitan, district and local municipalities. Before January 1990 including water boards.
2.	Including unit trusts and finance companies.
3.	Including nominee companies.
4.	Excluding nominee companies.
5.	Before 1 April 2005 the Public Investment Commissioners. Including small amounts in respect of social security funds and the national government.
6.	Own securities held by redemption and other internal funds.
7.	Public corporations (e.g. Eskom) and government enterprises, including water boards from January 1990. Information not available at present.
8.	Including asset acquisition against bonds issued.

S–62 Quarterly Bulletin December 2009

South African Reserve Bank

Government deposits

R millions

	National government								Provincial governments								Other government accounts
			Exchequer								Corporation								Corporation
			and PMG		Paymaster-						for								for
	Reserve		balances		General				Reserve		Public						Reserve		Public
	Bank1		with banks		Account2		Total		Bank		Deposits3		Banks		Total		Bank		Deposits3		Banks4		Total		Total
End of	(4120M)		(4072H)		(4121M)		(4125M)		(4126M)		(4127M)		(4128M)		(4129M)		(4122M)		(4123M)		(4124M)		(4131M)		(4130M)
31 March
2004		196		12 473		—		12 669		—		34		8 428		8 462		8		2 810		38 752		41 570		62 701
2005		908		29 963		—		30 870		—		-41		12 712		12 672		1		2 389		44 765		47 156		90 697
2006		39 780		18 408		—		58 187		—		2 242		8 369		10 610		21		2 367		52 757		55 144		123 942
2007		45 667		29 647		—		75 315		—		2 653		7 019		9 672		189		2 176		94 410		96 775		181 762
2008		63 109		30 700		—		93 809		—		2 445		8 384		10 830		1 536		2 202		84 536		88 274		192 912
2009		70 065		31 284		—		101 349		—		-3 323		6 540		3 217		203		1 574		97 531		99 308		203 874
31 December
2003		5 394		32 821		—		38 215		—		33		8 324		8 357		620		2 441		32 329		35 390		81 962
2004		7 130		39 766		—		46 895		—		-4		12 221		12 216		341		2 176		40 351		42 868		101 979
2005		26 525		43 409		—		69 934		—		8 021		9 942		17 963		478		2 324		49 996		52 798		140 695
2006		41 842		57 992		—		99 835		—		9 465		8 612		18 077		595		2 185		68 350		71 130		189 041
2007		63 747		39 650		—		103 396		—		6 120		7 738		13 858		803		2 290		89 869		92 962		210 216
2008		69 007		33 033		—		102 040		—		-2 160		6 794		4 633		417		2 022		104 609		107 047		213 721
2007: Apr		48 749		15 159		—		63 909		—		6 855		7 000		13 856		228		2 332		96 242		98 802		176 566
May		49 079		8 457		—		57 536		—		9 058		7 294		16 353		232		2 313		93 822		96 367		170 256
Jun		49 338		29 214		—		78 552		—		11 572		10 117		21 689		223		2 088		88 241		90 551		190 792
Jul		54 453		12 063		—		66 516		—		10 748		10 466		21 214		264		2 123		89 861		92 247		179 978
Aug		57 436		11 308		—		68 744		—		9 722		9 728		19 450		340		2 070		95 356		97 767		185 960
Sep		59 333		26 068		1		85 402		—		10 255		9 744		19 999		354		2 028		93 284		95 666		201 067
Oct		60 538		20 339		—		80 877		—		8 559		8 897		17 455		370		2 455		89 583		92 409		190 741
Nov		60 829		18 132		—		78 961		—		8 596		8 498		17 094		299		2 417		88 556		91 272		187 327
Dec		63 747		39 650		—		103 396		—		6 120		7 738		13 858		803		2 290		89 869		92 962		210 216
2008: Jan		62 645		44 143		—		106 789		—		7 321		10 038		17 359		211		2 500		74 539		77 250		201 398
Feb		63 166		15 163		—		78 329		—		8 475		10 423		18 898		571		2 341		79 940		82 853		180 080
Mar		63 109		30 700		—		93 809		—		2 445		8 384		10 830		1 536		2 202		84 536		88 274		192 912
Apr		63 411		14 073		—		77 484		—		5 856		7 505		13 361		16		2 300		85 406		87 722		178 567
May		63 424		9 056		—		72 480		—		4 974		7 733		12 707		68		2 197		88 217		90 483		175 670
Jun		63 524		38 667		—		102 191		—		5 000		7 160		12 160		111		2 245		86 016		88 371		202 722
Jul		66 611		18 104		—		84 716		—		3 214		6 810		10 025		214		2 210		85 076		87 500		182 241
Aug		63 824		25 529		—		89 353		—		2 589		6 965		9 554		264		2 199		88 741		91 204		190 111
Sep		65 884		33 224		—		99 108		—		501		6 851		7 352		383		1 946		96 717		99 047		205 507
Oct		66 032		23 614		—		89 646		—		-767		5 883		5 116		493		2 096		104 059		106 649		201 410
Nov		67 444		15 278		—		82 721		—		-2 393		6 229		3 836		523		2 056		105 122		107 700		194 258
Dec		69 007		33 033		—		102 040		—		-2 160		6 794		4 633		417		2 022		104 609		107 047		213 721
2009: Jan		69 395		29 155		—		98 550		—		-1 775		7 126		5 351		156		2 027		105 458		107 641		211 542
Feb		68 547		7 438		—		75 985		—		-1 016		7 541		6 526		82		2 494		104 267		106 843		189 354
Mar		70 065		31 284		—		101 349		—		-3 323		6 540		3 217		203		1 574		97 531		99 308		203 874
Apr		66 092		12 590		—		78 682		—		964		8 949		9 913		311		1 607		101 535		103 453		192 047
May		71 722		10 927		—		82 650		—		1 295		9 081		10 376		5 490		1 400		96 619		103 508		196 534
Jun		70 503		29 377		—		99 880		—		1 972		6 631		8 603		4 300		1 435		96 132		101 866		210 349
Jul		69 603		15 471		—		85 073		—		1 159		7 675		8 834		124		1 374		95 323		96 821		190 727
Aug		69 237		9 673		—		78 910		—		2 134		7 552		9 686		3 590		1 337		94 969		99 896		188 492
Sep		73 011		23 236		—		96 247		—		2 992		7 606		10 598		7 426		1 352		91 927		100 705		207 550

KB407

1.	Including net transfers to the Stabilisation Account.
2.	Including investments.
3.	Before 31 March 1984 deposits with the “pooled funds” of the Public Debt Commissioners.
4.	Before 29 April 1994 including deposits of the former TBVC countries and self-governing territories.

Quarterly Bulletin December 2009 S–63

South African Reserve Bank

Government finance statistics of national government¹
Statement of sources and uses of cash

R millions

			2007/2008						2008/2009										2009/2010
Year ended 31 March			04		01		2008		02		03		04		01		2009		02		03
Net cash flow from operating activities	(4700K	)		18 910		10 403		24 311		-1 189		-11 121		-1 569		-228		-14 106		-52 702		-46 608
Cash receipts from operating activities	(4701K	)		153 562		162 808		585 227		142 602		158 040		165 725		172 686		639 054		133 001		146 210
Taxes	(4702K	)		151 177		158 676		571 644		140 906		152 186		162 097		168 719		623 909		127 774		143 632
Social contributions	(4703K	)		—		—		—		—		—		—		—		—		—		—
Grants2	(4175K	)		—		689		719		133		123		212		1 301		1 769		830		275
Other receipts3	(4704K	)		2 384		3 442		12 863		1 563		5 731		3 416		2 666		13 376		4 396		2 304
Cash payments for operating activities	(4705K	)		134 651		152 404		560 916		143 791		169 161		167 294		172 914		653 160		185 703		192 818
Compensation of employees	(4706K	)		14 692		14 589		56 268		13 933		16 140		16 197		16 819		63 088		16 430		17 547
Purchases of goods and services	(4707K	)		11 103		5 698		34 783		4 584		9 155		10 055		13 964		37 758		21 957		6 655
Interest	(4178K	)		7 951		18 211		52 835		10 463		17 166		10 658		16 039		54 326		12 285		15 887
Subsidies	(4708K	)		1 911		4 684		10 574		5 894		5 618		4 507		1 559		17 578		9 571		8 780
Grants4	(4709K	)		78 773		80 932		317 857		85 350		94 045		98 002		102 378		379 775		98 013		112 972
Social benefits	(4710K	)		15 913		16 188		65 766		17 761		19 223		21 787		17 917		76 687		19 602		24 023
Other expense5	(4711K	)		4 309		12 102		22 833		5 805		7 814		6 089		4 239		23 948		7 844		6 955
Net cash flow from investment in non-financial assets	(4712K	)		-1 834		-3 728		-7 726		-1 026		-2 402		-2 534		-2 996		-8 959		-1 287		-1 963
Purchases of non-financial assets	(4181K	)		1 884		3 876		7 956		1 027		2 405		2 536		3 001		8 969		1 288		1 965
Sales of non-financial assets	(4173K	)		49		148		230		1		2		2		5		10		1		3
Cash surplus (+)/deficit (-)	(4713K	)		17 076		6 675		16 584		-2 215		-13 523		-4 103		-3 224		-23 065		-53 989		-48 571
Net cash flow from financing activities	(4714K	)		3 062		-19 539		-1 019		12 477		7 543		13 262		528		33 810		51 586		36 905
Net acquisition of financial assets other than cash6	(4715K	)		11		-290		-564		-96		-36		-99		-8		-239		-92		-116
Net incurrence of liabilities7	(4716K	)		3 051		-19 250		-455		12 573		7 578		13 362		536		34 049		51 679		37 021
Domestic	(4717K	)		2 947		-18 883		3 048		15 405		6 545		12 462		899		35 311		45 369		33 259
Foreign	(4718K	)		104		-366		-3 504		-2 832		1 033		900		-363		-1 262		6 310		3 762
Net change in stock of cash8	(4719K	)		20 138		-12 864		15 565		10 262		-5 981		9 159		-2 696		10 744		-2 402		-11 666

KB413

Selected items

R millions

Year ended 31 March			1998		1999		2000		20011		2002		2003		2004		2005		2006		2007
Cash receipts from operating activities	(4701F	)		166 693		188 364		210 444		224 458		258 402		288 516		307 229		359 526		428 393		506 627
Cash payments for operating activities	(4705F	)		189 033		205 904		222 263		240 253		264 924		299 493		336 309		387 166		428 064		493 910
Net cash flow from operating activities	(4700F	)		-22 340		-17 540		-11 819		-15 795		-6 521		-10 977		-29 080		-27 640		329		12 717
Net cash flow from investment in non-financial assets	(4712F	)		-3 380		-4 125		-3 238		-3 418		-4 529		-5 195		-5 171		-4 931		-7 197		-6 668
Cash surplus (+)/deficit (-)	(4713F	)		-25 720		-21 665		-15 057		-19 213		-11 050		-16 172		-34 251		-32 571		-6 868		6 049
Net cash flow from financing activities	(4714F	)		26 033		22 125		16 047		14 505		12 898		17 188		34 671		44 943		28 144		5 526
Net change in stock of cash8	(4719F	)		313		461		989		-4 709		1 848		1 016		420		12 372		21 276		11 575

KB438

1.	Data for the last two years are preliminary and subject to revision. Net flows: Inflow of cash (+)/outflow of cash (-). Before April 2000, the basis of reporting revenue and expenditure was bank statement transactions, whereas the current reporting relies on cash book transactions and is therefore not strictly comparable with data prior to April 2000.
2.	Comprising transfers received from foreign governments, international organisations and other general government units.
3.	Comprising property income (including interest and dividends), sales of goods and services, fines, penalties and forfeits, and other non-tax revenues.
4.	Comprising current and capital transfers to foreign governments, international organisations and other general government units.
5.	Comprising miscellaneous other current and capital expense (including transfers to non-profit institutions serving households and to households for non-social benefits) and property expense other than interest.
6.	Domestic as well as foreign financial assets.
7.	Liabilities classified according to currency of issue.
8.	Cash surplus (+)/deficit (-) plus the net cash flow from financing activities.

S–64 Quarterly Bulletin December 2009

South African Reserve Bank

Government finance statistics of extra-budgetary institutions¹

Statement of sources and uses of cash

R millions

			2007/2008						2008/2009										2009/2010
Year ended 31 March			04		01		2008		02		03		04		01		2009		02		03
Net cash flow from operating activities	(4725K	)		1 548		3 303		7 955		3 567		4 273		781		497		9 118		2 986		3 272
Cash receipts from operating activities	(4726K	)		18 834		16 915		75 693		17 892		25 044		22 004		23 411		88 351		22 106		29 038
Taxes	(4200K	)		30		30		118		32		32		32		32		129		34		34
Social contributions	(4727K	)		—		—		—		—		—		—		—		—		—		—
Grants2	(4205K	)		11 587		9 384		46 397		10 175		17 315		14 088		15 163		56 741		13 815		19 934
Other receipts3	(4201K	)		7 218		7 502		29 178		7 685		7 696		7 884		8 215		31 481		8 257		9 070
Cash payments for operating activities	(4728K	)		17 286		13 612		67 738		14 325		20 772		21 223		22 914		79 234		19 120		25 766
Compensation of employees	(4729K	)		6 712		6 566		26 265		6 410		6 502		6 858		6 908		26 678		7 412		7 839
Purchases of goods and services	(4730K	)		8 999		5 413		34 937		5 376		10 994		11 653		13 259		41 283		8 387		15 084
Interest	(4208K	)		78		67		293		59		66		89		83		297		83		102
Subsidies	(4731K	)		—		—		—		—		—		—		—		—		—		—
Grants4	(4732K	)		—		—		—		—		—		—		—		—		—		—
Social benefits	(4733K	)		—		—		—		—		—		—		—		—		—		—
Other expense5	(4734K	)		1 497		1 566		6 243		2 480		3 209		2 623		2 664		10 975		3 238		2 741
Net cash flow from investment in non-financial assets	(4735K	)		-911		-873		-3 536		-819		-874		-945		-1 174		-3 812		-952		-1 076
Purchases of non-financial assets	(4211K	)		993		1 041		3 824		1 724		931		1 747		1 633		6 035		1 056		1 102
Sales of non-financial assets	(4203K	)		82		169		287		905		57		802		459		2 223		105		26
Cash surplus (+)/deficit (-)	(4736K	)		637		2 430		4 419		2 748		3 399		-164		-677		5 306		2 034		2 196
Net cash flow from financing activities	(4737K	)		114		182		-267		-2 035		-469		330		-150		-2 325		-1 132		-225
Net acquisition of financial assets other than cash6	(4738K	)		295		-5		80		-1 373		-288		142		146		-1 374		-686		-46
Net incurrence of liabilities7	(4739K	)		-181		187		-346		-661		-181		188		-296		-951		-446		-179
Domestic	(4740K	)		-181		187		-346		-661		-181		188		-296		-951		-446		-179
Foreign	(4741K	)		—		—		—		—		—		—		—		—		—		—
Net change in stock of cash8	(4742K	)		751		2 613		4 153		713		2 929		165		-827		2 981		902		1 970

KB414

Selected items

R millions

Year ended 31 March			1998		1999		2000		2001		2002		2003		2004		2005		2006		2007
Cash receipts from operating activities	(4726F	)		20 418		22 631		24 494		32 548		39 814		40 454		51 639		54 680		62 902		65 213
Cash payments for operating activities	(4728F	)		20 038		22 200		23 634		28 545		34 947		37 645		46 714		49 085		55 321		58 833
Net cash flow from operating activities	(4725F	)		380		431		860		4 003		4 867		2 809		4 925		5 594		7 580		6 380
Net cash flow from investment in non-financial assets	(4735F	)		-1 993		-1 555		-1 143		-1 284		-2 018		-2 031		-2 416		-2 374		-2 675		-3 229
Cash surplus (+)/deficit (-)	(4736F	)		-1 613		-1 124		-283		2 719		2 849		778		2 509		3 220		4 905		3 151
Net cash flow from financing activities	(4737F	)		159		111		28		-246		-338		-368		-2 050		-634		-1 166		-1 096
Net change in stock of cash8	(4742F	)		-1 454		-1 013		-255		2 473		2 511		409		459		2 586		3 739		2 055

KB439

1.	Data for the last two years are preliminary and subject to revision. Net flows: Inflow of cash (+)/outflow of cash (-).
2.	Comprising transfers received from foreign governments, international organisations and other general government units.
3.	Comprising property income (including interest and dividends), sales of goods and services, fines, penalties and forfeits, and other non-tax revenues.
4.	Comprising current and capital transfers to foreign governments, international organisations and other general government units.
5.	Comprising miscellaneous other current and capital expense (including transfers to non-profit institutions serving households and to households for non-social benefits) and property expense other than interest.
6.	Domestic as well as foreign financial assets.
7.	Liabilities classified according to currency of issue.
8.	Cash surplus (+)/deficit (-) plus the net cash flow from financing activities.

Quarterly Bulletin December 2009 S–65

South African Reserve Bank

Government finance statistics of social security funds¹
Statement of sources and uses of cash

R millions

			2007/2008						2008/2009										2009/2010
Year ended 31 March			04		01		2008		02		03		04		01		2009		02		03
Net cash flow from operating activities	(4750K	)		2 240		2 075		8 502		2 448		3 918		4 473		1 634		12 473		1 688		2 136
Cash receipts from operating activities	(4751K	)		7 445		7 301		29 297		8 210		9 240		11 422		8 255		37 127		8 970		9 527
Taxes	(4752K	)		1 998		2 165		7 920		2 068		2 223		2 244		2 310		8 845		2 507		2 924
Social contributions	(4753K	)		3 320		2 540		12 974		3 971		4 723		2 955		2 726		14 375		3 746		3 806
Grants2	(4235K	)		1 036		1 003		4 114		1 135		1 100		3 797		1 098		7 130		1 271		1 232
Other receipts3	(4231K	)		1 092		1 594		4 290		1 036		1 194		2 426		2 121		6 777		1 445		1 566
Cash payments for operating activities	(4754K	)		5 204		5 226		20 795		5 762		5 322		6 948		6 621		24 654		7 282		7 391
Compensation of employees	(4755K	)		439		638		1 990		498		627		599		629		2 354		584		649
Purchases of goods and services	(4756K	)		1 140		588		3 761		1 119		350		1 329		1 556		4 354		2 308		1 569
Interest	(4247K	)		0		0		1		0		0		0		1		1		4		—
Subsidies	(4757K	)		—		—		—		—		—		—		—		—		—		—
Grants4	(4758K	)		—		0		0		—		—		—		—		—		—		—
Social benefits	(4759K	)		3 584		3 958		14 878		4 135		4 334		5 009		4 424		17 901		4 298		5 099
Other expense5	(4760K	)		41		41		165		11		11		11		11		44		87		74
Net cash flow from investment in non-financial assets	(4761K	)		-57		-94		-229		-19		-19		-30		-90		-159		-36		-69
Purchases of non-financial assets	(4240K	)		57		94		229		19		19		30		90		159		40		69
Sales of non-financial assets	(4233K	)		—		0		0		—		—		—		0		0		3		0
Cash surplus (+)/deficit (-)	(4762K	)		2183		1 981		8 274		2 429		3 898		4 443		1 544		12 314		1 651		2 067
Net cash flow from financing activities	(4763K	)		-2 445		-683		-9 216		-2 867		-1 403		-4 839		-3 354		-12 462		-2 682		-2 685
Net acquisition of financial assets other than cash6	(4764K	)		-2 302		-767		-8 952		-2 437		-1 836		-4 827		-3 429		-12 529		-2 999		-3 145
Net incurrence of liabilities7	(4765K	)		-143		84		-264		-430		434		-12		75		67		318		459
Domestic	(4766K	)		-143		84		-264		-430		434		-12		75		67		318		459
Foreign	(4767K	)		—		—		—		—		—		—		—		—		—		—
Net change in stock of cash8	(4768K	)		-262		1 298		-942		-438		2 496		-396		-1 810		-148		-1 030		-618

KB415

Selected items

R millions

Year ended 31 March			1998		1999		2000		2001		2002		2003		2004		2005		2006		2007
Cash receipts from operating activities	(4751F	)		6 534		6 869		7 128		8 113		8 858		11 616		12 380		14 359		19 535		23 620
Cash payments for operating activities	(4754F	)		5 377		6 427		6 478		7 161		7 505		9 065		8 818		8 983		11 950		17 732
Net cash flow from operating activities	(4750F	)		1 157		442		650		952		1 353		2 551		3 562		5 376		7 585		5 888
Net cash flow from investment in non-financial assets	(4761F	)		-1		-43		-55		-13		-28		-78		-18		-11		-39		-85
Cash surplus (+)/deficit (-)	(4762F	)		1 156		399		595		939		1 325		2 473		3 545		5 365		7 547		5 803
Net cash flow from financing activities	(4763F	)		—		—		—		-1 052		-303		-855		-2 902		-5 311		-4 839		-7 022
Net change in stock of cash8	(4768F	)		1 156		399		595		-113		1 022		1 618		642		53		2 707		-1 219

KB440

1.	Data for the last two years are preliminary and subject to revision. Net flows: Inflow of cash (+)/outflow of cash (-). Including the South African Social Security Agency (SASSA) as from 1 April 2006.
2.	Comprising transfers received from foreign governments, international organisations and other general government units.
3.	Comprising property income (including interest and dividends), sales of goods and services, fines, penalties and forfeits, and other non-tax revenues.
4.	Comprising current and capital transfers to foreign governments, international organisations and other general government units.
5.	Comprising miscellaneous other current and capital expense (including transfers to non-profit institutions serving households and to households for non-social benefits) and property expense other than interest.
6.	Domestic as well as foreign financial assets.
7.	Liabilities classified according to currency of issue.
8.	Cash surplus (+)/deficit (-) plus the net cash flow from financing activities.

S–66 Quarterly Bulletin December 2009

South African Reserve Bank

Government finance statistics of consolidated central government¹
Statement of sources and uses of cash

R millions

			2007/2008						2008/2009										2009/2010
Year ended 31 March			04		01		2008		02		03		04		01		2009		02		03
Net cash flow from operating activities	(4775K	)		22 699		15 781		40 768		4 827		-2 931		3 685		1 903		7 485		-48 029		-41 200
Cash receipts from operating activities	(4776K	)		167 373		176 862		640 432		157 649		174 107		181 522		188 391		701 668		149 263		163 991
Taxes	(4777K	)		153 204		160 870		579 682		143 007		154 442		164 373		171 061		632 883		130 315		146 589
Social contributions	(4778K	)		3 320		2 540		12 974		3 971		4 723		2 955		2 726		14 375		3 746		3 806
Grants2	(4255K	)		155		914		1 444		387		321		467		1 601		2 776		1 104		657
Other receipts3	(4779K	)		10 694		12 538		46 331		10 284		14 621		13 727		13 003		51 634		14 098		12 939
Cash payments for operating activities	(4780K	)		144 674		161 081		599 664		152 822		177 038		177 837		186 487		694 183		197 292		205 191
Compensation of employees	(4781K	)		21 842		21 794		84 523		20 841		23 269		23 654		24 356		92 120		24 427		26 036
Purchases of goods and services	(4782K	)		21 242		11 700		73 481		11 079		20 499		23 037		28 779		83 395		32 652		23 307
Interest	(4258K	)		8 030		18 278		53 129		10 522		17 233		10 747		16 122		54 624		12 372		15 988
Subsidies	(4783K	)		1 911		4 684		10 574		5 894		5 618		4 507		1 559		17 578		9 571		8 780
Grants4	(4784K	)		66 306		70 770		268 071		74 294		75 828		80 372		86 417		316 911		83 199		92 188
Social benefits	(4785K	)		19 497		20 145		80 644		21 895		23 556		26 796		22 340		94 588		23 901		29 121
Other expense5	(4786K	)		5 847		13 710		29 241		8 297		11 034		8 723		6 914		34 967		11 169		9 770
Net cash flow from investment in non-financial assets	(4787K	)		-2 803		-4 695		-11 491		-1 865		-3 296		-3 510		-4 260		-12 930		-2 275		-3 108
Purchases of non-financial assets	(4261K	)		2 934		5 012		12 009		2 770		3 355		4 314		4 725		15 163		2 383		3 137
Sales of non-financial assets	(4253K	)		131		317		518		906		59		804		464		2 233		109		29
Cash surplus (+)/deficit (-)	(4788K	)		19 896		11 086		29 277		2 962		-6 226		176		-2 357		-5 445		-50 303		-44 308
Net cash flow from financing activities	(4789K	)		731		-20 039		-10 502		7 575		5 671		8 753		-2 976		19 023		47 773		33 994
Net acquisition of financial assets other than cash6	(4790K	)		-1 995		-1 061		-9 436		-3 906		-2 160		-4 784		-3 291		-14 142		-3 778		-3 307
Net incurrence of liabilities7	(4791K	)		2 726		-18 979		-1 066		11 481		7 831		13 538		315		33 164		51 551		37 301
Domestic	(4792K	)		2 622		-18 612		2 438		14 313		6 798		12 637		678		34 426		45 241		33 539
Foreign	(4793K	)		104		-366		-3 504		-2 832		1 033		900		-363		-1 262		6 310		3 762
Net change in stock of cash8	(4794K	)		20 627		-8 953		18 775		10 537		-556		8 929		-5 333		13 577		-2 530		-10 314

KB416

Selected items

R millions

Year ended 31 March			1998		1999		2000		2001		2002		2003		2004		2005		2006		2007
Cash receipts from operating activities	(4776F	)		180 169		200 494		223 922		243 258		280 457		310 411		338 058		395 563		471 281		553 490
Cash payments for operating activities	(4780F	)		200 972		217 161		234 230		254 098		280 758		316 029		358 651		412 233		455 786		528 504
Net cash flow from operating activities	(4775F	)		-20 803		-16 667		-10 308		-10 840		-301		-5 617		-20 593		-16 670		15 495		24 985
Net cash flow from investment in non-financial assets	(4787F	)		-5 374		-5 723		-4 436		-4 715		-6 575		-7 304		-7 605		-7 317		-9 910		-9 982
Cash surplus (+)/deficit (-)	(4788F	)		-26 177		-22 390		-14 744		-15 555		-6 877		-12 921		-28 198		-23 986		5 584		15 004
Net cash flow from financing activities	(4789F	)		26 192		22 236		16 075		13 207		12 257		15 965		29 719		38 997		22 139		-2 593
Net change in stock of cash8	(4794F	)		15		-153		1 329		-2 349		5 381		3 043		1 521		15 011		27 723		12 411

KB441

1.	Data for the last two years are preliminary and subject to revision. Net flows: Inflow of cash (+)/outflow of cash (-).
2.	Comprising transfers received from foreign governments, international organisations and other general government units.
3.	Comprising property income (including interest and dividends), sales of goods and services, fines, penalties and forfeits, and other non-tax revenues.
4.	Comprising current and capital transfers to foreign governments, international organisations and other general government units.
5.	Comprising miscellaneous other current and capital expense (including transfers to non-profit institutions serving households and to households for non-social benefits) and property expense other than interest.
6.	Domestic as well as foreign financial assets.
7.	Liabilities classified according to currency of issue.
8.	Cash surplus (+)/deficit (-) plus the net cash flow from financing activities.

Quarterly Bulletin December 2009 S–67

South African Reserve Bank

Government finance statistics of provincial governments¹
Statement of sources and uses of cash

R millions

			2007/2008						2008/2009										2009/2010
Year ended 31 March			04		01		2008		02		03		04		01		2009		02		03
Net cash flow from operating activities	(4800K	)		1 065		1 056		21 596		7 112		-47		2 712		5 739		15 515		8 608		7 836
Cash receipts from operating activities	(4801K	)		52 570		53 130		213 624		61 924		62 843		66 085		63 306		254 158		74 453		73 860
Taxes	(4280K	)		1 241		1 594		5 335		1 150		1 154		1 573		1 769		5 645		1 315		1 490
Social contributions	(4802K	)		—		—		—		—		—		—		—		—		—		—
Grants2	(4283K	)		50 545		50 601		204 997		60 055		60 788		63 807		60 657		245 306		72 425		71 671
Other receipts3	(4281K	)		784		935		3 292		719		902		704		881		3 207		713		699
Cash payments for operating activities	(4803K	)		51 505		52 074		192 028		54 812		62 890		63 373		57 568		238 642		65 845		66 024
Compensation of employees	(4804K	)		31 826		31 373		120 106		34 003		36 615		37 649		37 190		145 458		38 226		38 560
Purchases of goods and services	(4805K	)		12 126		12 771		43 294		11 107		14 646		15 483		12 599		53 836		15 423		16 150
Interest	(4286K	)		—		—		—		—		—		—		—		—		—		—
Subsidies	(4806K	)		785		677		3 301		430		384		226		388		1 429		760		760
Grants4	(4807K	)		834		1 280		3 205		844		1 254		1 211		1 231		4 540		1 182		1 219
Social benefits	(4808K	)		—		—		—		—		—		—		—		—		—		—
Other expense5	(4809K	)		5 935		5 972		22 122		8 428		9 990		8 803		6 160		33 380		10 255		9 335
Net cash flow from investment in non-financial assets	(4810K	)		-5 404		-7 504		-21 296		-4 906		-5 949		-7 292		-6 113		-24 260		-6 481		-6 856
Purchases of non-financial assets	(4289K	)		5 468		7 527		21 414		4 935		5 964		7 308		6 134		24 340		6 491		6 917
Sales of non-financial assets	(4297K	)		64		24		118		29		15		15		22		81		10		61
Cash surplus (+)/deficit (-)	(4811K	)		-4 339		-6 448		300		2 206		-5 996		-4 580		-374		-8 744		2 127		980
Net cash flow from financing activities	(4812K	)		-36		-40		-140		-48		-40		-43		-43		-174		-37		-51
Net acquisition of financial assets other than cash6	(4813K	)		-36		-40		-140		-48		-40		-43		-43		-174		-37		-51
Net incurrence of liabilities7	(4814K	)		—		—		—		—		—		—		—		—		—		—
Domestic	(4815K	)		—		—		—		—		—		—		—		—		—		—
Foreign	(4816K	)		—		—		—		—		—		—		—		—		—		—
Net change in stock of cash8	(4817K	)		-4 375		-6 487		160		2 158		-6 037		-4 623		-417		-8 918		2 090		929

KB417

Selected items

R millions

Year ended 31 March			1998		1999		2000		2001		2002		2003		2004		2005		2006		2007
Cash receipts from operating activities	(4801F	)		91 424		100 745		103 551		113 699		126 272		142 851		167 924		191 310		215 542		186 243
Cash payments for operating activities	(4803F	)		89 368		93 535		96 390		105 878		115 623		136 312		158 936		178 002		201 450		165 721
Net cash flow from operating activities	(4800F	)		2 056		7 210		7 161		7 821		10 649		6 539		8 988		13 308		14 092		20 522
Net cash flow from investment in non-financial assets	(4810F	)		-7 968		-3 374		-3 357		-4 304		-6 310		-8 996		-11 197		-10 913		-13 505		-20 230
Cash surplus (+)/deficit (-)	(4811F	)		-5 912		3 836		3 804		3 517		4 339		-2 457		-2 209		2 395		586		292
Net cash flow from financing activities	(4812F	)		-174		-151		-150		-142		-244		-175		-207		-106		-114		-132
Net change in stock of cash8	(4817F	)		-6 086		3 685		3 654		3 375		4 095		-2 632		-2 416		2 289		472		160

KB442

1.	Data for the last two years are preliminary and subject to revision. Net flows: Inflow of cash (+)/outflow of cash (-).
2.	Comprising transfers received from foreign governments, international organisations and other general government units.
3.	Comprising property income (including interest and dividends), sales of goods and services, fines, penalties and forfeits, and other non-tax revenues.
4.	Comprising current and capital transfers to foreign governments, international organisations and other general government units.
5.	Comprising miscellaneous other current and capital expense (including transfers to non-profit institutions serving households and to households for non-social benefits) and property expense other than interest.
6.	Domestic as well as foreign financial assets.
7.	Liabilities classified according to currency of issue.
8.	Cash surplus (+)/deficit (-) plus the net cash flow from financing activities.

S–68 Quarterly Bulletin December 2009

South African Reserve Bank

Government finance statistics of local governments¹
Statement of sources and uses of cash

R millions

			2007/2008						2008/2009										2009/2010
Year ended 31 March			04		01		2008		02		03		04		01		2009		02		03
Net cash flow from operating activities	(4825K	)		6 917		7 344		27 725		4 070		5 776		6 804		7 323		23 973		2 067		10 093
Cash receipts from operating activities	(4826K	)		35 584		38 830		137 470		33 855		35 681		36 998		46 696		153 230		31 816		45 330
Taxes	(4827K	)		5 798		4 702		21 315		4 839		5 514		5 464		6 336		22 153		5 827		6 913
Social contributions	(4828K	)		—		—		—		—		—		—		—		—		—		—
Grants2	(4829K	)		10 639		15 423		40 747		7 845		9 111		10 536		19 703		47 195		4 942		14 611
Other receipts3	(4830K	)		19 147		18 705		75 409		21 171		21 056		20 998		20 657		83 882		21 047		23 806
Cash payments for operating activities	(4831K	)		28 667		31 486		109 746		29 785		29 905		30 194		39 373		129 257		29 749		35 237
Compensation of employees	(4832K	)		8 631		8 425		32 972		8 506		8 754		10 386		9 496		37 142		10 339		10 393
Purchases of goods and services	(4833K	)		13 597		17 286		57 542		19 755		19 825		18 211		28 431		86 222		16 780		22 799
Interest	(4834K	)		793		781		2 946		803		717		897		821		3 238		1 108		1 035
Subsidies	(4835K	)		—		—		—		—		—		—		—		—		—		—
Grants4	(4836K	)		—		—		—		—		—		—		—		—		—		—
Social benefits	(4837K	)		—		—		—		—		—		—		—		—		—		—
Other expense5	(4838K	)		5 646		4 994		16 286		721		609		700		625		2 655		1 522		1 010
Net cash flow from investment in non-financial assets	(4839K	)		-9 454		-9 454		-33 772		-9 428		-11 499		-11 499		-11 498		-43 924		-11 499		-10 291
Purchases of non-financial assets	(4840K	)		9 480		9 480		33 874		9 454		11 528		11 528		11 527		44 037		11 528		10 322
Sales of non-financial assets	(4841K	)		26		26		102		26		29		29		29		113		29		31
Cash surplus (+)/deficit (-)	(4842K	)		-2 537		-2 110		-6 047		-5 358		-5 723		-4 695		-4 175		-19 951		-9 432		-198
Net cash flow from financing activities	(4843K	)		3 634		6 238		14 786		-5 969		5 149		7 448		6 248		12 876		7 391		-1 205
Net acquisition of financial assets other than cash6	(4844K	)		-18		-17		-71		-18		-19		-20		-20		-77		-20		-18
Net incurrence of liabilities7	(4849K	)		3 652		6 255		14 857		-5 951		5 168		7 468		6 268		12 953		7 411		-1 187
Domestic	(4850K	)		3 652		6 255		14 857		-5 951		5 168		7 468		6 268		12 953		7 411		-1 187
Foreign	(4851K	)		—		—		—		—		—		—		—		—		—		—
Net change in the stock of cash8	(4848K	)		1 097		4 128		8 739		-11 327		-574		2 753		2 073		-7 075		-2 041		-1 403

KB418

Selected items

R millions

Year ended 31 March			1998		1999		2000		2001		2002		2003		2004		2005		2006		2007
Cash receipts from operating activities	(4826F	)		43 792		49 984		52 376		58 527		58 610		71 935		84 390		92 385		105 390		110 582
Cash payments for operating activities	(4831F	)		40 061		45 059		47 603		53 467		53 658		67 938		75 087		87 378		92 563		90 925
Net cash flow from operating activities	(4825F	)		3 731		4 926		4 773		5 059		4 952		3 997		9 303		5 008		12 827		19 657
Net cash flow from investment in non-financial assets	(4839F	)		-5 188		-7 400		-8 170		-11 084		-10 179		-10 040		-12 573		-13 720		-15 950		-20 391
Cash surplus (+)/deficit (-)	(4842F	)		-1 457		-2 474		-3 397		-6 025		-5 227		-6 043		-3 271		-8 712		-3 123		-734
Net cash flow from financing activities	(4843F	)		202		1 811		7 240		5 910		3 030		7 487		7 651		11 490		7 580		7 159
Net change in stock of cash8	(4848F	)		-1 255		-663		3 843		-115		-2 197		1 444		4 380		2 778		4 457		6 425

KB443

1.	Data for the last two years are preliminary and subject to revision. Net flows: Inflow of cash (+)/outflow of cash (-). Data provided by Statistics South Africa (Stats SA). From the 1996/97 fiscal year onwards data were revised based on a census conducted by Stats SA for the financial year of local government. The data are based on the GRAP/GAMAP accounting standards from the financial year ending June 2005. Stats SA survey changed to the current Quarterly Financial Statistics format from the financial year ending June 2008, and therefore data are not strictly comparable with prior years.
2.	Comprising transfers received from foreign governments, international organisations and other general government units.
3.	Comprising property income (including interest and dividends), sales of goods and services, fines, penalties and forfeits, and other non-tax revenues.
4.	Comprising current and capital transfers to foreign governments, international organisations and other general government units.
5.	Comprising miscellaneous other current and capital expense (including transfers to non-profit institutions serving households and to households for non-social benefits) and property expense other than interest.
6.	Domestic as well as foreign financial assets.
7.	Liabilities classified according to currency of issue.
8.	Cash surplus (+)/deficit (-) plus the net cash flow from financing activities.

Quarterly Bulletin December 2009 S–69

South African Reserve Bank

Government finance statistics of consolidated general government¹
Statement of sources and uses of cash

R millions

			2007/2008						2008/2009										2009/2010
Year ended 31 March			04		01		2008		02		03		04		01		2009		02		03
Net cash flow from operating activities	(4855K	)		30 681		24 181		90 089		16 009		2 798		13 201		14 965		46 973		-37 354		-23 271
Cash receipts from operating activities	(4856K	)		194 189		202 573		745 057		185 274		202 534		210 006		217 733		815 547		177 893		196 517
Taxes	(4857K	)		160 243		167 166		606 332		148 996		161 109		171 410		179 166		660 682		137 457		154 992
Social contributions	(4858K	)		3 320		2 540		12 974		3 971		4 723		2 955		2 726		14 375		3 746		3 806
Grants2	(4859K	)		—		689		719		133		123		212		1 301		1 769		830		275
Other receipts3	(4860K	)		30 625		32 178		125 032		32 174		36 579		35 429		34 541		138 723		35 859		37 444
Cash payments for operating activities	(4861K	)		163 507		178 392		654 968		169 265		199 736		196 805		202 768		768 574		215 246		219 788
Compensation of employees	(4862K	)		62 300		61 592		237 600		63 350		68 638		71 690		71 042		274 720		72 991		74 989
Purchases of goods and services	(4863K	)		46 965		41 757		174 317		41 942		54 971		56 732		69 809		223 453		64 854		62 255
Interest	(4864K	)		8 823		19 059		56 075		11 325		17 950		11 644		16 943		57 862		13 480		17 023
Subsidies	(4865K	)		2 696		5 361		13 875		6 324		6 003		4 733		1 947		19 006		10 331		9 540
Grants4	(4866K	)		5 801		5 801		24 807		6 984		6 985		6 984		6 989		27 943		6 741		6 743
Social benefits	(4867K	)		19 497		20 145		80 644		21 895		23 556		26 796		22 340		94 588		23 901		29 121
Other expense5	(4868K	)		17 427		24 676		67 650		17 445		21 633		18 226		13 699		71 003		22 947		20 115
Net cash flow from investment in non-financial assets	(4869K	)		-17 661		-21 653		-66 559	��	-16 199		-20 743		-22 300		-21 871		-81 114		-20 254		-20 256
Purchases of non-financial assets	(4870K	)		17 882		22 019		67 297		17 159		20 846		23 149		22 386		83 540		20 402		20 376
Sales of non-financial assets	(4871K	)		221		366		738		961		103		848		515		2 427		148		120
Cash surplus (+)/deficit (-)	(4872K	)		13 021		2 529		23 530		-190		-17 945		-9 099		-6 906		-34 141		-57 607		-43 526
Net cash flow from financing activities	(4873K	)		4 329		-13 841		4 145		1 558		10 779		16 158		3 229		31 725		55 127		32 738
Net acquisition of financial assets other than cash6	(4874K	)		-2 049		-1 117		-9 647		-3 972		-2 219		-4 847		-3 354		-14 393		-3 835		-3 375
Net incurrence of liabilities7	(4875K	)		6 378		-12 724		13 791		5 530		12 998		21 005		6 583		46 117		58 961		36 114
Domestic	(4876K	)		6 274		-12 357		17 295		8 362		11 965		20 105		6 946		47 379		52 652		32 352
Foreign	(4877K	)		104		-366		-3 504		-2 832		1 033		900		-363		-1 262		6 310		3 762
Net change in stock of cash8	(4878K	)		17 350		-11 313		27 674		1 368		-7 166		7 059		-3 677		-2 416		-2 481		-10 788

KB419

Selected items

R millions

Year ended 31 March			1998		1999		2000		2001		2002		2003		2004		2005		2006		2007
Cash receipts from operating activities	(4856F	)		221 487		248 561		274 288		298 689		334 699		376 608		413 535		478 374		564 598		643 369
Cash payments for operating activities	(4861F	)		236 502		253 092		272 662		296 649		319 399		371 689		415 837		476 727		522 185		578 205
Net cash flow from operating activities	(4855F	)		-15 016		-4 531		1 626		2 041		15 300		4 919		-2 302		1 646		42 413		65 164
Net cash flow from investment in non-financial assets	(4869F	)		-18 530		-16 497		-15 963		-20 103		-23 064		-26 340		-31 375		-31 950		-39 366		-50 603
Cash surplus (+)/deficit (-)	(4872F	)		-33 546		-21 027		-14 337		-18 062		-7 764		-21 421		-33 677		-30 303		3 047		14 562
Net cash flow from financing activities	(4873F	)		26 220		23 896		23 165		18 974		15 043		23 276		37 163		50 381		29 605		4 435
Net change in stock of cash8	(4878F	)		-7 326		2 869		8 826		911		7 279		1 855		3 485		20 078		32 652		18 996

KB444

1.	Data for the last two years are preliminary and subject to revision. Net flows: Inflow of cash (+)/outflow of cash (-).
2.	Comprising transfers received from foreign governments, international organisations and other general government units.
3.	Comprising property income (including interest and dividends), sales of goods and services, fines, penalties and forfeits, and other non-tax revenues.
4.	Comprising current and capital transfers to foreign governments, international organisations and other general government units.
5.	Comprising miscellaneous other current and capital expense (including transfers to non-profit institutions serving households and to households for non-social benefits) and property expense other than interest.
6.	Domestic as well as foreign financial assets.
7.	Liabilities classified according to currency of issue.
8.	Cash surplus (+)/deficit (-) plus the net cash flow from financing activities.

S–70 Quarterly Bulletin December 2009

South African Reserve Bank

Government finance statistics of non-financial public enterprises¹
Statement of sources and uses of cash

R millions

			2007/2008						2008/2009										2009/2010
Year ended 31 March			04		01		2008		02		03		04		01		2009		02		03
Net cash flow from operating activities	(4885K	)		7 953		16 514		35 815		9 243		12 102		9 781		11 177		42 303		28 798		10 075
Cash receipts from operating activities	(4886K	)		48 269		45 594		186 308		43 443		50 948		53 014		38 505		185 910		80 588		59 024
Taxes	(4887K	)		—		—		—		—		—		—		—		—		—		—
Social contributions	(4888K	)		—		—		—		—		—		—		—		—		—		—
Grants2	(4889K	)		—		—		—		—		—		—		—		—		—		—
Other receipts3	(4890K	)		48 269		45 594		186 308		43 443		50 948		53 014		38 505		185 910		80 588		59 024
Cash payments for operating activities	(4891K	)		40 316		29 079		150 493		34 199		38 846		43 233		27 328		143 607		51 790		48 950
Compensation of employees	(4892K	)		10 328		10 453		40 359		12 179		12 395		12 047		12 916		49 537		13 307		13 739
Purchases of goods and services	(4893K	)		23 518		14 109		87 078		18 385		21 444		26 398		10 315		76 542		11 168		25 217
Interest	(4894K	)		2 108		2 961		8 626		1 957		3 132		2 761		5 016		12 867		9 952		3 033
Subsidies	(4895K	)		—		—		—		—		—		—		—		—		—		—
Grants4	(4896K	)		—		—		—		—		—		—		—		—		—		—
Social benefits	(4897K	)		117		103		455		12		12		12		-9		27		15		15
Other expense5	(4898K	)		4 245		1 453		13 975		1 666		1 862		2 015		-910		4 634		17 347		6 946
Net cash flow from investment in non-financial assets	(4899K	)		-16 032		-18 684		-60 294		-13 406		-24 910		-19 098		-38 042		-95 456		-24 008		-20 826
Purchases of non-financial assets	(4900K	)		16 489		19 034		61 980		15 033		25 210		19 646		43 433		103 322		24 549		21 380
Sales of non-financial assets	(4901K	)		458		350		1 686		1 628		300		548		5 391		7 866		541		554
Cash surplus (+)/deficit (-)	(4902K	)		-8 079		-2 170		-24 479		-4 162		-12 808		-9 317		-26 865		-53 153		4 790		-10 751
Net cash flow from financing activities	(4903K	)		13 776		7 895		34 733		-7 216		10 615		14 422		37 759		55 581		-4 424		4 919
Net acquisition of financial assets other than cash6	(4904K	)		5 271		1 324		4 300		-2 789		-2 882		-8 383		9 009		-5 044		3 020		265
Net incurrence of liabilities7	(4905K	)		8 505		6 571		30 433		-4 427		13 497		22 805		28 750		60 625		-7 444		4 654
Domestic	(4906K	)		5 299		11 383		24 517		-8 006		9 615		21 039		26 422		49 070		-21 827		6 891
Foreign	(4907K	)		3 207		-4 812		5 916		3 579		3 882		1 766		2 327		11 555		14 383		-2 236
Net change in stock of cash8	(4908K	)		5 697		5 725		10 254		-11 378		-2 193		5 105		10 894		2 428		366		-5 832

KB422

Selected items

R millions

Year ended 31 March			1998		1999		2000		20011		2002		2003		2004		2005		2006		2007
Cash receipts from operating activities	(4886F	)		...		...		...		103 860		117 663		132 970		144 485		137 438		168 182		179 757
Cash payments for operating activities	(4891F	)		...		...		...		88 592		97 353		106 047		115 396		107 193		137 011		146 473
Net cash flow from operating activities	(4885F	)		14 223		15 814		17 648		15 268		20 310		26 923		29 090		30 245		31 171		33 284
Net cash flow from investment in non-financial assets	(4899F	)		-15 194		-23 608		-15 187		-14 449		-17 756		-22 041		-22 369		-20 661		-24 313		-45 172
Cash surplus (+)/deficit (-)	(4902F	)		-971		-7 794		2 461		819		2 554		4 882		6 721		9 585		6 859		-11 888
Net cash flow from financing activities	(4903F	)		...		...		...		-977		3 945		-6 548		-4 174		-7 168		-1 865		16 990
Net change in stock of cash8	(4908F	)		...		...		...		-158		6 498		-1 666		2 547		2 417		4 994		5 102

KB445

1.	Data for the last two years are preliminary and subject to revision. Net flows: Inflow of cash (+)/outflow of cash (-). Before April 2000, the information was based on a survey of key statistics only, whereas the current reporting is based on financial statements of the major corporations in compliance with the GFSM 2001 and is therefore not strictly comparable with data prior to April 2000. Included in the statistics are the non-financial government enterprises and non-financial public corporations e.g. Eskom, Telkom, Transnet and the water boards.
2.	Comprising transfers received from foreign governments, international organisations and other general government units.
3.	Comprising property income (including interest and dividends), sales of goods and services, fines, penalties and forfeits, other non-tax revenues, and subsidies to non-financial public enterprises and corporations.
4.	Comprising current and capital transfers to foreign governments, international organisations and other general government units.
5.	Comprising miscellaneous other current and capital expense (including transfers to non-profit institutions serving households and to households for non-social benefits) and property expense other than interest.
6.	Domestic as well as foreign financial assets.
7.	Liabilities classified according to currency of issue.
8.	Cash surplus (+)/deficit (-) plus the net cash flow from financing activities.

Quarterly Bulletin December 2009 S–71

South African Reserve Bank

Non-financial public-sector borrowing requirement¹

R millions

			Extra-				Consolidated						Consolidated		Non-financial		Non-financial
	National		budgetary		Social security		central		Provincial		Local		general		public		public
	government		institutions		funds		government		governments		governments2		government		enterprises3		sector
End of	(4190K)		(4220K)		(4248K)		(4270K)		(4296K)		(4320K)		(4363K)		(4410K)		(4411K)
31 March
2004		34 251		-2 509		-3 545		28 198		2 209		3 271		33 677		-6 721		26 957
2005		32 571		-3 220		-5 365		23 986		-2 395		8 712		30 303		-9 585		20 719
2006		6 868		-4 905		-7 547		-5 584		-586		3 123		-3 047		-6 859		-9 906
2007		-6 049		-3 151		-5 803		-15 004		-292		734		-14 562		11 888		-2 674
2008		-16 584		-4 419		-8 274		-29 277		-300		6 047		-23 530		24 479		949
2009		23 065		-5 306		-12 314		5 445		8 744		19 951		34 141		53 153		87 293
31 December
2003		34 169		-2 115		-4 433		27 620		-2 517		1 506		26 609		-5 002		21 607
2004		36 244		-3 481		-3 647		29 115		-1 165		10 093		38 043		-7 207		30 836
2005		12 540		-4 330		-5 132		3 079		-7 084		4 611		606		-10 951		-10 345
2006		-624		-3 508		-8 462		-12 594		1 121		-131		-11 604		10 643		-962
2007		-12 493		-3 502		-7 983		-23 977		2 596		4 335		-17 046		28 165		11 119
2008		13 166		-8 413		-12 751		-7 998		14 818		17 886		24 706		28 457		53 164
2002: 02		1 634		238		-534		1 338		-6 208		-731		-5 602		-1 990		-7 592
03		13 938		-1 019		-486		12 433		5 029		3 178		20 640		-3 097		17 542
04		-11 504		1 166		-349		-10 687		2 873		2 960		-4 854		-4 410		-9 264
2003: 01		12 105		-1 162		-1 105		9 837		763		636		11 237		4 615		15 852
02		5 372		436		-1 224		4 584		-4 758		1 020		846		-1 871		-1 025
03		20 033		-1 094		-1 016		17 922		736		-733		17 925		-2 951		14 974
04		-3 341		-294		-1 088		-4 723		742		582		-3 399		-4 794		-8 193
2004: 01		12 188		-1 556		-217		10 415		5 489		2 401		18 305		2 896		21 201
02		17 900		-1 548		-1 325		15 028		-7 525		3 127		10 631		-1 875		8 755
03		13 121		-1 553		-1 372		10 197		-1 209		1 370		10 358		-3 499		6 859
04		-6 965		1 175		-735		-6 525		2 079		3 195		-1 251		-4 728		-5 980
2005: 01		8 515		-1 294		-1 934		5 286		4 259		1 020		10 566		518		11 084
02		12 086		-5 078		-716		6 292		-11 796		3 023		-2 480		-3 461		-5 942
03		3 150		1 543		-1 428		3 265		-664		776		3 377		-6 677		-3 300
04		-11 210		499		-1 054		-11 765		1 117		-209		-10 856		-1 331		-12 187
2006: 01		2 842		-1 870		-4 349		-3 376		10 757		-468		6 913		4 611		11 523
02		3 957		353		-71		4 239		-10 792		-159		-6 711		-2 784		-9 495
03		3 438		-1 597		-2 388		-546		54		498		6		4 786		4 792
04		-10 861		-395		-1 654		-12 910		1 101		-3		-11 812		4 029		-7 782
2007: 01		-2 583		-1 513		-1 690		-5 786		9 344		398		3 956		5 856		9 811
02		5 933		-1 700		-2 051		2 182		-13 001		-842		-11 660		11 657		-3
03		1 234		348		-2 059		-477		1 914		2 242		3 679		2 573		6 252
04		-17 076		-637		-2 183		-19 896		4 339		2 537		-13 021		8 079		-4 942
2008: 01		-6 675		-2 430		-1 981		-11 086		6 448		2 110		-2 529		2 170		-358
02		2 215		-2 748		-2 429		-2 962		-2 206		5 358		190		4 162		4 352
03		13 523		-3 399		-3 898		6 226		5 996		5 723		17 945		12 808		30 753
04		4 103		164		-4 443		-176		4 580		4 695		9 099		9 317		18 416
2009: 01		3 224		677		-1 544		2 357		374		4 175		6 906		26 865		33 771
02		53 989		-2 034		-1 651		50 303		-2 127		9 432		57 607		-4 790		52 817
03		48 571		-2 196		-2 067		44 308		-980		198		43 526		10 751		54 277

KB423

1.	Data for the last two years are preliminary and subject to revision. Data are calculated from the cash surplus (+)/deficit (-) of the statement of sources and uses of cash for all levels of government.
2.	Including market establishments of local governments not operating as a separate institutional unit.
3.	Before April 2000, the information was based on a survey of key statistics only, whereas the current reporting is based on more detailed financial statements of the major corporations in compliance with the GFSM 2001 and is therefore not strictly comparable with data prior to April 2000.

S–72 Quarterly Bulletin December 2009

South African Reserve Bank

Government finance statistics of financial public enterprises¹
Statement of sources and uses of cash

R millions

			2007/2008						2008/2009										2009/2010
Year ended 31 March			04		01		2008		02		03		04		01		2009		02		03
Net cash flow from operating activities	(4915K	)		1 353		149		2 427		1 208		856		1 353		-2 683		735		3 674		391
Cash receipts from operating activities	(4916K	)		2 616		2 459		9 594		2 441		2 699		2 716		5 796		13 652		7 205		4 681
Taxes	(4917K	)		—		—		—		—		—		—		—		—		—		—
Social contributions	(4918K	)		—		—		—		—		—		—		—		—		—		—
Grants2	(4919K	)		—		—		—		—		—		—		—		—		—		—
Other receipts3	(4920K	)		2 616		2 459		9 594		2 441		2 699		2 716		5 796		13 652		7 205		4 681
Cash payments for operating activities	(4921K	)		1 263		2 310		7 166		1 233		1 842		1 363		8 479		12 917		3 531		4 291
Compensation of employees	(4922K	)		143		286		685		289		327		321		433		1 370		565		558
Purchases of goods and services	(4923K	)		232		595		2 259		74		697		299		6 060		7 129		352		361
Interest	(4924K	)		388		900		2 440		567		595		557		576		2 294		959		809
Subsidies	(4925K	)		—		—		—		—		—		—		—		—		—		—
Grants4	(4926K	)		—		—		—		—		—		—		—		—		—		—
Social benefits	(4927K	)		—		—		—		—		—		—		—		—		—		—
Other expense5	(4928K	)		500		529		1 781		303		224		186		1 410		2 123		1 655		2 563
Net cash flow from investment in non-financial assets	(4929K	)		-33		-33		-133		-5		-60		-36		-82		-184		-125		-122
Purchases of non-financial assets	(4930K	)		35		40		142		16		65		39		117		237		131		128
Sales of non-financial assets	(4931K	)		1		7		9		11		5		2		35		53		6		6
Cash surplus (+)/deficit (-)	(4932K	)		1 320		116		2 294		1 203		797		1 316		-2 765		551		3 549		268
Net cash flow from financing activities	(4933K	)		-71		-245		137		-1 128		-722		-1 668		4 588		1 070		-4 766		-1 485
Net acquisition of financial assets other than cash6	(4934K	)		-1 059		-2 660		-4 130		-7 468		30 597		-7 430		-3 752		11 947		-2 506		-2 506
Net incurrence of liabilities7	(4935K	)		989		2 415		4 267		6 339		-31 318		5 762		8 340		-10 876		-2 259		1 021
Domestic	(4936K	)		1 512		1 577		4 424		7 054		-31 703		3 787		8 671		-12 191		-1 076		2 205
Foreign	(4937K	)		-523		839		-157		-715		385		1 975		-331		1 315		-1 183		-1 183
Net change in stock of cash8	(4938K	)		1 249		-129		2 432		75		75		-351		1 823		1 621		-1 217		-1 217

KB447

Selected items

R millions

Year ended 31 March			1998		1999		2000		20011		2002		2003		2004		2005		2006		2007
Cash receipts from operating activities	(4916F	)		...		...		...		3 893		5 138		7 400		5 629		7 416		8 386		7 430
Cash payments for operating activities	(4921F	)		...		...		...		2 104		2 393		5 425		3 432		4 840		4 028		5 045
Net cash flow from operating activities	(4915F	)		2 761		3 137		2 950		1 789		2 744		1 975		2 197		2 576		4 358		2 385
Net cash flow from investment in non-financial assets	(4929F	)		67		85		106		-24		-95		-138		-58		-75		-101		-27
Cash surplus (+)/deficit (-)	(4932F	)		2 694		3 052		2 844		1 765		2 649		1 837		2 139		2 501		4 257		2 358
Net cash flow from financing activities	(4933F	)		...		...		...		1 640		1 134		-1 233		-4 657		-2 642		-4 002		-2 020
Net change in stock of cash8	(4938F	)		...		...		...		3 405		3 784		604		-2 518		-142		254		339

KB446

1.	Data for the last two years are preliminary and subject to revision. Net flows: Inflow of cash (+)/outflow of cash (-). Before April 2000, the information was based on a survey of key statistics only, whereas the current reporting is based on financial statements of the major corporations in compliance with the GFSM 2001 and is therefore not strictly comparable with data prior to April 2000. Included in the statistics are the financial government enterprises and financial public corporations e.g. the Industrial Development Corporation of SA Ltd (IDC). However, the South African Reserve Bank, Corporation for Public Deposits, the Land Bank as well as the Postbank are not included because their statistics are covered in the monetary statistical pages.
2.	Comprising transfers received from foreign governments, international organisations and other general government units.
3.	Comprising property income (including interest and dividends), sales of goods and services, fines, penalties and forfeits, other non-tax revenues, and subsidies to financial public enterprises and corporations.
4.	Comprising current and capital transfers to foreign governments, international organisations and other general government units.
5.	Comprising miscellaneous other current and capital expense (including transfers to non-profit institutions serving households and to households for non-social benefits) and property expense other than interest.
6.	Domestic as well as foreign financial assets.
7.	Liabilities classified according to currency of issue.
8.	Cash surplus (+)/deficit (-) plus the net cash flow from financing activities.

Quarterly Bulletin December 2009 S–73

South African Reserve Bank

Total expenditure — consolidated general government
Functional classification¹

R millions

Year ended 31 March			1998		1999		2000		2001		2002		2003		2004		2005		2006		2007
General public services	(4331F	)		61 574		68 124		75 752		75 355		85 334		94 864		104 924		144 669		136 073		153 570
Of which: Public debt transactions3	(4383F	)		38 785		42 665		44 195		46 272		47 368		46 590		46 086		51 129		50 866		52 164
Defence	(4371F	)		12 064		11 970		11 957		14 882		19 546		19 164		21 994		22 764		26 236		26 758
Public order and safety	(4372F	)		21 439		24 652		25 615		28 247		31 897		37 103		41 118		45 136		54 168		61 689
Economic affairs	(4332F	)		24 104		22 248		25 800		29 422		32 172		39 489		44 863		39 694		46 198		59 329
Of which: Agriculture, forestry, fishing, and hunting	(4379F	)		3 885		3 746		3 743		4 224		5 190		5 855		7 192		6 806		9 156		10 428
Fuel and energy	(4378F	)		828		648		574		546		1 052		1 264		1 793		2 247		2 414		3 251
Mining, manufacturing, and construction	(4380F	)		2 086		1 551		1 530		1 295		1 864		2 850		3 130		3 528		3 991		3 731
Transport	(4333F	)		9 085		10 672		13 106		15 739		15 054		18 880		20 876		16 684		19 689		27 956
Communication	(4334F	)		2 714		578		457		266		912		775		929		1 733		1 054		1 890
Other industries	(4335F	)		...		...		...		...		...		...		...		2 371		1 973		2 438
Environmental protection	(4387F	)		5 293		5 495		5 080		5 749		6 713		9 635		10 784		3 129		3 688		3 918
Housing and community amenities	(4376F	)		7 968		7 338		5 957		7 905		8 639		9 070		9 310		16 500		20 520		22 768
Health	(4374F	)		24 410		24 856		25 662		29 813		30 549		35 473		39 635		43 962		50 219		58 062
Of which: Outpatient services	(4336F	)		...		...		...		...		...		...		...		1 207		1 595		1 931
Hospital services	(4337F	)		...		...		...		...		...		...		...		18 438		21 793		24 411
Public health services	(4339F	)		...		...		...		...		...		...		...		21 020		23 824		28 211
Recreation, culture and religion	(4377F	)		2 868		3 700		4 271		4 511		4 350		6 261		6 952		8 521		14 677		13 613
Education	(4373F	)		50 417		50 819		53 451		58 891		64 585		72 879		82 566		86 460		95 517		105 889
Of which: Pre-primary and primary education	(4340F	)		21 872		21 818		21 938		24 139		26 010		29 679		33 662		31 287		34 380		36 969
Secondary education	(4341F	)		17 185		17 143		17 237		18 967		20 436		23 319		26 449		22 882		25 954		28 204
Tertiary education	(4342F	)		11 360		11 858		13 612		15 059		17 294		19 876		21 273		20 126		21 436		24 242
Social protection	(4375F	)		26 093		27 350		29 959		33 654		36 757		48 439		60 748		61 285		71 506		82 571
Total outlays	(4385F	)		236 230		246 552		263 504		288 429		320 542		372 377		422 894		472 119		518 803		588 167
Discrepancy with consolidated general government4	(4386F	)		19 054		23 614		25 785		28 502		22 186		25 897		24 689		36 793		43 090		40 934
Total expenditure — consolidated general government	(4357F	)		255 284		270 166		289 289		316 931		342 728		398 274		447 583		508 913		561 893		629 101

KB420

Total expenditure — consolidated general government
Functional classification¹

Percentage

Year ended 31 March			1998		1999		2000		2001		2002		2003		2004		2005		2006		2007
General public services	(4331Z	)		26.1		27.6		28.7		26.1		26.6		25.5		24.8		30.6		26.2		26.1
Of which: Public debt transactions3	(4383Z	)		16.4		17.3		16.8		16.0		14.8		12.5		10.9		10.8		9.8		8.9
Defence	(4371Z	)		5.1		4.9		4.5		5.2		6.1		5.1		5.2		4.8		5.1		4.5
Public order and safety	(4372Z	)		9.1		10.0		9.7		9.8		10.0		10.0		9.7		9.6		10.4		10.5
Economic affairs	(4332Z	)		10.2		9.0		9.8		10.2		10.0		10.6		10.6		8.4		8.9		10.1
Of which: Agriculture, forestry, fishing, and hunting	(4379Z	)		1.6		1.5		1.4		1.5		1.6		1.6		1.7		1.4		1.8		1.8
Fuel and energy	(4378Z	)		0.4		0.3		0.2		0.2		0.3		0.3		0.4		0.5		0.5		0.6
Mining, manufacturing, and construction	(4380Z	)		0.9		0.6		0.6		0.4		0.6		0.8		0.7		0.7		0.8		0.6
Transport	(4333Z	)		3.8		4.3		5.0		5.5		4.7		5.1		4.9		3.5		3.8		4.8
Communication	(4334Z	)		1.1		0.2		0.2		0.1		0.3		0.2		0.2		0.4		0.2		0.3
Other industries	(4335Z	)		...		...		...		...		...		...		...		0.5		0.4		0.4
Environmental protection	(4387Z	)		2.2		2.2		1.9		2.0		2.1		2.6		2.6		0.7		0.7		0.7
Housing and community amenities	(4376Z	)		3.4		3.0		2.3		2.7		2.7		2.4		2.2		3.5		4.0		3.9
Health	(4374Z	)		10.3		10.1		9.7		10.3		9.5		9.5		9.4		9.3		9.7		9.9
Of which: Outpatient services	(4336Z	)		...		...		...		...		...		...		...		0.3		0.3		0.3
Hospital services	(4337Z	)		...		...		...		...		...		...		...		3.9		4.2		4.2
Public health services	(4339Z	)		...		...		...		...		...		...		...		4.5		4.6		4.8
Recreation, culture and religion	(4377Z	)		1.2		1.5		1.6		1.6		1.4		1.7		1.6		1.8		2.8		2.3
Education	(4373Z	)		21.3		20.6		20.3		20.4		20.1		19.6		19.5		18.3		18.4		18.0
Of which: Pre-primary and primary education	(4340Z	)		9.3		8.8		8.3		8.4		8.1		8.0		8.0		6.6		6.6		6.3
Secondary education	(4341Z	)		7.3		7.0		6.5		6.6		6.4		6.3		6.3		4.8		5.0		4.8
Tertiary education	(4342Z	)		4.8		4.8		5.2		5.2		5.4		5.3		5.0		4.3		4.1		4.1
Social protection	(4375Z	)		11.0		11.1		11.4		11.7		11.5		13.0		14.4		13.0		13.8		14.0
Total outlays	(4385Z	)		100.0		100.0		100.0		100.0		100.0		100.0		100.0		100.0		100.0		100.0

KB421

1.	Source Statistics South Africa.
2.	Before fiscal 2004/05 data was compiled based on the GFS 1986 manual. The current reporting format is in compliance with the GFSM 2001 and is therefore not strictly comparable with data prior to April 2004.
3.	Before fiscal 2004/05 only includes interst paid by national government. This interest is unallocable and not classified between the different functions of government.
4.	Mostly local government trading accounts not included in the analysis by Statistics South Africa.

S–74 Quarterly Bulletin December 2009

South African Reserve Bank

Local governments¹
Liabilities²

R millions

	Accumulated funds								Long-term loans
									General government				Other
					Accu-										Insurers				Short-term
	Urban				mulated		Market-								and				loans and
	develop-				income		able								pension				bank over-		Sundry
	ment		Other		surplus		bonds		Housing3		Other4		Banks5		funds		Other		drafts		creditors6		Other		Total
End of	(2470K)		(2471K)		(2472K)		(2473K)		(2474K)		(2475K)		(2476K)		(2477K)		(2478K)		(2479K)		(2480K)		(2481K)		(2482K)
31 March
2007		12 712		29 660		47 430		4 855		406		271		5 965		16		16 841		13 309		21 221		8 564		161 250
2008		15 533		46 600		60 739		5 182		1 758		170		6 338		29		14 275		3 536		23 162		17 315		194 637
2009		14 942		52 974		71 332		9 137		1 864		139		7 821		2		10 463		2 929		21 488		11 880		204 971
2007: 04		15 086		45 259		59 837		5 249		1 917		170		7 055		31		13 225		3 578		23 418		13 649		188 474
2008: 01		15 533		46 600		60 739		5 182		1 758		170		6 338		29		14 275		3 536		23 162		17 315		194 637
02		12 796		45 367		58 206		7 979		1 383		94		5 751		96		12 290		3 816		21 477		12 269		181 524
03		13 271		47 051		59 287		7 888		1 378		85		6 442		96		12 090		3 734		21 095		11 828		184 245
04		15 436		54 729		65 048		9 237		1 811		139		7 205		49		10 686		3 332		21 614		11 095		200 381
2009: 01		14 942		52 974		71 332		9 137		1 864		139		7 821		2		10 463		2 929		21 488		11 880		204 971
02		15 164		53 764		75 221		9 842		1 848		138		8 554		2		10 460		2 976		25 094		12 337		215 400
03		17 127		60 721		118 675		9 842		1 806		114		8 219		3		12 138		3 125		33 006		12 308		277 084

KB228

Assets²

R millions

					Long-term loans								Fixed assets
					Housing						Securities
	Cash,										and re-										Accumu-
	deposits						Instalment				demption				Other						lated
	and short-		Sundry				sale credit				fund in-				trading				Inven-		income
	term loans		debtors		Mortgage		and other		Other		vestments		Housing		services		Other7		tories		deficit		Other		Total
End of	(2490K)		(2491K)		(2492K)		(2493K)		(2494K)		(2495K)		(2496K)		(2497K)		(2498K)		(2499K)		(2500K)		(2501K)		(2502K)
31 March
2007		27 464		23 417		13		3 275		2 192		3 916		5 966		33 806		58 763		1 368		895		176		161 250
2008		36 203		24 967		13		3 151		4 745		464		7 368		41 752		73 681		1 734		307		252		194 637
2009		29 128		27 162		22		4 143		6 240		1 012		8 045		45 588		80 450		1 814		752		615		204 971
2007: 04		32 075		23 328		13		3 145		4 737		448		7 317		41 462		73 168		1 740		573		469		188 474
2008: 01		36 203		24 967		13		3 151		4 745		464		7 368		41 752		73 681		1 734		307		252		194 637
02		24 876		23 612		26		5 284		7 957		2 128		6 647		37 664		66 466		1 645		2 870		2 349		181 524
03		24 302		23 406		26		5 294		7 973		2 155		6 889		39 037		68 889		1 722		2 504		2 048		184 245
04		27 055		27 068		24		4 678		7 046		730		7 808		44 246		78 080		1 799		1 016		831		200 381
2009: 01		29 128		27 162		22		4 143		6 240		1 012		8 045		45 588		80 450		1 814		752		615		204 971
02		27 087		28 437		22		4 209		6 340		1 051		8 698		49 287		86 977		1 792		826		675		215 400
03		25 684		29 232		21		4 098		6 172		4 433		12 263		69 492		122 632		2 167		490		401		277 084

KB229

1.	Metropolitan, district, local municipalities and water boards. As from September 1987 the data are provided by Statistics South Africa (Stats SA). From the fiscal year 1996/97 onwards data were revised based on a census conducted by Stats SA for the financial year of local government. The data are based on the GRAP/GAMAP accounting standards from the financial year ending June 2005. Stats SA survey changed to the current Quarterly Financial Statistics format from financial year ending June 2008, and therefore data are not strictly comparable with prior years.
2.	Excluding loans and advances from own internal funds and investment in own securities.
3.	Including the various housing and development funds.
4.	Including Local Authorities Loans Fund.
5.	Including mutual banks.
6.	Including deposits on water and electricity accounts.
7.	Financed from taxes and general sources.

Quarterly Bulletin December 2009 S–75

South African Reserve Bank

Non-financial public enterprises¹
Liabilities²

R millions

	Securities other than shares						Loans								Shares and other equity
	Bonds						Long term				Short term								Capital
																			funds,
																	Other		reserves and				Other
	Domestic		Foreign												National		share-		unallocated		Financial		accounts
	issues		issues		Other3		Residents		Non-residents		Banks		Other4		government5		holders6		profits		derivatives7		payable8		Total
End of	(2435K)		(2434K)		(2443K)		(2444K)		(2437K)		(2439K)		(2440K)		(2430K)		(2431K)		(2445K)		(2446K)		(2447K)		(2442K)
31 March
2007		70 762		1 802		10 112		28 555		1 082		6 510		3 341		35 505		3 037		120 251		6 003		98 687		385 646
2008		86 347		1 887		13 787		25 355		4 739		1 349		8 066		35 853		3 129		158 610		-2 959		132 971		469 132
2009		105 262		1 318		15 393		37 081		7 848		6 515		16 611		35 172		3 084		151 654		18 321		144 211		542 472
2007: 03		78 520		1 727		7 025		20 582		4 715		4 672		6 166		35 172		3 140		128 781		4 196		99 447		394 142
04		81 569		1 834		7 492		20 966		4 675		4 022		6 094		35 172		3 143		132 954		2 151		102 894		402 968
2008: 01		86 347		1 887		13 787		25 355		4 739		1 349		8 066		35 853		3 129		158 610		-2 959		132 971		469 132
02		84 220		1 877		15 094		24 105		5 226		1 270		8 377		35 172		3 108		151 525		3 585		119 684		453 244
03		90 418		1 947		12 826		26 927		4 561		4 575		7 603		35 172		3 130		153 869		6 829		126 808		474 666
04		97 851		2 028		13 771		33 007		5 266		4 392		16 906		35 172		3 109		151 461		7 467		127 807		498 237
2009: 01		105 262		1 318		15 393		37 081		7 848		6 515		16 611		35 172		3 084		151 654		18 321		144 211		542 472
02		101 950		1 323		7 858		35 861		8 415		6 914		15 989		35 122		3 047		151 867		24 038		155 402		547 788

KB226

Assets²

R millions

	Non-financial assets9				Financial assets
					Currency and deposits				Securities other than shares						Loans
																			Shares				Other
					Monetary		Other						Bills and		Mortgage		Other long-		and other		Financial		accounts
	Domestic		Foreign		institutions10		institutions11		NCDs		Bonds		other3		loans		term loans12		equity6		derivatives7		receivable13		Total
End of	(2463K)		(2464K)		(2450K)		(2465K)		(2467K)		(2466K)		(2468K)		(2455K)		(2469K)		(2454K)		(2483K)		(2484K)		(2462K)
31 March
2007		242 494		13 151		34 152		1 877		6 402		4 072		11 028		—		5 786		2 555		30 092		34 037		385 646
2008		303 738		13 073		48 724		2 040		2 602		3 096		14 045		—		7 206		6 158		30 560		37 890		469 132
2009		390 522		13 107		47 887		5 880		562		3 700		12 766		—		11 819		3 687		3 993		48 548		542 472
2007: 03		256 402		13 132		32 569		1 942		2 474		7 911		12 675		—		5 895		3 040		26 343		31 759		394 142
04		266 243		13 132		35 978		1 635		1 745		3 905		12 413		—		6 242		3 032		25 329		33 314		402 968
2008: 01		303 738		13 073		48 724		2 040		2 602		3 096		14 045		—		7 206		6 158		30 560		37 890		469 132
02		313 569		13 073		36 246		29		1 609		1 967		11 753		—		6 990		2 961		24 724		40 322		453 244
03		340 444		13 073		31 771		28		932		2 549		10 834		—		7 984		3 409		20 320		43 323		474 666
04		357 993		13 073		37 777		3 734		1 151		1 492		11 341		—		9 666		3 442		16 657		41 912		498 237
2009: 01		390 522		13 107		47 887		5 880		562		3 700		12 766		—		11 819		3 687		3 993		48 548		542 472
02		406 136		13 107		47 158		7 411		544		3 480		12 265		—		12 073		3 766		1 537		40 310		547 788

KB227

1.	Non-financial government enterprises and non-financial public corporations e.g. Eskom, Telkom, Transnet and the water boards.
2.	Consolidated data; intra-sectoral claims have been eliminated.
3.	Including RSA Government Treasury bills, stock issued abroad, debentures, domestic and foreign promissory notes. Also included are units in unit trusts and property unit trusts as well as other fixed interest securities.
4.	Including other loans received from domestic non-bank private sector and public-sector institutions as well as foreign loans.
5.	Including preference and ordinary shares.
6.	Including domestic and foreign preference, and ordinary shares.
7.	Including domestic and foreign liabilities in respect of derivative instruments.
8.	Including deposits received from domestic and foreign sectors as well as provision for actuarial deficit on pension fund.
9.	Including fixed assets, inventories, valuables and non-produced assets.
10.	South African Reserve Bank, Corporation for Public Deposits, Land Bank, banks and mutual banks.
11.	Including foreign short-term transferrable and other deposits.
12.	Including other long-term loans to residents and non-residents.
13.	Including insurance technical reserves and other domestic and foreign short-term loans.

S–76 Quarterly Bulletin December 2009

South African Reserve Bank

Financial public enterprises¹
Liabilities²

R millions

	Securities other than shares						Loans								Shares and other equity
	Bonds						Long term				Short term								Capital
																			funds,
																	Other		reserves and				Other
	Domestic		Foreign						Non-						National		share-		unallocated		Financial		accounts
	issues		issues		Other3		Residents		residents		Banks		Other4		government5		holders6		profits		derivatives7		payable8		Total
End of	(4505K)		(4504K)		(4513K)		(4514K)		(4507K)		(4509K)		(4510K)		(4500K)		(4501K)		(4515K)		(4516K)		(4517K)		(4512K)
31 March
2007		5 728		1 242		1 064		6 416		10 198		—		407		2 397		1 393		68 693		92		9 131		106 761
2008		6 702		1 749		2 000		6 205		11 569		—		1 756		2 397		1 393		100 623		222		12 899		147 514
2009		11 343		3 541		618		1 967		11 285		—		444		2 397		1 393		89 182		331		6 756		129 258
2007: 03		6 402		1 388		1 055		1 696		9 932		—		381		2 397		1 393		79 337		101		7 942		112 023
04		7 026		1 388		1 104		1 800		9 409		—		440		2 397		1 393		85 748		96		8 122		118 923
2008: 01		6 702		1 749		2 000		6 205		11 569		0		1 756		2 397		1 393		100 623		222		12 899		147 514
02		6 068		1 635		2 153		1 840		10 820		—		472		2 397		1 393		106 750		372		12 122		146 023
03		9 275		2 402		633		1 932		10 971		—		396		2 397		1 393		73 891		181		12 194		115 664
04		11 385		2 833		636		1 969		12 371		—		404		2 397		1 393		77 221		331		12 372		123 313
2009: 01		11 343		3 541		618		1 967		11 285		—		444		2 397		1 393		89 182		331		6 756		129 258
02		12 401		3 996		511		1 958		9 882		—		417		2 397		1 393		90 606		122		7 218		130 901

KB425

Assets²

R millions

			Financial assets
			Currency and deposits				Securities other than shares						Loans12
													Long term
	Non-																		Shares				Other
	financial		Monetary		Other						Bills and		Mortgage				Short		and other		Financial		accounts
	assets9		institutions10		institutions11		NCDs		Bonds		other3		loans		Other		term		equity6		derivatives7		receivable13		Total
End of	(4533K)		(4520K)		(4535K)		(4537K)		(4536K)		(4538K)		(4525K)		(4539K)		(4534K)		(4524K)		(4540K)		(4541K)		(4532K)
31 March
2007		1 522		9 386		0		102		5 152		3 029		1 208		25 180		248		59 293		983		657		106 761
2008		1 639		12 108		0		80		2 436		6 202		1 144		29 295		361		91 612		1 006		1 631		147 514
2009		1 681		13 306		0		151		1 972		5 702		1 109		33 540		201		68 629		1 316		1 652		129 258
2007: 03		1 385		10 049		0		233		2 888		3 867		1 093		24 179		133		66 650		813		734		112 023
04		1 445		11 613		0		80		2 655		3 607		1 156		25 464		237		70 977		782		906		118 923
2008: 01		1 639		12 108		0		80		2 436		6 202		1 144		29 295		361		91 612		1 006		1 631		147 514
02		1 525		11 640		0		137		2 638		4 747		1 133		27 157		312		95 213		567		953		146 023
03		1 524		11 767		0		50		3 028		5 193		1 021		28 813		161		62 049		921		1 137		115 664
04		1 627		11 409		0		100		3 486		5 670		1 104		32 170		154		64 663		1 467		1 463		123 313
2009: 01		1 681		13 306		0		151		1 972		5 702		1 109		33 540		201		68 629		1 316		1 652		129 258
02		1 788		12 116		0		802		2 042		5 378		1 104		34 672		182		70 008		1 119		1 691		130 901

KB426

1.	Financial government enterprises and financial public corporations e.g. the Industrial Development Corporation of SA Ltd (IDC). However, the South African Reserve Bank, Corporation for Public Deposits, the Land Bank as well as the Postbank are not included because their statistics are covered in the monetary statistical pages.
2.	Consolidated data; intra-sectoral claims have been eliminated.
3.	Including RSA Government Treasury bills and other deposits, debentures, domestic and foreign promissory notes. Also included are units in unit trusts and property unit trusts as well as other fixed interest securities.
4.	Including other loans received from domestic non-bank private sector and public-sector institutions as well as foreign loans.
5.	Including preference and ordinary shares.
6.	Including domestic and foreign preference, and ordinary shares.
7.	Including domestic and foreign liabilities in respect of derivative instruments.
8.	Including deposits received from domestic and foreign sectors as well as provision for actuarial deficit on pension fund.
9.	Including fixed assets, inventories, valuables and non-produced assets.
10.	South African Reserve Bank, Corporation for Public Deposits, Land Bank, banks and mutual banks.
11.	Including foreign short-term transferrable and other deposits.
12.	Including other long-term loans to residents and non-residents.
13.	Including insurance technical reserves and other domestic and foreign short-term loans.

Quarterly Bulletin December 2009 S–77

South African Reserve Bank

Balance of payments¹
Annual figures

R millions

			2001		2002		2003		2004		2005		2006		2007		2008
Current account
Merchandise exports, free on board2	(5000J	)		236 556		289 608		259 328		281 827		331 338		412 220		493 893		655 759
Net gold exports3	(5001J	)		29 276		43 643		32 106		28 698		27 023		35 470		39 898		48 534
Service receipts	(5002J	)		41 471		52 309		63 351		63 425		71 808		82 643		97 111		105 352
Income receipts	(5680J	)		21 125		22 711		21 373		20 973		29 550		41 207		48 448		48 254
Less: Merchandise imports, free on board2	(5003J	)		221 235		283 004		264 752		311 759		360 362		476 966		574 322		739 852
Less: Payments for services	(5004J	)		44 766		57 632		60 283		66 420		77 197		96 623		115 740		138 684
Less: Income payments	(5681J	)		53 301		52 111		56 244		48 823		60 975		75 982		117 266		122 129
Current transfers (net receipts +)	(5006J	)		-6 257		-5 844		-7 478		-10 869		-15 680		-15 768		-16 575		-18 909
Balance on current account	(5007J	)		2 869		9 680		-12 599		-42 948		-54 495		-93 799		-144 553		-161 675
Capital transfer account (net receipts +)	(5682J	)		-256		-163		327		338		193		205		197		208
Financial account
Direct investment
Liabilities4	(5640J	)		58 404		16 540		5 550		5 155		42 270		-3 567		40 120		74 403
Assets5	(5656J	)		27 359		4 195		-4 275		-8 721		-5 916		-41 058		-20 896		25 888
Net direct investment	(5683J	)		85 763		20 735		1 275		-3 566		36 354		-44 625		19 224		100 291
Portfolio investment
Liabilities	(5644J	)		-24 000		5 344		7 548		46 262		36 188		144 501		97 485		-71 540
Assets	(5660J	)		-43 626		-9 619		-1 001		-5 946		-6 123		-15 044		-24 026		-63 325
Net portfolio investment	(5684J	)		-67 626		-4 275		6 547		40 316		30 065		129 457		73 459		-134 865
Other investment
Liabilities	(5650J	)		-10 226		304		14 594		10 944		32 735		60 750		58 711		47 730
Assets	(5666J	)		-31 158		-4 329		-36 919		-3 555		-22 895		-38 823		2 119		82 983
Net other investment	(5685J	)		-41 384		-4 025		-22 325		7 389		9 840		21 927		60 830		130 713
Balance on financial account	(5688J	)		-23 247		12 435		-14 503		44 139		76 259		106 759		153 513		96 139
Unrecorded transactions6	(5686J	)		8 397		-5 872		21 917		35 999		12 306		16 627		38 659		91 394
Change in net gold and other foreign reserves owing to balance-of-payments transactions	(5020J	)		-12 237		16 080		-4 858		37 528		34 263		29 792		47 816		26 066
Change in liabilities related to reserves7	(5021J	)		13 571		-20 090		1 911		2 949		2 577		-5 453		-7 631		-7 761
SDR allocations and valuation adjustments	(5022J	)		31 630		-20 041		-11 262		-10 617		11 003		23 350		5 642		74 214
Net monetisation(+)/demonetisation(-) of gold	(5283J	)		622		-563		1 137		84		-226		163		169		158
Change in gross gold and other foreign reserves	(5023J	)		33 586		-24 614		-13 072		29 944		47 617		47 852		45 996		92 677
Memo item: Change in capital transfer and financial accounts including unrecorded transactions	(5687J	)		-15 106		6 400		7 741		80 476		88 758		123 591		192 369		187 741

KB501

1.	Data for the previous four years are preliminary and subject to revision.
2.	Published customs figures adjusted for balance-of-payments purposes.
3.	Commodity gold. Prior to 1981 net gold exports comprised net foreign sales of gold plus changes in gold holdings of the South African Reserve Bank and other banking institutions.
4.	Investment by foreigners in undertakings in South Africa in which they have individually or collectively in the case of affiliated organisations or persons, at least 10 per cent of the voting rights.
5.	Investment by South African residents in undertakings abroad in which they have at least 10 per cent of the voting rights.
6.	Transactions on the current capital transfer and financial accounts.
7.	Liabilities related to foreign reserves include all foreign liabilities of the South African Reserve Bank and short-term foreign loans to the central government by international organisations.

S–78 Quarterly Bulletin December 2009

South African Reserve Bank

Balance of payments¹
Quarterly figures

R millions

			2007				2008										2009
			04		2007		01		02		03		04		2008		01		02		03
Current account
Merchandise exports free on board2	(5000K	)		133 320		493 893		138 082		172 201		178 975		166 501		655 759		130 149		120 311		122 426
Net gold exports3	(5001K	)		11 268		39 898		11 516		11 877		12 351		12 790		48 534		12 744		11 871		13 355
Service receipts	(5002K	)		27 990		97 111		26 509		23 690		25 015		30 138		105 352		27 151		23 234		23 852
Income receipts	(5680K	)		11 521		48 448		10 629		13 749		13 092		10 784		48 254		11 511		7 340		8 630
Less: Merchandise imports free on board2	(5003K	)		152 260		574 322		161 474		188 411		204 626		185 341		739 852		153 485		124 539		132 126
Less: Payments for services	(5004K	)		30 223		115 740		30 569		36 529		36 766		34 820		138 684		31 121		31 443		30 840
Less: Income payments	(5681K	)		37 016		117 266		31 578		29 506		34 270		26 775		122 129		24 425		22 209		23 571
Current transfers (net receipts +)	(5006K	)		-3 612		-16 575		-4 234		-5 531		-5 040		-4 104		-18 909		-5 592		-5 389		-5 964
Balance on current account	(5007K	)		-39 012		-144 553		-41 119		-38 460		-51 269		-30 827		-161 675		-33 068		-20 824		-24 238
Capital transfer account (net receipts +)	(5682K	)		50		197		53		48		55		52		208		56		57		52
Financial account
Direct investment
Liabilities4	(5640K	)		12 973		40 120		46 822		7 873		16 021		3 687		74 403		11 122		24 873		8 279
Assets5	(5656K	)		-5 572		-20 896		-7 078		-4 443		-4 845		42 254		25 888		2 520		-3 651		-3 494
Net direct investment	(5683K	)		7 401		19 224		39 744		3 430		11 176		45 941		100 291		13 642		21 222		4 785
Portfolio investment
Liabilities	(5644K	)		2 630		97 485		-20 655		17 358		-7 626		-60 617		-71 540		9 992		29 669		26 290
Assets	(5660K	)		-9 027		-24 026		-1 518		-6 451		-4 298		-51 058		-63 325		-938		-410		-3 646
Net portfolio investment	(5684K	)		-6 397		73 459		-22 173		10 907		-11 924		-111 675		-134 865		9 054		29 259		22 644
Other investment
Liabilities	(5650K	)		5 423		58 711		33 513		3 703		13 904		-3 390		47 730		-6 893		-27 012		-6 805
Assets	(5666K	)		30 104		2 119		12 510		7 111		-909		64 271		82 983		-2 151		4 082		20 085
Net other investment	(5685K	)		35 527		60 830		46 023		10 814		12 995		60 881		130 713		-9 044		-22 930		13 280
Balance on financial account	(5688K	)		36 531		153 513		63 594		25 151		12 247		-4 853		96 139		13 652		27 551		40 709
Unrecorded transactions6	(5686K	)		18 515		38 659		-15 753		18 918		46 771		41 458		91 394		21 142		285		-10 263
Change in net gold and other foreign reserves owing to balance-of-payments transactions	(5020K	)		16 084		47 816		6 775		5 657		7 804		5 830		26 066		1 782		7 069		6 260
Change in liabilities related to reserves7	(5021K	)		-3 669		-7 631		-2 456		-2 000		-2 665		-640		-7 761		28		-428		-2 689
SDR allocations and valuation adjustments	(5022K	)		2 447		5 642		49 620		-9 905		7 136		27 363		74 214		4 749		-55 702		12 803
Net monetisation(+)/demonetisation(-) of gold	(5283K	)		12		169		41		34		33		50		158		4		9		23
Change in gross gold and other foreign reserves	(5023K	)		14 874		45 996		53 980		-6 214		12 308		32 603		92 677		6 563		-49 052		16 397
Memo item: Change in capital transfer and financial accounts including unrecorded transactions	(5687K	)		55 096		192 369		47 894		44 117		59 073		36 657		187 741		34 850		27 893		30 498

KB502

1.	Data for the previous four years are preliminary and subject to revision.
2.	Published customs figures adjusted for balance-of-payments purposes.
3.	Commodity gold. Prior to 1981 net gold exports comprised net foreign sales of gold plus changes in gold holdings of the South African Reserve Bank and other banking institutions.
4.	Investment by foreigners in undertakings in South Africa in which they have individually or collectively in the case of affiliated organisations or persons at least 10 per cent of the voting rights.
5.	Investment by South African residents in undertakings abroad in which they have at least 10 per cent of the voting rights.
6.	Transactions on the current capital transfer and financial accounts.
7.	Liabilities related to foreign reserves include all foreign liabilities of the South African Reserve Bank and short-term foreign loans to the central government by international organisations.

Quarterly Bulletin December 2009 S–79

South African Reserve Bank

Current account of the balance of payments
Seasonally adjusted figures at an annual rate

R millions

									Less:		Less:				Current		Balance
	Merchandise		Net						Merchandise		Payments		Less:		transfers		on
	exports		gold		Service		Income		imports		for		Income		(net		current
	free on board		exports		receipts		receipts		free on board		services		payments		receipts +)		account
Period	(5000L)		(5001L)		(5002L)		(5680L)		(5003L)		(5004L)		(5681L)		(5006L)		(5007L)
2000: 04		227 072		24 832		37 236		17 055		210 700		41 195		41 378		-6 448		6 474
2000		194 223		27 838		34 950		17 432		189 411		40 346		39 456		-6 422		-1 192
2001: 01		229 007		26 011		39 169		14 354		211 778		41 916		40 772		-6 607		7 468
02		244 808		24 088		42 340		31 224		218 623		44 786		66 747		-6 634		5 670
03		221 294		30 570		41 500		17 822		212 476		45 652		54 935		-5 861		-7 738
04		251 115		36 435		42 875		21 100		242 063		46 710		50 750		-5 926		6 076
2001		236 556		29 276		41 471		21 125		221 235		44 766		53 301		-6 257		2 869
2002: 01		283 441		43 995		50 806		15 677		277 757		55 980		41 748		-5 708		12 726
02		293 509		43 900		50 083		20 292		281 222		56 281		61 044		-5 764		3 473
03		280 873		45 475		54 463		30 153		279 208		57 789		59 231		-6 260		8 476
04		300 609		41 202		53 884		24 722		293 829		60 478		46 421		-5 644		14 045
2002		289 608		43 643		52 309		22 711		283 004		57 632		52 111		-5 844		9 680
2003: 01		266 896		36 442		64 068		15 046		263 547		57 898		53 153		-5 784		2 070
02		256 762		30 703		61 259		25 530		261 033		60 216		78 411		-8 804		-34 210
03		266 282		27 449		63 790		20 613		265 284		61 067		45 052		-8 704		-1 973
04		247 372		33 830		64 287		24 303		269 144		61 951		48 360		-6 620		-16 283
2003		259 328		32 106		63 351		21 373		264 752		60 283		56 244		-7 478		-12 599
2004: 01		264 244		29 106		59 057		13 354		275 407		61 775		41 999		-8 991		-22 411
02		280 791		29 300		62 277		24 657		317 533		66 507		47 083		-12 691		-46 789
03		289 134		25 787		62 876		23 382		317 412		66 899		50 875		-11 935		-45 942
04		293 139		30 599		69 490		22 499		336 684		70 499		55 335		-9 859		-56 650
2004		281 827		28 698		63 425		20 973		311 759		66 420		48 823		-10 869		-42 948
2005: 01		289 688		24 904		67 137		33 028		321 371		74 938		60 045		-11 080		-52 677
02		342 193		25 896		71 266		24 013		356 980		75 495		57 167		-15 929		-42 203
03		348 460		25 980		72 212		33 543		383 787		78 231		57 056		-18 820		-57 699
04		345 011		31 312		76 617		27 616		379 310		80 124		69 632		-16 891		-65 401
2005		331 338		27 023		71 808		29 550		360 362		77 197		60 975		-15 680		-54 495
2006: 01		339 329		29 331		77 089		33 965		388 110		88 294		77 043		-18 919		-92 652
02		389 350		33 707		81 801		41 756		447 187		91 207		70 271		-16 147		-78 198
03		443 358		39 352		82 436		49 734		495 937		99 029		79 361		-14 895		-74 342
04		476 843		39 490		89 246		39 373		576 630		107 962		77 253		-13 111		-130 004
2006		412 220		35 470		82 643		41 207		476 966		96 623		75 982		-15 768		-93 799
2007: 01		466 190		37 273		92 491		47 385		550 206		110 994		98 863		-15 485		-132 209
02		489 050		36 292		96 846		51 659		560 176		117 060		99 848		-18 744		-121 981
03		487 359		40 955		96 204		48 589		587 688		114 886		123 519		-17 628		-170 614
04		532 973		45 072		102 903		46 159		599 218		120 020		146 834		-14 443		-153 408
2007		493 893		39 898		97 111		48 448		574 322		115 740		117 266		-16 575		-144 553
2008: 01		568 372		46 061		100 314		48 612		668 074		129 209		136 351		-16 979		-187 254
02		680 115		47 509		105 464		48 190		759 943		142 909		115 030		-22 117		-158 721
03		706 305		49 405		104 519		46 865		792 428		144 688		123 815		-20 129		-173 966
04		668 244		51 161		111 111		49 349		738 963		137 930		113 320		-16 411		-126 759
2008		655 759		48 534		105 352		48 254		739 852		138 684		122 129		-18 909		-161 675
2009: 01		535 058		50 978		102 940		48 683		639 448		128 763		104 352		-22 422		-157 326
02		475 056		47 484		102 110		31 142		510 108		120 162		85 017		-21 544		-81 039
03		478 334		53 419		100 424		31 365		510 573		123 389		83 130		-23 809		-77 359

KB503

S–80 Quarterly Bulletin December 2009

South African Reserve Bank

Foreign trade
Indices of volume and prices of goods and services
Seasonally adjusted, 2005 = 100

	Exports1								Imports1				Terms of trade2
	Excluding gold				Including gold
													Excluding		Including
	Volume		Price		Volume		Price		Volume		Price		gold		gold
Period	(5030L)		(5031L)		(5032L)		(5033L)		(5034L)		(5035L)		(5036L)		(5037L)
2000: 04		87.5		74.9		90.0		74.7		70.4		81.7		91.6		91.4
2000		81.9		69.5		86.0		69.5		69.0		76.1		91.3		91.3
2001: 01		85.6		77.7		88.0		77.7		69.5		83.4		93.2		93.2
02		88.7		80.3		92.2		78.5		70.8		85.1		94.4		92.3
03		81.2		80.3		85.2		80.0		67.6		87.3		92.0		91.7
04		83.4		87.4		87.1		88.2		69.1		95.5		91.5		92.4
2001		84.7		81.4		88.1		81.1		69.2		87.8		92.8		92.4
2002: 01		84.5		98.1		87.7		100.3		71.6		106.6		92.0		94.1
02		87.0		98.0		90.5		99.5		72.5		106.4		92.1		93.5
03		83.5		99.6		87.0		101.7		72.1		106.8		93.3		95.2
04		88.8		99.0		92.2		99.7		74.3		109.0		90.9		91.5
2002		86.0		98.7		89.4		100.3		72.6		107.2		92.1		93.6
2003: 01		85.8		95.7		88.4		96.6		73.9		99.4		96.3		97.2
02		86.5		91.2		88.4		91.7		76.4		96.0		95.0		95.5
03		90.4		90.5		91.7		90.6		79.6		93.7		96.6		96.7
04		86.8		89.0		89.8		89.5		82.3		91.9		96.9		97.4
2003		87.4		91.6		89.6		92.1		78.1		95.3		96.2		96.7
2004: 01		84.9		94.5		86.5		94.7		83.6		92.2		102.5		102.8
02		88.8		95.9		90.6		95.6		90.1		97.4		98.4		98.1
03		92.1		94.8		93.0		94.4		91.5		95.9		98.8		98.4
04		96.7		93.0		98.3		93.0		95.5		97.4		95.4		95.4
2004		90.6		94.5		92.1		94.4		90.2		95.7		98.8		98.7
2005: 01		94.4		93.8		94.9		93.6		95.2		95.3		98.5		98.3
02		101.6		101.0		101.4		100.8		99.0		99.9		101.1		100.9
03		103.5		100.9		103.1		100.9		103.0		102.5		98.4		98.4
04		100.4		104.3		100.6		104.8		102.7		102.2		102.1		102.5
2005		100.0		100.0		100.0		100.0		100.0		100.0		100.0		100.0
2006: 01		99.3		104.0		98.7		104.9		108.3		100.5		103.5		104.4
02		106.9		109.4		105.6		111.1		116.3		105.8		103.4		105.1
03		110.7		117.8		109.6		119.9		117.0		116.2		101.4		103.2
04		117.4		119.6		115.9		121.5		131.4		119.1		100.4		102.0
2006		108.6		112.7		107.5		114.4		118.3		110.4		102.2		103.7
2007: 01		113.7		121.9		111.8		123.9		129.1		117.0		104.1		105.9
02		114.7		126.7		112.6		128.5		129.2		119.8		105.8		107.2
03		113.1		128.0		111.5		130.2		129.0		124.5		102.8		104.5
04		121.3		130.0		119.3		132.7		128.5		127.9		101.7		103.7
2007		115.7		126.7		113.8		128.8		128.9		122.3		103.6		105.3
2008: 01		111.7		148.4		109.1		152.4		130.6		139.6		106.4		109.2
02		123.0		158.4		119.9		161.6		132.9		155.2		102.0		104.1
03		124.2		161.9		121.4		164.8		133.7		160.2		101.1		102.9
04		119.0		162.4		115.8		166.8		126.0		159.0		102.2		104.9
2008		119.5		157.8		116.5		161.4		130.8		153.5		102.9		105.3
2009: 01		96.1		164.6		93.9		170.7		117.3		149.6		110.0		114.1
02		92.6		154.6		90.8		159.9		103.5		139.1		111.1		114.9
03		94.4		152.1		93.2		157.8		103.0		140.7		108.1		112.2

KB504

1.	Derived from the national accounts item “goods and services”.
2.	Export price index divided by import price index.

Quarterly Bulletin December 2009 S–81

South African Reserve Bank

Services, income and transfers
Annual figures

R millions

			2001		2002		2003		2004		2005		2006		2007		2008
Receipts
Services receipts
Transportation	(5700Y	)		9 890		10 743		9 485		9 115		9 743		10 067		12 693		12 763
Passenger fares	(5041Y	)		5 885		8 101		7 234		6 809		7 070		7 401		10 201		10 040
Other	(5042Y	)		4 005		2 642		2 251		2 306		2 673		2 666		2 492		2 723
Travel	(5043Y	)		22 073		30 665		42 841		41 808		47 744		54 982		61 675		65 473
Business	(5701Y	)		1 718		2 303		3 347		3 566		4 314		4 848		5 661		5 885
Other	(5702Y	)		20 355		28 362		39 494		38 242		43 430		50 134		56 014		59 588
Other services	(5051Y	)		9 508		10 901		11 025		12 502		14 321		17 594		22 743		27 116
Total services	(5002Y	)		41 471		52 309		63 351		63 425		71 808		82 643		97 111		105 352
Income receipts
Compensation of employees	(5703Y	)		2 403		2 814		2 931		3 017		3 902		4 685		5 575		6 427
Investment income
Direct investment	(5704Y	)		5 733		6 663		6 560		6 531		9 267		10 325		13 023		12 004
Dividends	(5044Y	)		4 713		4 028		3 392		3 353		5 781		5 265		6 805		5 123
Interest	(5045Y	)		862		2 027		1 924		1 808		2 547		4 001		5 358		5 993
Branch	(5046Y	)		158		608		1 244		1 370		939		1 059		860		888
Non-direct investment1	(5705Y	)		12 989		13 234		11 882		11 425		16 381		26 197		29 850		29 823
Dividends	(5047Y	)		6 875		6 521		5 846		5 781		7 245		10 933		8 768		10 603
Interest	(5048Y	)		6 114		6 713		6 036		5 644		9 136		15 264		21 082		19 220
Total income	(5680Y	)		21 125		22 711		21 373		20 973		29 550		41 207		48 448		48 254
Current transfer receipts
Central government	(5707Y	)		812		1 085		1 371		1 032		944		1 132		1 107		2 109
Other sectors	(5708Y	)		292		376		470		1 127		3 598		4 947		6 582		9 374
Total current transfers	(5709Y	)		1 104		1 461		1 841		2 159		4 542		6 079		7 689		11 483
Capital transfer receipts
Central government	(5710Y	)		—		—		—		—		—		—		—		—
Other sectors	(5711Y	)		137		213		327		351		283		289		291		322
Total capital transfers	(5712Y	)		137		213		327		351		283		289		291		322
Payments
Services payments
Transportation	(5720Y	)		18 157		24 006		23 846		28 296		33 943		45 115		53 039		61 985
Passenger fares	(5057Y	)		4 106		4 586		5 767		6 963		9 168		12 544		15 279		20 434
Other	(5058Y	)		14 051		19 420		18 079		21 333		24 775		32 571		37 760		41 551
Travel	(5059Y	)		15 996		19 010		21 529		20 312		21 463		22 869		27 596		35 884
Business	(5721Y	)		5 669		6 863		7 692		8 043		5 708		6 343		7 727		10 227
Other	(5722Y	)		10 327		12 148		13 837		12 269		15 755		16 526		19 869		25 657
Other services	(5067Y	)		10 613		14 616		14 908		17 812		21 791		28 639		35 105		40 815
Total services	(5004Y	)		44 766		57 632		60 283		66 420		77 197		96 623		115 740		138 684
Income payments
Compensation of employees	(5723Y	)		4 438		5 308		5 283		6 030		6 618		7 153		8 238		9 200
Investment income
Direct investment	(5724Y	)		24 402		21 223		24 387		20 986		27 520		32 679		60 381		64 803
Dividends	(5060Y	)		22 278		19 616		23 356		19 521		26 455		31 316		58 637		62 532
Interest	(5061Y	)		1 007		821		667		565		666		1 100		1 457		1 962
Branch	(5062Y	)		1 117		786		364		900		399		263		287		309
Non-direct investment1	(5725Y	)		24 461		25 580		26 574		21 807		26 837		36 150		48 647		48 126
Dividends	(5063Y	)		8 637		7 405		10 820		8 171		11 306		13 255		20 431		11 416
Interest	(5064Y	)		15 824		18 175		15 754		13 636		15 531		22 895		28 216		36 710
Total income	(5681Y	)		53 301		52 111		56 244		48 823		60 975		75 982		117 266		122 129
Current transfer payments
Central government	(5727Y	)		7 122		7 011		8 924		12 476		18 928		20 132		22 023		26 748
Other sectors	(5728Y	)		239		294		395		552		1 294		1 715		2 241		3 644
Total current transfers	(5729Y	)		7 361		7 305		9 319		13 028		20 222		21 847		24 264		30 392
Capital transfer payments
Central government	(5730Y	)		—		—		—		—		—		—		—		—
Other sectors	(5731Y	)		393		375		—		15		90		84		94		114
Total capital transfers	(5732Y	)		393		375		—		15		90		84		94		114

KB505
1.	Including portfolio and other investment.

S–82 Quarterly Bulletin December 2009

South African Reserve Bank

Services, income and transfers
Seasonally adjusted figures at annual rates

R millions

			2007				2008										2009
			04		2007		01		02		03		04		2008		01		02		03
Receipts
Services receipts
Transportation	(5700L	)		11 460		12 693		11 902		13 572		13 015		12 563		12 763		12 254		12 027		11 676
Passenger fares	(5041L	)		8 768		10 201		9 133		10 739		10 303		9 985		10 040		9 299		9 201		9 054
Other	(5042L	)		2 692		2 492		2 769		2 833		2 712		2 578		2 723		2 955		2 826		2 622
Travel	(5043L	)		64 572		61 675		63 381		66 919		64 785		66 807		65 473		65 422		64 816		63 439
Business	(5701L	)		5 896		5 661		4 859		5 511		6 957		6 213		5 885		6 337		5 775		6 504
Other	(5702L	)		58 676		56 014		58 522		61 408		57 828		60 594		59 588		59 085		59 041		56 935
Other services	(5051L	)		26 871		22 743		25 031		24 973		26 719		31 741		27 116		25 264		25 267		25 309
Total services	(5002L	)		102 903		97 111		100 314		105 464		104 519		111 111		105 352		102 940		102 110		100 424
Income receipts
Compensation of employees	(5703L	)		5 768		5 575		6 020		6 220		6 516		6 952		6 427		6 980		6 960		7 220
Investment income
Direct investment	(5704L	)		13 751		13 023		11 563		13 435		11 599		11 419		12 004		10 954		10 743		6 779
Dividends	(5044L	)		6 831		6 805		6 265		6 015		4 004		4 208		5 123		7 118		6 526		2 468
Interest	(5045L	)		6 000		5 358		4 398		6 512		6 735		6 327		5 993		3 064		3 501		3 631
Branch	(5046L	)		920		860		900		908		860		884		888		772		716		680
Non-direct investment1	(5705L	)		26 640		29 850		31 029		28 535		28 750		30 978		29 823		30 749		13 439		17 366
Dividends	(5047L	)		5 912		8 768		9 827		9 591		10 015		12 979		10 603		17 817		4 459		7 948
Interest	(5048L	)		20 728		21 082		21 202		18 944		18 735		17 999		19 220		12 932		8 980		9 418
Total income	(5680L	)		46 159		48 448		48 612		48 190		46 865		49 349		48 254		48 683		31 142		31 365
Current transfer receipts
Central government	(5707L	)		3 011		1 107		1 199		465		2 276		4 496		2 109		728		494		1 059
Other sectors	(5708L	)		7 860		6 582		7 752		8 904		9 860		10 980		9 374		9 108		10 032		8 036
Total current transfers	(5709L	)		10 871		7 689		8 951		9 369		12 136		15 476		11 483		9 836		10 526		9 095
Capital transfer receipts
Central government	(5710L	)		—		—		—		—		—		—		—		—		—		—
Other sectors	(5711L	)		296		291		316		308		328		336		322		336		328		340
Total capital transfers	(5712L	)		296		291		316		308		328		336		322		336		328		340
Payments
Services payments
Transportation	(5720L	)		55 345		53 039		58 752		63 381		65 077		60 730		61 985		55 625		45 984		47 929
Passenger fares	(5057L	)		19 027		15 279		18 824		20 262		21 501		21 149		20 434		19 819		18 036		19 477
Other	(5058L	)		36 318		37 760		39 928		43 119		43 576		39 581		41 551		35 806		27 948		28 452
Travel	(5059L	)		28 936		27 596		32 766		39 511		38 273		32 986		35 884		32 615		33 973		35 503
Business	(5721L	)		8 656		7 727		7 908		11 294		11 187		10 519		10 227		8 365		9 418		10 649
Other	(5722L	)		20 280		19 869		24 858		28 217		27 086		22 467		25 657		24 250		24 555		24 854
Other services	(5067L	)		35 739		35 105		37 691		40 017		41 338		44 214		40 815		40 523		40 205		39 957
Total services	(5004L	)		120 020		115 740		129 209		142 909		144 688		137 930		138 684		128 763		120 162		123 389
Income payments
Compensation of employees	(5723L	)		9 292		8 238		8 492		8 720		9 252		10 336		9 200		9 044		9 140		9 360
Investment income
Direct investment	(5724L	)		100 933		60 381		80 304		54 717		64 395		59 796		64 803		52 799		41 271		46 812
Dividends	(5060L	)		99 233		58 637		77 966		52 600		61 799		57 763		62 532		50 777		39 877		45 135
Interest	(5061L	)		1 400		1 457		2 050		1 793		2 292		1 713		1 962		1 714		1 098		1 397
Branch	(5062L	)		300		287		288		324		304		320		309		308		296		280
Non-direct investment1	(5725L	)		36 609		48 647		47 555		51 593		50 168		43 188		48 126		42 509		34 606		26 958
Dividends	(5063L	)		9 348		20 431		13 121		9 588		14 932		8 023		11 416		13 872		8 409		6 123
Interest	(5064L	)		27 261		28 216		34 434		42 005		35 236		35 165		36 710		28 637		26 197		20 835
Total income	(5681L	)		146 834		117 266		136 351		115 030		123 815		113 320		122 129		104 352		85 017		83 130
Current transfer payments
Central government	(5727L	)		22 832		22 023		22 848		28 044		28 048		28 052		26 748		28 048		27 068		27 064
Other sectors	(5728L	)		2 482		2 241		3 082		3 442		4 217		3 835		3 644		4 210		5 002		5 840
Total current transfers	(5729L	)		25 314		24 264		25 930		31 486		32 265		31 887		30 392		32 258		32 070		32 904
Capital transfer payments
Central government	(5730L	)		—		—		—		—		—		—		—		—		—		—
Other sectors	(5731L	)		96		94		104		116		108		128		114		112		100		132
Total capital transfers	(5732L	)		96		94		104		116		108		128		114		112		100		132

KB531
1.	Including portfolio and other investment.

Quarterly Bulletin December 2009 S–83

South African Reserve Bank

Capital movements¹
Annual figures

R millions

			2001		2002		2003		2004		2005		2006		2007		2008
Foreign liabilities2
Direct investment3	(5640J	)		58 404		16 540		5 550		5 155		42 270		-3 567		40 120		74 403
Public corporations	(5641J	)		—		-383		—		-12 659		-1 670		—		—		—
Banking sector	(5642J	)		—		—		165		1 640		31 134		1 040		4 898		36 141
Private non-banking sector	(5643J	)		58 404		16 923		5 385		16 174		12 806		-4 607		35 222		38 262
Portfolio investment	(5644J	)		-24 000		5 344		7 548		46 262		36 188		144 501		97 485		-71 540
Monetary authorities	(5645J	)		—		—		—		—		—		—		—		—
Public authorities	(5646J	)		-13 999		10 231		3 899		2 830		-9 829		33 212		-1 104		-23 349
Public corporations	(5647J	)		-5 099		-244		-756		194		-6 998		9 800		1 660		-2 559
Banking sector	(5648J	)		4 128		-1 745		-707		2 988		3 699		7 882		18 547		-4 771
Private non-banking sector	(5649J	)		-9 030		-2 898		5 112		40 250		49 316		93 607		78 382		-40 861
Other investment	(5650J	)		-10 226		304		14 594		10 944		32 735		60 750		58 711		47 730
Monetary authorities4	(5651J	)		-46		802		-564		689		688		40		3 222		-2 218
Public authorities5	(5652J	)		1 157		21 906		-1 975		-2 078		7 182		3 328		-5 811		199
Public corporations	(5653J	)		-3 709		-680		-646		-3 337		2 016		-913		1 443		2 147
Banking sector	(5654J	)		-6 416		-16 676		-1 273		7 527		16 009		25 035		42 259		43 572
Private non-banking sector	(5655J	)		-1 212		-5 048		19 052		8 143		6 840		33 260		17 598		4 030
Foreign assets6
Direct investment7	(5656J	)		27 359		4 195		-4 275		-8 721		-5 916		-41 058		-20 896		25 888
Public corporations	(5657J	)		—		—		—		—		—		—		—		-87
Banking sector	(5658J	)		10		—		—		—		638		134		583		-14
Private non-banking sector	(5659J	)		27 349		4 195		-4 275		-8 721		-6 554		-41 192		-21 479		25 989
Portfolio investment	(5660J	)		-43 626		-9 619		-1 001		-5 946		-6 123		-15 044		-24 026		-63 325
Monetary authorities	(5661J	)		—		—		—		—		—		—		—		—
Public authorities	(5662J	)		—		—		—		—		—		—		—		—
Public corporations	(5663J	)		—		—		—		—		—		—		—		—
Banking sector	(5664J	)		50		-344		-133		408		2 788		493		-4 554		-4 930
Private non-banking sector	(5665J	)		-43 676		-9 275		-868		-6 354		-8 911		-15 537		-19 472		-58 395
Other investment	(5666J	)		-31 158		-4 329		-36 919		-3 555		-22 895		-38 823		2 119		82 983
Monetary authorities8	(5667J	)		-1		3		7		31		-43		1		1		—
Public authorities	(5668J	)		-3 361		-4 395		-2 955		-669		-994		-1 574		-357		1 636
Public corporations	(5669J	)		102		-482		967		-441		189		60		-2 076		-1 271
Banking sector	(5670J	)		-21 537		-25 489		-57 401		-15 260		-21 156		-27 636		-354		80 842
Private non-banking sector	(5671J	)		-6 361		26 034		22 463		12 784		-891		-9 674		4 905		1 776

KB529
1.	Identified capital movements.
2.	An increase in liabilities (inflow of capital) is indicated by a positive sign. A decrease in liabilities (outflow of capital) is indicated by a negative sign.
3.	Investment by foreigners in undertakings in South Africa in which they have individually or collectively in the case of affiliated organisations or persons at least 10 per cent of the voting rights.
4.	These transactions comprise only of the liabilities of the Corporation for Public Deposits.
5.	As from August 2009, SDR allocations will be shown as changes in Other investment: (Long term) Liabilities of the public authorities.
6.	An increase in assets (outflow of capital) is indicated by a negative sign. A decrease in assets (inflow of capital) is indicated by a positive sign.
7.	Investment by South African residents in undertakings abroad in which they individually or collectively in the case of affiliated organisations or persons have at least 10 per cent of the voting rights.
8.	Including the long-term assets of the South African Reserve Bank and the Corporation for Public Deposits.

S–84 Quarterly Bulletin December 2009

South African Reserve Bank

Capital movements¹
Quarterly figures

R millions

			2007				2008										2009
			04		2007		01		02		03		04		2008		01		02		03
Foreign liabilities2
Direct investment3	(5640K	)		12 973		40 120		46 822		7 873		16 021		3 687		74 403		11 122		24 873		8 279
Public corporations	(5641K	)		—		—		—		—		—		—		—		—		—		—
Banking sector	(5642K	)		1 100		4 898		34 621		116		859		545		36 141		-20		261		611
Private non-banking sector	(5643K	)		11 873		35 222		12 201		7 757		15 162		3 142		38 262		11 142		24 612		7 668
Portfolio investment	(5644K	)		2 630		97 485		-20 655		17 358		-7 626		-60 617		-71 540		9 992		29 669		26 290
Monetary authorities	(5645K	)		—		—		—		—		—		—		—		—		—		—
Public authorities	(5646K	)		2 248		-1 104		-12 357		9 762		3 697		-24 451		-23 349		-8 113		11 896		1 598
Public corporations	(5647K	)		439		1 660		-1 667		2 324		682		-3 898		-2 559		-1 236		859		-272
Banking sector	(5648K	)		-1 162		18 547		2 669		1 916		-4 703		-4 653		-4 771		3 277		1 358		2 881
Private non-banking sector	(5649K	)		1 105		78 382		-9 300		3 356		-7 302		-27 615		-40 861		16 064		15 556		22 083
Other investment	(5650K	)		5 423		58 711		33 513		3 703		13 904		-3 390		47 730		-6 893		-27 012		-6 805
Monetary authorities4	(5651K	)		836		3 222		-1 581		479		-1 804		688		-2 218		-859		1 321		-305
Public authorities	(5652K	)		-23		-5 811		-466		-747		872		540		199		-589		-1 089		-475
Public corporations	(5653K	)		-167		1 443		793		601		-506		1 259		2 147		4 765		-1 515		3 268
Banking sector	(5654K	)		3 226		42 259		32 925		3 833		10 522		-3 708		43 572		-10 093		-23 650		-2 767
Private non-banking sector	(5655K	)		1 551		17 598		1 842		-463		4 820		-2 169		4 030		-117		-2 079		-6 526
Foreign assets5
Direct investment6	(5656K	)		-5 572		-20 896		-7 078		-4 443		-4 845		42 254		25 888		2 520		-3 651		-3 494
Public corporations	(5657K	)		—		—		—		-87		—		—		-87		—		—		—
Banking sector	(5658K	)		32		583		—		-4		-10		—		-14		—		—		145
Private non-banking sector	(5659K	)		-5 604		-21 479		-7 078		-4 352		-4 835		42 254		25 989		2 520		-3 651		-3 639
Portfolio investment	(5660K	)		-9 027		-24 026		-1 518		-6 451		-4 298		-51 058		-63 325		-938		-410		-3 646
Monetary authorities	(5661K	)		—		—		—		—		—		—		—		—		—		—
Public authorities	(5662K	)		—		—		—		—		—		—		—		—		—		—
Public corporations	(5663K	)		—		—		—		—		—		—		—		—		—		—
Banking sector	(5664K	)		-4 326		-4 554		-24		-3 258		-886		-762		-4 930		908		2 172		-583
Private non-banking sector	(5665K	)		-4 701		-19 472		-1 494		-3 193		-3 412		-50 296		-58 395		-1 846		-2 582		-3 063
Other investment	(5666K	)		30 104		2 119		12 510		7 111		-909		64 271		82 983		-2 151		4 082		20 085
Monetary authorities7	(5667K	)		—		1		3		—		-3		—		—		1		—		-1
Public authorities	(5668K	)		-662		-357		1 840		760		-235		-729		1 636		1 182		-31		852
Public corporations	(5669K	)		-1 948		-2 076		81		-98		-616		-638		-1 271		-445		682		-127
Banking sector	(5670K	)		23 477		-354		10 778		13 125		6 139		50 800		80 842		9 691		-1 502		-8 554
Private non-banking sector	(5671K	)		9 237		4 905		-192		-6 676		-6 194		14 838		1 776		-12 580		4 933		27 915

KB530
1.	Identified capital movements.
2.	An increase in liabilities (inflow of capital) is indicated by a positive sign. A decrease in liabilities (outflow of capital) is indicated by a negative sign.
3.	Investment by foreigners in undertakings in South Africa in which they have individually or collectively in the case of affiliated organisations or persons at least 10 per cent of the voting rights.
4.	These transactions comprise only of the liabilities of the Corporation for Public Deposits.
5.	An increase in assets (outflow of capital) is indicated by a negative sign. A decrease in assets (inflow of capital) is indicated by a positive sign.
6.	Investment by South African residents in undertakings abroad in which they individually or collectively in the case of affiliated organisations or persons have at least 10 per cent of the voting rights.
7.	Including the long-term assets of the South African Reserve Bank and the Corporation for Public Deposits.

Quarterly Bulletin December 2009 S–85

South African Reserve Bank

Foreign liabilities of South Africa

R millions

			2002		2003		2004		2005		2006		2007		2008
End of			Total		Total		Total		Total		Total		Total		Total
Direct investment
Public corporations	(5540J	)		4 923		12 207		650		—		—		—		—
Equity capital	(5541J	)		2 638		7 949		150		—		—		—		—
Reinvested earnings	(5585J	)		2 285		4 258		500		—		—		—		—
Other capital	(5542J	)		—		—		—		—		—		—		—
Banking sector	(5543J	)		3 984		4 265		7 759		46 047		57 497		63 417		83 269
Equity capital	(5544J	)		3 229		3 619		5 777		43 970		55 070		57 878		78 901
Reinvested earnings	(5586J	)		755		646		1 982		2 077		2 427		5 539		4 368
Private non-banking sector	(5545J	)		255 512		294 736		354 449		453 539		554 225		688 508		549 350
Equity capital	(5546J	)		152 934		166 880		184 183		183 477		189 713		212 615		198 767
Reinvested earnings	(5587J	)		62 568		87 479		125 577		222 466		306 563		392 349		244 531
Long-term capital	(5547J	)		30 853		30 337		31 121		33 508		39 390		59 314		69 980
Short-term capital	(5548J	)		9 157		10 040		13 568		14 088		18 559		24 230		36 072
Total direct investment	(5550J	)		264 419		311 208		362 858		499 586		611 722		751 925		632 619
Portfolio investment
Monetary authority	(5551J	)		—		—		—		—		—		—		—
Debt securities	(5552J	)		—		—		—		—		—		—		—
Public authorities	(5553J	)		80 120		69 309		67 105		77 291		93 570		89 583		127 065
Debt securities	(5554J	)		80 120		69 309		67 105		77 291		93 570		89 583		127 065
Public corporations	(5555J	)		18 975		23 053		18 461		21 997		21 366		25 032		22 792
Equity securities	(5556J	)		—		4 333		1 785		10 184		4 879		8 896		7 289
Debt securities	(5557J	)		18 975		18 720		16 676		11 813		16 487		16 136		15 503
Banking sector	(5558J	)		23 275		28 463		50 870		73 915		111 551		93 591		88 986
Equity securities	(5559J	)		21 374		27 259		50 071		73 192		110 489		80 983		71 663
Debt securities	(5560J	)		1 901		1 204		799		723		1 062		12 608		17 323
Private non-banking sector	(5561J	)		185 876		186 322		217 426		350 743		489 681		698 976		558 300
Equity securities	(5562J	)		180 007		186 168		215 277		342 535		475 274		659 989		511 476
Debt securities	(5563J	)		5 869		154		2 149		8 208		14 407		38 987		46 824
Total portfolio investment	(5564J	)		308 246		307 147		353 862		523 946		716 168		907 182		797 143
Other investment
Monetary authorities	(5565J	)		44 680		41 004		37 918		41 556		41 368		37 797		36 416
International Monetary Fund	(5566J	)		21 818		20 121		16 337		16 891		19 593		20 056		26 780
Long-term loans	(5567J	)		13 192		17 105		17 232		17 706		11 717		5 141		—
Short-term loans	(5568J	)		8 262		2 848		2 480		4 402		7 481		6 800		6 050
Deposits	(5569J	)		1 408		930		1 869		2 557		2 577		5 800		3 586
Public authorities	(5570J	)		24 237		18 243		15 042		22 286		29 317		25 083		31 851
Long-term loans	(5571J	)		24 237		18 243		15 042		17 162		22 485		25 083		31 851
Short-term loans	(5572J	)		—		—		—		5 124		6 832		—		—
Public corporations	(5573J	)		21 701		16 786		14 722		14 564		16 009		16 671		22 536
Long-term loans	(5574J	)		21 548		16 786		14 722		14 564		15 671		14 329		19 503
Short-term loans	(5575J	)		153		—		—		—		338		2 342		3 033
Banking sector	(5576J	)		51 491		41 453		45 475		64 273		91 515		131 819		199 549
Long-term loans	(5577J	)		—		—		—		—		—		14 557		19 956
Short-term loans	(5578J	)		17 331		13 162		13 211		25 221		32 019		51 671		79 106
Deposits	(5579J	)		34 160		28 291		32 264		39 052		59 496		65 591		100 487
Private non-banking sector	(5580J	)		32 209		33 519		37 627		39 858		71 769		78 250		91 160
Long-term loans	(5581J	)		12 035		12 769		15 290		15 123		38 743		48 672		49 053
Short-term loans and trade finance	(5582J	)		20 174		20 750		22 337		24 735		33 026		29 578		42 107
Total other investment	(5583J	)		174 318		151 005		150 784		182 537		249 978		289 620		381 512
Total foreign liabilities	(5584J	)		746 983		769 360		867 504		1 206 069		1 577 868		1 948 727		1 811 274

KB510

S–86 Quarterly Bulletin December 2009

South African Reserve Bank

Foreign assets of South Africa

R millions

2002		2003		2004		2005		2006		2007		2008
Total		Total		Total		Total		Total		Total		Total		End of
																	Direct investment
	6 766		4 707		3 764		3 779		4 149		6 032		8 514		(5590J	)	Public corporations
	75		81		78		108		141		187		202		(5591J	)	Equity capital
	2 036		1 653		1 421		1 464		1 919		4 177		6 475		(5638J	)	Reinvested earnings
	4 655		2 973		2 265		2 207		2 089		1 668		1 837		(5592J	)	Other capital
	3 411		3 758		2 818		1 173		1 038		488		217		(5593J	)	Banking sector
	2 364		2 605		1 972		745		651		267		127		(5594J	)	Equity capital
	1 047		1 153		846		428		387		221		90		(5639J	)	Reinvested earnings
	179 734		172 042		213 454		233 538		349 067		442 109		454 412		(5595J	)	Private non-banking sector
	55 331		58 909		75 773		82 756		121 907		140 839		116 314		(5596J	)	Equity capital
	112 239		102 727		124 306		135 749		183 632		257 980		302 121		(5588J	)	Reinvested earnings
	2 483		4 231		6 871		6 881		32 249		26 813		19 209		(5597J	)	Long-term capital
	9 681		6 175		6 504		8 152		11 279		16 477		16 768		(5598J	)	Short-term capital
	189 911		180 507		220 036		238 490		354 254		448 629		463 143		(5600J	)	Total direct investment
																	Portfolio investment
	—		—		—		—		—		—		—		(5601J	)	Monetary authorities
	—		—		—		—		—		—		—		(5602J	)	Debt securities
	—		—		—		—		—		—		—		(5603J	)	Public authorities
	—		—		—		—		—		—		—		(5604J	)	Debt securities
	—		—		—		—		—		—		—		(5605J	)	Public corporations
	—		—		—		—		—		—		—		(5606J	)	Equity securities
	—		—		—		—		—		—		—		(5607J	)	Debt securities
	7 051		7 569		7 149		5 430		4 761		9 159		20 531		(5608J	)	Banking sector
	2 058		2 204		2 744		3 307		3 063		2 211		3 462		(5609J	)	Equity securities
	4 993		5 365		4 405		2 123		1 698		6 948		17 069		(5610J	)	Debt securities
	252 736		263 025		259 174		403 707		487 580		509 676		581 296		(5611J	)	Private non-banking sector
	235 282		254 237		244 886		380 974		457 527		475 507		547 351		(5612J	)	Equity securities
	17 454		8 788		14 288		22 733		30 053		34 169		33 945		(5613J	)	Debt securities
	259 787		270 594		266 323		409 137		492 341		518 835		601 827		(5614J	)	Total portfolio investment
																	Other investment
	87 864		73 088		99 217		147 431		197 984		244 444		343 845		(5615J	)	Monetary authorities
	21 818		20 121		16 337		16 891		19 593		20 056		26 780		(5616J	)	International Monetary Fund
	70		62		31		75		74		75		74		(5617J	)	Long-term loans
	—		—		—		—		—		—		—		(5618J	)	Short-term loans
	50 986		43 106		73 962		117 495		160 683		201 470		284 565		(5619J	)	Foreign-exchange reserves
	14 990		9 799		8 887		12 970		17 634		22 843		32 426		(5620J	)	Gold reserves
	10 243		11 370		11 745		11 521		14 704		14 664		16 663		(5621J	)	Public authorities
	10 232		11 359		11 733		11 509		14 693		14 652		16 652		(5622J	)	Long-term loans
	11		11		12		12		11		12		11		(5623J	)	Short-term loans
	3 661		3 640		3 787		4 260		5 490		8 482		9 563		(5624J	)	Public corporations
	3 452		3 481		3 659		4 095		4 874		6 392		7 199		(5625J	)	Long-term loans
	209		159		128		165		616		2 090		2 364		(5626J	)	Short-term loans
	80 034		119 362		112 854		140 920		183 981		202 290		225 421		(5627J	)	Banking sector
	—		—		—		—		—		—		—		(5628J	)	Long-term loans
	10 473		8 904		9 250		7 963		9 880		24 549		36 553		(5629J	)	Short-term loans
	69 556		110 458		103 580		132 902		173 508		177 692		188 861		(5630J	)	Deposits
	5		—		24		55		593		49		7		(5631J	)	Gold reserves
	29 990		30 480		35 532		39 539		42 851		45 704		51 603		(5632J	)	Private non-banking sector
	3 483		3 475		3 742		3 611		3 561		3 608		3 610		(5633J	)	Long-term loans
	26 507		27 005		31 790		35 928		39 290		42 096		47 993		(5634J	)	Short-term loans and trade finance
	211 792		237 940		263 135		343 671		445 010		515 584		647 095		(5635J	)	Total other investment
	661 490		689 041		749 494		991 298		1 291 605		1 483 048		1 712 065		(5636J	)	Total foreign assets

KB512

Quarterly Bulletin December 2009 S–87

South African Reserve Bank

Foreign liabilities of South Africa by selected countries, 31 December 2008

R millions

															Europe
	UK		Germany		Switzerland		Luxembourg		France		Belgium		Netherlands		Austria		Lichtenstein		Italy
Direct investment
Public corporations		—		—		—		—		—		—		—		—		—		—
Equity capital		—		—		—		—		—		—		—		—		—		—
Reinvested earnings		—		—		—		—		—		—		—		—		—		—
Other capital		—		—		—		—		—		—		—		—		—		—
Banking sector		43 773		1 509		162		51		1 526		—		747		—		—		—
Equity capital		43 565		878		50		20		879		—		305		—		—		—
Reinvested earnings		208		631		112		31		647		—		442		—		—		—
Private non-banking sector		298 699		45 451		29 073		8 368		7 702		3 337		31 477		726		613		4 607
Equity capital		151 635		14 246		4 007		226		1 313		69		7 222		31		19		510
Reinvested earnings		130 212		24 282		19 821		299		4 473		672		13 892		601		222		2 427
Long-term capital		11 590		2 930		2 652		7 292		351		2 152		8 177		29		328		556
Short-term capital		5 262		3 993		2 593		551		1 565		444		2 186		65		44		1 114
Total direct investment		342 472		46 960		29 235		8 419		9 228		3 337		32 224		726		613		4 607
Portfolio investment
Monetary authorities		—		—		—		—		—		—		—		—		—		—
Debt securities		—		—		—		—		—		—		—		—		—		—
Public authorities		13 120		3 304		755		2 414		36		28 812		16		15		—		—
Debt securities		13 120		3 304		755		2 414		36		28 812		16		15		—		—
Public corporations		4 893		1 217		1 186		941		1 088		220		281		237		—		526
Equity securities		3 361		28		112		154		26		—		59		—		—		18
Debt securities		1 532		1 189		1 074		787		1 062		220		222		237		—		508
Banking sector		24 245		368		1 029		2 471		320		175		361		14		—		142
Equity securities		23 164		159		969		2 357		224		154		290		13		—		83
Debt securities		1 081		209		60		114		96		21		71		1		—		59
Private non-banking sector		169 522		1 595		29 295		16 585		4 513		5 720		1 576		166		20		482
Equity securities		167 650		1 415		29 163		16 585		4 373		5 720		1 576		166		20		358
Debt securities		1 872		180		132		—		140		—		—		—		—		124
Total portfolio investment		211 780		6 484		32 265		22 411		5 957		34 927		2 234		432		20		1 150
Other investment
Monetary authorities		—		404		264		—		1 861		—		590		—		—		—
International Monetary Fund		—		—		—		—		—		—		—		—		—		—
Long-term loans		—		—		—		—		—		—		—		—		—		—
Short-term loans		—		404		264		—		1 861		—		590		—		—		—
Deposits		—		—		—		—		—		—		—		—		—		—
Public authorities		18 034		11 962		—		—		1 491		—		—		—		—		—
Long-term loans		18 034		11 962		—		—		1 491		—		—		—		—		—
Short-term loans		—		—		—		—		—		—		—		—		—		—
Public corporations		4 230		6 254		136		2 545		2 047		179		184		—		—		—
Long-term loans		4 093		6 006		—		2 545		2 047		179		—		—		—		—
Short-term loans		137		248		136		—		—		—		184		—		—		—
Banking sector		112 982		13 076		600		3 756		2 434		873		2 105		34		20		200
Long-term loans		16 979		2 977		—		—		—		—		—		—		—		—
Short-term loans		53 502		4 539		55		—		196		2		10		—		—		1
Deposits		42 501		5 560		545		3 756		2 238		871		2 095		34		20		199
Private non-banking sector		21 189		6 299		6 115		1 122		2 296		4 026		3 253		329		20		712
Long-term loans		18 369		3 972		2 196		887		555		3 276		686		—		—		11
Short-term loans and trade finance		2 820		2 327		3 919		235		1 741		750		2 567		329		20		701
Total other investment		156 435		37 995		7 115		7 423		10 129		5 078		6 132		363		40		912
Total foreign liabilities		710 687		91 439		68 615		38 253		25 314		43 342		40 590		1 521		673		6 669

S–88 Quarterly Bulletin December 2009

South African Reserve Bank

Foreign liabilities of South Africa by selected countries, 31 December 2008

R millions

										North and South America
Sweden		Ireland		Greece		Other		Total		US		Canada		Bermuda		Other		Total
																				Direct investment
	—		—		—		—		—		—		—		—		—		—	Public corporations
	—		—		—		—		—		—		—		—		—		—	Equity capital
	—		—		—		—		—		—		—		—		—		—	Reinvested earnings
	—		—		—		—		—		—		—		—		—		—	Other capital
	—		—		187		1 190		49 145		6 200		—		—		—		6 200	Banking sector
	—		—		168		861		46 726		4 815		—		—		—		4 815	Equity capital
	—		—		19		329		2 419		1 385		—		—		—		1 385	Reinvested earnings
	1 831		1 218		1 251		8 803		443 156		40 965		957		3 963		13 111		58 996	Private non-banking sector
	154		—		123		1 235		180 790		10 722		87		1 044		187		12 040	Equity capital
	377		—		1 112		3 552		201 942		21 166		786		2 425		161		24 538	Reinvested earnings
	64		1 060		10		2 675		39 866		5 588		37		491		11 357		17 473	Long-term capital
	1 236		158		6		1 341		20 558		3 489		47		3		1 406		4 945	Short-term capital
	1 831		1 218		1 438		9 993		492 301		47 165		957		3 963		13 111		65 196	Total direct investment
																				Portfolio investment
	—		—		—		—		—		—		—		—		—		—	Monetary authorities
	—		—		—		—		—		—		—		—		—		—	Debt securities
	1		—		—		26 456		74 929		43 972		5		—		—		43 977	Public authorities
	1		—		—		26 456		74 929		43 972		5		—		—		43 977	Debt securities
	55		—		1		7 116		17 761		4 505		2		—		1		4 508	Public corporations
	55		—		1		35		3 849		3 322		—		—		1		3 323	Equity securities
	—		—		—		7 081		13 912		1 183		2		—		—		1 185	Debt securities
	139		6		1		14 831		44 102		36 401		17		293		6		36 717	Banking sector
	136		2		1		423		27 975		36 174		7		293		3		36 477	Equity securities
	3		4		—		14 408		16 127		227		10		—		3		240	Debt securities
	892		3		7		47 710		278 086		253 597		15		1 750		27		255 389	Private non-banking sector
	892		3		7		7 997		235 925		250 814		15		1 750		27		252 606	Equity securities
	—		—		—		39 713		42 161		2 783		—		—		—		2 783	Debt securities
	1 087		9		9		96 113		414 878		338 475		39		2 043		34		340 591	Total portfolio investment
																				Other investment
	—		—		—		506		3 625		140		—		—		—		140	Monetary authorities
	—		—		—		—		—		—		—		—		—		—	International Monetary Fund
	—		—		—		—		—		—		—		—		—		—	Long-term loans
	—		—		—		465		3 584		140		—		—		—		140	Short-term loans
	—		—		—		41		41		—		—		—		—		—	Deposits
	—		—		—		—		31 487		—		—		—		—		—	Public authorities
	—		—		—		—		31 487		—		—		—		—		—	Long-term loans
	—		—		—		—		—		—		—		—		—		—	Short-term loans
	—		—		—		1 039		16 614		1 541		65		—		—		1 606	Public corporations
	—		—		—		260		15 130		374		65		—		—		439	Long-term loans
	—		—		—		779		1 484		1 167		—		—		—		1 167	Short-term loans
	103		157		10		1 151		137 501		14 384		398		1		118		14 901	Banking sector
	—		—		—		—		19 956		—		—		—		—		—	Long-term loans
	—		—		—		5		58 310		8 104		1		—		—		8 105	Short-term loans
	103		157		10		1 146		59 235		6 280		397		1		118		6 796	Deposits
	565		493		277		4 013		50 709		19 600		279		83		1 268		21 230	Private non-banking sector
	39		325		224		2 596		33 136		12 975	��	66		71		35		13 147	Long-term loans
	526		168		53		1 417		17 573		6 625		213		12		1 233		8 083	Short-term loans and trade finance
	668		650		287		6 709		239 936		35 665		742		84		1 386		37 877	Total other investment
	3 586		1 877		1 734		112 815		1 147 115		421 305		1 738		6 090		14 531		443 664	Total foreign liabilities

Quarterly Bulletin December 2009 S–89

South African Reserve Bank

Foreign liabilities of South Africa by selected countries, 31 December 2008
(continued)

R millions

	Africa
	Botswana		Lesotho		Swaziland		Namibia		Zimbabwe		Mauritius		Other		Total		Japan		Hong Kong		Taiwan
Direct investment
Public corporations		—		—		—		—		—		—		—		—		—		—		—
Equity capital		—		—		—		—		—		—		—		—		—		—		—
Reinvested earnings		—		—		—		—		—		—		—		—		—		—		—
Other capital		—		—		—		—		—		—		—		—		—		—		—
Banking sector		—		—		—		—		—		—		—		—		—		1 170		153
Equity capital		—		—		—		—		—		—		—		—		—		885		50
Reinvested earnings		—		—		—		—		—		—		—		—		—		285		103
Private non-banking sector		222		104		265		102		2 138		1 910		484		5 225		17 036		139		850
Equity capital		78		11		22		1		1 553		206		3		1 874		2 055		5		55
Reinvested earnings		21		6		69		—		456		1 221		9		1 782		8 086		18		111
Long-term capital		10		10		28		5		6		302		35		396		2 182		—		—
Short-term capital		113		77		146		96		123		181		437		1 173		4 713		116		684
Total direct investment		222		104		265		102		2 138		1 910		484		5 225		17 036		1 309		1 003
Portfolio investment
Monetary authorities		—		—		—		—		—		—		—		—		—		—		—
Debt securities		—		—		—		—		—		—		—		—		—		—		—
Public authorities		—		—		106		1 864		—		2		—		1 972		6 136		45		—
Debt securities		—		—		106		1 864		—		2		—		1 972		6 136		45		—
Public corporations		—		—		11		373		1		21		2		408		73		24		—
Equity securities		—		—		9		50		—		13		2		74		6		24		—
Debt securities		—		—		2		323		1		8		—		334		67		—		—
Banking sector		25		79		86		6 405		7		97		356		7 055		538		264		2
Equity securities		1		1		38		6 282		3		92		8		6 425		474		214		—
Debt securities		24		78		48		123		4		5		348		630		64		50		2
Private non-banking sector		8		8		101		16 224		30		807		101		17 279		3 568		1 370		4
Equity securities		8		8		101		16 224		30		807		101		17 279		3 388		1 370		4
Debt securities		—		—		—		—		—		—		—		—		180		—		—
Total portfolio investment		33		87		304		24 866		38		927		459		26 714		10 315		1 703		6
Other investment
Monetary authorities		1 321		941		—		—		105		—		1 178		3 545		—		—		—
International Monetary Fund		—		—		—		—		—		—		—		—		—		—		—
Long-term loans		—		—		—		—		—		—		—		—		—		—		—
Short-term loans		—		—		—		—		—		—		—		—		—		—		—
Deposits		1 321		941		—		—		105		—		1 178		3 545		—		—		—
Public authorities		—		—		—		—		—		—		—		—		120		—		—
Long-term loans		—		—		—		—		—		—		—		—		120		—		—
Short-term loans		—		—		—		—		—		—		—		—		—		—		—
Public corporations		—		—		—		—		—		—		3 375		3 375		720		—		—
Long-term loans		—		—		—		—		—		—		3 214		3 214		499		—		—
Short-term loans		—		—		—		—		—		—		161		161		221		—		—
Banking sector		998		3 165		2 367		5 079		165		211		24 584		36 569		309		758		80
Long-term loans		—		—		—		—		—		—		—		—		—		—		—
Short-term loans		22		—		428		96		23		15		10 437		11 021		42		656		—
Deposits		976		3 165		1 939		4 983		142		196		14 147		25 548		267		102		80
Private non-banking sector		324		149		335		204		126		2 987		2 878		7 003	��	3 055		733		1 991
Long-term loans		—		—		7		10		1		1 197		258		1 473		—		528		30
Short-term loans and trade finance		324		149		328		194		125		1 790		2 620		5 530		3 055		205		1 961
Total other investment		2 643		4 255		2 702		5 283		396		3 198		32 015		50 492		4 204		1 491		2 071
Total foreign liabilities		2 898		4 446		3 271		30 251		2 572		6 035		32 958		82 431		31 555		4 503		3 080

S–90 Quarterly Bulletin December 2009

South African Reserve Bank

Foreign liabilities of South Africa by selected countries, 31 December 2008
(continued)

R millions

		Asia										Oceania						International
						Saudi												organi-
Malaysia		China		Singapore		Arabia		Other		Total		Australia		Other		Total		sations1		Total
																						Direct investment
	—		—		—		—		—		—		—		—		—		—		—	Public corporations
	—		—		—		—		—		—		—		—		—		—		—	Equity capital
	—		—		—		—		—		—		—		—		—		—		—	Reinvested earnings
	—		—		—		—		—		—		—		—		—		—		—	Other capital
	—		26 095		—		—		506		27 924		—		—		—		—		83 269	Banking sector
	—		26 024		—		—		401		27 360		—		—		—		—		78 901	Equity capital
	—		71		—		—		105		564		—		—		—		—		4 368	Reinvested earnings
	12 750		665		333		-4 236		12 694		40 231		1 570		33		1 603		139		549 350	Private non-banking sector
	1 606		12		16		100		60		3 909		152		2		154		—		198 767	Equity capital
	10 283		82		106		-5 861		1 989		14 814		1 370		3		1 373		82		244 531	Reinvested earnings
	1		—		176		1 145		8 710		12 214		22		1		23		8		69 980	Long-term capital
	860		571		35		380		1 935		9 294		26		27		53		49		36 072	Short-term capital
	12 750		26 760		333		-4 236		13 200		68 155		1 570		33		1 603		139		632 619	Total direct investment
																						Portfolio investment
	—		—		—		—		—		—		—		—		—		—		—	Monetary authorities
	—		—		—		—		—		—		—		—		—		—		—	Debt securities
	—		—		—		—		—		6 181		6		—		6		—		127 065	Public authorities
	—		—		—		—		—		6 181		6		—		6		—		127 065	Debt securities
	—		—		1		—		15		113		2		—		2		—		22 792	Public corporations
	—		—		—		—		13		43		—		—		—		—		7 289	Equity securities
	—		—		1		—		2		70		2		—		2		—		15 503	Debt securities
	—		150		3		1		103		1 061		24		—		24		27		88 986	Banking sector
	—		84		—		—		2		774		12		—		12		—		71 663	Equity securities
	—		66		3		1		101		287		12		—		12		27		17 323	Debt securities
	1		—		1 702		—		187		6 832		704		10		714		—		558 300	Private non-banking sector
	1		—		2		—		187		4 952		704		10		714		—		511 476	Equity securities
	—		—		1 700		—		—		1 880		—		—		—		—		46 824	Debt securities
	1		150		1 706		1		305		14 187		736		10		746		27		797 143	Total portfolio investment
																						Other investment
	—		—		—		—		—		—		—		—		—		29 106		36 416	Monetary authorities
	—		—		—		—		—		—		—		—		—		26 780		26 780	International Monetary Fund
	—		—		—		—		—		—		—		—		—		—		—	Long-term loans
	—		—		—		—		—		—		—		—		—		2 326		6 050	Short-term loans
	—		—		—		—		—		—		—		—		—		—		3 586	Deposits
	—		—		—		—		—		120		—		—		—		244		31 851	Public authorities
	—		—		—		—		—		120		—		—		—		244		31 851	Long-term loans
	—		—		—		—		—		—		—		—		—		—		—	Short-term loans
	—		—		221		—		—		941		—		—		—		—		22 536	Public corporations
	—		—		221		—		—		720		—		—		—		—		19 503	Long-term loans
	—		—		—		—		—		221		—		—		—		—		3 033	Short-term loans
	14		2 838		121		46		4 625		8 791		496		16		512		1 275		199 549	Banking sector
	—		—		—		—		—		—		—		—		—		—		19 956	Long-term loans
	—		141		—		—		515		1 354		17		7		24		292		79 106	Short-term loans
	14		2 697		121		46		4 110		7 437		479		9		488		983		100 487	Deposits
	79		2 331		195		20		2 049		10 453		1 042		114		1 156		609		91 160	Private non-banking sector
	—		300		—		—		227		1 085		89		—		89		123		49 053	Long-term loans
	79		2 031		195		20		1 822		9 368		953		114		1 067		486		42 107	Short-term loans and trade finance
	93		5 169		537		66		6 674		20 305		1 538		130		1 668		31 234		381 512	Total other investment
	12 844		32 079		2 576		-4 169		20 179		102 647		3 844		173		4 017		31 400		1 811 274	Total foreign liabilities

1. Includes unidentified countries.

Quarterly Bulletin December 2009 S–91

South African Reserve Bank

Foreign assets of South Africa by selected countries, 31 December 2008

R millions

							Europe
	UK		Luxembourg		Switzerland		Germany		France		Belgium		Netherlands			Austria
Direct investment
Public corporations		26		—		—		—		—		—		—			—
Equity capital		4		—		—		—		—		—		—			—
Reinvested earnings		22		—		—		—		—		—		—			—
Other capital		—		—		—		—		—		—		—			—
Banking sector		10		—		19		—		—		—		—			—
Equity capital		6		—		13		—		—		—		—			—
Reinvested earnings		4		—		6		—		—		—		—			—
Private non-banking sector		114 964		54 040		18 450		6 205		936		15 768		7 580			28 481
Equity capital		33 421		23 938		6 893		1 559		607		2 270		1 660			2 894
Reinvested earnings		74 382		30 102		10 290		3 404		128		13 482		5 756			24 422
Long-term capital		2 795		—		—		29		—		—		85			—
Short-term capital		4 366		—		1 267		1 213		201		16		79			1 165
Total direct investment		115 000		54 040		18 469		6 205		936		15 768		7 580			28 481
Portfolio investment
Monetary authorities		—		—		—		—		—		—		—			—
Debt securities		—		—		—		—		—		—		—			—
Public authorities		—		—		—		—		—		—		—			—
Debt securities		—		—		—		—		—		—		—			—
Public corporations		—		—		—		—		—		—		—			—
Equity securities		—		—		—		—		—		—		—			—
Debt securities		—		—		—		—		—		—		—			—
Banking sector		12 044		—		48		48		—		—		13			—
Equity securities		1 721		—		—		48		—		—		13			—
Debt securities		10 323		—		48		—		—		—		—			—
Private non-banking sector		330 933		38 766		2 273		1 061		1 873		67		272			187
Equity securities		323 535		32 001		2 244		306		1 829		61		265			187
Debt securities		7 398		6 765		29		755		44		6		7			—
Total portfolio investment		342 977		38 766		2 321		1 109		1 873		67		285			187
Other investment
Monetary authorities		26 093		—		—		—		—		—		—			—
International Monetary Fund		—		—		—		—		—		—		—			—
Long-term loans		—		—		—		—		—		—		—			—
Short-term loans		—		—		—		—		—		—		—			—
Foreign-exchange reserves		26 093		—		—		—		—		—		—			—
Gold reserves		—		—		—		—		—		—		—			—
Public authorities		9 548		—		—		6 326		789		—		—			—
Long-term loans		9 537		—		—		6 326		789		—		—			—
Short-term loans		11		—		—		—		—		—		—			—
Public corporations		1 074		—		—		—		—		—		—			—
Long-term loans		—		—		—		—		—		—		—			—
Short-term loans		1 074		—		—		—		—		—		—	��		—
Banking sector		126 771		351		2 450		21 748		12 106		689		7 746			1 084
Long-term loans		—		—		—		—		—		—		—			—
Short-term loans		7 154		—		14		12 163		4 032		3		491			5
Deposits		119 617		351		2 436		9 585		8 074		686		7 255			1 079
Gold reserves		—		—		—		—		—		—		—			—
Private non-banking sector		5 173		6 450		736		805		483		127		5 099			1 188
Long-term loans		315		—		—		1		—		—		—			—
Short-term loans and trade finance		4 858		6 450		736		804		483		127		5 099			1 188
Total other investment		168 659		6 801		3 186		28 879		13 378		816		12 845			2 272
Total foreign assets		626 636		99 607		23 976		36 193		16 187		16 651		20 710			30 940

S–92 Quarterly Bulletin December 2009

South African Reserve Bank

Foreign assets of South Africa by selected countries, 31 December 2008

R millions

						North and South America
Ireland		Other		Total		US		Canada		Bermuda		Other		Total
																Direct investment
	—		—		26		—		—		—		—		—	Public corporations
	—		—		4		—		—		—		—		—	Equity capital
	—		—		22		—		—		—		—		—	Reinvested earnings
	—		—		—		—		—		—		—		—	Other capital
	—		—		29		—		—		—		—		—	Banking sector
	—		—		19		—		—		—		—		—	Equity capital
	—		—		10		—		—		—		—		—	Reinvested earnings
	4 194		3 016		253 634		27 482		103		37		6 454		34 076	Private non-banking sector
	513		1 431		75 186		4 556		66		—		363		4 985	Equity capital
	3 664		1 140		166 770		13 600		29		—		5 538		19 167	Reinvested earnings
	—		19		2 928		6 045		—		22		—		6 067	Long-term capital
	17		426		8 750		3 281		8		15		553		3 857	Short-term capital
	4 194		3 016		253 689		27 482		103		37		6 454		34 076	Total direct investment
																Portfolio investment
	—		—		—		—		—		—		—		—	Monetary authorities
	—		—		—		—		—		—		—		—	Debt securities
	—		—		—		—		—		—		—		—	Public authorities
	—		—		—		—		—		—		—		—	Debt securities
	—		—		—		—		—		—		—		—	Public corporations
	—		—		—		—		—		—		—		—	Equity securities
	—		—		—		—		—		—		—		—	Debt securities
	—		4		12 157		1 052		11		—		4 276		5 339	Banking sector
	—		4		1 786		975		11		—		—		986	Equity securities
	—		—		10 371		77		—		—		4 276		4 353	Debt securities
	35 665		1 049		412 146		114 843		343		42 563		901		158 650	Private non-banking sector
	34 838		1 032		396 298		98 773		338		42 563		894		142 568	Equity securities
	827		17		15 848		16 070		5		—		7		16 082	Debt securities
	35 665		1 053		424 303		115 895		354		42 563		5 177		163 989	Total portfolio investment
																Other investment
	—		59 796		85 889		195 075		8		—		—		195 083	Monetary authorities
	—		—		—		—		—		—		—		—	International Monetary Fund
	—		—		—		—		—		—		—		—	Long-term loans
	—		—		—		—		—		—		—		—	Short-term loans
	—		59 796		85 889		195 075		8		—		—		195 083	Foreign-exchange reserves
	—		—		—		—		—		—		—		—	Gold reserves
	—		—		16 663		—		—		—		—		—	Public authorities
	—		—		16 652		—		—		—		—		—	Long-term loans
	—		—		11		—		—		—		—		—	Short-term loans
	—		—		1 074		1 290		—		—		—		1 290	Public corporations
	—		—		—		—		—		—		—		—	Long-term loans
	—		—		1 074		1 290		—		—		—		1 290	Short-term loans
	4 746		2 188		179 879		24 033		361		2		37		24 433	Banking sector
	—		—		—		—		—		—		—		—	Long-term loans
	70		80		24 012		2 426		5		—		18		2 449	Short-term loans
	4 676		2 108		155 867		21 607		356		2		19		21 984	Deposits
	—		—		—		—		—		—		—		—	Gold reserves
	44		2 663		22 768		10 669		85		12		1 514		12 280	Private non-banking sector
	—		—		316		3 052		—		—		—		3 052	Long-term loans
	44		2 663		22 452		7 617		85		12		1 514		9 228	Short-term loans and trade finance
	4 790		64 647		306 273		231 067		454		14		1 551		233 086	Total other investment
	44 649		68 716		984 265		374 444		911		42 614		13 182		431 151	Total foreign assets

Quarterly Bulletin December 2009 S–93

South African Reserve Bank

Foreign assets of South Africa by selected countries, 31 December 2008
(continued)

R millions

	Africa
	Botswana		Lesotho		Swaziland		Namibia		Zimbabwe		Mauritius		Mozambique		Zambia		Other		Total
Direct investment
Public corporations		—		—		—		—		—		—		4 813		—		3 675		8 488
Equity capital		—		—		—		—		—		—		163		—		35		198
Reinvested earnings		—		—		—		—		—		—		2 813		—		3 640		6 453
Other capital		—		—		—		—		—		—		1 837		—		—		1 837
Banking sector		—		17		—		—		—		1		—		—		—		18
Equity capital		—		14		—		—		—		1		—		—		—		15
Reinvested earnings		—		3		—		—		—		—		—		—		—		3
Private non-banking sector		1 538		159		1 164		513		690		44 038		2 966		754		40 564		92 386
Equity capital		53		14		42		172		81		3 661		2 159		15		235		6 432
Reinvested earnings		1 340		120		1 001		74		171		30 531		671		578		39 695		74 181
Long-term capital		5		—		5		20		2		9 646		7		2		391		10 078
Short-term capital		140		25		116		247		436		200		129		159		243		1 695
Total direct investment		1 538		176		1 164		513		690		44 039		7 779		754		44 239		100 892
Portfolio investment
Monetary authorities		—		—		—		—		—		—		—		—		—		—
Debt securities		—		—		—		—		—		—		—		—		—		—
Public authorities		—		—		—		—		—		—		—		—		—		—
Debt securities		—		—		—		—		—		—		—		—		—		—
Public corporations		—		—		—		—		—		—		—		—		—		—
Equity securities		—		—		—		—		—		—		—		—		—		—
Debt securities		—		—		—		—		—		—		—		—		—		—
Banking sector		64		—		—		—		—		—		13		66		2 620		2 763
Equity securities		—		—		—		—		—		—		13		—		660		673
Debt securities		64		—		—		—		—		—		—		66		1 960		2 090
Private non-banking sector		1 773		60		41		3 242		101		780		—		239		1 292		7 528
Equity securities		824		60		14		2 386		79		772		—		239		1 292		5 666
Debt securities		949		—		27		856		22		8		—		—		—		1 862
Total portfolio investment		1 837		60		41		3 242		101		780		13		305		3 912		10 291
Other investment
Monetary authorities		—		—		—		—		74		—		—		—		—		74
International Monetary Fund		—		—		—		—		—		—		—		—		—		—
Long-term loans		—		—		—		—		74		—		—		—		—		74
Short-term loans		—		—		—		—		—		—		—		—		—		—
Foreign-exchange reserves		—		—		—		—		—		—		—		—		—		—
Gold reserves		—		—		—		—		—		—		—		—		—		—
Public authorities		—		—		—		—		—		—		—		—		—		—
Long-term loans		—		—		—		—		—		—		—		—		—		—
Short-term loans		—		—		—		—		—		—		—		—		—		—
Public corporations		78		301		226		496		—		305		1 269		1 886		2 638		7 199
Long-term loans		78		301		226		496		—		305		1 269		1 886		2 638		7 199
Short-term loans		—		—		—		—		—		—		—		—		—		—
Banking sector		64		98		295		656		1 121		1 229		1 965		604		6 441		12 473
Long-term loans		—		—		—		—		—		—		—		—		—		—
Short-term loans		7		43		15		383		190		567		1 680		58		575		3 518
Deposits		57		55		280		273		931		662		285		546		5 866		8 955
Gold reserves		—		—		—		—		—		—		—		—		—		—
Private non-banking sector		286		16		132		1 172		371		401		310		948		5 529		9 165
Long-term loans		—		—		—		3		19		—		56		128		25		231
Short-term loans and trade finance		286		16		132		1 169		352		401		254		820		5 504		8 934
Total other investment		428		415		653		2 324		1 566		1 935		3 544		3 438		14 608		28 911
Total foreign assets		3 803		651		1 858		6 079		2 357		46 754		11 336		4 497		62 759		140 094

S–94 Quarterly Bulletin December 2009

South African Reserve Bank

Foreign assets of South Africa by selected countries, 31 December 2008
(continued)

R millions

																International
Asia										Oceania						organi-
Japan		Hong Kong		Singapore		Other		Total		Australia		Other		Total		sations1		Total
																				Direct investment
	—		—		—		—		—		—		—		—		—		8 514	Public corporations
	—		—		—		—		—		—		—		—		—		202	Equity capital
	—		—		—		—		—		—		—		—		—		6 475	Reinvested earnings
	—		—		—		—		—		—		—		—		—		1 837	Other capital
	—		144		—		26		170		—		—		—		—		217	Banking sector
	—		78		—		15		93		—		—		—		—		127	Equity capital
	—		66		—		11		77		—		—		—		—		90	Reinvested earnings
	2 709		436		29		49 635		52 809		21 240		136		21 376		131		454 412	Private non-banking sector
	535		369		18		27 947		28 869		839		3		842		—		116 314	Equity capital
	—		24		9		21 602		21 635		20 368		—		20 368		—		302 121	Reinvested earnings
	—		—		—		—		—		3		133		136		—		19 209	Long-term capital
	2 174		43		2		86		2 305		30		—		30		131		16 768	Short-term capital
	2 709		580		29		49 661		52 979		21 240		136		21 376		131		463 143	Total direct investment
																				Portfolio investment
	—		—		—		—		—		—		—		—		—		—	Monetary authorities
	—		—		—		—		—		—		—		—		—		—	Debt securities
	—		—		—		—		—		—		—		—		—		—	Public authorities
	—		—		—		—		—		—		—		—		—		—	Debt securities
	—		—		—		—		—		—		—		—		—		—	Public corporations
	—		—		—		—		—		—		—		—		—		—	Equity securities
	—		—		—		—		—		—		—		—		—		—	Debt securities
	—		—		—		192		192		—		—		—		80		20 531	Banking sector
	—		—		—		—		—		—		—		—		17		3 462	Equity securities
	—		—		—		192		192		—		—		—		63		17 069	Debt securities
	1 396		131		45		977		2 549		417		6		423		—		581 296	Private non-banking sector
	1 279		131		45		959		2 414		403		2		405		—		547 351	Equity securities
	117		—		—		18		135		14		4		18		—		33 945	Debt securities
	1 396		131		45		1 169		2 741		417		6		423		80		601 827	Total portfolio investment
																				Other investment
	—		—		—		—		—		3		—		3		62 796		343 845	Monetary authorities
	—		—		—		—		—		—		—		—		26 780		26 780	International Monetary Fund
	—		—		—		—		—		—		—		—		—		74	Long-term loans
	—		—		—		—		—		—		—		—		—		—	Short-term loans
	—		—		—		—		—		3		—		3		3 590		284 565	Foreign-exchange reserves
	—		—		—		—		—		—		—		—		32 426		32 426	Gold reserves
	—		—		—		—		—		—		—		—		—		16 663	Public authorities
	—		—		—		—		—		—		—		—		—		16 652	Long-term loans
	—		—		—		—		—		—		—		—		—		11	Short-term loans
	—		—		—		—		—		—		—		—		—		9 563	Public corporations
	—		—		—		—		—		—		—		—		—		7 199	Long-term loans
	—		—		—		—		—		—		—		—		—		2 364	Short-term loans
	277		741		12		7 205		8 235		84		17		101		300		225 421	Banking sector
	—		—		—		—		—		—		—		—		—		—	Long-term loans
	1		—		—		6 275		6 276		7		—		7		291		36 553	Short-term loans
	276		741		12		930		1 959		77		17		94		2		188 861	Deposits
	—		—		—		—		—		—		—		—		7		7	Gold reserves
	1 329		85		—		4 316		5 730		724		13		737		923		51 603	Private non-banking sector
	—		—		—		—		—		—		—		—		11		3 610	Long-term loans
	1 329		85		—		4 316		5 730		724		13		737		912		47 993	Short-term loans and trade finance
	1 606		826		12		11 521		13 965		811		30		841		64 019		647 095	Total other investment
	5 711		1 537		86		62 351		69 685		22 468		172		22 640		64 230		1 712 065	Total foreign assets

1. Includes unidentified countries

Quarterly Bulletin December 2009 S–95

South African Reserve Bank

Foreign liabilities of South Africa by kind of economic activity, 31 December 2008

R millions

	Agriculture		Mining				Electricity
	forestry hunting		and				gas and
	and fishing		quarrying		Manufacturing		water		Construction
Direct investment
Equity capital		207		80 256		49 218		—		1 088
Reinvested earnings		436		92 745		111 896		20		639
Long-term capital		154		18 151		22 719		2		147
Short-term capital		138		4 213		20 921		7		159
Total direct investment		935		195 365		204 754		29		2 033
Portfolio investment
Equity securities		30		158 323		115 526		—		2 305
Debt securities		—		2 300		9 177		10 460		—
Total portfolio investment		30		160 623		124 703		10 460		2 305
Other investment
International Monetary Fund		—		—		—		—		—
Long-term loans		23		4 405		16 132		3 512		1 231
Short-term loans and trade finance		64		1 141		12 488		104		529
Deposits		—		—		—		—		—
Total other investment		87		5 546		28 620		3 616		1 760
Total foreign liabilities		1 052		361 534		358 077		14 105		6 098

S–96 Quarterly Bulletin December 2009

South African Reserve Bank

Foreign liabilities of South Africa by kind of economic activity, 31 December 2008

R millions

Wholesale and				Financial intermediation		Community
retail trade		Transport		insurance		social and
catering and		storage and		real-estate and		personal
accommodation		communication		business services		services		Total
										Direct investment
	5 008		3 942		137 572		377		277 668	Equity capital
	11 079		7 783		24 208		93		248 899	Reinvested earnings
	8 512		2 757		17 531		7		69 980	Long-term capital
	6 391		1 043		3 109		91		36 072	Short-term capital
	30 990		15 525		182 420		568		632 619	Total direct investment
										Portfolio investment
	41 337		70 205		201 334		1 368		590 428	Equity securities
	20 426		11 316		24 269		128 767		206 715	Debt securities
	61 763		81 521		225 603		130 135		797 143	Total portfolio investment
										Other investment
	—		—		—		26 780		26 780	International Monetary Fund
	1 607		16 217		44 448		32 788		120 363	Long-term loans
	12 910		3 376		96 380		3 304		130 296	Short-term loans and trade finance
	—		—		104 073		—		104 073	Deposits
	14 517		19 593		244 901		62 872		381 512	Total other investment
	107 270		116 639		652 924		193 575		1 811 274	Total foreign liabilities

Quarterly Bulletin December 2009 S–97

South African Reserve Bank

Foreign debt of South Africa¹

US$ millions

	Foreign-currency denominated																	Rand-denominated
				Other
												Other non-
	Renego-									Other		monetary												Total
	tiated			Bearer bonds		Long-term		Other		monetary		private												foreign
	debt2			and notes		loans3		public sector		sector4		sector		Sub-total		Total		Bonds		Other5		Total		debt
End of	(5500K)			(5505K)		(5506K)		(5507K)		(5508K)		(5509K)		(5504K)		(5510K)		(5512K)		(5513K)		(5511K)		(5514K)
2004		—			9 686		—		4 882		6 974		6 345		27 887		27 887		5 815		11 312		17 127		45 014
2005		—			9 114		—		4 639		7 849		6 484		28 086		28 086		6 324		14 183		20 507		48 593
2006		—			10 445		—		5 179		10 339		9 804		35 767		35 767		7 509		16 120		23 629		59 396
2007		—			15 165		—		5 650		12 706		10 088		43 609		43 609		7 868		23 798		31 666		75 275
2008		—			13 955		—		5 269		12 131		10 622		41 977		41 977		8 030		21 804		29 834		71 811
2007: 03		—			14 758		—		5 650		13 216		9 197		42 821		42 821		6 833		22 392		29 225		72 046
04		—			15 165		—		5 650		12 706		10 088		43 609		43 609		7 868		23 798		31 666		75 275
2008: 01		—			16 017		—		5 885		12 499		10 366		44 767		44 767		5 939		23 337		29 276		74 043
02		—			15 027		—		5 594		11 982		10 435		43 038		43 038		7 904		25 189		33 093		76 131
03		—			14 071		—		5 372		11 466		11 133		42 042		42 042		9 398		25 632		35 030		77 072
04		—			13 955		—		5 269		12 131		10 622		41 977		41 977		8 030		21 804		29 834		71 811
2009: 01		—			13 324		—		5 303		10 522		10 285		39 434		39 434		6 635		21 347		27 982		67 416
02		—			14 759		—		5 342		9 501		10 205		39 807		39 807		9 193		24 963		34 156		73 963
KB516 Foreign debt of South Africa1 R millions
	Foreign-currency denominated																	Rand-denominated
				Other
												Other non-
	Renego-									Other		monetary												Total
	tiated			Bearer bonds		Long-term		Other		monetary		private												foreign
	debt2			and notes		loans3		public sector		sector4		sector		Sub-total		Total		Bonds		Other5		Total		debt
End of	(5520K)			(5525K)		(5526K)		(5527K)		(5528K)		(5529K)		(5524K)		(5530K)		(5532K)		(5533K)		(5531K)		(5534K)
2004		—			54 586		—		27 513		39 302		35 758		157 159		157 159		32 772		63 750		96 522		253 681
2005		—	��		57 605		—		29 321		49 610		40 982		177 518		177 518		39 970		89 645		129 615		307 133
2006		—			72 841		—		36 117		72 101		68 370		249 429		249 429		52 362		112 415		164 777		414 206
2007		—			102 912		—		38 342		86 225		68 459		295 938		295 938		53 396		161 496		214 892		510 830
2008		—			129 831		—		49 020		112 861		98 822		390 534		390 534		74 693		202 857		277 550		668 084
2007: 03		—			101 593		—		38 723		90 978		63 312		294 606		294 606		47 039		154 140		201 179		495 785
04		—			102 912		—		38 342		86 225		68 459		295 938		295 938		53 396		161 496		214 892		510 830
2008: 01		—			130 084		—		47 796		101 512		84 189		363 581		363 581		48 226		189 524		237 750		601 331
02		—			118 400		—		44 076		94 408		82 219		339 103		339 103		62 273		198 453		260 726		599 829
03		—			116 993		—		44 666		95 334		92 565		349 558		349 558		78 149		213 121		291 270		640 828
04		—			129 831		—		49 020		112 861		98 822		390 534		390 534		74 693		202 857		277 550		668 084
2009: 01		—			128 265		—		51 050		101 291		99 010		379 616		379 616		63 876		205 506		269 382		648 998
02		—			114 759		—		41 537		73 876		79 350		309 522		309 522		71 477		194 102		265 579		575 101

KB528

1.	Valued at middle-market exchange rates as at the end of period.
2.	Debt renegotiated in terms of 1994 Debt Arrangements with foreign creditors.
3.	Debt converted to long-term loans outside the standstill net.
4.	Including on-lending to other sectors.
5.	Including blocked and freely transferable funds, but excluding equity.

S–98 Quarterly Bulletin December 2009

South African Reserve Bank

Maturity structure of foreign-currency denominated debt

US$ millions as at end of June 2009

			Short
	Total		term1		20092		2010		2011		2012		2013		2014		20153
Bearer bonds		14 759		—		—		—		—		3 525		2 835		3 255		5 144
Public authorities		8 088		—		—				—		1 000		1 762		1 000		4 326
Public corporations4		705		—		—		—		—		—		705		—		—
Monetary authorities5		—		—		—		—		—		—		—		—		—
Banking sector		1 542		—		—		—		—		1 542		—		—		—
Non-monetary private sector		4 424		—		—		—		—		983		368		2 255		818
Debt excluding bearer bonds		25 048		14 994		545		1 694		1 371		2 560		803		521		2 560
Public authorities		3 290		—		199		391		442		434		401		362		1 061
Public corporations4		2 052		320		112		228		234		174		136		145		703
Monetary sector		9 501		7 774		—		—		352		1 375		—		—		—
Monetary authorities5		652		652		—		—		—		—		—		—		—
Banking sector		8 849		7 122		—		—		352		1 375		—		—		—
Non-monetary private sector		10 205		6 900		234		1 075		343		577		266		14		796
Total foreign-currency denominated debt		39 807		14 994		545		1 694		1 371		6 085		3 638		3 776		7 704

KB525

1.	Liabilities with an original maturity of less than one year, e.g. trade finance. These liabilities are mostly rolled over, renegotiated or replaced with new facilities.
2.	1 July 2009 to 31 December 2009: Amounts falling due on long-term loans. These loans may, also be partly rolled over and/or replaced by new foreign loans.
3.	Maturities of the year 2015 and afterwards.
4.	Excluding all deposit-taking institutions.
5.	Includes the liabilities of the South African Reserve Bank and the Corporation for Public Deposits.

Ratios of selected data

Percentage

End of			2001		2002		2003		2004		2005		2006		2007		2008
Total foreign debt to1:
Gross domestic product	(5260J	)		26.2		30.5		23.4		20.5		19.7		22.7		26.3		25.9
Total export earnings	(5261J	)		81.4		87.6		79.1		77.4		67.3		70.3		78.2		69.1
Interest payments to total export earnings	(5262J	)		5.1		4.7		4.4		3.6		3.5		4.2		4.4		4.5
Interest and dividend payments to total export earnings	(5263J	)		14.5		11.3		13.5		10.6		11.7		12.0		16.0		13.1

KB517

1. Ratios calculated in US dollar terms for international comparison purposes.

Quarterly Bulletin December 2009 S–99

South African Reserve Bank

Gold and other foreign reserves¹

	Amount as at end of period										Changes during period										Memorandum item
	R millions										R millions										US$ millions
													Net mo-		SDR						International
	Reserve Bank								Gross gold		Gross gold		netisation(+)/		allocations				Net gold		liquidity		Gross gold
			Foreign				Central		and other		and other		demo-		and		Liabilities		and other		position of		and other
	Gold		exchange				govern-		foreign		foreign		netisation(-)		valuation		related		foreign		the Reserve		foreign
	reserves		reserves		Total		ment2		reserves		reserves		of gold		adjustments		to reserves		reserves		Bank3		reserves
Period	(5270M)		(5284M)		(5273M)		(5275M)		(5276M)		(5023M)		(5283M)		(5022M)		(5021M)		(5020M)		(5277M)		(5806M)
2003		9 799		43 106		52 905		11		52 916		-13 072		1 137		-11 262		1 911		-4 858		4 774		7 968
2004		8 887		73 961		82 848		12		82 860		29 944		84		-10 617		2 949		37 528		11 426		14 733
2005		12 970		117 495		130 465		12		130 477		47 617		-226		11 003		2 577		34 263		17 186		20 650
2006		17 634		160 684		178 318		11		178 329		47 852		163		23 350		-5 453		29 792		22 988		25 613
2007		22 843		201 470		224 313		12		224 325		45 996		169		5 642		-7 631		47 816		31 300		32 979
2008		32 426		284 565		316 991		11		317 002		92 677		158		74 214		-7 761		26 066		33 455		34 099
2006: Oct		17 908		164 793		182 701		12		182 713		-8 517		33		-7 287		-203		-1 060		21 408		24 550
Nov		18 501		162 836		181 337		12		181 349		-1 364		23		-2 178		-1 951		2 742		22 171		25 039
Dec		17 634		160 684		178 318		11		178 329		-3 020		1		-7 248		-1 811		6 038		22 988		25 613
2007: Jan		18 690		169 006		187 696		11		187 707		9 378		39		6 926		-125		2 538		23 280		25 882
Feb		19 531		171 640		191 171		11		191 182		3 475		31		1 788		-115		1 771		23 736		26 343
Mar		19 224		173 485		192 709		11		192 720		1 538		36		244		-101		1 359		23 970		26 518
Apr		19 184		171 506		190 690		11		190 701		-2 019		1		-3 884		-1 663		3 527		24 593		27 022
May		18 729		179 373		198 102		12		198 114		7 413		16		399		208		6 790		25 483		27 855
Jun		18 333		181 228		199 561		12		199 573		1 459		1		-1 541		-3		3 002		25 941		28 279
Jul		18 902		188 841		207 743		12		207 755		8 182		15		2 091		-94		6 170		26 965		29 334
Aug		19 186		193 451		212 637		12		212 649		4 894		17		1 396		110		3 371		27 449		29 836
Sep		20 311		189 128		209 439		12		209 451		-3 198		1		-4 224		-2 179		3 204		28 422		30 523
Oct		20 527		186 928		207 455		12		207 467		-1 984		9		-7 965		-1 927		7 899		29 929		31 761
Nov		21 425		196 509		217 934		12		217 946		10 479		2		7 705		-1 802		4 574		30 669		32 350
Dec		22 843		201 470		224 313		12		224 325		6 379		1		2 707		60		3 611		31 300		32 979
2008: Jan		27 419		222 010		249 429		12		249 441		25 116		18		23 250		-1 622		3 470		32 119		33 609
Feb		29 865		234 060		263 925		12		263 937		14 496		20		12 215		132		2 129		32 723		34 203
Mar		30 334		247 959		278 293		12		278 305		14 368		3		14 155		-966		1 176		33 125		34 394
Apr		26 460		233 625		260 085		11		260 096		-18 209		12		-20 283		-220		2 282		32 973		34 283
May		26 940		234 605		261 545		11		261 556		1 460		11		801		-1 866		2 514		33 229		34 408
Jun		29 046		243 034		272 080		11		272 091		10 535		11		9 577		86		861		33 761		34 854
Jul		26 869		229 400		256 269		12		256 281		-15 810		1		-17 309		-2 203		3 701		34 171		35 004
Aug		25 659		238 571		264 230		12		264 242		7 961		10		5 371		173		2 407		33 502		34 332
Sep		29 435		254 953		284 388		11		284 399		20 157		22		19 074		-635		1 696		33 638		34 424
Oct		29 758		302 645		332 403		12		332 415		48 016		27		45 877		836		1 276		32 111		32 908
Nov		32 934		303 408		336 342		11		336 353		3 938		22		2 582		-1 336		2 670		32 576		33 216
Dec		32 426		284 565		316 991		11		317 002		-19 351		1		-21 096		-140		1 884		33 455		34 099
2009: Jan		37 702		306 091		343 793		11		343 804		26 802		1		26 356		78		367		33 097		33 735
Feb		38 387		300 795		339 182		11		339 193		-4 611		2		-5 014		28		373		33 151		33 779
Mar		35 175		288 379		323 554		11		323 565		-15 628		1		-16 593		-78		1 042		33 458		34 108
Apr		29 953		257 951		287 904		11		287 915		-35 650		1		-35 540		-325		214		33 418		34 047
May		31 043		253 590		284 633		11		284 644		-3 271		3		-10 843		58		7 511		34 502		35 842
Jun		29 004		245 498		274 502		11		274 513		-10 131		5		-9 319		-161		-656		34 574		35 760
Jul		29 269		249 425		278 694		11		278 705		4 192		12		4 023		11		146		34 673		35 747
Aug		29 565		265 589		295 154		11		295 165		16 460		10		16 807		—		-357		36 922		37 953
Sep		29 973		260 926		290 899		11		290 910		-4 255		1		-8 027		-2 700		6 471		37 914		39 141
Oct		32 281		274 156		306 437		11		306 448		15 538		3		13 386		261		1 888		38 784		39 788

KB518

1.	From 6 March 2005 the gold reserves are valued at market price taken at 14:30 on each valuation date. Other foreign reserves are valued at the middle market exchange rate applicable on a specific date.
2.	Including both the reserve and super reserve tranche position in the International Monetary Fund.
3.	Up to the end of February 2004 referred to as the “net open position in foreign currency of the South African Reserve Bank.”

S–100 Quarterly Bulletin December 2009

South African Reserve Bank

Average daily turnover on the South African foreign exchange market

US$ millions

	Net turnover1
	Transactions against the rand
	Spot transactions								Forward transactions								Swap transactions
	Monetary		Other		Non-		Total		Monetary		Other		Non-		Total		Monetary		Other		Non-		Total
	sector		residents		residents		spot		sector		residents		residents		forward		sector		residents		residents		swap
Period	(5450M)		(5451M)		(5452M)		(5453M)		(5454M)		(5455M)		(5456M)		(5457M)		(5458M)		(5459M)		(5460M)		(5461M)
2003		89		287		393		769		111		187		67		366		2 487		116		3 994		6 597
2004		179		347		489		1 015		94		236		85		414		2 000		107		4 631		6 738
2005		411		386		716		1 513		142		288		150		580		1 773		114		5 816		7 703
2006		517		418		1 086		2 021		203		379		300		882		1 929		133		5 906		7 968
2007		426		521		1 861		2 808		161		443		301		904		1 918		165		6 760		8 843
2008		302		696		2 220		3 218		99		449		318		865		1 925		391		6 379		8 695
2008: Oct		253		1 395		3 293		4 941		53		490		482		1 024		1 502		670		5 143		7 316
Nov		148		538		1 373		2 059		32		459		201		691		1 333		691		3 473		5 497
Dec		250		736		1 140		2 126		15		500		119		634		1 639		1 488		3 722		6 849
2009: Jan		238		533		1 347		2 118		28		276		196		499		1 608		478		3 920		6 007
Feb		290		784		2 091		3 164		25		307		317		649		1 245		659		4 864		6 768
Mar		268		523		1 632		2 423		181		417		234		832		1 539		506		4 526		6 571
Apr		299		562		1 696		2 557		63		416		236		715		1 378		518		5 078		6 974
May		389		535		1 889		2 813		85		396		282		762		1 435		457		5 939		7 831
Jun		287		611		2 264		3 162		119		441		240		800		1 657		466		5 925		8 048
Jul		305		466		1 689		2 460		110		362		119		591		1 348		560		5 151		7 059
Aug		358		525		1 783		2 666		52		340		141		533		1 782		334		6 092		8 208
Sep		411		570		1 807		2 788		103		366		216		685		1 448		360		5 817		7 625
Oct		568		532		1 992		3 092		94		417		171		681		1 409		306		6 763		8 479

KB526

	Net turnover1
	Transactions against the rand								Transactions in third currencies2
	Total transactions								Total transactions
	Monetary		Other		Non-				Monetary		Other		Non-				Total net
	sector		residents		residents		Total		sector		residents		residents		Total		turnover
	(5470M)		(5471M)		(5472M)		(5473M)		(5474M)		(5475M)		(5476M)		(5477M)		(5478M)
2003		2 687		590		4 455		7 733		133		39		2 135		2 308		10 040
2004		2 273		690		5 204		8 167		344		35		2 752		3 131		11 298
2005		2 325		788		6 682		9 795		273		46		3 187		3 506		13 301
2006		2 649		931		7 291		10 871		179		60		3 104		3 344		14 214
2007		2 504		1 129		8 922		12 555		57		94		3 779		3 931		16 485
2008		2 326		1 536		8 917		12 778		36		112		3 522		3 670		16 448
2008: Oct		1 808		2 555		8 918		13 282		28		157		3 042		3 226		16 508
Nov		1 513		1 687		5 047		8 247		60		120		2 661		2 841		11 088
Dec		1 905		2 723		4 982		9 609		24		391		2 159		2 574		12 183
2009: Jan		1 872		1 287		5 463		8 624		46		422		2 538		3 007		11 631
Feb		1 560		1 750		7 271		10 581		31		72		2 643		2 745		13 326
Mar		1 988		1 446		6 393		9 827		24		39		2 828		2 892		12 719
Apr		1 740		1 496		7 010		10 246		38		145		2 874		3 058		13 304
May		1 909		1 387		8 110		11 406		43		145		3 202		3 390		14 796
Jun		2 063		1 517		8 429		12 009		88		199		3 486		3 773		15 782
Jul		1 763		1 388		6 959		10 110		85		275		3 315		3 675		13 785
Aug		2 192		1 199		8 016		11 407		78		150		2 862		3 090		14 497
Sep		1 961		1 296		7 840		11 097		72		181		3 721		3 974		15 072
Oct		2 071		1 255		8 926		12 252		44		166		3 633		3 842		16 094

KB527

1.	Net turnover figures are gross figures adjusted for double-counting arising from local interbank business.
2.	Transactions in third currencies refer to transactions between any two currencies other than the South African rand.

Quarterly Bulletin December 2009 S–101

South African Reserve Bank

Exchange rates¹

Middle rates in cents (R1=100 cents) per foreign currency unit

SA cent per		Australia		Botswana		Canada		China		Denmark		EU		Hong Kong		IMF		India		Israel		Japan
Foreign currency unit		Dollar		Pula		Dollar		Yuan		Krone		Euro2		Dollar		SDR		Rupee		Shekel		Yen
Average for		(5310M)		(5312M)		(5320M)		(5323M)		(5313M)		(5315M)		(5324M)		(5317M)		(5325M)		(5326M)		(5319M)
2003			490.55		152.58		539.17		91.39		114.80		853.06		97.12		1 079.51		16.22		166.14		6.517
2004			475.01		137.45		495.66		77.93		107.70		801.35		82.81		1 086.19		14.24		143.90		5.964
2005			484.91		125.34		525.57		77.63		106.19		791.29		81.81		937.97		14.43		141.77		5.783
2006			510.28		115.90		597.05		84.88		114.17		851.57		87.10		996.23		14.93		152.36		5.818
2007			590.83		114.63		658.45		92.73		129.63		965.83		90.42		1 078.53		17.08		171.74		5.994
2008			693.49		120.35		772.59		118.93		161.64		1 205.17		106.00		1 301.21		18.93		229.81		8.046
2008:	Oct		668.10		125.64		826.65		141.48		173.11		1 290.51		124.63		1 477.01		19.95		264.15		9.636
	Nov		663.35		126.43		830.94		148.16		172.94		1 288.10		130.53		1 497.07		20.66		260.47		10.436
	Dec		665.25		126.60		805.58		145.06		179.48		1 337.23		128.32		1 514.49		20.41		256.67		10.913
2009:	Jan		668.87		125.92		807.55		144.72		176.20		1 313.00		127.59		1 498.94		20.27		253.20		10.947
	Feb		649.63		125.38		804.02		146.36		171.85		1 280.58		129.05		1 486.59		20.31		244.12		10.829
	Mar		664.81		125.48		791.88		146.18		175.16		1 305.11		128.89		1 476.91		19.52		240.10		10.231
	Apr		643.59		120.53		734.99		132.00		159.93		1 191.35		116.36		1 340.59		18.02		215.27		9.125
	May		640.47		117.60		726.99		122.68		153.42		1 142.53		108.01		1 274.32		17.26		205.79		8.663
	Jun		646.66		116.06		716.85		117.82		151.71		1 129.57		103.88		1 243.00		16.85		204.26		8.342
	Jul		639.41		115.53		706.62		116.38		150.38		1 119.74		102.59		1 231.34		16.41		204.33		8.414
	Aug		662.73		115.38		729.50		116.23		152.14		1 132.56		102.46		1 238.81		16.41		207.31		8.381
	Sep		647.62		113.04		695.20		110.18		147.08		1 094.65		97.07		1 186.16		15.55		199.69		8.231
	Oct		678.96		112.87		710.38		109.61		149.00		1 109.21		96.56		1 774.67		16.02		200.90		8.293
KB520
				South
SA cent per		Norway		Korea		Sweden		Switzerland		Taiwan		Thailand		UK		US		US dollar forward cover rates3
Foreign currency unit		Krone		Won		Krona		Franc		NT dollar		Baht		Pound		Dollar		3 months		6 months		12 months
Average for		(5331M)		(5341M)		(5335M)		(5336M)		(5337M)		(5342M)		(5338M)		(5339M)		(5353M)		(5362M)		(5363M)
2003			106.91		0.635		93.47		561.79		21.97		18.19		1 234.04		756.47		776.16		794.28		826.82
2004			95.68		0.563		87.80		518.87		19.30		16.03		1 180.78		644.99		653.37		665.95		686.65
2005			98.78		0.621		85.29		511.09		19.78		15.80		1 156.85		636.23		638.26		644.71		657.33
2006			105.74		0.710		92.11		540.99		20.97		17.89		1 249.64		676.72		678.41		683.64		697.51
2007			120.55		0.759		104.39		587.97		21.57		20.63		1 411.46		705.44		708.47		722.96		737.95
2008			146.62		0.753		125.35		760.83		26.24		24.73		1 512.54		825.17		841.72		858.74		881.48
2008:	Oct		150.33		0.735		131.23		847.64		29.63		28.09		1 638.43		967.15		984.13		1 001.45		1 016.67
	Nov		146.15		0.723		127.28		850.36		30.56		28.84		1 551.29		1 011.77		1 024.36		1 035.49		1 047.14
	Dec		142.02		0.729		124.51		869.42		30.00		28.35		1 481.07		994.56		1 010.52		1 023.38		1 037.74
2009:	Jan		142.01		0.729		122.31		879.17		29.66		28.35		1 428.61		989.70		1 009.76		1 026.36		1 041.36
	Feb		145.58		0.695		117.51		858.88		29.22		28.34		1 440.64		1 000.62		1 017.96		1 031.00		1 043.81
	Mar		147.69		0.689		116.87		865.72		29.13		27.94		1 420.15		999.32		1 016.16		1 027.91		1 040.36
	Apr		135.38		0.676		109.50		786.00		26.81		25.46		1 326.68		901.80		915.57		926.28		938.85
	May		129.77		0.666		107.97		755.57		25.48		24.19		1 291.00		837.23		849.58		860.49		874.24
	Jun		126.26		0.637		103.81		745.66		24.57		23.59		1 318.17		805.18		815.36		825.37		835.99
	Jul		124.94		0.630		103.32		736.46		24.17		23.35		1 300.24		795.13		805.58		814.60		824.14
	Aug		130.78		0.640		110.87		743.39		24.16		23.34		1 312.49		794.15		804.58		813.63		822.45
	Sep		127.06		0.619		107.26		722.56		23.10		22.24		1 228.54		752.35		761.56		770.09		779.61
	Oct		132.71		0.637		107.66		732.53		23.16		22.40		1 210.35		748.33		757.59		766.30		775.45

KB521

1.	Weighted average of the banks’ daily rates at approximately 10:30. Weights are based on the banks’ foreign exchange transactions.
2.	On 1 January 1999 the official European Currency Unit (ECU) was replaced by the euro at a conversion rate of 1 to 1.
3.	Weighted average of the banks’ daily rates at approximately 10:30 (US dollar). Weights are based on the banks’ foreign exchange transactions.

S–102 Quarterly Bulletin December 2009

South African Reserve Bank

Exchange rates, commodity prices and trade financing rates

		Effective exchange rate of the rand1						Commodity prices										Rate on three-month trade financing2
																Brent crude
		Nominal				Real		Gold (London)3				Platinum				oil
		Average		End of		Average																		Eurodollar
		for period		period		for period		Rand		US dollar		Rand		US dollar		US dollar		UK4		US4		Euro		loans		South Africa4
Period		(5376M)		(5377M)		(5378M)		(5356M)		(5357M)		( 5346M)		(5343M)		(5344M)		(5358M)		(5359M)		(5345M)		(5360M)		(5361M)
2003			83.23		87.53		103.23		2 739.97		363.65		5 206.47		691.06		28.89		4.03		1.08		2.09		1.14		7.58
2004			90.84		97.74		110.13		2 637.10		409.33		5 448.62		844.26		38.16		4.85		2.50		2.14		2.55		7.33
2005			91.03		94.22		112.50		2 824.97		444.84		5 705.91		895.75		54.28		4.57		4.46		2.47		4.54		6.93
2006			85.68		80.31		108.87		4 084.59		604.46		7 733.27		1 139.82		64.99		5.27		5.32		3.70		5.34		8.97
2007			77.44		77.18		105.05		4 890.75		696.76		9 184.08		1 304.21		72.95		5.89		4.58		4.63		4.85		10.94
2008			64.17		59.04		94.09		7 135.66		872.31		12 582.07		1 571.13		97.77		3.10		1.30		2.91		1.95		11.11
2006:	Oct		75.06		75.26		98.72		4 467.59		586.21		8 272.67		1 081.20		57.44		5.15		5.31		3.51		5.38		8.54
	Nov		78.06		78.35		103.99		4 543.41		627.33		8 584.46		1 182.41		58.31		5.22		5.32		3.62		5.37		8.72
	Dec		79.28		80.31		105.55		4 419.08		629.56		7 873.82		1 118.21		62.89		5.27		5.32		3.70		5.34		8.97
2007:	Jan		78.47		77.52		104.41		4 526.29		630.76		8 232.46		1 145.59		53.72		5.52		5.32		3.76		5.35		9.09
	Feb		78.44		77.16		104.43		4 757.17		664.92		8 633.06		1 204.10		57.68		5.47		5.30		3.83		5.34		8.87
	Mar		75.95		76.61		101.23		4 804.47		655.53		8 924.83		1 214.59		62.19		5.56		5.29		3.91		5.35		8.97
	Apr		77.46		77.21		104.33		4 815.15		679.36		9 102.05		1 278.74		67.83		5.65		5.30		4.01		5.36		9.00
	May		78.59		77.18		106.92		4 672.12		667.44		9 132.49		1 301.20		67.69		5.77		5.31		4.11		5.37		9.14
	Jun		77.19		77.84		105.53		4 680.92		655.60		9 206.05		1 283.57		71.57		5.91		5.33		4.16		5.37		9.54
	Jul		78.21		76.60		106.94		4 624.46		665.28		9 089.78		1 303.55		77.85		5.99		5.31		4.25		5.35		9.67
	Aug		75.61		76.78		103.47		4 791.73		664.50		9 108.20		1 259.30		71.71		6.59		5.59		4.70		5.73		9.91
	Sep		75.82		77.63		103.33		5 039.53		711.42		9 341.54		1 311.70		77.97		6.34		5.03		4.77		5.35		9.96
	Oct		78.65		80.65		107.61		5 088.38		754.54		9 551.08		1 410.15		82.83		6.19		4.75		4.58		4.95		10.43
	Nov		77.92		76.48		106.65		5 404.87		807.51		9 704.83		1 447.50		93.19		6.54		5.15		4.81		5.21		10.78
	Dec		77.03		77.18		105.70		5 483.85		804.26		10 182.64		1 490.58		91.19		5.89		4.58		4.63		4.85		10.94
2008:	Jan		74.68		70.36		102.29		6 210.21		888.69		11 096.13		1 586.07		92.78		5.57		3.01		4.25		3.22		10.98
	Feb		67.98		66.73		93.55		7 044.25		923.27		15 358.51		2 009.00		95.66		5.76		2.99		4.33		3.15		11.01
	Mar		63.13		61.51		86.57		7 702.20		969.26		16 274.28		2 040.26		104.70		6.00		2.77		4.68		2.68		11.06
	Apr		64.31		66.52		89.05		7 079.40		909.36		15 468.09		1 983.23		108.73		5.76		2.90		4.84		3.20		11.53
	May		66.29		66.75		97.84		6 771.98		890.40		15 767.53		2 059.60		123.04		5.86		2.65		4.86		3.07		12.19
	Jun		63.85		63.50		94.63		7 044.82		890.49		16 134.39		2 037.50		132.14		5.88		2.80		4.90		3.15		12.01
	Jul		65.69		68.36		97.85		7 147.26		940.47		14 473.20		1 892.11		133.86		5.80		2.80		4.90		3.05		11.86
	Aug		67.66		68.31		102.37		6 401.91		839.10		11 248.50		1 469.45		114.61		5.58		2.90		4.93		3.07		11.72
	Sep		66.11		64.05		100.10		6 617.04		827.27		9 673.59		1 203.25		99.12		6.11		4.00		5.27		5.31		11.70
	Oct		57.32		55.72		88.28		7 801.98		809.72		8 703.72		898.74		73.26		5.79		3.10		4.95		2.85		11.98
	Nov		56.61		57.50		88.15		7 670.43		759.36		8 417.87		831.70		53.57		4.13		2.15		3.67		3.91		11.71
	Dec		56.38		59.04		88.44		8 136.39		820.34		8 369.10		842.64		41.80		3.10		1.30		2.91		1.95		11.11
2009:	Jan		57.07		56.55		89.22		8 469.55		858.21		9 431.91		952.43		43.71		1.92		1.20		2.06		1.65		10.64
	Feb		57.66		58.91		89.83		9 380.23		941.46		10 395.35		1 038.60		43.14		1.79		1.35		1.49		1.85		9.52
	Mar		57.81		59.54		90.63		9 150.94		925.13		10 806.71		1 081.07		46.61		1.49		1.40		1.57		1.59		8.62
	Apr		63.36		67.15		99.44		7 953.07		891.27		10 498.54		1 161.05		50.25		1.34		1.30		1.40		1.50		8.07
	May		66.49		68.64		102.59		7 758.46		907.01		9 528.86		1 138.02		57.42		1.14		0.60		1.25		1.10		7.06
	Jun		67.84		69.93		104.15		7 574.89		946.74		9 785.63		1 215.39		68.56		1.05		0.55		1.05		1.05		7.44
	Jul		68.48		69.54		105.29		7 406.21		934.25		9 236.90		1 161.65		64.77		0.80		0.40		0.92		1.00		7.53
	Aug		67.93		69.31		104.53		7 517.59		949.61		9 880.29		1 243.95		72.72		0.73		0.40		0.85		0.85		7.01
	Sep		70.83		71.66		109.24		7 449.17		996.06		9 717.41		1 291.52		67.75		0.65		0.35		0.51		0.75		6.90
	Oct		70.45		67.78		–		7 772.73		1 043.34		9 984.83		1 334.02		72.84		0.70		0.25		0.52		0.37		7.11

KB522

1.	The weighted average exchange rate of the rand is based on trade in and consumption of manufactured goods between South Africa and its most important trading partners. The weighting structure is described in an article in the December 2008 Quarterly Bulletin. As from 1 January 2005, the weighted average exchange rate of the rand is calculated against fifteen currencies. The weights of the five major currencies are in brackets: Euro (34 82), US dollar (14 88), Chinese yuan (12 49), British pound (10 71), Japanese yen (10 12). Index: 2000 = 100.
2.	Figures as at end of period.
3.	Average daily fixing prices. Prices per fine ounce.
4.	Rates on bankers’ acceptances.

Quarterly Bulletin December 2009 S–103

South African Reserve Bank

National income and production accounts of South Africa*
Summary of gross domestic product, expenditure and national disposable income
At current prices
R millions

			2001		2002		2003		2004		2005		2006		2007		2008
Compensation of employees	(6000J	)		474 996		528 862		578 988		636 954		699 018		777 553		882 808		1 003 305
Net operating surplus1	(6001J	)		302 970		363 154		390 017		434 978		485 761		553 928		633 690		727 898
Consumption of fixed capital2	(6002J	)		132 400		151 267		162 099		171 594		187 790		216 251		252 229		301 552
Gross value added at factor cost	(6003J	)		910 366		1 043 283		1 131 104		1 243 526		1 372 569		1 547 732		1 768 727		2 032 755
Other taxes on production	(6600J	)		20 268		25 029		28 150		29 966		32 927		32 498		31 870		36 395
Less: Other subsidies on production	(6601J	)		2 419		2 615		4 104		2 892		4 429		7 911		7 450		11 121
Gross value added at basic prices	(6645J	)		928 215		1 065 697		1 155 150		1 270 600		1 401 067		1 572 319		1 793 147		2 058 029
Taxes on products	(6603J	)		96 363		109 660		121 070		147 449		175 667		203 514		230 133		237 093
Less: Subsidies on products	(6604J	)		4 571		4 271		3 683		2 776		5 652		8 411		6 178		11 299
Gross domestic product at market prices	(6006J	)		1 020 007		1 171 086		1 272 537		1 415 273		1 571 082		1 767 422		2 017 102		2 283 823
Final consumption expenditure by households3	(6007J	)		639 800		724 228		790 389		890 952		990 773		1 116 315		1 264 643		1 417 589
Final consumption expenditure by general government4	(6008J	)		186 280		219 705		244 485		274 034		305 733		347 928		383 413		437 313
Individual consumption expenditure	(6605J	)		81 657		97 060		104 095		116 389		123 682		139 702		141 122		163 398
Collective consumption expenditure	(6606J	)		104 623		122 645		140 390		157 645		182 051		208 226		242 291		273 915
Gross capital formation	(6180J	)		153 463		185 876		211 906		255 808		282 130		347 995		428 892		501 514
Gross fixed capital formation	(6009J	)		151 008		172 151		196 999		226 180		263 754		324 083		406 918		513 749
Change in inventories5	(6010J	)		2 455		13 725		14 907		29 628		18 376		23 912		21 974		-12 235
Residual item	(6011J	)		-838		-3 647		-3 993		-1 292		-164		-1 560		-686		-3 702
Gross domestic expenditure	(6012J	)		978 705		1 126 162		1 242 787		1 419 502		1 578 472		1 810 678		2 076 262		2 352 714
Exports of goods and services	(6013J	)		307 303		385 560		354 785		373 950		430 169		530 333		630 902		809 645
Exports of goods, free on board	(6608J	)		265 832		333 251		291 434		310 525		358 361		447 690		533 791		704 293
Exports of services	(6609J	)		41 471		52 309		63 351		63 425		71 808		82 643		97 111		105 352
Less: Imports of goods and services	(6014J	)		266 001		340 636		325 035		378 179		437 559		573 589		690 062		878 536
Imports of goods, free on board	(6610J	)		221 235		283 004		264 752		311 759		360 362		476 966		574 322		739 852
Imports of services	(6611J	)		44 766		57 632		60 283		66 420		77 197		96 623		115 740		138 684
Expenditure on gross domestic product (GDP at market prices)	(6006J	)		1 020 007		1 171 086		1 272 537		1 415 273		1 571 082		1 767 422		2 017 102		2 283 823
Primary income from the rest of the world	(6612J	)		21 125		22 711		21 373		20 973		29 550		41 207		48 448		48 254
Less: Primary income to the rest of the world	(6613J	)		53 301		52 111		56 244		48 823		60 975		75 982		117 266		122 129
Gross national income at market prices	(6016J	)		987 831		1 141 686		1 237 666		1 387 423		1 539 657		1 732 647		1 948 284		2 209 948
Current transfers from the rest of the world	(6614J	)		1 104		1 461		1 841		2 164		4 543		6 079		7 689		11 483
Less: Current transfers to the rest of the world	(6615J	)		7 361		7 305		9 319		13 033		20 222		21 847		24 264		30 392
Gross national disposable income at market prices	(6018J	)		981 574		1 135 842		1 230 188		1 376 554		1 523 978		1 716 879		1 931 709		2 191 039
Real gross national income (at 2005 prices)	(6016Y	)		1 312 456		1 335 291		1 378 151		1 457 664		1 539 657		1 644 350		1 720 554		1 792 262

KB601

*	Data for the past four years are preliminary and subject to revision.
1.	After consumption of fixed capital and after inventory valuation adjustment.
2.	At replacement value.
3.	Including non-profit institutions serving households.
4.	Current expenditure on salaries and wages and on goods and other services of a non-capital nature by the services departments (not business enterprises) of general government. General government includes central government, provincial governments and local governments.
5.	After inventory valuation adjustment.

S–104 Quarterly Bulletin December 2009

South African Reserve Bank

Gross value added by kind of economic activity¹

R millions

			2001		2002		2003		2004		2005		2006		2007		2008
At current prices
Primary sector	(6630J	)		109 802		136 962		125 414		130 688		143 394		177 652		217 339		275 691
Agriculture, forestry and fishing	(6631J	)		32 588		44 232		39 644		39 490		37 402		45 351		60 370		65 612
Mining and quarrying	(6632J	)		77 214		92 730		85 770		91 198		105 992		132 301		156 969		210 079
Secondary sector	(6633J	)		222 346		254 828		280 217		306 182		330 669		357 606		402 139		458 085
Manufacturing	(6634J	)		176 907		204 219		223 917		243 967		259 101		274 502		303 788		338 802
Electricity, gas and water	(6635J	)		23 023		26 489		29 553		30 176		33 010		36 946		41 729		47 140
Construction (contractors)	(6636J	)		22 416		24 120		26 747		32 039		38 558		46 158		56 622		72 143
Tertiary sector	(6637J	)		596 067		673 907		749 519		833 730		927 004		1 037 061		1 173 669		1 324 253
Wholesale and retail trade, catering and accommodation	(6638J	)		130 387		143 192		158 786		176 445		195 012		215 831		238 910		271 774
Transport, storage and communication	(6639J	)		89 511		100 983		112 637		124 786		139 472		153 775		163 833		188 382
Finance, insurance, real-estate and business services	(6640J	)		177 531		207 711		231 176		261 285		295 504		339 311		405 527		449 545
Community, social and personal services	(6642J	)		198 638		222 021		246 920		271 214		297 016		328 144		365 399		414 552
General government services	(6643J	)		142 325		157 547		174 106		190 563		208 561		230 116		256 054		295 708
Other	(6647J	)		56 313		64 474		72 814		80 651		88 455		98 028		109 345		118 844
Gross value added at basic prices	(6645J	)		928 215		1 065 697		1 155 150		1 270 600		1 401 067		1 572 319		1 793 147		2 058 029
At constant 2005 prices
Primary sector	(6630Y	)		132 346		135 786		139 425		141 295		143 394		140 723		141 945		140 238
Agriculture, forestry and fishing	(6631Y	)		33 630		35 826		36 070		36 380		37 402		35 359		36 610		40 590
Mining and quarrying	(6632Y	)		99 019		99 960		103 355		104 915		105 992		105 364		105 335		99 648
Secondary sector	(6633Y	)		284 859		293 957		293 500		309 751		330 669		352 503		373 544		386 339
Manufacturing	(6634Y	)		229 698		236 133		232 581		243 965		259 101		275 782		289 593		297 491
Electricity, gas and water	(6635Y	)		27 542		28 503		29 344		31 335		33 010		34 139		35 286		35 646
Construction (contractors)	(6636Y	)		27 711		29 321		31 575		34 451		38 558		42 582		48 665		53 202
Tertiary sector	(6637Y	)		774 319		806 527		840 204		879 344		927 004		985 265		1 044 666		1 093 562
Wholesale and retail trade, catering and accommodation	(6638Y	)		164 601		168 357		172 845		182 175		195 012		206 636		217 607		219 897
Transport, storage and communication	(6639Y	)		108 902		118 749		126 287		132 459		139 472		146 607		155 772		161 904
Finance, insurance, real-estate and business services	(6640Y	)		234 450		249 165		261 123		279 544		295 504		324 002		349 488		376 959
Community, social and personal services	(6642Y	)		266 985		270 256		279 949		285 166		297 016		308 020		321 799		334 802
General government services	(6643Y	)		189 552		190 910		196 193		199 947		208 561		214 947		223 552		233 001
Other	(6647Y	)		77 408		79 346		83 756		85 219		88 455		93 073		98 247		101 801
Gross value added at basic prices	(6645Y	)		1 191 429		1 236 270		1 273 129		1 330 390		1 401 067		1 478 491		1 560 155		1 620 139

KB602

1. Source of data: Statistics South Africa.

Quarterly Bulletin December 2009 S–105

South African Reserve Bank

Gross value added by kind of economic activity¹
Seasonally adjusted annualised rates

R millions

			2007				2008										2009
			04		2007		01		02		03		04		2008		01		02		03
At current prices
Primary sector	(6630L	)		226 271		217 339		254 367		271 758		290 680		285 959		275 691		270 591		269 450		270 409
Agriculture, forestry and fishing	(6631L	)		46 728		60 370		68 246		67 825		76 285		50 092		65 612		72 159		67 894		59 633
Mining and quarrying	(6632L	)		179 543		156 969		186 121		203 933		214 395		235 867		210 079		198 432		201 556		210 776
Secondary sector	(6633L	)		423 267		402 139		432 534		456 884		472 752		470 170		458 085		453 083		452 580		475 823
Manufacturing	(6634L	)		320 994		303 788		326 050		337 099		344 985		347 074		338 802		326 949		315 458		329 180
Electricity, gas and water	(6635L	)		41 950		41 729		43 590		48 041		49 969		46 960		47 140		48 335		53 354		59 167
Construction (contractors)	(6636L	)		60 323		56 622		62 894		71 744		77 798		76 136		72 143		77 799		83 768		87 476
Tertiary sector	(6637L	)		1 238 344		1 173 669		1 266 883		1 316 851		1 341 002		1 372 276		1 324 253		1 394 353		1 436 816		1 431 092
Wholesale and retail trade, catering and accommodation	(6638L	)		247 620		238 910		262 305		273 262		274 092		277 437		271 774		285 677		291 840		292 037
Transport, storage and communication	(6639L	)		172 005		163 833		176 623		188 562		187 889		200 454		188 382		197 614		208 155		205 896
Finance, insurance, real-estate and business services	(6640L	)		435 354		405 527		444 685		446 335		448 046		459 114		449 545		476 753		477 153		467 694
Community, social and personal services	(6642L	)		383 365		365 399		383 270		408 692		430 975		435 271		414 552		434 309		459 668		465 465
General government services	(6643L	)		272 454		256 054		270 414		287 173		310 359		314 886		295 708		313 170		327 583		334 372
Other	(6647L	)		110 911		109 345		112 856		121 519		120 616		120 385		118 844		121 139		132 085		131 093
Gross value added at basic prices	(6645L	)		1 887 882		1 793 147		1 953 784		2 045 493		2 104 434		2 128 405		2 058 029		2 118 027		2 158 846		2 177 324
At constant 2005 prices
Primary sector	(6630D	)		141 379		141 945		138 183		141 279		140 449		141 041		140 238		131 966		133 911		131 500
Agriculture, forestry and fishing	(6631D	)		38 014		36 610		39 175		39 767		41 426		41 992		40 590		41 595		40 155		39 132
Mining and quarrying	(6632D	)		103 365		105 335		99 008		101 512		99 023		99 049		99 648		90 371		93 756		92 368
Secondary sector	(6633D	)		381 130		373 544		381 328		394 060		391 623		378 345		386 339		358 528		352 133		358 127
Manufacturing	(6634D	)		294 102		289 593		294 001		306 052		301 999		287 912		297 491		267 446		259 710		264 492
Electricity, gas and water	(6635D	)		35 558		35 286		35 391		35 385		35 910		35 898		35 646		35 146		35 311		35 675
Construction (contractors)	(6636D	)		51 470		48 665		51 936		52 623		53 714		54 535		53 202		55 936		57 112		57 960
Tertiary sector	(6637D	)		1 067 907		1 044 666		1 080 457		1 087 367		1 097 544		1 108 880		1 093 562		1 106 326		1 101 569		1 103 755
Wholesale and retail trade, catering and accommodation	(6638D	)		221 077		217 607		222 964		220 938		217 918		217 768		219 897		216 424		213 150		212 539
Transport, storage and communication	(6639D	)		158 833		155 772		159 951		161 327		162 842		163 496		161 904		162 644		162 245		162 710
Finance, insurance, real-estate and business services	(6640D	)		360 388		349 488		367 121		373 020		380 385		387 310		376 959		385 018		381 267		379 816
Community, social and personal services	(6642D	)		327 609		321 799		330 421		332 082		336 399		340 306		334 802		342 240		344 907		348 690
General government services	(6643D	)		226 823		223 552		229 293		230 712		234 233		237 766		233 001		239 012		240 829		243 702
Other	(6647D	)		100 786		98 247		101 128		101 370		102 166		102 540		101 801		103 228		104 078		104 988
Gross value added at basic prices	(6645D	)		1 590 416		1 560 155		1 599 968		1 622 706		1 629 616		1 628 266		1 620 139		1 596 820		1 587 613		1 593 382

KB603

1. Source of data: Statistics South Africa.

S–106 Quarterly Bulletin December 2009

South African Reserve Bank

Expenditure on gross domestic product

R millions

			2001		2002		2003		2004		2005		2006		2007		2008
At current prices
Final consumption expenditure	(6620J	)		826 080		943 933		1 034 874		1 164 986		1 296 506		1 464 243		1 648 056		1 854 902
Final consumption expenditure by households1	(6007J	)		639 800		724 228		790 389		890 952		990 773		1 116 315		1 264 643		1 417 589
Final consumption expenditure by general government2	(6008J	)		186 280		219 705		244 485		274 034		305 733		347 928		383 413		437 313
Individual consumption expenditure	(6605J	)		81 657		97 060		104 095		116 389		123 682		139 702		141 122		163 398
Collective consumption expenditure	(6606J	)		104 623		122 645		140 390		157 645		182 051		208 226		242 291		273 915
Gross capital formation	(6180J	)		153 463		185 876		211 906		255 808		282 130		347 995		428 892		501 514
Gross fixed capital formation	(6009J	)		151 008		172 151		196 999		226 180		263 754		324 083		406 918		513 749
Change in inventories3	(6010J	)		2 455		13 725		14 907		29 628		18 376		23 912		21 974		-12 235
Residual item	(6011J	)		-838		-3 647		-3 993		-1 292		-164		-1 560		-686		-3 702
Gross domestic expenditure	(6012J	)		978 705		1 126 162		1 242 787		1 419 502		1 578 472		1 810 678		2 076 262		2 352 714
Exports of goods and services	(6013J	)		307 303		385 560		354 785		373 950		430 169		530 333		630 902		809 645
Exports of goods, free on board	(6608J	)		265 832		333 251		291 434		310 525		358 361		447 690		533 791		704 293
Exports of services	(6609J	)		41 471		52 309		63 351		63 425		71 808		82 643		97 111		105 352
Less: Imports of goods and services	(6014J	)		266 001		340 636		325 035		378 179		437 559		573 589		690 062		878 536
Imports of goods, free on board	(6610J	)		221 235		283 004		264 752		311 759		360 362		476 966		574 322		739 852
Imports of services	(6611J	)		44 766		57 632		60 283		66 420		77 197		96 623		115 740		138 684
Expenditure on gross domestic product	(6006J	)		1 020 007		1 171 086		1 272 537		1 415 273		1 571 082		1 767 422		2 017 102		2 283 823
At constant 2005 prices
Final consumption expenditure	(6620Y	)		1 076 944		1 114 590		1 154 512		1 225 766		1 296 506		1 394 072		1 468 493		1 511 871
Final consumption expenditure by households1	(6007Y	)		828 211		854 487		878 682		933 516		990 773		1 073 270		1 132 520		1 159 598
Final consumption expenditure by general government2	(6008Y	)		248 732		260 103		275 830		292 250		305 733		320 802		335 973		352 273
Individual consumption expenditure	(6605Y	)		105 558		113 503		117 792		123 374		123 682		125 499		125 465		134 654
Collective consumption expenditure	(6606Y	)		143 398		146 600		158 038		168 876		182 051		195 303		210 508		217 619
Gross capital formation	(6180Y	)		186 664		205 312		227 910		266 899		282 130		318 645		357 505		369 638
Gross fixed capital formation	(6009Y	)		184 543		190 988		210 540		237 651		263 754		295 786		337 681		377 290
Change in inventories3	(6010Y	)		2 121		14 324		17 370		29 248		18 376		22 859		19 824		-7 652
Residual item	(6011Y	)		-3 668		-147		1 239		-1 930		-164		1 595		-1 245		4 177
Gross domestic expenditure	(6012Y	)		1 259 940		1 319 755		1 383 661		1 490 735		1 578 472		1 714 312		1 824 753		1 885 686
Exports of goods and services	(6013Y	)		379 059		384 408		385 305		396 222		430 169		462 271		489 611		501 189
Exports of goods, free on board	(6608Y	)		324 515		321 890		316 220		329 369		358 361		383 398		403 315		416 790
Exports of services	(6609Y	)		54 544		62 518		69 085		66 853		71 808		78 873		86 296		84 399
Less: Imports of goods and services	(6014Y	)		301 617		317 728		341 644		394 627		437 559		517 462		564 225		572 354
Imports of goods, free on board	(6610Y	)		247 422		261 311		273 460		322 396		360 362		432 031		473 171		486 644
Imports of services	(6611Y	)		54 195		56 417		68 184		72 231		77 197		85 431		91 054		85 710
Expenditure on gross domestic product	(6006Y	)		1 337 382		1 386 435		1 427 322		1 492 330		1 571 082		1 659 121		1 750 139		1 814 521

KB604

1.	Including non-profit institutions serving households.
2.	Current expenditure on salaries and wages and on goods and other services of a non-capital nature by the services departments (not business enterprises) of general government. General government includes central government, provincial governments and local governments.
3.	After inventory valuation adjustment.

Quarterly Bulletin December 2009 S–107

South African Reserve Bank

Expenditure on gross domestic product
At current prices

R millions

	Final consumption expenditure				Gross capital formation
															Less:
					Gross								Exports of		Imports of		Expenditure
					fixed						Gross		goods		goods		on gross
	House-		General		capital		Change in		Residual		domestic		and		and		domestic
	holds1		government2		formation		inventories3		item		expenditure		services		services		product
Period	(6007K)		(6008K)		(6009K)		(6010K)		(6011K)		(6012K)		(6013K)		(6014K)		(6006K)
2005: 04		268 663		81 224		72 059		723		-8 427		414 242		114 458		115 845		412 855
2005		990 773		305 733		263 754		18 376		-164		1 578 472		430 169		437 559		1 571 082
2006: 01		256 859		85 012		74 095		1 513		-174		417 305		110 440		115 332		412 413
02		271 595		88 608		76 584		9 870		-14 414		432 243		125 081		133 736		423 588
03		282 113		86 152		83 189		5 187		16 989		473 630		141 298		151 163		463 765
04		305 748		88 156		90 215		7 342		-3 961		487 500		153 514		173 358		467 656
2006		1 116 315		347 928		324 083		23 912		-1 560		1 810 678		530 333		573 589		1 767 422
2007: 01		290 968		94 197		95 891		5 297		2 365		488 718		147 549		158 085		478 182
02		308 576		96 148		98 609		18 020		-15 222		506 131		154 432		169 519		491 044
03		319 103		95 415		102 670		8 411		13 204		538 803		156 343		179 975		515 171
04		345 996		97 653		109 748		-9 754		-1 033		542 610		172 578		182 483		532 705
2007		1 264 643		383 413		406 918		21 974		-686		2 076 262		630 902		690 062		2 017 102
2008: 01		329 328		106 574		116 972		8 128		-2 360		558 642		176 107		192 043		542 706
02		350 568		108 770		124 235		7 446		-7 089		583 930		207 768		224 940		566 758
03		362 051		108 840		133 330		-9 259		20 681		615 643		216 341		241 392		590 592
04		375 642		113 129		139 212		-18 550		-14 934		594 499		209 429		220 161		583 767
2008		1 417 589		437 313		513 749		-12 235		-3 702		2 352 714		809 645		878 536		2 283 823
2009: 01		353 296		121 329		139 712		-10 790		-9 985		593 562		170 044		184 606		579 000
02		365 237		122 899		137 261		-6 441		-23 140		595 816		155 416		155 982		595 250
03		367 832		125 127		136 050		-13 763		5 455		620 701		159 633		162 966		617 368
KB605 Seasonally adjusted annualised rates
	(6007L)		(6008L)		(6009L)		(6010L)		(6011L)		(6012L)		(6013L)		(6014L)		(6006L)
2005: 04		1 033 272		329 929		284 391		5 363		-39		1 652 916		452 940		459 434		1 646 422
2005		990 773		305 733		263 754		18 376		-164		1 578 472		430 169		437 559		1 571 082
2006: 01		1 061 623		336 101		295 669		16 685		-4 023		1 706 055		445 749		476 404		1 675 400
02		1 092 128		348 647		310 243		1 269		-14 874		1 737 413		504 858		538 394		1 703 877
03		1 137 870		349 022		334 200		29 077		1 425		1 851 594		565 146		594 966		1 821 774
04		1 173 639		357 942		356 220		48 617		11 232		1 947 650		605 579		684 592		1 868 637
2006		1 116 315		347 928		324 083		23 912		-1 560		1 810 678		530 333		573 589		1 767 422
2007: 01		1 202 024		372 271		381 633		44 381		6 581		2 006 890		595 954		661 200		1 941 644
02		1 241 361		377 308		400 074		17 905		-12 158		2 024 490		622 188		677 236		1 969 442
03		1 286 773		386 515		412 688		20 085		943		2 107 004		624 518		702 574		2 028 948
04		1 328 414		397 558		433 277		5 525		1 890		2 166 664		680 948		719 238		2 128 374
2007		1 264 643		383 413		406 918		21 974		-686		2 076 262		630 902		690 062		2 017 102
2008: 01		1 358 291		421 532		464 050		27 740		10 915		2 282 528		714 747		797 283		2 199 992
02		1 411 667		427 007		499 288		-8 268		8 008		2 337 702		833 088		902 852		2 267 938
03		1 459 626		440 343		539 438		-24 360		-16 712		2 398 335		860 229		937 116		2 321 448
04		1 440 772		460 370		552 220		-44 052		-17 019		2 392 291		830 516		876 893		2 345 914
2008		1 417 589		437 313		513 749		-12 235		-3 702		2 352 714		809 645		878 536		2 283 823
2009: 01		1 452 703		479 440		555 869		-43 080		-15 457		2 429 475		688 976		768 211		2 350 240
02		1 472 387		482 037		551 245		-104 090		-16 285		2 385 294		624 650		630 270		2 379 674
03		1 482 700		506 340		546 163		-87 344		-15 017		2 432 842		632 177		633 962		2 431 057

KB606

1.	Including non-profit institutions serving households.
2.	Current expenditure on salaries and wages and on goods and other services of a non-capital nature by the services departments (not business enterprises) of general government. General government includes central government, provincial governments and local governments.
3.	After inventory valuation adjustment.

S–108 Quarterly Bulletin December 2009

South African Reserve Bank

Expenditure on gross domestic product
At constant 2005 prices

R millions

	Final consumption expenditure				Gross capital formation
															Less:
					Gross								Exports of		Imports of		Expenditure
					fixed						Gross		goods		goods		on gross
	House-		General		capital		Change in		Residual		domestic		and		and		domestic
	holds1		government2		formation		inventories		item		expenditure		services		services		product
Period	(6007C)		(6008C)		(6009C)		(6010C)		(6011C)		(6012C)		(6013C)		(6014C)		(6006C)
2005: 04		264 539		78 975		69 921		556		-5 785		408 206		109 278		113 453		404 031
2005		990 773		305 733		263 754		18 376		-164		1 578 472		430 169		437 559		1 571 082
2006: 01		255 204		78 056		70 820		2 392		-2 562		403 910		105 416		113 877		395 449
02		262 671		82 153		71 765		9 292		-1 900		423 981		112 671		126 354		410 298
03		267 415		79 425		74 692		4 226		7 738		433 496		117 639		130 440		420 695
04		287 980		81 168		78 509		6 949		-1 681		452 925		126 545		146 791		432 679
2006		1 073 270		320 802		295 786		22 859		1 595		1 714 312		462 271		517 462		1 659 121
2007: 01		271 866		83 265		81 896		6 569		-6 591		437 005		119 559		135 315		421 249
02		277 702		84 051		82 516		13 724		-4 219		453 774		120 134		141 184		432 724
03		281 434		83 637		84 219		8 268		9 323		466 881		119 940		144 717		442 104
04		301 518		85 020		89 050		-8 737		242		467 093		129 978		143 009		454 062
2007		1 132 520		335 973		337 681		19 824		-1 245		1 824 753		489 611		564 225		1 750 139
2008: 01		283 446		86 835		92 289		-606		-1 484		460 480		115 934		137 861		438 553
02		287 512		87 825		92 705		4 205		-918		471 329		128 193		144 881		454 641
03		286 496		87 801		94 837		-1 827		11 286		478 593		131 083		150 919		458 757
04		302 144		89 812		97 459		-9 424		-4 707		475 284		125 979		138 693		462 570
2008		1 159 598		352 273		377 290		-7 652		4 177		1 885 686		501 189		572 354		1 814 521
2009: 01		276 690		90 673		98 921		-4 391		-3 333		458 560		99 948		123 349		435 159
02		275 877		92 397		97 709		-3 350		-4 824		457 809		96 889		111 924		442 774
03		275 373		91 840		96 771		-12 455		12 601		464 130		101 057		115 881		449 306
KB607 Seasonally adjusted annualised rates
	(6007D)		(6008D)		(6009D)		(6010D)		(6011D)		(6012D)		(6013D)		(6014D)		(6006D)
2005: 04		1 017 192		315 808		275 934		9 720		-5 461		1 613 193		432 723		449 305		1 596 611
2005		990 773		305 733		263 754		18 376		-164		1 578 472		430 169		437 559		1 571 082
2006: 01		1 046 806		313 556		282 527		27 433		-360		1 669 962		424 757		473 838		1 620 881
02		1 061 650		323 970		290 682		12 605		13 351		1 702 258		454 334		509 044		1 647 548
03		1 080 069		321 198		300 090		11 657		-1 369		1 711 645		471 462		512 079		1 671 028
04		1 104 559		324 484		309 845		39 741		-5 246		1 773 383		498 531		574 887		1 697 027
2006		1 073 270		320 802		295 786		22 859		1 595		1 714 312		462 271		517 462		1 659 121
2007: 01		1 115 865		334 547		325 870		40 602		-10 657		1 806 227		481 054		564 958		1 722 323
02		1 122 926		331 572		334 794		32 966		-4 766		1 817 492		484 367		565 282		1 736 577
03		1 137 577		338 433		338 636		27 178		1 152		1 842 976		479 830		564 297		1 758 509
04		1 153 713		339 340		351 424		-21 450		9 290		1 832 317		513 193		562 363		1 783 147
2007		1 132 520		335 973		337 681		19 824		-1 245		1 824 753		489 611		564 225		1 750 139
2008: 01		1 162 037		348 807		365 866		9 883		9 787		1 896 380		469 109		571 259		1 794 230
02		1 163 801		346 780		372 868		-6 481		7 461		1 884 429		515 591		581 593		1 818 427
03		1 159 495		355 238		383 897		-7 633		-3 508		1 887 489		522 025		585 139		1 824 375
04		1 153 060		358 267		386 529		-26 377		2 967		1 874 446		498 031		551 425		1 821 052
2008		1 159 598		352 273		377 290		-7 652		4 177		1 885 686		501 189		572 354		1 814 521
2009: 01		1 135 858		363 852		393 524		-3 952		6 900		1 896 182		403 720		513 482		1 786 420
02		1 118 085		364 554		392 632		-38 672		-676		1 835 923		390 706		452 765		1 773 864
03		1 112 429		371 247		388 505		-49 920		5 597		1 827 858		400 744		450 577		1 778 025

KB608

1.	Including non-profit institutions serving households.
2.	Current expenditure on salaries and wages and on goods and other services of a non-capital nature by the services departments (not business enterprises) of general government. General government includes central government, provincial governments and local governments.

Quarterly Bulletin December 2009 S–109

South African Reserve Bank

Final consumption expenditure by households
At current prices

R millions

			2001		2002		2003		2004		2005		2006		2007		2008
Durable goods	(6050J	)		55 799		64 251		71 656		85 446		102 792		118 445		122 363		117 782
Furniture, household appliances, etc.	(6051J	)		12 242		13 593		14 700		16 183		18 132		21 316		23 126		23 465
Personal transport equipment	(6052J	)		30 202		35 839		40 612		51 279		64 935		73 846		71 673		64 245
Computers and related equipment	(6075J	)		1 943		2 194		2 541		2 642		2 690		3 173		3 794		4 618
Recreational and entertainment goods1	(6053J	)		6 343		7 140		7 941		9 063		10 145		12 163		14 755		15 497
Other durable goods2	(6054J	)		5 069		5 485		5 862		6 279		6 890		7 947		9 015		9 957
Semi-durable goods	(6055J	)		61 521		67 576		73 007		83 202		93 595		107 259		119 002		128 313
Clothing and footwear	(6056J	)		34 925		38 021		40 955		46 953		52 694		58 917		65 666		70 923
Household textiles, furnishings, glassware, etc.	(6057J	)		9 445		10 497		11 498		13 099		14 679		17 254		18 736		19 819
Motorcar tyres, parts and accessories	(6058J	)		8 164		9 131		10 059		11 442		13 212		16 099		17 893		19 432
Recreational and entertainment goods3	(6059J	)		6 429		7 031		7 248		7 937		8 665		9 997		10 973		11 741
Miscellaneous goods4	(6060J	)		2 558		2 896		3 247		3 771		4 345		4 992		5 734		6 398
Non-durable goods	(6061J	)		247 385		285 003		311 164		344 310		377 851		426 021		484 685		564 599
Food, beverages and tobacco	(6062J	)		165 059		192 363		210 750		232 868		253 515		285 706		323 840		373 393
Household fuel, power and water	(6063J	)		21 114		23 575		25 907		28 954		31 324		33 568		37 761		43 409
Household consumer goods	(6064J	)		22 983		25 987		28 425		30 897		34 903		40 686		49 173		57 639
Medical and pharmaceutical products	(6065J	)		9 646		12 110		14 160		15 371		16 611		18 124		19 961		22 242
Petroleum products	(6066J	)		22 621		24 397		24 909		28 696		33 175		38 387		43 316		56 080
Recreational and entertainment goods5	(6067J	)		5 962		6 571		7 013		7 524		8 323		9 550		10 634		11 836
Services	(6068J	)		275 095		307 398		334 562		377 994		416 535		464 590		538 593		606 895
Rent6	(6069J	)		59 073		68 801		79 564		91 927		108 187		126 381		150 063		175 771
Household services, including domestic servants	(6070J	)		20 140		21 804		23 561		25 186		26 454		28 339		32 085		37 299
Medical services	(6071J	)		40 751		43 814		49 926		56 886		59 624		65 066		73 932		83 799
Transport and communication services	(6072J	)		61 071		70 025		78 007		88 323		96 170		106 421		118 345		128 380
Recreational, entertainment and educational services7	(6073J	)		29 338		33 522		36 347		40 219		43 526		47 443		52 087		57 240
Miscellaneous services8	(6074J	)		64 722		69 432		67 157		75 453		82 574		90 940		112 081		124 406
Security services	(6076J	)		3 980		4 165		4 408		4 469		4 622		4 835		5 180		5 777
Total	(6007J	)		639 800		724 228		790 389		890 952		990 773		1 116 315		1 264 643		1 417 589

KB609

1.	Comprising audio-visual, photographic and information-processing equipment.
2.	Jewellery, watches, therapeutic appliances, etc.
3.	Comprising sport and camping equipment, hobbies, books and toys.
4.	Personal goods, and writing and drawing equipment and supplies.
5.	Comprising newspapers, magazines, stationery and recording media.
6.	Including imputed rent for owner-occupied dwellings.
7.	Comprising cinemas, park, museum and theatre entrance fees, subscriptions to DSTV, licences and hiring of equipment.
8.	After adjustment for net expenditure of non-residents in the domestic sector.

S–110 Quarterly Bulletin December 2009

South African Reserve Bank

Final consumption expenditure by households
At constant 2005 prices

R millions

			2001		2002		2003		2004		2005		2006		2007		2008
Durable goods	(6050J	)		71 119		71 615		76 470		86 160		102 792		119 157		121 401		112 800
Furniture, household appliances, etc.	(6051J	)		14 076		14 373		14 871		16 186		18 132		21 748		23 772		24 371
Personal transport equipment	(6052J	)		44 681		43 633		46 321		52 415		64 935		73 795		69 357		57 199
Computers and related equipment	(6075J	)		1 943		1 534		2 196		2 588		2 690		3 058		3 612		4 296
Recreational and entertainment goods1	(6053J	)		6 934		5 748		6 750		8 546		10 145		12 940		16 465		18 192
Other durable goods2	(6054J	)		6 317		6 327		6 332		6 425		6 890		7 616		8 195		8 742
Semi-durable goods	(6055J	)		61 078		66 533		69 763		81 298		93 595		109 758		122 156		127 321
Clothing and footwear	(6056J	)		32 204		36 182		38 185		45 402		52 694		61 849		71 196		75 712
Household textiles, furnishings, glassware, etc.	(6057J	)		9 699		10 247		11 041		12 884		14 679		17 324		18 520		18 955
Motorcar tyres, parts and accessories	(6058J	)		9 815		9 947		10 105		11 398		13 212		15 506		15 769		14 971
Recreational and entertainment goods3	(6059J	)		6 631		7 020		7 098		7 803		8 665		10 172		11 249		12 021
Miscellaneous goods4	(6060J	)		3 058		3 137		3 334		3 811		4 345		4 907		5 422		5 662
Non-durable goods	(6061J	)		330 950		337 918		343 044		359 208		377 851		399 375		419 355		425 687
Food, beverages and tobacco	(6062J	)		221 686		226 167		227 485		240 491		253 515		267 978		277 691		281 140
Household fuel, power and water	(6063J	)		27 428		28 634		29 486		30 701		31 324		31 796		33 140		33 145
Household consumer goods	(6064J	)		27 976		28 709		29 591		31 484		34 903		39 553		45 850		48 935
Medical and pharmaceutical products	(6065J	)		15 180		15 449		16 597		16 403		16 611		17 315		18 155		18 731
Petroleum products	(6066J	)		31 527		31 553		32 395		32 373		33 175		33 514		34 686		33 559
Recreational and entertainment goods5	(6067J	)		7 235		7 406		7 490		7 756		8 323		9 219		9 833		10 177
Services	(6068J	)		366 383		378 421		389 405		406 850		416 535		444 980		469 608		493 790
Rent6	(6069J	)		99 567		100 552		101 520		103 834		108 187		113 914		119 280		123 548
Household services, including domestic servants	(6070J	)		24 209		24 925		25 345		25 323		26 454		28 130		29 255		30 683
Medical services	(6071J	)		57 084		60 614		63 817		63 923		59 624		66 150		72 221		78 595
Transport and communication services	(6072J	)		73 700		80 463		84 988		90 830		96 170		101 764		105 311		107 979
Recreational, entertainment and educational services7	(6073J	)		37 908		39 062		40 534		42 433		43 526		44 904		46 509		48 169
Miscellaneous services8	(6074J	)		74 015		72 805		73 201		80 507		82 574		90 118		97 032		104 816
Security services	(6076J	)		4 624		4 623		4 622		4 622		4 622		4 763		4 979		5 336
Total	(6007J	)		828 211		854 487		878 682		933 516		990 773		1 073 270		1 132 520		1 159 598

KB610

1.	Comprising audio-visual, photographic and information-processing equipment.
2.	Jewellery, watches, therapeutic appliances, etc.
3.	Comprising sport and camping equipment, hobbies, books and toys.
4.	Personal goods, and writing and drawing equipment and supplies.
5.	Comprising newspapers, magazines, stationery and recording media.
6.	Including imputed rent for owner-occupied dwellings.
7.	Comprising cinemas, park, museum and theatre entrance fees, subscriptions to DSTV, licences and hiring of equipment.
8.	After adjustment for net expenditure of non-residents in the domestic sector.

Quarterly Bulletin December 2009 S–111

South African Reserve Bank

Final consumption expenditure by households

R millions

	At current prices										At constant 2005 prices
			Semi-		Non-								Semi-		Non-
	Durable		durable		durable						Durable		durable		durable
	goods		goods		goods		Services1		Total		goods		goods		goods		Services1		Total
Period	(6050K)		(6055K)		(6061K)		(6068K)		(6007K)		(6050C)		(6055C)		(6061C)		(6068C)		(6007C)
2005: 04		30 444		29 326		101 721		107 172		268 663		29 495		29 451		100 352		105 241		264 539
2005		102 792		93 595		377 851		416 535		990 773		102 792		93 595		377 851		416 535		990 773
2006: 01		24 962		22 405		99 883		109 609		256 859		27 453		22 682		96 572		108 497		255 204
02		28 001		26 011		103 376		114 207		271 595		27 600		26 562		97 637		110 872		262 671
03		31 000		24 949		106 733		119 431		282 113		30 343		25 587		98 726		112 759		267 415
04		34 482		33 894		116 029		121 343		305 748		33 761		34 927		106 440		112 852		287 980
2006		118 445		107 259		426 021		464 590		1 116 315		119 157		109 758		399 375		444 980		1 073 270
2007: 01		27 525		25 749		112 531		125 163		290 968		29 911		26 421		101 866		113 668		271 866
02		28 152		29 756		117 190		133 478		308 576		27 486		30 405		102 491		117 320		277 702
03		31 760		27 234		121 822		138 287		319 103		30 368		27 904		104 196		118 966		281 434
04		34 926		36 263		133 142		141 665		345 996		33 636		37 426		110 802		119 654		301 518
2007		122 363		119 002		484 685		538 593		1 264 643		121 401		122 156		419 355		469 608		1 132 520
2008: 01		27 802		27 941		130 970		142 615		329 328		28 788		28 242		105 832		120 584		283 446
02		29 282		31 592		137 287		152 407		350 568		26 367		31 677		104 984		124 484		287 512
03		30 930		29 483		143 327		158 311		362 051		27 688		28 833		104 542		125 433		286 496
04		29 768		39 297		153 015		153 562		375 642		29 957		38 569		110 329		123 289		302 144
2008		117 782		128 313		564 599		606 895		1 417 589		112 800		127 321		425 687		493 790		1 159 598
2009: 01		23 819		30 343		142 882		156 252		353 296		24 091		28 545		101 887		122 167		276 690
02		25 344		33 043		146 055		160 795		365 237		22 408		31 160		99 834		122 475		275 877
03		27 505		30 464		148 222		161 641		367 832		24 447		28 140		99 406		123 380		275 373

KB611

Seasonally adjusted annualised rates

	(6050L)		(6055L)		(6061L)		(6068L)		(6007L)		(6050D)		(6055D)		(6061D)		(6068D)		(6007D)
2005: 04		110 245		97 642		391 173		434 212		1 033 272		108 117		98 297		385 326		425 452		1 017 192
2005		102 792		93 595		377 851		416 535		990 773		102 792		93 595		377 851		416 535		990 773
2006: 01		112 814		100 824		405 311		442 674		1 061 623		115 061		102 202		390 475		439 068		1 046 806
02		117 089		105 226		419 090		450 723		1 092 128		118 562		107 460		397 112		438 516		1 061 650
03		120 045		109 646		434 267		473 912		1 137 870		120 198		112 638		401 603		445 630		1 080 069
04		123 832		113 340		445 416		491 051		1 173 639		122 811		116 732		408 310		456 706		1 104 559
2006		118 445		107 259		426 021		464 590		1 116 315		119 157		109 758		399 375		444 980		1 073 270
2007: 01		123 636		115 110		457 382		505 896		1 202 024		125 529		118 587		411 771		459 978		1 115 865
02		118 064		120 068		476 294		526 935		1 241 361		118 982		122 498		417 348		464 098		1 122 926
03		123 515		119 737		494 589		548 932		1 286 773		120 554		123 257		423 873		469 893		1 137 577
04		124 237		121 093		510 475		572 609		1 328 414		120 540		124 282		424 428		484 463		1 153 713
2007		122 363		119 002		484 685		538 593		1 264 643		121 401		122 156		419 355		469 608		1 132 520
2008: 01		124 083		124 720		532 767		576 721		1 358 291		121 138		126 491		427 137		487 271		1 162 037
02		122 747		127 797		558 712		602 411		1 411 667		114 550		127 694		427 893		493 664		1 163 801
03		120 635		129 680		580 572		628 739		1 459 626		110 573		127 688		425 558		495 676		1 159 495
04		103 663		131 055		586 345		619 709		1 440 772		104 940		127 411		422 160		498 549		1 153 060
2008		117 782		128 313		564 599		606 895		1 417 589		112 800		127 321		425 687		493 790		1 159 598
2009: 01		106 534		134 681		579 974		631 514		1 452 703		102 705		127 901		411 862		493 390		1 135 858
02		107 089		133 612		595 377		636 309		1 472 387		97 803		126 327		407 945		486 010		1 118 085
03		108 216		133 819		599 129		641 536		1 482 700		97 918		123 987		402 869		487 655		1 112 429

KB612

1. After adjustment for net expenditure by non-residents in the domestic market.

S–112 Quarterly Bulletin December 2009

South African Reserve Bank

Final consumption expenditure by households according to purpose
At current prices

R millions

					Housing,		Furnishings,												Miscel-
	Food,				water,		household						Recreation,				Hotels,		laneous
	beverages		Clothing		electricity,		equipment						entertainment				cafés		goods
	and		and		gas and		and routine						and				and		and
	tobacco		footwear		other fuels		maintenance		Health		Transport		culture		Education		restaurants		services		Total
Period	(6062J)		(6359J)		(6351J)		(6352J)		(6353J)		(6354J)		(6355J)		(6357J)		(6358J)		(6356J)		(6007J)
1989		46 460		9 798		18 817		15 381		6 562		22 257		7 606		1 927		4 672		11 802		145 282
1990		54 874		11 270		22 676		18 310		8 092		26 782		9 508		2 199		5 786		17 257		176 754
1991		64 924		13 038		24 880		20 194		9 977		31 051		10 919		2 390		6 279		20 982		204 634
1992		75 570		14 431		28 745		23 388		12 186		34 180		13 303		2 873		7 072		23 592		234 167
1993		82 030		16 803		32 043		26 052		14 678		41 085		14 718		4 186		7 552		25 526		263 428
1994		94 429		18 745		35 189		29 059		18 844		45 843		15 574		5 083		7 783		28 865		298 174
1995		105 704		21 232		40 490		32 827		23 304		53 562		16 864		6 181		9 214		34 660		343 038
1996		116 940		23 534		45 577		36 392		26 513		60 961		18 546		7 078		10 331		39 825		385 921
1997		134 156		25 265		50 912		39 976		30 533		64 502		20 131		7 857		11 427		47 809		434 307
1998		138 713		28 871		58 080		42 258		33 292		70 952		22 126		11 152		14 007		52 130		470 165
1999		143 124		29 592		65 374		45 267		38 330		77 153		24 081		13 782		16 046		63 124		514 271
2000		152 519		32 864		73 367		49 262		44 767		94 794		26 358		17 618		17 901		73 240		580 802
2001		165 059		35 248		80 186		53 429		53 328		106 018		28 595		19 942		19 140		80 798		639 800
2002		192 363		38 373		92 375		58 982		59 096		120 736		31 573		21 940		21 669		82 945		724 228
2003		210 750		41 347		105 471		64 316		67 390		132 415		33 683		24 064		24 139		82 537		790 389
2004		232 868		47 409		120 882		70 321		75 654		154 958		36 424		27 277		27 397		93 560		890 952
2005		253 515		53 213		139 510		76 925		79 945		179 793		39 319		29 651		25 491		108 973		990 773
2006		285 706		59 496		159 950		87 690		87 472		202 944		44 500		32 468		29 564		122 212		1 116 315
2007		323 840		66 313		187 823		99 459		98 794		214 463		50 026		35 528		34 426		149 574		1 264 643
2008		373 393		71 628		219 179		111 120		111 487		226 205		54 952		38 851		40 281		165 795		1 417 589

KB635

At constant 2005 prices

	(6062Y)		(6359Y)		(6351Y)		(6352Y)		(6353Y)		(6354Y)		(6355Y)		(6357Y)		(6358Y)		(6356Y)		(6007Y)
1989		214 481		16 180		98 307		49 213		35 530		91 887		16 453		17 416		21 849		39 476		607 694
1990		216 984		16 173		100 988		50 288		36 507		96 288		17 788		16 722		23 288		48 107		625 156
1991		214 172		16 673		102 881		48 609		37 671		96 549		17 935		15 384		20 792		52 564		621 923
1992		202 756		16 987		105 597		48 636		39 086		94 957		19 473		15 003		19 438		53 224		613 072
1993		202 604		18 518		106 945		49 463		41 046		101 200		19 457		13 925		18 904		53 798		624 663
1994		207 941		19 893		109 816		51 088		48 020		105 496		19 370		14 865		17 254		57 530		649 695
1995		213 541		21 518		114 410		54 194		54 588		115 398		19 695		16 703		18 445		61 839		688 200
1996		220 723		22 898		116 990		55 735		57 607		122 750		19 864		17 527		19 168		67 369		718 975
1997		228 246		23 850		119 287		56 338		59 420		124 426		20 540		17 651		19 196		73 871		742 395
1998		226 923		27 082		122 349		57 077		58 969		117 495		24 105		22 462		19 897		77 269		755 331
1999		220 182		27 305		124 377		57 075		62 739		117 991		25 731		24 337		20 471		85 791		768 457
2000		217 604		30 128		125 546		58 557		68 942		127 351		27 435		27 044		20 416		92 863		800 257
2001		221 686		32 500		126 798		59 857		75 792		134 429		28 580		27 605		20 651		94 978		828 211
2002		226 167		36 506		129 187		61 725		79 707		140 022		30 029		28 125		20 919		94 954		854 487
2003		227 485		38 547		131 006		64 012		83 936		147 121		32 048		28 668		21 912		96 684		878 682
2004		240 491		45 838		134 535		67 969		83 783		159 936		35 721		29 618		23 925		104 585		933 516
2005		253 515		53 213		139 510		76 925		79 945		179 793		39 319		29 651		25 491		108 973		990 773
2006		267 978		62 455		145 708		84 025		87 605		196 043		44 798		30 157		27 015		120 111		1 073 270
2007		277 691		71 898		152 419		91 334		94 924		195 887		50 469		30 524		28 620		130 900		1 132 520
2008		281 140		76 471		156 693		94 731		102 055		182 597		54 046		30 824		30 142		142 482		1 159 598

KB636

Quarterly Bulletin December 2009 S–113

South African Reserve Bank

Gross fixed capital formation
At current prices

R millions

			2001		2002		2003		2004		2005		2006		2007		2008
By kind of economic activity
Agriculture, forestry and fishing	(6080J	)		4 613		6 637		6 660		7 191		6 853		7 760		8 571		11 801
Mining and quarrying	(6081J	)		15 871		19 802		21 706		17 917		16 743		27 715		39 742		51 266
Manufacturing	(6082J	)		34 025		36 562		39 679		47 794		54 838		68 636		82 630		99 816
Private business enterprises	(6083J	)		33 803		36 328		39 259		47 420		54 294		68 139		82 194		98 776
Other	(6084J	)		222		234		420		374		544		497		436		1 040
Electricity, gas and water	(6085J	)		5 647		7 114		9 795		11 751		14 004		17 805		26 506		44 331
Construction (contractors)	(6086J	)		2 360		2 745		3 158		4 270		4 498		5 116		6 499		9 499
Wholesale and retail trade, catering and accommodation	(6087J	)		11 128		11 550		12 594		16 304		19 264		23 791		29 031		35 541
Transport, storage and communication	(6088J	)		20 716		23 725		29 399		33 314		43 391		45 504		56 670		83 043
Transnet	(6089J	)		2 911		5 304		9 191		7 226		8 452		10 830		14 805		22 099
Other	(6090J	)		17 805		18 421		20 208		26 088		34 939		34 674		41 865		60 944
Financial intermediation, insurance, real-estate and business services1	(6091J	)		33 806		36 208		41 122		50 388		63 683		75 263		87 816		90 793
Private residential buildings	(6092J	)		11 667		12 656		13 723		20 044		30 096		35 890		39 127		39 261
Other1	(6093J	)		22 139		23 552		27 399		30 344		33 587		39 373		48 689		51 532
Community, social and personal services	(6094J	)		22 842		27 808		32 886		37 251		40 480		52 493		69 453		87 659
Central government	(6095J	)		5 887		7 613		7 027		8 326		7 659		10 311		10 541		14 283
Provincial governments	(6096J	)		5 457		7 466		10 383		11 039		12 394		17 296		22 336		25 589
Local authorities	(6097J	)		9 013		9 597		11 935		13 619		15 136		18 747		28 792		41 124
Other	(6098J	)		2 485		3 132		3 541		4 267		5 291		6 139		7 784		6 663
Total fixed capital formation	(6009J	)		151 008		172 151		196 999		226 180		263 754		324 083		406 918		513 749
By type of organisation
General government	(6100J	)		23 144		27 578		32 002		35 605		38 009		49 054		65 050		85 528
Functional classification: Economic infrastructure2	(6101J	)		10 071		11 317		14 658		16 026		17 583		23 559		36 478		47 979
Social infrastructure3	(6102J	)		6 494		8 586		9 862		11 119		12 500		15 987		18 345		23 607
Economic services4	(6103J	)		6 579		7 675		7 482		8 460		7 926		9 508		10 227		13 942
General government services	(6104J	)		18 950		23 105		27 515		30 767		34 069		44 612		59 585		78 217
Business enterprises	(6105J	)		4 194		4 473		4 487		4 838		3 940		4 442		5 465		7 311
Public corporations	(6106J	)		14 825		18 451		22 611		24 709		29 478		38 911		57 504		94 322
Functional classification: Economic infrastructure2	(6107J	)		14 009		16 436		20 422		23 003		28 037		36 257		52 824		90 092
Economic services4	(6108J	)		816		2 015		2 189		1 706		1 441		2 654		4 680		4 230
Private business enterprises1	(6109J	)		113 039		126 122		142 386		165 866		196 267		236 118		284 364		333 899

KB613

1.	Including transfer costs.
2.	Roads, bridges, dams, electricity and water supply, etc.
3.	Schools, hospitals, etc. and administrative services.
4.	Business enterprises not included in economic infrastructure.

S–114 Quarterly Bulletin December 2009

South African Reserve Bank

Gross fixed capital formation
At constant 2005 prices

R millions

			2001		2002		2003		2004		2005		2006		2007		2008
By kind of economic activity
Agriculture, forestry and fishing	(6080Y	)		6 341		7 619		7 048		7 343		6 852		7 774		8 148		10 198
Mining and quarrying	(6081Y	)		19 684		22 354		23 461		18 950		16 743		24 904		32 318		36 593
Manufacturing	(6082Y	)		42 359		41 094		42 565		49 987		54 838		61 845		66 625		72 081
Electricity, gas and water	(6085Y	)		7 135		8 163		10 873		12 635		14 004		16 013		21 489		30 486
Construction (contractors)	(6086Y	)		2 897		3 060		3 377		4 456		4 500		4 728		5 460		7 297
Wholesale and retail trade, catering and accommodation	(6087Y	)		13 159		12 417		13 158		16 917		19 263		22 083		24 864		27 468
Transport, storage and communication	(6088Y	)		24 944		25 684		30 669		34 473		43 391		42 552		49 014		64 343
Financial intermediation, insurance, real-estate and business services1	(6091Y	)		37 748		39 365		43 325		53 079		63 683		68 589		73 213		67 175
Community, social and personal services	(6094Y	)		28 099		31 232		36 064		39 811		40 480		47 298		56 550		61 649
Total fixed capital formation	(6009Y	)		184 543		190 988		210 540		237 651		263 754		295 786		337 681		377 290
By type of organisation
General government	(6100Y	)		28 502		31 000		35 099		38 076		38 009		44 227		52 907		59 984
Functional classification: Economic infrastructure2	(6101Y	)		12 852		13 139		16 366		17 345		17 583		21 148		29 509		32 959
Social infrastructure3	(6102Y	)		8 239		9 913		10 966		11 955		12 500		14 303		14 747		16 410
Economic services4	(6103Y	)		7 411		7 948		7 767		8 776		7 926		8 776		8 651		10 615
General government services	(6104Y	)		23 161		25 833		30 139		32 912		34 069		40 248		48 504		54 875
Business enterprises	(6105Y	)		5 341		5 167		4 960		5 164		3 940		3 979		4 403		5 109
Public corporations	(6106Y	)		18 326		20 392		24 248		26 103		29 478		35 229		47 160		66 479
Functional classification: Economic infrastructure2	(6107Y	)		17 398		18 110		21 867		24 292		28 037		32 821		43 305		63 521
Economic services4	(6108Y	)		974		2 285		2 380		1 811		1 441		2 408		3 856		2 960
Private business enterprises1	(6109Y	)		136 222		139 596		151 193		173 472		196 267		216 330		237 614		250 827

KB614

1.	Including transfer costs.
2.	Roads, bridges, dams, electricity and water supply, etc.
3.	Schools, hospitals, etc. and administrative services.
4.	Business enterprises not included in economic infrastructure.

Quarterly Bulletin December 2009 S–115

South African Reserve Bank

Gross fixed capital formation
At current prices

R millions

	By kind of economic activity												By type of organisation
									Financial,
							Transport,		intermediation,		Community,
							storage		insurance		social
	Mining				Electricity,		and		real-estate		and								Private
	and				gas and		communi-		and business		personal				General		Public		business
	quarrying		Manufacturing		water		cation		services1		services		Total		government		corporations		enterprises1
Period	(6081K)		(6082K)		(6085K)		(6088K)		(6091K)		(6094K)		(6009K)		(6100K)		(6106K)		(6109K)
2005: 04		4 408		14 522		3 907		12 225		17 734		11 044		72 059		10 291		8 176		53 592
2005		16 743		54 838		14 004		43 391		63 683		40 480		263 754		38 009		29 478		196 267
2006: 01		5 564		15 168		4 061		11 101		17 750		11 624		74 095		10 989		8 569		54 537
02		6 454		16 225		4 330		11 333		18 060		11 936		76 584		11 278		9 389		55 917
03		7 608		17 718		4 550		11 173		19 180		13 650		83 189		12 559		10 156		60 474
04		8 089		19 525		4 864		11 897		20 273		15 283		90 215		14 228		10 797		65 190
2006		27 715		68 636		17 805		45 504		75 263		52 493		324 083		49 054		38 911		236 118
2007: 01		9 433		19 758		6 101		12 365		20 992		16 492		95 891		14 934		13 038		67 919
02		9 530		20 686		6 376		13 629		21 545		16 622		98 609		15 228		13 287		70 094
03		9 517		21 096		6 088		15 070		22 565		17 343		102 670		16 514		13 940		72 216
04		11 262		21 090		7 941		15 606		22 714		18 996		109 748		18 374		17 239		74 135
2007		39 742		82 630		26 506		56 670		87 816		69 453		406 918		65 050		57 504		284 364
2008: 01		10 551		22 896		9 114		18 804		21 723		20 470		116 972		19 689		20 527		76 756
02		12 297		24 340		10 009		20 046		23 289		20 902		124 235		20 646		22 181		81 408
03		13 644		26 350		11 921		21 386		22 872		22 656		133 330		22 030		24 643		86 657
04		14 774		26 230		13 287		22 807		22 909		23 631		139 212		23 163		26 971		89 078
2008		51 266		99 816		44 331		83 043		90 793		87 659		513 749		85 528		94 322		333 899
2009: 01		14 326		22 795		16 775		24 370		21 816		23 623		139 712		23 437		31 943		84 332
02		14 237		21 708		19 692		22 804		21 752		22 575		137 261		22 204		33 141		81 916
03		13 070		19 591		20 038		24 156		22 131		22 739		136 050		22 329		34 744		78 977
KB615 Seasonally adjusted annualised rates
	(6081L)		(6082L)		(6085L)		(6088L)		(6091L)		(6094L)		(6009L)		(6100L)		(6106L)		(6109L)
2005: 04		17 250		58 050		15 361		48 313		70 189		42 980		284 391		40 118		31 895		212 378
2005		16 743		54 838		14 004		43 391		63 683		40 480		263 754		38 009		29 478		196 267
2006: 01		22 105		61 000		16 685		44 321		72 193		45 715		295 669		43 144		34 643		217 882
02		25 974		64 927		17 412		45 390		72 635		49 360		310 243		46 766		37 725		225 752
03		30 964		70 587		17 987		44 731		75 982		55 593		334 200		50 984		40 369		242 847
04		31 817		78 030		19 136		47 574		80 242		59 304		356 220		55 322		42 907		257 991
2006		27 715		68 636		17 805		45 504		75 263		52 493		324 083		49 054		38 911		236 118
2007: 01		37 271		79 501		24 568		49 333		85 451		64 649		381 633		58 488		52 319		270 826
02		38 378		82 656		25 690		55 016		86 489		68 943		400 074		63 351		53 757		282 966
03		38 788		84 053		24 267		60 369		89 285		70 603		412 688		67 084		55 527		290 077
04		44 531		84 310		31 499		61 962		90 039		73 617		433 277		71 277		68 413		293 587
2007		39 742		82 630		26 506		56 670		87 816		69 453		406 918		65 050		57 504		284 364
2008: 01		43 447		91 583		37 001		74 825		86 150		79 608		464 050		76 470		80 249		307 331
02		48 757		97 280		39 992		80 789		92 854		84 327		499 288		83 573		89 225		326 490
03		54 032		105 568		47 505		87 370		92 642		92 936		539 438		90 083		102 990		346 365
04		58 828		104 833		52 826		89 188		91 526		93 765		552 220		91 986		104 824		355 410
2008		51 266		99 816		44 331		83 043		90 793		87 659		513 749		85 528		94 322		333 899
2009: 01		58 828		91 119		67 203		97 256		88 253		91 720		555 869		90 927		127 228		337 714
02		56 201		86 743		78 728		91 900		86 393		91 400		551 245		90 244		132 861		328 140
03		51 647		78 638		80 128		98 679		84 912		93 554		546 163		91 526		138 967		315 670

KB616

1. Including transfer costs.

S–116 Quarterly Bulletin December 2009

South African Reserve Bank

Gross fixed capital formation
At constant 2005 prices

R millions

	By kind of economic activity												By type of organisation
									Financial
									intermediation,		Community,
							Transport,		insurance,		social
	Mining				Electricity,		storage		real-estate		and								Private
	and				gas and		and		and business		personal				General		Public		business
	quarrying		Manufacturing		water		communication		services1		services		Total		government		corporations		enterprises1
Period	(6081C)		(6082C)		(6085C)		(6088C)		(6091C)		(6094C)		(6009C)		(6100C)		(6106C)		(6109C)
2005: 04		4 261		14 162		3 746		11 979		17 104		10 621		69 921		9 887		7 899		52 135
2005		16 743		54 838		14 004		43 391		63 683		40 480		263 754		38 009		29 478		196 267
2006: 01		5 282		14 489		3 820		10 775		16 859		10 995		70 820		10 387		8 155		52 278
02		5 988		15 117		3 989		10 843		16 846		11 061		71 765		10 446		8 759		52 560
03		6 741		15 686		4 013		10 291		17 162		12 067		74 692		11 115		9 024		54 553
04		6 893		16 553		4 191		10 643		17 722		13 175		78 509		12 279		9 291		56 939
2006		24 904		61 845		16 013		42 552		68 589		47 298		295 786		44 227		35 229		216 330
2007: 01		7 884		16 348		5 161		10 958		18 066		13 932		81 896		12 624		11 056		58 216
02		7 809		16 761		5 232		11 912		18 148		13 705		82 516		12 556		10 994		58 966
03		7 636		16 808		4 872		12 894		18 579		13 932		84 219		13 258		11 287		59 674
04		8 989		16 708		6 224		13 250		18 420		14 981		89 050		14 469		13 823		60 758
2007		32 318		66 625		21 489		49 014		73 213		56 550		337 681		52 907		47 160		237 614
2008: 01		8 113		17 563		6 885		15 528		17 347		15 656		92 289		14 996		15 791		61 502
02		8 937		17 893		7 023		15 825		17 429		14 872		92 705		14 671		15 915		62 119
03		9 468		18 491		7 907		16 143		16 284		15 329		94 837		14 878		16 756		63 203
04		10 075		18 134		8 671		16 847		16 115		15 792		97 459		15 439		18 017		64 003
2008		36 593		72 081		30 486		64 343		67 175		61 649		377 290		59 984		66 479		250 827
2009: 01		9 819		15 723		11 195		18 519		15 560		16 002		98 921		15 873		22 149		60 899
02		9 854		15 006		13 341		17 570		15 539		15 489		97 709		15 240		23 200		59 269
03		9 050		13 525		13 565		18 459		15 788		15 547		96 771		15 278		24 266		57 227
KB617 Seasonally adjusted annualised rates
	(6081D)		(6082D)		(6085D)		(6088D)		(6091D)		(6094D)		(6009D)		(6100D)		(6106D)		(6109D)
2005: 04		16 677		56 609		14 720		47 357		67 671		41 330		275 934		38 539		30 817		206 578
2005		16 743		54 838		14 004		43 391		63 683		40 480		263 754		38 009		29 478		196 267
2006: 01		20 994		58 259		15 680		43 021		68 537		43 237		282 527		40 775		32 946		208 806
02		24 072		60 491		16 029		43 427		67 740		45 717		290 682		43 293		35 182		212 207
03		27 457		62 485		15 861		41 197		67 965		49 130		300 090		45 113		35 866		219 111
04		27 093		66 145		16 482		42 563		70 114		51 108		309 845		47 727		36 922		225 196
2006		24 904		61 845		16 013		42 552		68 589		47 298		295 786		44 227		35 229		216 330
2007: 01		31 190		65 783		20 774		43 723		73 487		54 610		325 870		49 430		44 357		232 083
02		31 365		66 964		21 066		48 052		72 878		56 828		334 794		52 215		44 458		238 121
03		31 177		66 963		19 423		51 645		73 498		56 702		338 636		53 845		44 963		239 828
04		35 540		66 790		24 693		52 636		72 989		58 060		351 424		56 138		54 862		240 424
2007		32 318		66 625		21 489		49 014		73 213		56 550		337 681		52 907		47 160		237 614
2008: 01		33 364		70 254		27 921		61 816		68 571		60 957		365 866		58 304		61 518		246 044
02		35 420		71 519		28 059		63 719		69 573		60 034		372 868		59 418		64 015		249 435
03		37 460		74 076		31 501		65 773		66 285		62 892		383 897		60 848		70 374		252 675
04		40 128		72 475		34 463		66 064		64 271		62 713		386 529		61 366		70 009		255 154
2008		36 593		72 081		30 486		64 343		67 175		61 649		377 290		59 984		66 479		250 827
2009: 01		40 300		62 850		44 848		73 928		62 892		62 167		393 524		61 615		88 233		243 676
02		38 907		59 964		53 339		70 739		61 816		62 701		392 632		61 923		92 998		237 711
03		35 753		54 280		54 245		75 218		60 742		63 928		388 505		62 595		97 069		228 841

KB618

1. Including transfer costs.

Quarterly Bulletin December 2009 S–117

South African Reserve Bank

Gross fixed capital formation by type of asset
At current prices

R millions

			2001		2002		2003		2004		2005		2006		2007		2008
Residential buildings	(6110J	)		14 635		15 772		17 541		23 983		33 455		40 148		44 226		47 986
General government	(6111J	)		2 186		2 314		2 923		3 090		2 194		2 757		3 184		6 345
Public corporations	(6112J	)		14		30		6		12		7		3		16		73
Private business enterprises	(6113J	)		12 435		13 428		14 612		20 881		31 254		37 388		41 026		41 568
Non-residential buildings	(6114J	)		17 897		18 145		20 232		23 059		26 565		32 821		41 660		52 722
General government	(6115J	)		4 423		6 019		7 797		8 424		9 371		11 443		13 415		17 697
Public corporations	(6116J	)		803		1 536		1 280		1 102		1 439		718		2 551		4 545
Private business enterprises	(6117J	)		12 671		10 590		11 155		13 533		15 755		20 660		25 694		30 480
Construction works	(6118J	)		19 029		23 022		30 663		35 115		40 739		53 124		80 950		125 291
General government	(6119J	)		10 165		11 417		14 619		15 991		17 595		23 352		36 207		47 661
Public corporations	(6120J	)		4 031		6 610		9 493		12 333		14 917		20 242		32 260		62 009
Private business enterprises	(6121J	)		4 833		4 995		6 551		6 791		8 227		9 530		12 483		15 621
Transport equipment	(6122J	)		19 585		18 850		25 694		29 219		34 789		40 865		46 628		53 690
General government	(6123J	)		88		91		77		76		70		83		88		78
Public corporations	(6124J	)		1 046		1 438		3 277		3 589		3 688		3 111		3 568		2 915
Private business enterprises	(6125J	)		18 451		17 321		22 340		25 554		31 031		37 671		42 972		50 697
Computers and related equipment	(6099J	)		11 280		13 016		15 258		14 957		16 766		19 328		22 688		25 462
General government	(6137J	)		1 704		1 763		1 432		1 578		2 369		2 508		2 594		3 075
Public corporations	(6138J	)		1 483		1 568		1 658		1 467		1 528		2 266		2 758		2 587
Private business enterprises	(6139J	)		8 093		9 684		12 168		11 912		12 870		14 553		17 336		19 800
Machinery and other equipment	(6126J	)		64 318		78 317		81 072		90 721		100 020		127 176		159 420		198 720
General government	(6127J	)		4 578		5 974		5 154		6 446		6 410		8 911		9 562		10 672
Public corporations	(6128J	)		7 448		7 269		6 897		6 206		7 899		12 571		16 351		22 193
Private business enterprises	(6129J	)		52 292		65 074		69 021		78 069		85 711		105 694		133 507		165 855
Transfer costs1	(6130J	)		4 264		5 029		6 539		9 126		11 420		10 621		11 346		9 878
Total fixed capital formation	(6009J	)		151 008		172 151		196 999		226 180		263 754		324 083		406 918		513 749

KB619

1. Private business enterprises.

S–118 Quarterly Bulletin December 2009

South African Reserve Bank

Gross fixed capital formation by type of asset
At constant 2005 prices

R millions

			2001		2002		2003		2004		2005		2006		2007		2008
Residential buildings	(6110Y	)		18 684		18 340		19 586		25 877		33 455		36 198		35 874		33 156
General government	(6111Y	)		2 793		2 680		3 263		3 336		2 194		2 493		2 577		4 377
Public corporations	(6112Y	)		19		35		6		12		7		3		10		52
Private business enterprises	(6113Y	)		14 799		15 625		16 317		22 529		31 254		33 702		33 287		28 727
Non-residential buildings	(6114Y	)		22 887		21 131		22 614		24 925		26 565		29 567		33 721		36 365
General government	(6115Y	)		5 629		6 983		8 703		9 112		9 371		10 287		10 850		12 254
Public corporations	(6116Y	)		1 233		1 776		1 431		1 194		1 439		648		2 038		3 132
Private business enterprises	(6117Y	)		14 604		12 372		12 480		14 619		15 755		18 632		20 833		20 979
Construction works	(6118Y	)		24 679		27 100		34 371		38 116		40 739		47 879		65 769		86 149
General government	(6119Y	)		12 988		13 271		16 331		17 313		17 595		20 955		29 280		32 712
Public corporations	(6120Y	)		5 201		7 675		10 603		13 334		14 917		18 198		26 097		42 406
Private business enterprises	(6121Y	)		6 597		6 154		7 437		7 469		8 227		8 726		10 392		11 031
Transport equipment	(6122Y	)		20 632		21 030		26 661		29 731		34 789		39 859		44 146		48 524
General government	(6123Y	)		105		101		80		78		70		81		84		70
Public corporations	(6124Y	)		1 278		1 592		3 394		3 656		3 688		3 045		3 371		2 646
Private business enterprises	(6125Y	)		19 521		19 337		23 187		25 997		31 031		36 733		40 691		45 808
Computers and related equipment	(6099Y	)		7 890		8 501		11 638		13 595		16 766		19 529		22 383		25 470
General government	(6137Y	)		1 193		1 151		1 082		1 442		2 369		2 534		2 557		3 072
Public corporations	(6138Y	)		1 037		1 024		1 265		1 330		1 528		2 289		2 721		2 590
Private business enterprises	(6139Y	)		5 661		6 325		9 293		10 824		12 870		14 708		17 107		19 808
Machinery and other equipment	(6126Y	)		81 491		89 045		88 366		95 531		100 020		113 166		126 579		140 773
General government	(6127Y	)		5 794		6 814		5 640		6 795		6 410		7 877		7 559		7 499
Public corporations	(6128Y	)		9 158		8 290		7 549		6 577		7 899		11 046		12 923		15 653
Private business enterprises	(6129Y	)		69 152		73 941		75 177		82 159		85 711		94 243		106 097		117 621
Transfer costs1	(6130Y	)		5 434		5 841		7 304		9 876		11 420		9 588		9 209		6 853
Total fixed capital formation	(6009Y	)		184 543		190 988		210 540		237 651		263 754		295 786		337 681		377 290

KB620

1. Private business enterprises.

Quarterly Bulletin December 2009 S–119

South African Reserve Bank

Gross fixed capital formation by type of asset

R millions

		At current prices												At constant 2005 prices
				Non-						Machinery						Non-						Machinery
		Residential		residential		Construction		Transport		and other		Transfer		Residential		residential		Construction		Transport		and other		Transfer
		buildings		buildings		works		equipment		equipment		costs		buildings		buildings		works		equipment		equipment		costs
Period		(6110K)		(6114K)		(6118K)		(6122K)		(6126K)		(6130K)		(6110C)		(6114C)		(6118C)		(6122C)		(6126C)		(6130C)
2005:	04		9 591		7 253		11 321		9 777		26 590		3 005		9 206		6 952		10 803		9 716		25 867		2 861
2005			33 455		26 565		40 739		34 789		100 020		11 420		33 455		26 565		40 739		34 789		100 020		11 420
2006:	01		9 042		7 260		12 106		10 519		27 529		3 063		8 522		6 849		11 389		10 367		26 194		2 874
	02		9 738		7 662		12 231		10 344		29 447		2 571		8 983		7 069		11 277		10 128		27 195		2 363
	03		10 528		8 547		13 620		9 703		33 525		2 446		9 304		7 548		12 063		9 419		29 284		2 156
	04		10 840		9 352		15 167		10 299		36 675		2 541		9 389		8 101		13 150		9 945		30 493		2 195
2006			40 148		32 821		53 124		40 865		127 176		10 621		36 198		29 567		47 879		39 859		113 166		9 588
2007:	01		10 537		9 761		17 575		10 954		38 670		2 808		8 908		8 248		14 909		10 495		31 516		2 373
	02		11 164		9 967		18 597		11 508		38 977		2 781		9 165		8 168		15 358		10 940		31 050		2 287
	03		11 289		10 657		20 389		11 490		40 287		2 883		9 012		8 495		16 358		10 859		31 548		2 302
	04		11 236		11 275		24 389		12 676		41 486		2 874		8 789		8 810		19 144		11 852		32 465		2 247
2007			44 226		41 660		80 950		46 628		159 420		11 346		35 874		33 721		65 769		44 146		126 579		9 209
2008:	01		10 946		12 365		26 088		13 321		45 685		2 750		8 257		9 311		19 718		12 416		34 533		2 070
	02		12 205		12 905		29 258		12 658		48 417		2 635		8 526		8 979		20 501		11 783		34 852		1 840
	03		12 774		13 114		33 366		13 625		51 738		2 212		8 469		8 669		22 085		12 096		35 558		1 459
	04		12 061		14 338		36 579		14 086		52 880		2 281		7 904		9 406		23 845		12 229		35 830		1 484
2008			47 986		52 722		125 291		53 690		198 720		9 878		33 156		36 365		86 149		48 524		140 773		6 853
2009:	01		11 144		14 156		40 699		17 109		47 937		2 228		7 445		9 504		27 054		14 803		32 493		1 476
	02		11 526		13 967		43 522		16 608		42 824		2 249		7 669		9 453		29 429		14 275		29 019		1 517
	03		11 628		14 741		45 373		16 981		38 409		2 187		7 652		9 830		30 568		14 604		26 016		1 470

KB621

Seasonally adjusted annualised rates

		(6110L)		(6114L)		(6118L)		(6122L)		(6126L)		(6130L)		(6110D)		(6114D)		(6118D)		(6122D)		(6126D)		(6130D)
2005:	04		37 619		28 497		43 702		38 426		105 978		12 081		36 075		27 310		41 690		38 184		103 091		11 520
2005			33 455		26 565		40 739		34 789		100 020		11 420		33 455		26 565		40 739		34 789		100 020		11 420
2006:	01		37 487		29 148		47 485		41 522		109 573		12 151		35 306		27 486		44 666		40 920		104 249		11 399
	02		38 970		31 184		50 721		41 910		118 795		10 299		35 926		28 764		46 747		41 035		109 743		9 469
	03		41 532		34 192		55 221		40 037		134 121		9 818		36 681		30 190		48 895		38 865		117 135		8 651
	04		42 603		36 760		59 069		39 991		146 215		10 218		36 879		31 828		51 208		38 616		121 537		8 833
2006			40 148		32 821		53 124		40 865		127 176		10 621		36 198		29 567		47 879		39 859		113 166		9 588
2007:	01		43 548		39 198		68 758		43 186		153 472		11 129		36 794		33 109		58 324		41 373		125 075		9 406
	02		44 584		40 709		77 203		46 659		157 320		11 139		36 581		33 346		63 737		44 351		125 423		9 163
	03		44 564		42 433		82 704		47 498		161 226		11 562		35 558		33 815		66 341		44 885		126 218		9 239
	04		44 208		44 300		95 135		49 169		165 662		11 554		34 563		34 614		74 674		45 975		129 600		9 025
2007			44 226		41 660		80 950		46 628		159 420		11 346		35 874		33 721		65 769		44 146		126 579		9 209
2008:	01		45 318		47 117		103 429		52 629		181 676		10 615		34 157		35 267		78 176		49 039		137 290		8 000
	02		47 972		51 692		117 915		51 962		194 379		10 739		33 486		35 982		82 636		48 357		140 006		7 506
	03		49 767		55 365		136 657		54 740		207 863		9 042		32 969		37 047		90 454		48 587		142 867		5 969
	04		48 887		56 714		143 163		55 429		210 962		9 119		32 012		37 164		93 330		48 113		142 929		5 937
2008			47 986		52 722		125 291		53 690		198 720		9 878		33 156		36 365		86 149		48 524		140 773		6 853
2009:	01		46 198		55 822		161 741		67 749		190 017		8 586		30 861		37 477		107 517		58 620		128 772		5 693
	02		45 263		55 657		175 138		67 835		171 920		9 172		30 117		37 669		118 424		58 307		116 539		6 187
	03		45 085		57 147		185 255		68 171		154 648		8 933		29 695		38 106		124 803		58 628		104 742		6 008

KB622

S–120 Quarterly Bulletin December 2009

South African Reserve Bank

Fixed capital stock
At constant 2005 prices

R millions

As at 31 December			2001		2002		2003		2004		2005		2006		2007		2008
By kind of economic activity
Agriculture, forestry and fishing	(6140Y	)		108 357		108 363		107 669		107 276		106 414		106 560		107 105		109 467
Mining and quarrying	(6141Y	)		215 235		220 352		225 260		225 015		222 322		227 355		238 927		253 527
Manufacturing	(6142Y	)		378 319		377 934		377 046		381 602		388 486		399 450		411 555		425 025
Electricity, gas and water	(6143Y	)		171 823		168 819		169 116		171 461		175 355		181 366		192 771		212 884
Construction (contractors)	(6144Y	)		14 039		15 157		16 374		18 394		20 114		21 724		23 693		26 994
Wholesale and retail trade, catering and accommodation	(6145Y	)		135 718		138 195		140 223		145 224		151 347		158 789		167 272		176 431
Transport, storage and communication	(6146Y	)		453 161		459 474		469 404		482 013		502 255		518 788		539 369		572 571
Financial intermediation, insurance, real-estate and business services1	(6147Y	)		610 645		618 102		625 537		641 649		667 483		697 278		730 101		755 150
Community, social and personal services	(6148Y	)		624 966		633 313		645 649		660 897		675 755		696 401		724 911		757 258
Total fixed capital stock	(6149Y	)		2 712 263		2 739 709		2 776 278		2 833 531		2 909 531		3 007 711		3 135 704		3 289 307
By type of organisation
General government	(6150Y	)		718 963		723 314		731 033		741 060		750 206		764 840		787 179		815 657
Functional classification: Economic infrastructure2	(6132Y	)		450 392		452 069		456 802		462 324		467 903		476 842		493 819		513 847
Social infrastructure3	(6133Y	)		197 368		197 565		198 731		200 770		203 201		207 320		211 663		217 436
Economic services4	(6134Y	)		71 203		73 680		75 500		77 966		79 102		80 678		81 697		84 374
General government services	(6151Y	)		583 481		589 122		598 497		610 099		622 159		639 707		664 589		694 889
Business enterprises	(6152Y	)		135 482		134 192		132 536		130 961		128 047		125 133		122 590		120 768
Public corporations	(6153Y	)		566 367		562 270		562 436		564 814		571 302		582 893		605 859		647 300
Functional classification: Economic infrastructure2	(6135Y	)		511 463		510 959		514 631		521 032		531 782		546 605		571 417		615 715
Economic services4	(6136Y	)		54 904		51 311		47 805		43 782		39 520		36 288		34 442		31 585
Private business enterprises1	(6154Y	)		1 427 849		1 454 125		1 482 809		1 527 657		1 588 023		1 659 978		1 742 666		1 826 350

KB623

1.	Including transfer costs.
2.	Roads, bridges, dams, electricity and water supply, etc.
3.	Schools, hospitals, etc. and administrative services.
4.	Business enterprises not included in economic infrastructure.

Quarterly Bulletin December 2009 S–121

South African Reserve Bank

Change in inventories
At current prices

R millions

			2001		2002		2003		2004		2005		2006		2007		2008
By kind of economic activity
Agriculture, forestry and fishing1	(6160J	)		1 753		1 282		250		31		48		-445		125		114
Mining and quarrying	(6161J	)		1 316		2 607		1 951		1 350		976		6 928		1 441		19 223
Manufacturing	(6162J	)		6 577		22 445		9 724		24 155		9 987		24 603		23 820		18 885
Private business enterprises	(6163J	)		6 468		23 788		9 654		24 103		8 198		24 585		23 998		18 750
Other	(6164J	)		109		-1 343		70		52		1 789		18		-178		135
Electricity, gas and water	(6165J	)		7		-248		241		603		440		409		-103		-2 657
Construction (contractors)	(6166J	)		307		868		460		1 362		2 611		1 110		3 049		4 528
Wholesale and retail trade, catering and accommodation	(6167J	)		9 001		10 948		-252		9 058		11 633		24 736		29 159		21 519
Wholesale, retail and motor trade	(6168J	)		7 037		6 864		3 128		8 982		11 112		23 262		27 341		10 747
Other	(6169J	)		1 964		4 084		-3 380		76		521		1 474		1 818		10 772
Transport, storage and communication	(6170J	)		322		1 108		800		-141		3 538		-831		-490		1 097
Financial intermediation, insurance, real-estate and business services	(6171J	)		-5		25		4		83		77		208		-122		655
Community, social and personal services	(6172J	)		80		208		22		54		696		562		-16		-75
Change in inventories at book value	(6173J	)		19 358		39 243		13 200		36 555		30 006		57 280		56 863		63 289
Inventory valuation adjustment	(6174J	)		-16 903		-25 518		1 707		-6 927		-11 630		-33 368		-34 889		-75 524
Total change in inventories	(6010J	)		2 455		13 725		14 907		29 628		18 376		23 912		21 974		-12 235
By type of organisation
General government	(6175J	)		51		-203		-51		-19		619		365		-231		-368
Public corporations	(6176J	)		-218		-1 358		958		629		5 290		-1 694		-2 462		-3 917
Private business enterprises	(6177J	)		2 622		15 286		14 000		29 018		12 467		25 241		24 667		-7 950
Industrial and commercial inventories2	(6178J	)		13 614		29 309		12 852		33 137		21 099		47 865		51 161		29 632

KB624

1.	Including livestock.
2.	Change in book value of inventories of total manufacturing and of wholesale, retail and motor trade.

S–122 Quarterly Bulletin December 2009

South African Reserve Bank

Change in inventories
At constant 2005 prices

R millions

			2001		2002		2003		2004		2005		2006		2007		2008
By kind of economic activity
Agriculture, forestry and fishing1	(6160Y	)		-543		-1 935		-3 051		213		25		-491		-42		-577
Mining and quarrying	(6161Y	)		526		2 139		2 140		1 023		273		4 676		-511		9 759
Manufacturing	(6162Y	)		763		12 665		13 612		19 583		4 274		8 773		7 873		-11 062
Private business enterprises	(6163Y	)		807		14 429		13 540		19 567		2 538		8 990		8 204		-10 852
Other	(6164Y	)		-44		-1 764		72		16		1 736		-217		-331		-210
Electricity, gas and water	(6165Y	)		-265		-603		242		519		291		25		-428		-2 329
Construction (contractors)	(6166Y	)		65		258		304		918		2 142		157		1 720		1 386
Wholesale and retail trade, catering and accommodation	(6167Y	)		1 572		1 048		3 282		7 251		7 469		10 822		12 679		-4 729
Wholesale, retail and motor trade	(6168Y	)		2 842		-425		3 869		6 255		7 497		11 906		13 510		-6 151
Other	(6169Y	)		-1 270		1 473		-587		996		-28		-1 084		-831		1 422
Transport, storage and communication	(6170Y	)		56		617		816		-360		3 201		-1 606		-1 125		-199
Financial intermediation, insurance, real-estate and business services	(6171Y	)		-9		24		5		83		69		167		-132		425
Community, social and personal services	(6172Y	)		-44		111		20		18		632		336		-210		-326
Total change in inventories	(6010Y	)		2 121		14 324		17 370		29 248		18 376		22 859		19 824		-7 652
By type of organisation
General government	(6175Y	)		63		-222		-52		-18		619		323		-241		-344
Public corporations	(6176Y	)		-346		-1 475		1 007		694		5 290		-1 652		-2 015		-2 220
Private business enterprises	(6177Y	)		2 404		16 021		16 415		28 572		12 467		24 188		22 080		-5 088
Industrial and commercial inventories2	(6178Y	)		3 605		12 240		17 481		25 838		11 771		20 679		21 383		-17 213

KB625

1.	Including livestock.
2.	Change in book value of inventories of total manufacturing and of wholesale, retail and motor trade.

Quarterly Bulletin December 2009 S–123

South African Reserve Bank

Gross and net capital formation by type of organisation
At current prices

R millions

			2001		2002		2003		2004		2005		2006		2007		2008
Gross capital formation1	(6180J	)		153 463		185 876		211 906		255 808		282 130		347 995		428 892		501 514
General government	(6181J	)		23 195		27 375		31 951		35 586		38 628		49 419		64 819		85 160
Public corporations	(6182J	)		14 607		17 093		23 569		25 338		34 768		37 217		55 042		90 405
Private business enterprises	(6183J	)		115 661		141 408		156 386		194 884		208 734		261 359		309 031		325 949
Consumption of fixed capital2	(6002J	)		132 400		151 267		162 099		171 594		187 790		216 251		252 229		301 552
General government	(6184J	)		20 962		23 651		25 078		26 260		28 868		32 760		37 479		44 537
Public corporations	(6185J	)		20 492		22 166		22 325		22 435		22 990		26 139		29 588		34 667
Private business enterprises	(6186J	)		90 946		105 450		114 696		122 899		135 932		157 352		185 162		222 348
Net capital formation	(6187J	)		21 063		34 609		49 807		84 214		94 340		131 744		176 663		199 962
General government	(6188J	)		2 233		3 724		6 873		9 326		9 760		16 659		27 340		40 623
Public corporations	(6189J	)		-5 885		-5 073		1 244		2 903		11 778		11 078		25 454		55 738
Private business enterprises	(6190J	)		24 715		35 958		41 690		71 985		72 802		104 007		123 869		103 601

KB626

1.	After inventory valuation adjustment.
2.	At replacement value.

Financing of gross capital formation

At current prices

R millions

			2001		2002		2003		2004		2005		2006		2007		2008
Saving by households1	(6200J	)		5 508		5 380		4 960		3 351		1 142		-9 229		-10 315		-11 371
Corporate saving1	(6201J	)		26 810		51 958		55 155		63 685		44 519		33 019		9 731		34 393
Saving of general government1	(6202J	)		-8 386		-13 049		-22 907		-25 770		-5 816		14 155		32 694		15 265
Consumption of fixed capital2	(6002J	)		132 400		151 267		162 099		171 594		187 790		216 251		252 229		301 552
Gross saving3	(6203J	)		156 332		195 556		199 307		212 860		227 635		254 196		284 339		339 839
Foreign investment	(6206J	)		-2 869		-9 680		12 599		42 948		54 495		93 799		144 553		161 675
Net capital inflow from rest of the world	(6204J	)		-1 535		-13 690		9 652		83 425		91 336		118 138		184 738		179 980
Change in gold and other foreign reserves4	(6205J	)		-1 334		4 010		2 947		-40 477		-36 841		-24 339		-40 185		-18 305
Gross capital formation	(6180J	)		153 463		185 876		211 906		255 808		282 130		347 995		428 892		501 514

KB627

1.	After consumption of fixed capital and inventory valuation adjustment.
2.	At replacement value.
3.	After inventory valuation adjustment.
4.	Increase —; decrease +.

S–124 Quarterly Bulletin December 2009

South African Reserve Bank

Production, distribution and accumulation accounts of South Africa
Financial corporations
At current prices
R millions

			2001		2002		2003		2004		2005		2006		2007			2008
Output at basic prices	(6700J	)		118 955		140 972		158 188		183 616		211 313		250 034		313 833			339 738
Less: Intermediate consumption	(6701J	)		45 800		54 632		63 581		73 833		88 143		104 015		129 191			140 914
Gross value added at basic prices	(6702J	)		73 155		86 340		94 607		109 783		123 170		146 019		184 642			198 824
Less: Compensation of employees	(6703J	)		33 289		39 348		44 742		52 506		61 343		70 206		82 853			89 194
Less: Other taxes on production	(6704J	)		2 380		2 864		2 850		3 324		3 612		3 247		2 744			2 969
Other subsidies on production	(6705J	)		85		47		68		40		100		77		81			127
Gross operating surplus	(6706J	)		37 571		44 175		47 083		53 993		58 315		72 643		99 126	��		106 788
Property income received	(6707J	)		170 974		202 821		221 523		201 193		220 858		270 683		364 767			488 494
Interest	(6708J	)		142 656		174 368		190 611		170 052		186 116		221 250		302 950			408 315
Dividends	(6709J	)		28 318		28 453		30 912		31 141		34 742		49 433		61 817			80 179
Less: Property income paid	(6710J	)		163 275		198 107		207 602		190 635		220 689		262 892		360 866			475 048
Interest	(6711J	)		82 472		107 577		115 550		94 334		104 721		131 416		191 743			268 823
Dividends	(6712J	)		16 266		15 846		11 822		18 314		28 992		29 928		37 391			31 728
Property income attributed to insurance
policy holders	(6713J	)		64 537		74 684		80 230		77 987		86 976		101 548		131 732			174 497
Gross balance of primary income	(6714J	)		45 270		48 889		61 004		64 551		58 484		80 434		103 027			120 234
Social contributions received	(6715J	)		81 723		93 783		87 876		99 895		108 415		120 386		134 328			169 850
Other current transfers received	(6716J	)		48 808		54 939		57 705		58 701		67 619		74 281		88 229			104 035
Less: Current taxes on income and wealth	(6717J	)		18 087		21 712		22 584		24 591		26 724		33 915		41 859			32 630
Less: Social benefits paid	(6718J	)		44 602		51 141		50 687		55 777		51 384		53 136		59 230			66 983
Less: Other current transfers paid	(6719J	)		49 225		55 238		58 092		59 244		68 228		75 044		89 073			104 931
Non-life insurance claims	(6720J	)		48 808		54 939		57 705		58 701		67 619		74 281		88 229			104 035
Miscellaneous current transfers	(6721J	)		417		299		387		543		609		763		844			896
Gross disposable income	(6722J	)		63 887		69 520		75 222		83 535		88 182		113 006		135 422			189 575
Less: Adjustment for the change in net equity of households in pension funds reserves	(6723J	)		37 121		42 642		37 189		44 118		57 031		67 250		75 098			102 867
Less: Residual1	(6724J	)		-79		-349		-388		-131		-18		-173		-83			-422
Gross saving	(6725J	)		26 845		27 227		38 421		39 548		31 169		45 929		60 407			87 130
Less: Consumption of fixed capital2	(6726J	)		3 586		3 971		4 261		4 437		4 210		5 088		6 142			7 409
Net saving	(6727J	)		23 259		23 256		34 160		35 111		26 959		40 841		54 265			79 721
Gross saving	(6725J	)		26 845		27 227		38 421		39 548		31 169		45 929		60 407			87 130
Capital transfers, receivable	(6728J	)		—		—		—		—		—		—		—			—
Less: Change in assets	(6729J	)		3 551		8 069		9 047		7 391		4 754		5 519		7 503			12 264
Gross fixed capital formation	(6730J	)		3 551		8 069		9 047		7 391		4 754		5 519		7 503			12 264
Net lending (+)/net borrowing (-)	(6731J	)		23 294		19 158		29 374		32 157		26 415		40 410		52 904			74 866

KB638

1.	Statistical discrepancy between the expenditure components and gross domestic product.
2.	At replacement value.

Quarterly Bulletin December 2009 S–125

South African Reserve Bank

Production, distribution and accumulation accounts of South Africa
Non-financial corporations
At current prices
R millions

			2001		2002		2003		2004		2005		2006		2007		2008
Output at basic prices	(6740J	)		1 468 313		1 751 510		1 868 452		1 999 436		2 187 087		2 437 211		2 756 652		3 181 817
Less: Intermediate consumption	(6741J	)		958 914		1 158 233		1 228 787		1 298 601		1 415 201		1 579 251		1 782 963		2 049 530
Gross value added at basic prices	(6742J	)		509 399		593 277		639 665		700 835		771 886		857 960		973 689		1 132 287
Less: Compensation of employees	(6743J	)		256 405		285 690		311 225		339 942		370 797		412 965		470 187		534 658
Less: Other taxes on production	(6744J	)		10 548		12 881		14 062		15 410		16 987		15 777		14 922		17 029
Other subsidies on production	(6745J	)		1 582		1 973		3 337		2 238		3 203		5 580		5 452		8 321
Gross operating surplus	(6746J	)		244 028		296 679		317 715		347 721		387 305		434 798		494 032		588 921
Property income received	(6747J	)		29 496		37 216		29 087		38 454		37 246		59 825		64 676		67 938
Interest	(6748J	)		22 152		18 974		19 543		30 737		28 627		47 119		56 452		59 103
Dividends	(6749J	)		5 108		16 361		7 332		5 222		6 149		10 357		5 218		5 737
Property income attributed to insurance
policy holders	(6750J	)		1 716		1 443		1 861		1 934		2 140		1 998		2 706		2 833
Rent1	(6751J	)		520		438		351		561		330		351		300		265
Less: Property income paid	(6752J	)		135 206		152 333		162 369		182 362		196 723		246 111		301 882		333 338
Interest	(6753J	)		37 933		47 748		57 382		62 671		54 210		74 461		90 540		112 413
Dividends	(6754J	)		96 673		104 087		104 457		119 250		142 032		171 269		210 983		220 660
Rent1	(6755J	)		600		498		530		441		481		381		359		265
Gross balance of primary income	(6756J	)		138 318		181 562		184 433		203 813		227 828		248 512		256 826		323 521
Other current transfers received Non-life insurance claims	(6757J	)		10 471		11 445		11 596		11 722		13 680		14 532		18 573		22 900
Less: Current taxes on income and wealth	(6758J	)		40 614		46 994		47 350		51 201		72 055		97 080		112 522		146 755
Less: Social contributions paid	(6759J	)		3 535		3 953		6 698		5 570		7 080		7 670		10 174		10 641
Less: Other current transfers paid	(6760J	)		11 529		12 644		13 134		13 796		16 033		17 409		21 767		26 179
Net non-life insurance premiums	(6761J	)		10 471		11 445		11 596		11 722		13 680		14 532		18 573		22 900
Miscellaneous current transfers	(6762J	)		1 058		1 199		1 538		2 074		2 353		2 877		3 194		3 279
Gross disposable income	(6763J	)		93 111		129 416		128 847		144 968		146 340		140 885		130 936		162 846
Less: Residual2	(6764J	)		-548		-2 400		-2 623		-845		-107		-1 008		-439		-2 406
Gross saving	(6765J	)		93 659		131 816		131 470		145 813		146 447		141 893		131 375		165 252
Less: Consumption of fixed capital3	(6766J	)		90 108		103 114		110 475		117 239		128 887		149 715		175 909		210 580
Net saving	(6767J	)		3 551		28 702		20 995		28 574		17 560		-7 822		-44 534		-45 328
Gross saving	(6765J	)		93 659		131 816		131 470		145 813		146 447		141 893		131 375		165 252
Capital transfers, receivable	(6768J	)		2 485		10 698		12 551		13 945		12 717		17 508		11 237		25 338
Capital transfers, payable	(6769J	)		-139		-133		—		-6		-32		-30		-33		-40
Less: Change in assets	(6770J	)		105 380		126 919		144 489		177 789		192 579		238 017		295 719		341 791
Gross fixed capital formation	(6771J	)		104 328		113 322		130 469		149 483		175 603		215 975		275 074		351 395
Change in inventories4	(6772J	)		1 052		13 597		14 020		28 306		16 976		22 042		20 645		-9 604
Net lending (+)/net borrowing (-)	(6773J	)		-9 375		15 462		-468		-18 037		-33 447		-78 646		-153 140		-151 241

KB639

1.	Rent on land and subsoil assets.
2.	Statistical discrepancy between the expenditure components and gross domestic product.
3.	At replacement value.
4.	After inventory valuation adjustment.

S–126 Quarterly Bulletin December 2009

South African Reserve Bank

Production, distribution and accumulation accounts of South Africa
General government
At current prices
R millions

			2001		2002		2003		2004		2005		2006		2007		2008
Output at basic prices	(6780J	)		224 135		264 170		296 905		326 237		367 751		412 352		471 586		540 898
Less: Intermediate consumption	(6781J	)		75 301		99 731		115 438		128 291		145 341		165 949		199 146		225 452
Gross value added at basic prices	(6782J	)		148 834		164 439		181 467		197 946		222 410		246 403		272 440		315 446
Less: Compensation of employees	(6783J	)		126 407		139 600		154 998		170 785		188 971		209 150		233 220		267 613
Less: Other taxes on production	(6784J	)		1 877		2 421		2 696		2 866		3 167		3 099		3 035		3 483
Other subsidies on production	(6785J	)		138		149		60		131		350		765		1 000		812
Gross operating surplus	(6786J	)		20 688		22 567		23 833		24 426		30 622		34 919		37 185		45 162
Taxes on products	(6603J	)		96 363		109 660		121 070		147 449		175 667		203 514		230 133		237 093
Other taxes on production	(6600J	)		20 268		25 029		28 150		29 966		32 927		32 498		31 870		36 395
Less: Subsidies on products	(6604J	)		4 571		4 271		3 683		2 776		5 652		8 411		6 178		11 299
Less: Other subsidies on production	(6601J	)		2 419		2 615		4 104		2 892		4 429		7 911		7 450		11 121
Property income received	(6787J	)		7 030		6 464		9 915		8 476		11 944		16 346		19 137		20 397
Interest	(6788J	)		6 300		5 955		7 624		7 440		9 400		13 038		16 254		18 372
Dividends	(6789J	)		254		287		2 062		960		2 446		3 138		2 688		1 802
Rent1	(6790J	)		476		222		229		76		98		170		195		223
Less: Property income paid	(6791J	)		53 280		53 456		51 831		53 941		58 442		58 118		57 387		62 801
Interest2	(6792J	)		53 280		53 456		51 831		53 941		58 442		58 118		57 387		62 801
Gross balance of primary income	(6793J	)		84 079		103 378		123 350		150 708		182 637		212 837		247 310		253 826
Current taxes on income and wealth	(6251J	)		148 401		164 780		169 109		185 158		223 292		272 123		313 236		367 668
Social contributions received	(6794J	)		4 713		5 270		8 931		7 427		9 440		10 226		13 565		14 189
Other current transfers received	(6795J	)		1 965		1 702		2 205		2 376		2 252		2 939		3 017		4 748
Current international co-operation	(6796J	)		812		1 085		1 371		1 032		944		1 132		1 107		2 109
Miscellaneous current transfers	(6797J	)		1 153		617		834		1 344		1 308		1 807		1 910		2 639
Less: Social benefits paid	(6798J	)		28 697		34 491		44 685		52 398		60 566		72 720		74 991		90 113
Less: Other current transfers paid	(6799J	)		11 605		10 332		12 254		18 747		28 270		30 562		48 551		53 203
Current international co-operation	(6800J	)		6 712		6 587		8 468		11 992		18 416		19 592		21 450		26 489
Miscellaneous current transfers3	(6801J	)		4 893		3 745		3 786		6 755		9 854		10 970		27 101		26 714
Gross disposable income	(6802J	)		198 856		230 307		246 656		274 524		328 785		394 843		453 586		497 115
Less: Final consumption expenditure4	(6008J	)		186 280		219 705		244 485		274 034		305 733		347 928		383 413		437 313
Individual consumption expenditure	(6605J	)		81 657		97 060		104 095		116 389		123 682		139 702		141 122		163 398
Collective consumption expenditure	(6606J	)		104 623		122 645		140 390		157 645		182 051		208 226		242 291		273 915
Gross saving	(6803J	)		12 576		10 602		2 171		490		23 052		46 915		70 173		59 802
Less: Consumption of fixed capital5	(6184J	)		20 962		23 651		25 078		26 260		28 868		32 760		37 479		44 537
Net saving	(6202J	)		-8 386		-13 049		-22 907		-25 770		-5 816		14 155		32 694		15 265
Gross saving	(6803J	)		12 576		10 602		2 171		490		23 052		46 915		70 173		59 802
Capital transfers, receivable	(6804J	)		2 654		2 226		5 136		5 041		5 970		7 730		12 268		12 834
Capital transfers, payable	(6805J	)		-12 372		-17 298		-22 443		-23 214		-21 912		-29 689		-30 213		-48 067
Less: Change in assets	(6806J	)		23 195		27 375		31 951		35 586		38 628		49 419		64 819		85 160
Gross fixed capital formation	(6100J	)		23 144		27 578		32 002		35 605		38 009		49 054		65 050		85 528
Change in inventories6	(6175J	)		51		-203		-51		-19		619		365		-231		-368
Net lending (+)/net borrowing (-)	(6807J	)		-20 337		-31 845		-47 087		-53 269		-31 518		-24 463		-12 591		-60 591

KB640

1.	Rent on land and subsoil assets.
2.	Amortised discount included.
3.	Including current transfers in the form of membership dues, subscriptions, voluntary donations, transfers in kind, etc to households and NPISHs, payments of compensation for injury or damage to property (excluding non-life insurance claims) and current transfers in cash or kind to the rest of the world but excluding transfers to provincial extra budgetary institutions.
4.	Current expenditure on salaries and wages and on goods and other services of a non-capital nature by the services departments (not business enterprises) of general government. General government includes central goverment, provincial governments and local governments.
5.	At replacement value.
6.	After inventory valuation adjustment.

Quarterly Bulletin December 2009 S–127

South African Reserve Bank

Production, distribution and accumulation accounts of South Africa
Households and non-profit institutions serving households
At current prices
R millions

			2001		2002		2003		2004		2005		2006		2007		2008
Output at basic prices	(6820J	)		329 281		380 990		413 569		450 977		482 000		549 403		608 230		705 949
Less: Intermediate consumption	(6821J	)		132 454		159 349		174 158		188 941		198 399		227 466		245 854		294 477
Gross value added at basic prices	(6822J	)		196 827		221 641		239 411		262 036		283 601		321 937		362 376		411 472
Less: Compensation of employees	(6823J	)		58 895		64 224		68 023		73 721		77 907		85 232		96 548		111 840
Less: Other taxes on production	(6824J	)		5 463		6 863		8 542		8 366		9 161		10 375		11 169		12 914
Other subsidies on production	(6825J	)		614		446		639		483		776		1 489		917		1 861
Gross operating surplus/mixed income	(6826J	)		133 083		151 000		163 485		180 432		197 309		227 819		255 576		288 579
Compensation of employees	(6240J	)		472 961		526 368		576 636		633 941		696 302		775 085		880 145		1 000 532
Property income received	(6827J	)		158 372		183 723		187 449		205 294		235 826		265 236		320 132		377 425
Interest	(6828J	)		36 425		52 135		56 913		46 920		47 393		54 823		75 207		98 561
Dividends	(6829J	)		58 973		58 182		51 915		82 153		103 492		110 692		115 729		107 027
Property income attributed to insurance
policy holders	(6830J	)		62 821		73 241		78 369		76 053		84 836		99 550		129 026		171 664
Rent1	(6831J	)		153		165		252		168		105		171		170		173
Less: Property income paid	(6832J	)		44 252		53 234		58 691		51 316		58 729		77 276		114 732		154 169
Interest	(6833J	)		43 703		52 907		58 389		50 952		58 677		76 965		114 426		153 773
Rent1	(6834J	)		549		327		302		364		52		311		306		396
Gross balance of primary income	(6835J	)		720 164		807 857		868 879		968 351		1 070 708		1 190 864		1 341 121		1 512 367
Social benefts received	(6836J	)		73 299		85 632		95 372		108 175		111 950		125 856		134 221		157 096
Other current transfers received	(6837J	)		44 020		48 300		51 326		56 250		69 110		77 813		105 790		119 796
Non-life insurance claims	(6838J	)		38 337		43 494		46 109		46 979		53 939		59 749		69 656		81 135
Miscellaneous current transfers2	(6839J	)		5 683		4 806		5 217		9 271		15 171		18 064		36 134		38 661
Less: Current taxes on income and wealth	(6245J	)		89 700		96 074		99 175		109 366		124 513		141 128		158 855		188 283
Less: Social contributions paid	(6840J	)		82 901		95 100		90 109		101 752		110 775		122 942		137 719		173 398
Less: Other current transfers paid	(6841J	)		39 162		44 016		46 830		48 131		55 810		62 318		72 793		86 075
Net non-life insurance premiums	(6842J	)		38 337		43 494		46 109		46 979		53 939		59 749		69 656		81 135
Miscellaneous current transfers	(6843J	)		825		522		721		1 152		1 871		2 569		3 137		4 940
Gross disposable income	(6844J	)		625 720		706 599		779 463		873 527		960 670		1 068 145		1 211 765		1 341 503
Adjustment for the change in net equity of households in pension funds reserves	(6845J	)		37 121		42 642		37 189		44 118		57 031		67 250		75 098		102 867
Less: Residual3	(6846J	)		-211		-898		-982		-316		-39		-379		-164		-874
Total available households’ resources	(6847J	)		663 052		750 139		817 634		917 961		1 017 740		1 135 774		1 287 027		1 445 244
Less: Final consumption expenditure	(6007J	)		639 800		724 228		790 389		890 952		990 773		1 116 315		1 264 643		1 417 589
Gross saving	(6848J	)		23 252		25 911		27 245		27 009		26 967		19 459		22 384		27 655
Less: Consumption of fixed capital4	(6849J	)		17 744		20 531		22 285		23 658		25 825		28 688		32 699		39 026
Net saving	(6200J	)		5 508		5 380		4 960		3 351		1 142		-9 229		-10 315		-11 371
Gross saving	(6848J	)		23 252		25 911		27 245		27 009		26 967		19 459		22 384		27 655
Capital transfers, receivable	(6850J	)		7 370		4 587		5 083		4 579		3 508		4 740		6 999		10 217
Capital transfers, payable	(6851J	)		-254		-242		—		-9		-58		-54		-61		-74
Less: Change in assets	(6852J	)		21 337		23 513		26 419		35 042		46 169		55 040		60 851		62 299
Gross fixed capital formation	(6853J	)		19 985		23 182		25 481		33 701		45 388		53 535		59 291		64 562
Change in inventories5	(6854J	)		1 352		331		938		1 341		781		1 505		1 560		-2 263
Net lending (+)/net borrowing (-)	(6855J	)		9 031		6 743		5 909		-3 463		-15 752		-30 895		-31 529		-24 501

KB641
1.	Rent on land and subsoil assets.
2.	Including current transfers in the form of membership dues, subscriptions, voluntary donations, transfers in kind in the form of gifts, food, blankets, medicines, etc, current transfers between households and payments of compensation for injury or damage to property (excluding non-life insurance claims) and current transfers in cash.
3.	Statistical discrepancy between the expenditure components and gross domestic product.
4.	At replacement value.
5.	After inventory valuation adjustment.

S–128 Quarterly Bulletin December 2009

South African Reserve Bank

Production, distribution and accumulation accounts of South Africa
Total domestic economy
At current prices
R millions

			2001		2002		2003		2004		2005		2006		2007		2008
Output at basic prices1	(6870J	)		2 140 684		2 537 642		2 737 114		2 960 266		3 248 151		3 649 000		4 150 301		4 768 402
Less: Intermediate consumption	(6871J	)		1 212 469		1 471 945		1 581 964		1 689 666		1 847 084		2 076 681		2 357 154		2 710 373
Gross value added at basic prices	(6645J	)		928 215		1 065 697		1 155 150		1 270 600		1 401 067		1 572 319		1 793 147		2 058 029
Taxes on products	(6603J	)		96 363		109 660		121 070		147 449		175 667		203 514		230 133		237 093
Less: Subsidies on products	(6604J	)		4 571		4 271		3 683		2 776		5 652		8 411		6 178		11 299
Gross domestic product at market prices	(6006J	)		1 020 007		1 171 086		1 272 537		1 415 273		1 571 082		1 767 422		2 017 102		2 283 823
Less: Compensation of employees	(6000J	)		474 996		528 862		578 988		636 954		699 018		777 553		882 808		1 003 305
Less: Taxes on production and imports	(6004J	)		116 631		134 689		149 220		177 415		208 594		236 012		262 003		273 488
Subsidies	(6005J	)		6 990		6 886		7 787		5 668		10 081		16 322		13 628		22 420
Gross operating surplus/mixed income	(6212J	)		435 370		514 421		552 116		606 572		673 551		770 179		885 919		1 029 450
Compensation of employees2	(6240J	)		472 961		526 368		576 636		633 941		696 302		775 085		880 145		1 000 532
Taxes on production and imports	(6004J	)		116 631		134 689		149 220		177 415		208 594		236 012		262 003		273 488
Less: Subsidies	(6005J	)		6 990		6 886		7 787		5 668		10 081		16 322		13 628		22 420
Property income received	(6872J	)		301 335		355 540		367 744		375 430		418 898		510 542		636 980		779 757
Interest	(6873J	)		207 533		251 432		274 691		255 149		271 536		336 230		450 863		584 351
Dividends	(6874J	)		92 653		103 283		92 221		119 476		146 829		173 620		185 452		194 745
Rent3	(6875J	)		1 149		825		832		805		533		692		665		661
Less: Property income paid	(6876J	)		331 476		382 446		400 263		400 267		447 607		542 849		703 135		850 859
Interest	(6877J	)		217 388		261 688		283 152		261 898		276 050		340 960		454 096		597 810
Dividends	(6878J	)		112 939		119 933		116 279		137 564		171 024		201 197		248 374		252 388
Rent3	(6879J	)		1 149		825		832		805		533		692		665		661
Gross national income	(6016J	)		987 831		1 141 686		1 237 666		1 387 423		1 539 657		1 732 647		1 948 284		2 209 948
Other current transfers received	(6880J	)		7 648		6 508		7 422		11 647		17 423		21 003		39 151		43 409
Current international co-operation	(6881J	)		812		1 085		1 371		1 032		944		1 132		1 107		2 109
Miscellaneous current transfers	(6882J	)		6 836		5 423		6 051		10 615		16 479		19 871		38 044		41 300
Less: Other current transfers paid	(6883J	)		13 905		12 352		14 900		22 516		33 103		36 771		55 726		62 318
Current international co-operation	(6884J	)		6 712		6 587		8 468		11 992		18 416		19 592		21 450		26 489
Miscellaneous current transfers	(6885J	)		7 193		5 765		6 432		10 524		14 687		17 179		34 276		35 829
Gross disposable income	(6018J	)		981 574		1 135 842		1 230 188		1 376 554		1 523 978		1 716 879		1 931 709		2 191 039
Less: Final consumption expenditure	(6620J	)		826 080		943 933		1 034 874		1 164 986		1 296 506		1 464 243		1 648 056		1 854 902
Individual consumption expenditure	(6886J	)		721 457		821 288		894 484		1 007 341		1 114 455		1 256 017		1 405 765		1 580 987
Collective consumption expenditure	(6606J	)		104 623		122 645		140 390		157 645		182 051		208 226		242 291		273 915
Less: Residual4	(6011J	)		-838		-3 647		-3 993		-1 292		-164		-1 560		-686		-3 702
Gross saving	(6203J	)		156 332		195 556		199 307		212 860		227 635		254 196		284 339		339 839
Less: Consumption of fixed capital5	(6002J	)		132 400		151 267		162 099		171 594		187 790		216 251		252 229		301 552
Net saving	(6887J	)		23 932		44 289		37 208		41 266		39 845		37 945		32 110		38 287
Gross saving	(6203J	)		156 332		195 556		199 307		212 860		227 635		254 196		284 339		339 839
Capital transfers, receivable	(6888J	)		12 509		17 511		22 770		23 565		22 195		29 978		30 504		48 389
Capital transfers, payable	(6889J	)		-12 765		-17 673		-22 443		-23 229		-22 002		-29 773		-30 307		-48 181
Less: Change in assets	(6180J	)		153 463		185 876		211 906		255 808		282 130		347 995		428 892		501 514
Gross fixed capital formation	(6009J	)		151 008		172 151		196 999		226 180		263 754		324 083		406 918		513 749
Change in inventories6	(6010J	)		2 455		13 725		14 907		29 628		18 376		23 912		21 974		-12 235
Net lending (+)/net borrowing (-)	(6672J	)		2 613		9 517		-12 272		-42 610		-54 302		-93 594		-144 356		-161 467

KB642

1.	The institutional division of the production and generation of income account was harmonised by the South African Reserve Bank and Statistics South Africa.
2.	Adjusted for net compensation to non-residents.
3.	Rent on land and subsoil assets.
4.	Statistical discrepancy between the expenditure components and gross domestic product.
5.	At replacement value.
6.	After inventory valuation adjustment.

Quarterly Bulletin December 2009 S–129

South African Reserve Bank

Production, distribution and accumulation accounts of South Africa
Rest of the world
At current prices
R millions

			2001		2002		2003		2004		2005		2006		2007		2008
Imports of goods and services	(6014J	)		266 001		340 636		325 035		378 179		437 559		573 589		690 062		878 536
Imports of goods	(6610J	)		221 235		283 004		264 752		311 759		360 362		476 966		574 322		739 852
Imports of services	(6611J	)		44 766		57 632		60 283		66 420		77 197		96 623		115 740		138 684
Less: Exports of goods and services	(6013J	)		307 303		385 560		354 785		373 950		430 169		530 333		630 902		809 645
Exports of goods	(6608J	)		265 832		333 251		291 434		310 525		358 361		447 690		533 791		704 293
Exports of services	(6609J	)		41 471		52 309		63 351		63 425		71 808		82 643		97 111		105 352
External balance of goods and services	(6900J	)		-41 302		-44 924		-29 750		4 229		7 390		43 256		59 160		68 891
Less: Compensation of South African residents working abroad	(6208J	)		2 403		2 814		2 931		3 017		3 902		4 685		5 575		6 427
Compensation of non-residents working in South Africa	(6207J	)		4 438		5 308		5 283		6 030		6 618		7 153		8 238		9 200
Property income received	(6901J	)		48 863		46 803		50 961		42 793		54 357		68 829		109 028		112 929
Interest	(6902J	)		16 831		18 996		16 421		14 201		16 197		23 995		29 673		38 672
Dividends	(6903J	)		32 032		27 807		34 540		28 592		38 160		44 834		79 355		74 257
Less: Property income paid	(6904J	)		18 722		19 897		18 442		17 956		25 648		36 522		42 873		41 827
Interest	(6905J	)		6 976		8 740		7 960		7 452		11 683		19 265		26 440		25 213
Dividends	(6906J	)		11 746		11 157		10 482		10 504		13 965		17 257		16 433		16 614
Other current transfers received	(6907J	)		7 361		7 305		9 319		13 028		20 222		21 847		24 264		30 392
Current international co-operation	(6908J	)		6 712		6 587		8 468		11 992		18 416		19 592		21 450		26 489
Miscellaneous current transfers	(6909J	)		649		718		851		1 036		1 806		2 255		2 814		3 903
Less: Other current transfers paid	(6910J	)		1 104		1 461		1 841		2 159		4 542		6 079		7 689		11 483
Current international co-operation	(6911J	)		812		1 085		1 371		1 032		944		1 132		1 107		2 109
Miscellaneous current transfers	(6912J	)		292		376		470		1 127		3 598		4 947		6 582		9 374
Current external balance (balance on current account)	(6913J	)		-2 869		-9 680		12 599		42 948		54 495		93 799		144 553		161 675
Capital transfers, payable	(6914J	)		-137		-213		-327		-351		-283		-289		-291		-322
Capital transfers, receivable	(6915J	)		393		375		—		15		90		84		94		114
Net lending (+)/net borrowing (-)	(6916J	)		-2 613		-9 518		12 272		42 612		54 302		93 594		144 356		161 467

KB643

S–130 Quarterly Bulletin December 2009

South African Reserve Bank

Current income and saving
Selected items

National income and saving

R millions

			2007				2008										2009
			04		2007		01		02		03		04		2008		01		02		03
Gross national income at market prices	(6016K	)		507 210		1 948 284		521 757		551 001		569 414		567 776		2 209 948		566 086		580 381		602 427
Real gross national income (at 2005 prices)	(6016C	)		439 351		1 720 554		434 001		450 120		449 691		458 450		1 792 262		440 201		446 734		451 136
Gross saving	(6203K	)		60 982		284 339		83 981		93 221		72 802		89 835		339 839		95 854		109 996		98 049
Seasonally adjusted annualised rates
Gross national income at market prices	(6016L	)		2 027 699		1 948 284		2 112 253		2 201 098		2 244 498		2 281 943		2 209 948		2 294 571		2 325 799		2 379 292
Real gross national income (at 2005 prices)	(6016D	)		1 723 822		1 720 554		1 774 813		1 796 870		1 791 872		1 805 493		1 792 262		1 806 010		1 793 184		1 789 798
Gross saving	(6203L	)		285 394		284 339		304 536		332 299		341 112		381 409		339 839		355 463		366 116		381 460

KB634

General government

R millions

			2007				2008										2009
			04		2007		01		02		03		04		2008		01		02		03
Taxes on production and imports	(6690K	)		71 503		262 003		75 466		63 455		67 054		67 513		273 488		70 906		61 408		73 868
Current taxes on income and wealth	(6251K	)		87 361		313 236		94 835		80 021		89 461		103 351		367 668		112 315		84 666		90 810
Net saving3	(6202K	)		23 425		32 694		15 272		-8 595		-2 852		11 440		15 265		16 564		-29 940		-19 978
Seasonally adjusted annualised rates
Taxes on production and imports	(6690L	)		281 334		262 003		294 203		272 354		262 012		265 383		273 488		277 137		263 637		289 116
Current taxes on income and wealth	(6251L	)		327 671		313 236		348 841		357 232		366 540		398 059		367 668		411 071		377 384		371 525
Net saving3	(6202L	)		28 344		32 694		42 235		1 918		19 427		-2 520		15 265		7 096		-23 587		-35 126

KB633

Households and non-profit institutions serving households¹

R millions

			2007				2008										2009
			04		2007		01		02		03		04		2008		01		02		03
Compensation of employees2	(6240K	)		241 158		880 145		231 218		242 784		256 192		270 338		1 000 532		253 514		261 918		274 276
Disposable income3	(6246K	)		318 268		1 254 328		328 011		362 388		348 858		366 961		1 406 218		344 038		402 796		384 950
Net saving3	(6200K	)		-27 728		-10 315		-1 317		11 820		-13 193		-8 681		-11 371		-9 258		37 559		17 118
Seasonally adjusted annualised rates
Compensation of employees2	(6240L	)		929 919		880 145		945 763		983 535		1 028 813		1 044 017		1 000 532		1 034 910		1 062 042		1 101 176
Disposable income3	(6246L	)		1 312 708		1 254 328		1 340 180		1 399 149		1 450 785		1 434 758		1 406 218		1 445 438		1 463 029		1 476 758
Net saving3	(6200L	)		-15 706		-10 315		-18 111		-12 518		-8 841		-6 014		-11 371		-7 265		-9 358		-5 942

KB631

1.	The data in this table refer to private households (including pension and provident funds and long-term insurance funds), non-incorporated business enterprises and private non-profit institutions (e.g. churches, welfare organisations and sport clubs) that render social and community services to households.
2.	After adjustment for net compensation paid to non-residents.
3.	Gross saving after consumption of fixed capital and inventory valuation adjustment.

Quarterly Bulletin December 2009 S–131

South African Reserve Bank

Labour: Employment in the non-agricultural sectors^1,6,7
Seasonally adjusted

Indices: 2000=100

		Public sector						Private sector
		General		Business						Manu-		Construc-				Financial				Grand
		government2		enterprises3		Total		Mining		facturing		tion		Trade4		institutions5		Total		total
Period		(7000L)		(7001L)		(7002L)		(7003L)		(7004L)		(7005L)		(7006L)		(7007L)		(7008L)		(7009L)
Number in 2000			1 455 550		162 258		1 617 807		416 270		1 296 166		222 420		873 118		196 555		3 116 351		4 734 158
2001			98.6		90.8		97.8		97.7		97.4		98.3		101.2		98.4		98.7		98.4
2002			97.7		78.2		95.7		99.0		96.8		126.6		125.4		337.8		129.2		117.8
2003			98.5		68.4		95.5		102.2		96.5		135.5		145.5		545.2		155.7		135.1
2004			100.3		64.6		96.7		109.6		96.3		134.2		151.1		618.5		163.5		140.7
2005			103.4		61.1		99.1		106.7		91.5		190.5		158.4		764.4		176.7		150.2
2006			107.9		64.5		103.5		110.7		100.1		205.7		185.2		874.2		200.1		167.1
2007			112.6		66.6		108.0		119.6		101.8		211.7		199.0		936.9		211.0		175.8
2008			118.1		66.3		112.9		124.8		100.2		211.7		198.1		970.3		213.2		178.9
2001:	02		98.6		90.6		97.8		97.4		97.4		101.6		101.8		98.3		99.0		98.6
	03		98.4		90.8		97.6		96.3		97.4		97.9		101.3		97.4		98.4		98.2
	04		98.4		90.0		97.5		97.7		97.1		96.0		100.6		97.5		98.2		98.0
2002:	01		98.8		85.2		97.4		97.0		96.7		96.5		102.0		96.7		98.3		98.0
	02		99.0		83.1		97.4		98.6		97.5		95.4		102.0		95.1		98.8		98.3
	03		96.2		73.1		93.9		100.3		96.3		157.5		149.5		587.0		160.2		137.6
	04		96.7		71.6		94.2		100.1		96.5		157.0		147.9		572.2		159.5		137.2
2003:	01		97.9		70.9		95.1		100.8		97.4		150.0		145.5		564.2		158.2		136.6
	02		98.1		68.4		95.1		101.0		95.6		133.9		145.5		538.3		154.4		134.2
	03		98.8		67.7		95.7		102.0		96.0		130.1		146.6		532.6		154.7		134.5
	04		99.2		66.5		96.0		104.9		96.7		128.1		144.3		545.6		155.5		135.1
2004:	01		98.4		65.8		95.2		108.7		97.7		121.0		148.9		554.8		157.9		136.5
	02		99.9		65.1		96.4		109.7		97.8		123.5		147.0		560.4		158.7		137.4
	03		100.7		64.3		97.0		110.1		98.7		126.2		152.5		564.3		161.5		139.5
	04		102.0		63.2		98.1		109.9		90.8		166.1		155.9		794.3		175.9		149.3
2005:	01		102.0		62.6		98.0		107.7		90.8		172.8		156.0		738.4		172.6		147.1
	02		103.2		60.7		98.9		106.5		91.4		192.1		158.1		754.4		176.1		149.7
	03		104.1		60.6		99.7		106.6		91.6		194.4		158.9		774.3		178.0		151.3
	04		104.2		60.5		99.8		106.0		92.2		202.8		160.5		790.6		179.9		152.5
2006:	01		105.2		60.5		100.7		107.1		92.1		205.0		161.3		793.2		180.3		153.1
	02		108.2		65.7		103.9		110.1		102.9		205.0		191.6		890.3		205.2		170.6
	03		108.5		65.8		104.2		111.4		102.8		207.4		192.6		900.6		206.8		171.7
	04		109.7		66.0		105.3		114.3		102.8		205.5		195.4		912.7		208.1		172.9
2007:	01		111.5		66.8		107.0		117.0		102.0		212.0		197.2		926.5		209.6		174.5
	02		111.5		66.8		107.0		119.2		102.3		211.8		199.1		931.1		210.9		175.4
	03		112.9		66.6		108.3		120.7		101.5		211.7		200.4		940.6		211.4		176.2
	04		114.5		66.0		109.6		121.7		101.4		211.1		199.4		949.4		212.0		177.0
2008:	01		115.4		65.9		110.5		122.5		101.3		213.5		200.7		959.1		213.4		178.2
	02		116.8		65.8		111.7		124.8		100.9		210.6		198.7		973.4		213.7		178.8
	03		118.9		66.8		113.7		126.8		100.2		210.3		196.7		977.5		213.4		179.3
	04		121.0		66.7		115.6		125.0		98.4		212.2		196.5		971.1		212.1		179.2
2009:	01		120.6		65.8		115.1		120.0		95.7		205.9		193.9		949.2		207.8		176.1
	02		122.3		64.2		116.4		118.7		94.6		202.6		191.7		932.3		205.1		174.8

KB701

1.	Source of basic data: Statistics South Africa.
2.	National departments, local authorities, provinces and statutory bodies.
3.	Transnet, Sapos, Telkom and SABC.
4.	Including catering and accommodation services.
5.	Banking institutions, building societies and insurance companies. From the third quarter of 2002, also inclusive of real-estate and business services.
6.	From the first quarter of 1998 basic data originate from the Survey of Employment and Earnings in selected industries by Statistics South Africa, and are not strictly comparable with earlier data.
7.	From the third quarter of 2002, basic data originate from a new expanded Survey of Employment and Earnings and from the fourth quarter of 2004 from the Quarterly Employment Statistics survey by Statistics South Africa.

S–132 Quarterly Bulletin December 2009

South African Reserve Bank

Labour: Labour costs in the non-agricultural sectors^1,3,4
Seasonally adjusted

Indices: 2000=100

	Remuneration per worker (Indices: 2000 = 100)														Nominal
															unit
	At current prices						At constant prices2						Labour		labour
													productivity		costs
	Public		Private				Public		Private				(Index:		(Index:
	sector		sector		Total		sector		sector		Total		2000 = 100)		2000 = 100)
Period	(7011L)		(7012L)		(7013L)		(7011D)		(7012D)		(7013D)		(7014L)		(7015L)
2001		109.6		108.9		109.1		102.3		101.5		101.8		104.8		104.2
2002		121.2		119.9		117.8		102.8		101.7		99.9		93.2		129.9
2003		132.5		129.1		125.7		106.0		103.3		100.6		81.5		154.2
2004		144.6		139.4		135.8		109.7		105.7		103.0		81.9		165.8
2005		154.6		143.5		140.8		111.6		103.5		101.6		80.8		174.2
2006		164.2		163.8		156.6		112.1		111.6		106.8		77.0		203.9
2007		175.5		177.4		168.9		111.4		112.6		107.2		77.1		218.9
2008		198.3		199.5		190.5		113.4		114.1		109.0		78.6		242.4
2001: 02		105.6		108.4		107.1		99.4		102.0		100.8		104.3		102.7
03		107.5		110.1		108.9		100.7		103.0		102.0		105.1		103.7
04		117.2		112.7		114.5		105.7		101.5		103.2		106.1		108.0
2002: 01		114.7		116.1		115.4		101.3		102.4		101.9		107.4		107.4
02		115.2		119.0		117.3		99.1		102.4		101.0		108.4		108.2
03		130.6		121.3		119.4		110.0		102.1		100.6		78.0		153.1
04		124.2		123.1		118.9		100.7		99.8		96.4		78.8		150.8
2003: 01		129.0		126.1		122.5		104.8		102.4		99.5		79.9		153.4
02		131.0		127.9		124.5		105.6		103.1		100.4		81.8		152.2
03		133.8		130.7		127.2		107.5		104.9		102.2		82.1		154.9
04		136.1		131.7		128.5		106.2		102.7		100.2		82.2		156.4
2004: 01		141.4		136.7		133.2		108.8		105.1		102.4		82.7		161.2
02		141.4		139.4		135.1		108.8		107.3		104.0		83.2		162.4
03		142.3		141.1		136.4		108.4		107.4		103.9		83.3		163.8
04		153.5		140.3		138.3		112.9		103.1		101.7		78.6		176.0
2005: 01		151.5		140.1		137.8		112.5		103.9		102.3		80.7		170.8
02		154.6		141.9		139.8		112.4		103.0		101.5		80.7		173.1
03		154.1		144.5		141.4		111.1		104.1		101.9		81.0		174.6
04		158.0		147.3		144.3		110.5		102.9		100.8		80.9		178.4
2006: 01		161.1		151.5		148.1		113.9		107.1		104.7		81.9		180.8
02		160.1		163.2		154.9		111.9		113.9		108.2		74.7		207.3
03		167.0		166.9		159.2		112.1		111.9		106.8		75.4		211.1
04		168.6		173.5		164.3		110.5		113.6		107.6		75.9		216.3
2007: 01		167.1		171.5		162.5		109.1		111.8		106.1		76.4		212.7
02		171.6		175.6		166.5		110.9		113.3		107.5		76.7		217.1
03		178.2		178.6		170.4		113.0		113.1		108.0		77.4		220.3
04		185.1		184.0		176.1		112.6		111.9		107.1		78.1		225.6
2008: 01		186.8		192.7		182.6		111.6		115.1		109.0		77.9		234.3
02		198.8		197.0		188.8		114.9		113.8		109.0		78.8		239.7
03		200.3		202.5		193.2		113.2		114.4		109.1		78.8		245.1
04		207.2		205.6		197.5		114.1		113.2		108.7		78.8		250.6
2009: 01		208.6		213.5		203.5		114.5		117.1		111.6		78.6		258.9
02		212.5		214.2		205.3		112.9		113.8		109.1		78.8		260.6

KB702

1.	Source of basic data: Statistics South Africa.
2.	Deflated by the non-agricultural gross domestic product deflator.
3.	From the first quarter of 1998 basic data originate from the Survey of Employment and Earnings in selected industries by Statistics South Africa, and are not strictly comparable with earlier data.
4.	From the third quarter of 2002, basic data originate from a new expanded Survey of Employment and Earnings by Statistics South Africa and from the fourth quarter of 2004 from the Quarterly Employment Statistics survey by Statistics South Africa.

Quarterly Bulletin December 2009 S–133

South African Reserve Bank

Manufacturing: Orders, production, sales and utilisation of production capacity¹
Seasonally adjusted

	Orders and sales 3,4						Volume of production3						Percentage utilisation of						Labour5		Nominal5
	Indices: 2000 = 100						Indices: 2005 = 100						production capacity6						produc-		unit labour
																			tivity		costs
	New		Unfilled				Durable		Non-durable				Durable		Non-durable				(Index:		(Index:
	orders2		orders2		Sales		goods		goods		Total		goods		goods		Total		2000 = 100)		2000 = 100)
Period	(7070T)		(7071T)		(7082T)		(7083N)		(7084N)		(7085N)		(7076L)		(7077L)		(7078L)		(7079L)		(7080L)
2001		—		109.4		104.5		91.6		91.5		91.5		79.8		79.7		79.7		104.7		104.7
2002		—		115.8		113.2		96.8		94.3		95.3		81.9		80.2		80.9		108.7		107.9
2003		—		111.7		107.2		94.7		92.5		93.4		81.9		80.2		80.9		108.0		117.4
2004		—		—		113.8		97.7		96.8		97.1		85.9		83.2		84.4		114.0		123.0
2005		—		—		115.9		100.0		100.0		100.0		87.0		83.8		85.4		119.1		124.9
2006		—		—		122.8		107.3		102.6		104.8		87.6		83.7		85.6		123.7		127.2
2007		—		—		129.6		111.8		107.7		109.6		87.4		84.4		85.8		130.5		128.6
2008		—		—		134.6		108.5		112.4		110.6		83.8		83.9		83.8		133.8		140.0
2006: Oct		—		—		127.8		109.6		103.0		106.1		...		...		...		...		...
Nov		—		—		127.6		110.7		104.6		107.4		...		...		...		...		...
Dec		—		—		126.7		114.3		107.9		110.9		88.3		83.6		85.8		127.6		127.9
2007: Jan		—		—		130.1		111.5		106.9		109.1		...		...		...		...		...
Feb		—		—		131.6		113.4		106.5		109.8		...		...		...		...		...
Mar		—		—		128.3		113.3		105.8		109.4		88.1		84.1		86.0		130.0		124.6
Apr		—		—		129.7		111.6		104.9		108.1		...		...		...		...		...
May		—		—		130.4		114.3		109.6		111.8		...		...		...		...		...
Jun		—		—		125.3		109.5		105.7		107.5		87.8		84.6		86.2		129.4		127.7
Jul		—		—		126.9		110.1		108.0		109.0		...		...		...		...		...
Aug		—		—		129.4		111.8		108.5		110.0		...		...		...		...		...
Sep		—		—		126.1		104.3		107.7		106.1		86.6		84.4		85.5		129.4		131.1
Oct		—		—		133.5		113.8		109.6		111.6		...		...		...		...		...
Nov		—		—		132.7		113.7		110.8		112.2		...		...		...		...		...
Dec		—		—		131.1		113.8		108.2		110.8		86.9		84.5		85.6		133.3		130.8
2008: Jan		—		—		133.5		114.3		107.9		110.9		...		...		...		...		...
Feb		—		—		136.4		113.4		113.2		113.3		...		...		...		...		...
Mar		—		—		145.1		113.9		110.7		112.2		86.1		84.4		85.2		134.2		134.6
Apr		—		—		144.7		116.3		115.6		115.9		...		...		...		...		...
May		—		—		136.0		111.6		114.6		113.2		...		...		...		...		...
Jun		—		—		139.0		112.2		116.2		114.3		85.5		84.0		84.7		137.5		134.6
Jul		—		—		137.7		111.0		112.9		112.0		...		...		...		...		...
Aug		—		—		133.3		109.6		114.6		112.3		...		...		...		...		...
Sep		—		—		132.0		106.8		112.7		109.9		85.5		84.1		84.8		134.8		140.6
Oct		—		—		130.3		104.7		112.7		108.9		...		...		...		...		...
Nov		—		—		126.0		99.6		110.6		105.4		...		...		...		...		...
Dec		—		—		120.7		89.0		107.1		98.5		78.1		82.9		80.6		128.5		150.2
2009: Jan		—		—		113.3		85.5		107.4		97.0		...		...		...		...		...
Feb		—		—		114.7		88.6		104.5		97.0		...		...		...		...		...
Mar		—		—		114.6		88.0		103.6		96.2		74.1		81.8		78.2		122.6		162.0
Apr		—		—		109.1		84.4		100.0		92.6		...		...		...		...		...
May		—		—		111.0		86.4		101.9		94.6		...		...		...		...		...
Jun		—		—		111.9		84.3		102.4		93.8		74.7		81.0		78.0		120.0		168.6
Jul		—		—		110.7		86.8		105.2		96.5		...		...		...		...		...
Aug		—		—		113.4		88.3		101.2		95.1		...		...		...		...		...
Sep		—		—		114.2		89.9		104.6		97.6		74.6		79.6		77.2		—		—

KB706

1.	Source of basic data: Statistics South Africa.
2.	Data refer to selected industry groups.
3.	Since January 1995 information of the former TBVC states has been included.
4.	At constant 2000 prices.
5.	From the third quarter of 2002, basic data originate from a new expanded Survey of Employment and Earnings and from the fourth quarter of 2004 from the Quarterly Employment Statistics survey by Statistics South Africa.
6.	Comparability break from December 2003 due to a new survey based on Statistics South Africa’s new business register.

S–134 Quarterly Bulletin December 2009

South African Reserve Bank

Indicators of real economic activity¹
Seasonally adjusted

Indices: 2000=100

	Mining production2,9										Trade
															Number of				Transnet:
							Building								new		Electric		Revenue-
							plans		Buildings		Retail		Wholesale		vehicles		current		earning
	Gold		Non gold		Total		passed5,7		completed5,7		sales5,8		sales5,7		sold3		generated6		traffic4
Period	(7060N)		(7061N)		(7062N)		(7063T)		(7064T)		(7086T)		(7087T)		(7067N)		(7068N)		(7069N)
2001		134.0		82.8		90.8		90.6		108.0		65.8		102.9		107.6		85.8		103.2
2002		135.3		83.4		91.6		104.4		105.9		66.3		106.0		102.6		90.1		101.3
2003		126.8		89.4		95.2		116.5		116.7		69.6		114.2		108.0		95.6		103.1
2004		114.8		95.8		98.8		156.8		148.9		77.3		130.0		131.8		99.9		104.1
2005		100.0		100.0		100.0		211.2		184.1		83.7		133.9		181.0		100.0		105.9
2006		91.9		100.1		98.7		232.0		222.3		93.7		142.8		209.4		103.6		—
2007		86.1		100.2		97.8		234.1		250.9		99.7		151.7		198.2		107.6		—
2008		72.2		96.5		92.3		192.4		244.1		100.0		160.7		156.4		105.5		—
2006: Oct		89.6		102.2		100.0		239.4		239.2		96.1		145.5		212.0		104.4		—
Nov		90.2		105.7		103.0		239.6		241.5		98.9		145.9		216.0		105.2		—
Dec		85.5		100.7		98.1		240.7		243.5		96.8		147.5		223.8		106.2		—
2007: Jan		88.7		103.1		100.6		245.1		239.7		97.7		149.6		208.5		106.4		—
Feb		94.6		99.5		98.7		249.7		256.9		97.6		148.9		210.3		106.5		—
Mar		83.6		105.8		102.0		228.6		229.6		100.7		148.7		206.8		107.8		—
Apr		86.5		100.5		98.1		248.3		264.9		99.7		148.9		208.2		106.2		—
May		85.5		98.6		96.4		246.1		268.9		101.2		150.9		205.9		107.7		—
Jun		86.7		100.7		98.3		238.8		248.5		100.4		151.6		188.8		108.6		—
Jul		86.7		96.1		94.5		228.9		290.5		99.4		152.4		196.8		107.6		—
Aug		89.6		99.1		97.5		242.3		250.0		100.7		154.9		205.4		108.1		—
Sep		85.1		102.7		99.6		227.6		236.8		100.8		153.8		182.1		107.3		—
Oct		84.9		98.1		95.8		237.2		274.8		99.1		155.2		195.0		105.8		—
Nov		79.9		99.0		95.7		206.0		235.2		100.2		155.4		186.5		108.6		—
Dec		81.5		99.7		96.6		210.4		214.9		98.9		150.2		184.1		110.6		—
2008: Jan		71.7		91.1		87.8		289.9		221.6		99.6		159.1		189.2		107.8		—
Feb		68.8		95.1		90.6		215.4		232.4		102.5		161.6		181.1		108.8		—
Mar		74.9		91.5		88.7		212.2		272.9		101.0		164.0		185.2		107.4		—
Apr		75.6		97.0		93.3		241.6		251.8		101.9		167.9		176.2		105.5		—
May		75.2		99.3		95.1		166.1		192.8		98.9		161.5		160.3		105.9		—
Jun		76.3		99.6		95.6		183.0		236.1		101.4		161.4		151.4		105.5		—
Jul		71.8		89.7		86.6		197.0		270.2		99.8		160.4		151.1		105.9		—
Aug		68.6		101.0		95.4		152.8		251.8		99.5		157.9		144.8		105.4		—
Sep		72.4		100.8		95.9		176.8		262.2		98.6		158.2		141.7		105.6		—
Oct		71.9		102.4		97.2		174.5		247.7		99.7		157.6		134.6		106.0		—
Nov		70.2		96.4		91.9		160.2		251.8		98.1		161.6		132.0		104.2		—
Dec		69.2		93.7		89.5		139.8		237.4		99.1		157.3		128.8		97.8		—
2009: Jan		66.5		80.3		77.9		129.1		241.0		100.4		154.9		122.6		97.7		—
Feb		69.3		83.9		81.4		145.2		250.1		97.6		147.2		118.8		97.0		—
Mar		69.3		87.4		84.3		137.4		249.1		95.9		147.2		115.2		99.1		—
Apr		65.0		86.9		83.1		188.9		200.0		94.8		145.7		111.1		100.7		—
May		69.0		89.8		86.2		179.2		211.7		94.7		142.3		110.1		101.1		—
Jun		66.3		91.8		87.4		125.6		221.7		94.5		141.4		114.6		101.1		—
Jul		67.3		92.3		88.0		117.8		212.1		95.6		139.2		113.2		103.6		—
Aug		66.4		90.6		86.4		127.9		227.6		93.1		137.4		111.7		104.4		—
Sep		65.9		83.0		80.0		132.6		192.8		93.7		138.6		111.7		105.0		—

KB705

1.	Source of basic data: Statistics South Africa, unless otherwise indicated.
2.	Since January 1990 information of the former TBVC states has been included.
3.	Source of basic data: National Association of Automobile Manufacturers of South Africa.
4.	Source of basic data: Transnet.
5.	Since January 1995 information of the former TBVC states has been included.
6.	Since January 1989 information of the former TBVC states has been included. Index: 2005 = 100.
7.	At constant 2000 prices.
8.	At constant 2008 prices. Index: 2008=100.
9.	Index: 2005=100.

Quarterly Bulletin December 2009 S–135

South African Reserve Bank

Consumer prices — all urban areas¹
Goods⁵
Seasonally adjusted⁴
Indices: 2008=100

									Household
									contents,
	Food and		Alcoholic						equipment
	non-alcoholic		beverages		Clothing and		Housing and		and								Recreation		Miscellaneous
	beverages		and tobacco		footwear6		utilities		maintenance		Health		Transport		Communication		and culture3		goods		Total goods
Period	(7145N)		(7146N)		(7147N)		(7148N)		(7149N)		(7150N)		(7151N)		(7152N)		(7153N)		(7154N)		(7155N)
Weights2		15.68		5.58		4.11		3.55		3.87		0.57		15.60		0.31		2.94		1.99		54.20
2002		66.4		60.4		113.5		62.5		94.0		75.6		91.1		87.6		111.7		81.6		76.0
2003		71.8		67.1		113.7		67.3		97.9		81.5		93.0		95.4		109.1		86.2		79.7
2004		73.2		73.9		108.4		70.9		98.9		85.4		92.9		97.9		101.6		87.7		81.1
2005		74.6		79.7		107.3		75.0		99.1		86.9		93.5		99.5		97.5		88.6		82.8
2006		79.2		85.9		97.7		79.4		98.0		89.8		94.6		97.5		97.1		90.0		85.4
2007		86.7		92.9		88.9		86.6		98.3		93.6		95.2		98.0		97.7		93.6		89.7
2008		100.0		100.0		100.0		100.0		100.0		100.0		100.0		100.0		100.0		100.0		100.0
2006: Nov		81.1		88.4		94.1		82.2		98.3		91.4		93.9		98.1		96.9		91.5		86.5
Dec		81.6		88.9		93.7		82.9		98.2		91.7		94.0		97.8		97.0		91.8		86.7
2007: Jan		82.3		89.8		92.0		83.4		98.4		92.0		94.6		96.8		97.2		92.3		87.1
Feb		82.6		90.2		91.1		83.9		98.6		92.4		94.3		96.9		97.5		92.4		87.2
Mar		83.2		90.4		90.4		84.4		98.7		92.6		94.4		97.2		97.5		92.2		87.5
Apr		84.2		91.1		90.0		85.1		98.7		93.2		95.2		97.3		97.8		92.8		88.4
May		84.9		91.4		89.7		85.8		98.5		93.4		95.2		97.2		97.9		93.0		88.8
Jun		85.7		93.0		89.4		86.5		98.4		93.5		95.2		97.4		98.0		93.5		89.3
Jul		86.7		93.8		89.1		87.4		98.2		93.6		95.1		97.4		97.7		94.0		89.8
Aug		87.9		93.9		88.0		87.8		98.2		93.5		94.7		98.7		98.0		94.0		90.2
Sep		89.1		94.4		87.5		87.8		98.1		94.2		94.7		99.0		97.5		94.4		90.8
Oct		90.6		94.9		87.2		88.2		97.9		94.4		95.5		99.3		97.7		94.7		91.6
Nov		91.2		95.4		86.7		89.0		97.7		94.9		96.1		99.6		97.3		94.9		92.3
Dec		91.9		96.0		86.1		89.5		97.8		95.7		97.6		99.2		97.7		95.3		93.1
2008: Jan		92.9		95.6		98.3		90.5		98.5		96.7		96.7		103.1		95.7		95.3		95.0
Feb		93.5		96.7		98.1		91.0		98.1		96.6		97.2		102.2		96.2		96.1		95.6
Mar		95.1		97.5		98.2		91.6		98.3		97.2		98.4		101.4		96.1		97.0		96.8
Apr		96.4		98.0		98.3		92.8		99.1		97.5		99.0		101.2		97.3		97.7		97.7
May		98.1		98.6		98.5		93.4		99.4		98.9		99.8		101.7		99.6		98.6		98.7
Jun		99.9		99.1		99.0		94.4		99.6		99.5		101.4		102.2		99.1		98.9		100.0
Jul		101.3		99.3		99.9		101.7		99.6		101.0		103.6		100.9		99.5		99.1		101.3
Aug		102.8		100.8		101.6		106.0		100.8		101.7		102.6		99.2		101.9		101.1		102.3
Sep		103.8		102.5		102.0		108.0		101.5		101.7		101.7		96.8		101.8		102.6		102.8
Oct		104.7		103.2		102.2		109.3		101.4		101.9		101.6		97.3		102.5		103.0		103.2
Nov		105.2		103.9		101.9		110.1		101.8		103.8		100.9		96.5		105.7		104.9		103.6
Dec		106.3		104.7		101.9		111.2		101.9		103.5		97.1		97.5		104.6		105.7		103.1
2009: Jan		107.5		105.5		102.1		111.7		103.7		104.0		93.6		97.9		105.3		108.1		102.5
Feb		108.3		106.5		102.6		112.4		105.2		104.1		96.0		96.4		106.8		110.0		104.0
Mar		109.1		107.9		103.0		113.4		106.1		110.7		97.0		96.2		108.4		112.3		105.2
Apr		109.6		108.8		103.3		114.3		106.2		112.7		97.3		94.7		109.2		113.3		105.8
May		110.2		109.2		103.4		114.2		106.8		112.7		97.6		93.9		110.1		114.4		106.2
Jun		110.1		109.5		103.9		114.2		106.9		112.5		97.6		91.6		109.3		114.6		106.2
Jul		109.8		110.8		105.1		122.8		106.4		113.0		98.3		90.3		110.2		114.9		106.8
Aug		109.9		113.6		106.7		124.8		106.7		114.2		98.0		87.7		109.5		115.8		107.4
Sep		109.5		114.6		107.1		126.0		106.1		115.0		99.4		85.5		109.4		115.8		107.9
Oct		110.3		115.1		107.5		126.6		105.5		114.8		98.9		82.2		108.9		115.1		107.9

KB703

1.	Source: Statistics South Africa (Stats SA). Published according to the COICOP Classification
2.	Weights based on expenditure patterns in 2000 were applied to data as from January 2002 up to December 2008. New weights base on the expenditure patterns in 2005 were applied to data as from 2009. These new weights are shown.
3.	According to the new methodology applied by Stats SA. Some historical data are not available.
4.	Seasonally adjusted by the South African Reserve Bank.
5.	Component series have been linked backwards with related components of the new consumer price index for all urban areas, before January 2008, where data allowed. Fixed factors were used based on January 2008.
6.	As from January 2008 the clothing and footwear index no longer reflects the impact of promotional sales prices on the price level due to a change in methodology by Stats SA.

S–136 Quarterly Bulletin December 2009

South African Reserve Bank

Consumer prices — all urban areas¹
Services and total⁵
Seasonally adjusted⁴
Indices: 2008=100

			Household
			contents,
	Housing and		equipment and								Recreation				Restaurants		Miscellaneous		Total
	utilities		maintenance		Health		Transport		Communication		and culture		Education		and hotels3		services		services		Total CPI
Period	(7160N)		(7161N)		(7162N)		(7163N)		(7164N)		(7165N)		(7166N)		(7167N)		(7168N)		(7169N)		(7170N)
Weights2		19.01		1.99		0.90		3.2		2.91		1.25		2.19		2.78		11.57		45.80		100.00
2002		89.5		63.7		67.0		93.8		87.6		92.9		67.9		—		84.8		80.2		77.7
2003		92.3		67.3		72.6		94.9		95.3		93.8		72.0		—		87.9		85.5		82.1
2004		77.4		76.1		80.6		95.9		97.8		95.3		77.6		—		88.7		81.8		81.4
2005		76.1		81.9		88.3		96.4		99.4		96.2		82.9		—		89.8		83.5		83.1
2006		79.4		84.0		91.8		97.2		97.4		97.4		88.1		—		92.0		86.2		85.7
2007		89.6		90.8		95.7		98.2		98.0		98.6		93.8		—		96.0		92.8		91.0
2008		100.0		100.0		100.0		100.0		100.0		100.0		100.0		—		100.0		100.0		100.0
2006: Nov		83.4		86.4		93.7		97.3		97.7		98.0		90.1		—		93.2		88.8		87.4
Dec		85.0		86.7		94.5		97.4		97.6		98.0		90.6		—		93.7		89.7		87.9
2007: Jan		85.7		86.6		93.7		98.0		96.6		98.1		91.2		—		94.4		90.0		88.3
Feb		86.1		87.4		93.9		98.2		96.9		98.2		91.6		—		94.4		90.3		88.4
Mar		86.0		89.1		93.8		98.5		97.2		98.3		92.0		—		94.5		90.6		88.7
Apr		86.6		89.5		94.5		98.5		97.5		98.5		92.5		—		95.2		91.1		89.5
May		87.5		89.7		95.0		98.4		97.6		98.6		93.0		—		95.5		91.7		90.0
Jun		88.7		89.8		95.4		98.2		97.7		98.6		93.5		—		95.9		92.3		90.5
Jul		89.7		90.2		95.8		98.0		97.8		98.8		94.0		—		96.2		92.8		91.1
Aug		91.0		90.0		96.2		98.0		98.5		98.7		94.5		—		96.4		93.6		91.7
Sep		91.9		94.5		96.6		97.6		98.9		98.7		95.0		—		96.6		94.3		92.2
Oct		93.3		93.9		97.0		97.7		99.0		98.8		95.5		—		96.9		95.2		93.1
Nov		93.9		94.3		97.7		98.3		99.1		99.0		96.0		—		97.4		95.6		93.6
Dec		95.2		94.7		98.5		98.6		99.1		99.0		96.5		—		98.0		96.5		94.5
2008: Jan		96.4		96.6		91.9		92.8		99.0		98.2		96.8		—		95.1		95.8		95.4
Feb		96.9		97.5		99.1		93.5		99.2		98.5		97.3		—		98.0		97.2		96.3
Mar		98.8		98.0		98.9		94.8		99.4		98.7		98.2		—		98.6		98.1		97.3
Apr		99.2		98.4		99.3		94.0		99.2		98.9		98.7		—		98.8		98.5		98.0
May		100.3		98.5		99.7		94.4		99.3		99.2		99.3		—		99.1		99.2		98.9
Jun		100.9		101.4		100.2		102.3		99.4		99.6		99.8		—		99.2		100.2		100.0
Jul		101.1		101.8		100.6		103.4		99.5		99.8		100.3		—		100.1		100.9		101.1
Aug		100.2		101.6		101.0		102.5		100.6		99.9		100.8		—		100.5		100.8		101.7
Sep		101.9		101.4		101.4		104.6		101.0		101.7		101.4		—		101.7		101.8		102.4
Oct		101.0		100.7		101.9		105.0		101.1		101.7		101.9		—		102.5		102.0		102.6
Nov		101.6		101.1		102.6		105.6		101.1		101.7		102.4		—		103.0		102.5		103.1
Dec		101.8		103.0		103.5		107.1		101.1		102.2		103.0		—		103.4		103.1		103.1
2009: Jan		102.7		102.8		99.1		107.3		100.5		103.5		103.6		—		104.8		103.7		103.1
Feb		103.3		103.9		109.1		107.4		100.7		104.9		104.2		—		109.0		105.4		104.7
Mar		104.2		104.1		108.9		107.5		100.9		118.3		108.5		—		109.7		106.4		105.6
Apr		104.7		104.5		109.2		107.5		101.1		119.8		109.1		—		109.5		106.8		106.2
May		105.9		104.7		110.1		107.7		101.2		119.9		109.7		—		109.9		107.5		106.8
Jun		105.8		107.8		110.6		108.0		101.2		119.9		110.2		—		110.2		107.8		106.9
Jul		106.9		108.4		111.0		107.9		101.3		120.1		110.8		—		112.4		109.1		107.8
Aug		105.9		108.1		111.4		107.7		103.3		121.3		111.4		—		112.7		109.0		108.2
Sep		107.7		107.8		111.9		107.4		103.3		121.9		112.0		—		113.3		109.7		108.7
Oct		106.6		107.0		112.4		107.8		103.5		122.2		112.6		—		113.7		109.6		108.7

KB709

1.	Source: Statistics South Africa (Stats SA). Published according to the COICOP Classification
2.	Weights based on expenditure patterns in 2000 were applied to data as from January 2002 up to December 2008. New weights base on the expenditure patterns in 2005 were applied to data as from 2009. These new weights are shown.
3.	According to the new methodology applied by Stats SA. Some historical data are not available.
4.	Seasonally adjusted by the South African Reserve Bank.
5.	Component series have been linked backwards with related components of the new consumer price index for all urban areas, before January 2008, where data allowed. Fixed factors were used based on January 2008.

Quarterly Bulletin December 2009 S–137

South African Reserve Bank

Consumer prices — all urban areas¹
Goods⁵

Percentage change⁴

									Household
									contents,
	Food and		Alcoholic						equipment
	non-alcoholic		beverages		Clothing and		Housing and		and								Recreation		Miscellaneous
	beverages		and tobacco		footwear6		utilities		maintenance		Health		Transport		Communication		and culture3		goods		Total goods
Period	(7145A)		(7146A)		(7147A)		(7148A)		(7149A)		(7150A)		(7151A)		(7152A)		(7153A)		(7154A)		(7155A)
Weights2		15.68		5.58		4.11		3.55		3.87		0.57		15.60		0.31		2.94		1.99		54.20
2003		8.1		11.1		0.2		7.8		4.1		7.8		2.1		8.8		-2.4		5.6		4.9
2004		1.9		10.0		-4.7		5.2		1.1		4.9		-0.0		2.6		-6.9		1.7		1.7
2005		2.0		7.8		-1.0		5.8		0.1		1.7		0.6		1.6		-4.0		1.1		2.1
2006		6.1		7.9		-8.9		5.9		-1.0		3.4		1.1		-2.0		-0.4		1.6		3.1
2007		9.5		8.1		-9.0		9.0		0.2		4.2		0.7		0.6		0.5		4.0		5.0
2008		15.3		7.7		12.5		15.5		1.8		6.8		5.0		2.0		2.4		6.8		11.5
2006: Nov		7.8		8.1		-10.7		8.7		-0.6		3.9		-0.9		-0.2		-0.1		3.0		3.4
Dec		6.8		8.1		-10.9		9.3		-0.7		4.1		-0.5		-0.2		-0.2		3.1		3.2
2007: Jan		7.5		8.3		-10.1		9.5		-0.3		4.4		-0.1		-0.2		-0.6		3.4		3.7
Feb		7.1		7.5		-9.8		9.5		-0.1		4.6		-1.1		-0.2		-0.3		3.7		3.3
Mar		7.1		7.1		-9.5		9.1		0.7		4.5		-0.1		-0.1		0.1		3.5		3.7
Apr		7.8		7.5		-9.3		9.2		1.1		4.7		1.4		0.0		0.4		3.7		4.6
May		8.3		7.6		-9.3		9.3		1.1		4.8		0.8		0.0		0.9		4.0		4.7
Jun		8.6		8.8		-9.0		9.4		0.8		4.2		0.8		0.0		1.2		4.1		4.8
Jul		9.2		9.6		-8.3		9.8		0.4		4.3		0.3		0.0		0.5		4.7		5.0
Aug		10.3		8.2		-8.8		9.6		0.4		3.7		-0.8		1.3		1.3		4.3		4.9
Sep		11.1		8.0		-8.8		8.4		0.0		3.7		-0.1		1.3		0.6		4.5		5.4
Oct		11.6		8.2		-8.6		8.1		-0.5		3.5		1.5		1.3		0.8		4.0		6.1
Nov		12.3		7.9		-8.1		8.4		-0.5		3.8		2.2		1.5		0.4		3.9		6.6
Dec		12.7		8.0		-8.2		8.0		-0.5		4.4		3.7		1.5		0.7		3.8		7.3
2008: Jan		12.9		6.5		6.9		8.5		0.1		5.1		2.1		6.5		-1.6		3.3		9.1
Feb		13.2		7.2		7.8		8.2		-0.5		4.6		3.0		5.5		-1.4		4.0		9.7
Mar		14.2		7.9		8.8		8.3		-0.4		5.0		4.2		4.2		-1.6		5.1		10.6
Apr		14.5		7.6		9.4		8.8		0.5		4.6		4.0		4.0		-0.4		5.3		10.5
May		15.5		7.8		10.0		8.7		0.8		6.0		4.8		4.6		1.7		6.0		11.2
Jun		16.6		6.5		10.9		9.0		1.2		6.3		6.6		5.0		1.2		5.8		12.0
Jul		16.9		5.9		12.1		16.4		1.4		7.9		9.0		3.6		1.9		5.5		12.8
Aug		17.0		7.4		15.4		20.8		2.6		8.7		8.5		0.5		4.1		7.5		13.5
Sep		16.5		8.6		16.3		23.0		3.5		8.0		7.4		-2.2		4.5		8.7		13.3
Oct		15.5		8.7		17.1		23.9		3.7		7.9		6.3		-2.1		4.9		8.8		12.6
Nov		15.3		8.9		17.5		23.7		4.2		9.4		4.8		-3.1		8.6		10.5		12.2
Dec		15.7		9.0		18.4		24.2		4.2		8.3		-0.6		-1.7		7.0		11.0		10.6
2009: Jan		15.7		10.3		3.8		23.5		5.3		7.6		-3.1		-5.1		10.0		13.4		7.9
Feb		15.8		10.1		4.6		23.7		7.2		7.8		-1.2		-5.7		11.0		14.5		8.7
Mar		14.7		10.7		4.9		23.8		7.9		13.9		-1.5		-5.1		12.8		15.7		8.7
Apr		13.7		10.9		5.1		23.2		7.1		15.7		-1.7		-6.4		12.2		16.0		8.3
May		12.3		10.8		5.0		22.3		7.5		13.9		-2.1		-7.7		10.6		16.0		7.6
Jun		10.2		10.5		4.9		21.0		7.3		13.1		-3.7		-10.4		10.3		15.8		6.2
Jul		8.3		11.5		5.3		20.9		6.8		11.9		-5.0		-10.5		10.8		15.9		5.5
Aug		6.9		12.6		5.0		17.9		5.9		12.3		-4.4		-11.6		7.5		14.5		5.0
Sep		5.5		11.8		5.0		16.9		4.5		13.0		-2.2		-11.7		7.4		12.9		4.9
Oct		5.4		11.6		5.0		16.0		4.0		12.7		-2.7		-15.4		6.3		11.8		4.5

KB708

1.	Source: Statistics South Africa (Stats SA). Published according to the COICOP Classification
2.	Weights based on expenditure patterns in 2000 were applied to data as from January 2002 up to December 2008. New weights base on the expenditure patterns in 2005 were applied to data as from 2009. These new weights are shown.
3.	According to the new methodology applied by Stats SA. Some historical data are not available.
4.	Compared with the same month of the previous year.
5.	Component series have been linked backwards with related components of the new consumer price index for all urban areas, before January 2008, where data allowed. Fixed factors were used based on January 2008.
6.	As from January 2008 the clothing and footwear index no longer reflects the impact of promotional sales prices on the price level due to a change in methodology by Stats SA.

S–138 Quarterly Bulletin December 2009

South African Reserve Bank

Consumer prices — all urban areas¹
Services and total⁵

Percentage change⁴

			Household
			contents,
			equipment
	Housing and		and								Recreation				Restaurants		Miscellaneous		Total
	utilities		maintenance		Health		Transport		Communication		and culture		Education		and hotels3		services		services		Total CPI
Period	(7160A)		(7161A)		(7162A)		(7163A)		(7164A)		(7165A)		(7166A)		(7167A)		(7168A)		(7169A)		(7170A)
Weights2		19.01		1.99		0.90		3.20		2.91		1.25		2.19		2.78		11.57		45.80		100.00
2003		3.1		5.6		5.6		1.1		8.8		1.0		6.1		—		3.7		6.6		5.6
2004		-16.1		13.1		13.1		1.0		2.6		1.6		7.7		—		0.9		-4.4		-0.9
2005		-1.8		7.7		7.7		0.5		1.6		0.9		6.8		—		1.2		2.1		2.1
2006		4.4		2.5		2.5		0.9		-2.0		1.3		6.2		—		2.4		3.3		3.2
2007		12.9		8.1		8.1		1.0		0.6		1.2		6.5		—		4.3		7.6		6.1
2008		11.6		10.1		10.1		1.9		2.1		1.4		6.7		—		4.2		7.7		9.9
2006: Nov		10.1		3.8		3.7		0.7		-0.1		1.3		6.2		—		3.0		5.8		4.4
Dec		12.9		3.9		5.1		0.8		-0.1		1.3		6.2		—		3.3		7.1		4.8
2007: Jan		13.0		4.1		3.7		0.9		-0.1		1.3		6.2		—		3.7		7.1		5.1
Feb		13.0		5.8		4.0		0.9		-0.1		1.3		6.2		—		3.8		7.2		4.9
Mar		13.0		8.4		4.0		1.0		-0.1		1.3		6.5		—		3.8		7.5		5.3
Apr		13.2		8.5		4.4		1.1		0.0		1.4		6.5		—		4.5		7.7		5.9
May		13.2		8.5		4.4		1.1		0.0		1.4		6.5		—		4.6		7.8		5.9
Jun		12.9		8.5		4.4		0.9		0.0		1.4		6.5		—		4.6		7.7		6.0
Jul		13.2		8.4		4.4		0.9		0.0		1.4		6.5		—		4.7		7.8		6.1
Aug		12.9		8.4		4.4		1.0		1.3		1.1		6.5		—		4.4		7.8		6.0
Sep		12.9		9.2		4.4		0.9		1.3		1.1		6.5		—		4.4		7.8		6.4
Oct		12.7		9.2		4.4		0.9		1.3		1.1		6.5		—		4.4		7.8		6.8
Nov		12.7		9.2		4.3		1.0		1.5		1.1		6.5		—		4.5		7.8		7.1
Dec		12.4		9.2		4.3		1.2		1.5		1.1		6.5		—		4.5		7.7		7.5
2008: Jan		12.7		11.5		-2.0		-5.3		2.3		0.2		6.2		—		0.7		6.5		8.1
Feb		12.7		11.5		5.4		-4.9		2.3		0.2		6.2		—		3.7		7.6		8.9
Mar		14.8		10.0		5.4		-3.8		2.2		0.4		6.7		—		4.3		8.3		9.7
Apr		14.4		9.9		5.0		-4.7		1.8		0.4		6.7		—		3.8		8.0		9.5
May		14.4		9.9		5.0		-4.2		1.8		0.6		6.7		—		3.7		8.0		9.8
Jun		13.7		12.9		5.0		4.2		1.8		1.0		6.7		—		3.4		8.5		10.6
Jul		12.6		12.9		5.0		5.5		1.8		1.0		6.7		—		4.1		8.7		11.0
Aug		10.0		12.9		5.0		4.6		2.2		1.2		6.7		—		4.2		7.7		11.0
Sep		11.0		7.4		5.1		7.2		2.2		3.0		6.7		—		5.3		8.0		11.1
Oct		8.3		7.4		5.1		7.5		2.2		3.0		6.7		—		5.9		7.3		10.3
Nov		8.3		7.3		5.1		7.4		2.1		2.8		6.7		—		5.8		7.2		10.1
Dec		7.0		8.8		5.1		8.6		2.1		3.3		6.7		—		5.5		6.9		9.0
2009: Jan		6.6		6.5		7.7		15.7		1.5		5.3		7.0		13.2		10.2		8.2		8.1
Feb		6.6		6.5		10.0		14.8		1.5		6.5		7.0		13.4		11.3		8.5		8.6
Mar		5.5		6.2		10.0		13.3		1.5		19.9		10.5		13.5		11.2		8.4		8.5
Apr		5.5		6.2		10.0		14.4		1.9		21.1		10.5		13.5		10.8		8.4		8.4
May		5.5		6.2		10.3		14.1		1.9		20.9		10.5		13.0		10.8		8.4		8.0
Jun		4.9		6.4		10.3		5.7		1.9		20.4		10.5		12.0		11.0		7.6		6.9
Jul		5.7		6.4		10.3		4.4		1.9		20.3		10.5		10.4		12.3		8.0		6.7
Aug		5.8		6.4		10.3		5.1		2.7		21.5		10.5		9.6		12.1		8.1		6.4
Sep		5.7		6.4		10.3		2.7		2.3		20.0		10.5		10.0		11.5		7.8		6.1
Oct		5.7		6.4		10.3		2.7		2.3		20.1		10.5		7.9		10.9		7.4		5.9

KB710

1.	Source: Statistics South Africa (Stats SA). Published according to the COICOP Classification
2.	Weights based on expenditure patterns in 2000 were applied to data as from January 2002 up to December 2008. New weights base on the expenditure patterns in 2005 were applied to data as from 2009. These new weights are shown.
3.	According to the new methodology applied by Stats SA. Some historical data are not available.
4.	Compared with the same month of the previous year.
5.	Component series have been linked backwards with related components of the new consumer price index for all urban areas, before January 2008, where data allowed. Fixed factors were used based on January 2008.

Quarterly Bulletin December 2009 S–139

South African Reserve Bank

Producer prices
Seasonally adjusted^1,4

Indices: 2000=100

	Domestic output of South African industry groups																						Commodities
					Manufacturing
									Products		Chemical
	Agriculture,		Mining				Paper		of		and								Electricity,
	forestry		and				and paper		petroleum		chemical		Basic						gas, steam
	and fishing		quarrying		Food		products		and coal		products		metals		Transport		Total2		and water		Total		Imported		Exported
Period	(7130N)		(7131N)		(7132N)		(7133N)		(7134N)		(7135N)		(7136N)		(7137N)		(7138N)		(7139N)		(7140N)		(7141N)		(7142N)
Weights3		9.95		19.41		5.87		4.96		4.98		6.74		6.66		5.83		62.31		8.33		100.0		100.0		100.0
2001		109.1		109.9		107.4		107.9		113.1		106.9		108.0		106.0		107.1		106.0		107.6		110.0		107.2
2002		130.2		124.4		133.6		123.0		132.3		121.2		121.7		114.6		121.4		106.2		122.0		127.1		121.0
2003		124.0		116.6		138.3		128.5		120.2		127.3		122.4		122.7		126.9		105.0		124.8		121.8		117.4
2004		122.7		127.8		135.9		127.7		129.4		130.0		129.9		124.7		129.5		107.9		127.7		117.0		120.3
2005		116.9		143.6		134.4		130.3		163.3		131.9		140.5		126.3		134.2		113.9		132.4		121.2		127.6
2006		135.4		159.4		143.7		134.7		196.6		136.0		157.0		129.2		142.8		120.0		142.6		130.6		138.1
2007		163.7		176.3		163.7		144.7		222.3		145.0		187.5		133.1		156.8		128.6		158.2		143.2		156.7
2008		181.0		199.8		193.5		159.5		284.0		165.3		243.2		139.2		180.6		149.0		180.8		166.7		169.5
2006: Nov		142.4		169.9		150.3		137.6		196.5		139.3		180.6		130.6		149.0		123.3		149.2		138.3		148.7
Dec		144.4		165.9		151.1		138.1		201.3		139.6		180.6		130.9		149.7		124.0		149.8		136.6		148.8
2007: Jan		145.7		169.0		151.5		140.7		207.8		140.9		182.3		131.2		150.9		123.5		150.9		138.8		149.7
Feb		149.9		167.4		151.4		140.9		203.0		141.3		186.1		131.6		151.8		123.5		151.7		138.5		152.0
Mar		155.5		174.6		154.1		141.3		209.0		141.6		188.9		132.1		152.9		124.8		154.3		139.0		155.0
Apr		156.9		176.9		156.5		143.3		214.3		143.7		194.0		132.3		155.0		126.3		156.1		139.5		157.4
May		159.8		176.6		159.8		143.8		221.7		144.2		197.2		132.8		156.7		128.7		157.8		140.1		159.2
Jun		163.0		178.4		162.5		144.5		227.7		144.9		197.2		133.0		158.0		129.5		159.1		141.0		160.5
Jul		166.5		176.9		164.5		145.7		223.3		146.5		193.0		133.2		158.2		131.6		159.7		143.3		158.8
Aug		170.7		178.5		166.5		146.2		221.5		146.8		186.3		133.3		158.1		129.7		160.2		144.9		157.5
Sep		171.6		178.8		169.1		146.7		217.4		147.2		180.2		133.5		157.8		131.0		160.2		145.5		155.7
Oct		177.5		179.7		174.0		147.2		222.6		147.2		180.6		133.8		159.1		131.2		161.7		146.7		156.4
Nov		173.6		177.7		176.9		147.6		237.0		147.5		182.6		134.7		160.5		131.9		162.5		148.7		158.5
Dec		173.1		181.4		177.6		148.2		262.2		147.9		182.1		135.0		162.0		131.0		164.0		152.3		160.4
2008: Jan		182.2		189.1		179.9		151.7		277.9		152.9		183.5		135.3		164.3		134.0		166.8		155.9		162.0
Feb		180.8		194.3		182.1		151.9		284.5		153.6		186.3		134.4		166.3		134.1		168.9		159.6		164.3
Mar		184.0		207.4		185.6		152.4		287.3		154.0		187.0		134.9		167.6		132.8		172.7		161.6		167.4
Apr		177.9		214.1		187.1		154.4		287.0		158.8		189.4		134.2		170.1		139.4		175.5		169.1		166.9
May		174.3		217.4		190.4		156.5		296.7		161.6		270.4		135.1		183.0		140.0		183.7		172.3		169.6
Jun		178.7		209.8		193.9		157.2		319.6		163.8		269.2		136.0		185.9		135.3		185.9		175.6		171.6
Jul		183.2		205.4		198.8		161.8		313.7		171.2		274.5		136.3		188.4		157.2		189.8		175.8		170.3
Aug		182.3		205.1		200.6		162.9		301.1		174.0		273.3		143.9		190.3		157.0		190.8		178.2		169.7
Sep		182.3		191.5		202.2		163.5		286.7		174.3		270.6		144.2		189.6		160.5		185.9		174.5		170.7
Oct		182.6		192.2		201.1		166.2		276.2		172.7		271.9		144.5		189.3		164.5		185.1		161.9		176.6
Nov		181.2		186.2		200.4		167.2		248.5		173.1		270.1		145.5		186.8		165.6		183.0		158.2		176.1
Dec		182.4		184.8		200.3		168.0		228.9		173.3		272.7		145.8		185.8		168.1		182.1		157.7		168.1
2009: Jan		199.5		180.7		201.7		171.9		207.1		170.0		279.9		145.8		185.5		166.5		182.7		148.2		167.0
Feb		192.8		185.8		202.4		172.8		214.2		169.5		270.5		145.8		184.6		168.8		182.3		145.6		167.6
Mar		182.7		183.3		203.1		173.4		218.0		170.1		265.9		146.1		185.6		172.0		182.1		145.3		166.7
Apr		182.6		181.9		203.4		173.0		205.6		166.7		260.0		147.5		183.7		167.2		180.3		144.2		162.0
May		176.6		185.1		202.4		173.7		202.5		167.4		228.8		147.4		179.5		167.0		177.2		143.5		158.5
Jun		175.7		174.8		201.2		174.8		199.8		168.0		222.8		147.5		179.2		161.1		176.9		144.1		154.0
Jul		178.1		173.5		200.0		172.7		207.2		163.4		226.2		147.7		179.5		193.1		181.5		144.9		153.9
Aug		177.2		173.9		200.4		173.6		211.1		164.3		235.2		146.0		180.5		194.4		182.4		146.4		154.2
Sep		175.8		171.5		198.4		174.4		214.2		165.1		235.3		146.1		181.1		196.3		179.1		146.2		152.3
Oct		177.8		180.7		197.8		174.9		209.5		162.1		236.2		146.4		180.2		193.1		179.2		145.4		154.1

KB704

1.	Source: Statistics South Africa.
2.	Manufacturing weight total is non-additive as it excludes: tobacco products, textiles and made-up goods, wearing apparel, leather and leather products, footwear and wood products and other manufacturing.
3.	Weights determined in the base period for domestic output of South African industry group.
4.	Seasonally adjusted by the South African Reserve Bank.

S–140 Quarterly Bulletin December 2009

South African Reserve Bank

Composite business cycle indicators
Seasonally adjusted

Indices: 2000=100

	South Africa						Trading-partner countries1
							Leading indicator						Coincident indicator
	Leading		Coincident		Lagging
	indicator		indicator		indicator		US2		Other countries3		Total		US2		Other countries3		Total
Period	(7090N)		(7091N)		(7092N)		(7093N)		(7094N)		(7095N)		(7096N)		(7097N)		(7098N)
2001		99.8		103.2		101.1		98.2		96.4		97.2		99.4		101.9		100.9
2002		107.6		108.1		103.5		103.1		95.4		98.6		98.9		100.9		100.1
2003		104.0		109.6		108.9		108.2		97.9		102.2		99.2		101.0		100.3
2004		115.2		120.3		105.8		115.9		104.8		109.4		101.2		104.1		102.9
2005		118.5		129.7		106.2		119.0		108.5		112.8		103.8		106.1		105.1
2006		125.4		141.7		110.9		120.9		114.8		117.3		106.3		111.6		109.4
2007		126.1		152.8		114.5		120.5		117.3		118.6		108.0		118.0		113.8
2008		118.0		154.1		125.1		117.1		113.9		115.2		107.1		118.4		113.7
2006: Nov		126.7		147.3		112.5		120.6		116.0		117.9		106.9		114.2		111.2
Dec		126.6		148.3		113.2		121.3		116.1		118.2		107.3		115.1		111.9
2007: Jan		126.8		148.7		112.3		121.0		116.2		118.2		107.2		115.4		112.0
Feb		126.9		149.9		112.2		120.6		116.5		118.2		107.4		116.1		112.5
Mar		127.2		151.4		113.3		120.9		116.4		118.2		107.6		116.6		112.9
Apr		126.7		151.4		113.4		120.6		117.4		118.7		107.7		116.9		113.1
May		126.6		153.0		112.0		120.9		117.6		119.0		107.8		117.4		113.4
Jun		126.0		152.5		112.6		120.6		117.9		119.0		107.9		117.8		113.7
Jul		126.1		152.8		114.3		121.4		118.1		119.5		108.2		118.2		114.1
Aug		126.1		153.6		114.7		120.4		117.7		118.8		108.3		118.6		114.4
Sep		125.7		153.5		116.7		120.4		117.7		118.8		108.4		119.0		114.6
Oct		125.7		154.9		116.4		119.9		117.5		118.5		108.5		119.5		115.0
Nov		125.8		156.0		117.0		119.5		117.3		118.2		108.5		119.8		115.1
Dec		123.7		155.5		119.1		119.4		117.2		118.1		108.4		120.0		115.2
2008: Jan		123.5		155.3		121.1		118.8		116.4		117.4		108.3		121.0		115.8
Feb		124.5		156.5		122.8		118.4		116.2		117.1		108.1		121.5		116.0
Mar		124.0		156.3		122.5		118.2		115.5		116.6		108.0		121.1		115.7
Apr		122.6		157.7		122.1		118.3		116.2		117.1		108.0		120.9		115.6
May		122.0		157.2		122.5		118.2		117.1		117.6		107.8		120.4		115.2
Jun		121.7		157.4		123.8		118.3		116.8		117.4		107.7		119.7		114.8
Jul		120.2		156.6		125.0		117.5		115.5		116.3		107.5		119.2		114.4
Aug		116.6		156.3		126.0		116.6		115.6		116.0		107.1		118.5		113.8
Sep		114.3		153.5		127.3		116.6		113.4		114.7		105.9		117.4		112.6
Oct		110.8		150.9		128.7		115.4		109.7		112.1		106.1		115.8		111.8
Nov		108.4		147.1		129.7		114.7		108.0		110.8		105.4		114.0		110.5
Dec		106.9		144.1		129.8		114.6		106.2		109.7		104.7		111.9		108.9
2009: Jan		105.6		140.6		130.6		114.3		104.8		108.7		103.8		109.3		107.0
Feb		105.9		137.9		128.9		113.8		103.9		108.0		103.1		106.8		105.3
Mar		105.3		136.7		128.3		113.5		104.1		108.0		102.2		105.7		104.3
Apr		106.7		135.3		126.0		114.6		105.4		109.2		101.7		105.3		103.8
May		108.3		135.1		124.6		116.1		106.9		110.7		101.3		105.2		103.6
Jun		110.0		134.6		122.3		117.2		106.9		111.2		100.9		105.4		103.5
Jul		110.1		134.9		122.7		118.3		108.1		112.3		101.0		105.7		103.8
Aug		112.5		133.7		122.8		118.8		110.0		113.6		101.1		105.9		103.9
Sep		114.6		—		—		119.9		110.6		114.5		101.0		—		—
Oct		—		—		—		120.3		—		—		101.0		—		—

KB707

1.	Including, apart from the United States of America, also the United Kingdom, Germany, France, Italy, Canada and Japan.
2.	Source of basic data: The Conference Board, Inc., New York, United States of America.
3.	Source of basic data: Foundation for International Business and Economic Research, New York, United States of America.

Quarterly Bulletin December 2009 S–141

Key information South African Reserve Bank

Money and banking
Selected data

	Percentage changes1
	Monetary aggregates2								Credit3						Income velocity of circulation of money6
									Private sector
													Total domestic
									Total loans		Total		credit
	M1(A)		M1		M2		M3		and advances4		claims5		extention		V1(A)		V1		V2		V3
Period	(1370A)		(1371A)		(1373A)		(1374A)		(1369A)		(1347A)		(1368A)		(1420K)		(1421K)		(1422K)		(1423K)
2003		11.16		8.24		15.94		12.88		12.52		19.18		16.08		6.61		3.63		1.87		1.67
2004		11.65		8.69		11.63		13.13		16.52		13.80		12.73		6.28		3.50		1.85		1.64
2005		19.43		19.35		17.68		20.45		21.15		19.49		14.45		5.99		3.40		1.78		1.57
2006		15.77		20.40		20.06		22.54		27.63		25.84		23.18		5.75		3.17		1.67		1.43
2007		18.54		21.90		20.70		23.59		22.14		21.53		21.77		5.53		3.02		1.60		1.33
2008		4.79		2.07		11.84		14.79		13.99		13.60		18.37		5.72		3.05		1.55		1.26
2006: Aug		13.32		16.83		17.78		21.74		26.13		25.04		21.16		...		...		...		...
Sep		13.25		15.73		19.15		21.95		26.18		25.30		21.69		5.84		3.13		1.68		1.44
Oct		15.10		19.76		20.79		23.71		26.75		27.49		24.17		...		...		...		...
Nov		19.18		20.64		22.29		25.56		27.35		26.78		24.14		...		...		...		...
Dec		15.77		20.40		20.06		22.54		27.63		25.84		23.18		5.80		3.17		1.65		1.41
2007: Jan		10.46		15.53		17.46		22.05		27.11		24.81		21.26		...		...		...		...
Feb		20.80		20.97		18.01		23.01		27.77		26.10		25.25		...		...		...		...
Mar		19.58		19.72		15.74		20.02		26.19		24.05		23.67		5.73		3.18		1.68		1.40
Apr		21.09		19.14		18.33		22.27		27.37		25.02		25.10		...		...		...		...
May		21.91		21.37		18.89		22.67		27.44		24.80		25.82		...		...		...		...
Jun		19.58		19.33		18.96		23.41		27.74		24.81		24.66		5.37		3.00		1.61		1.33
Jul		17.51		15.13		21.57		24.46		26.14		23.20		23.63		...		...		...		...
Aug		22.34		24.63		24.39		25.80		25.28		23.28		24.62		...		...		...		...
Sep		20.93		21.42		22.06		24.94		25.16		22.59		23.31		5.44		2.92		1.54		1.29
Oct		17.27		18.64		19.60		23.34		24.47		22.38		24.06		...		...		...		...
Nov		15.24		21.94		20.55		23.13		23.20		22.70		24.04		...		...		...		...
Dec		18.54		21.90		20.70		23.59		22.14		21.53		21.77		5.60		2.99		1.56		1.30
2008: Jan		18.72		31.12		21.50		24.46		23.78		23.26		26.85		...		...		...		...
Feb		11.34		21.45		18.04		20.56		21.65		20.83		21.68		...		...		...		...
Mar		10.28		15.44		19.67		20.43		23.14		22.57		22.78		5.66		2.90		1.58		1.29
Apr		10.21		10.03		19.93		20.75		21.55		20.03		20.92		...		...		...		...
May		9.87		12.29		19.36		20.60		21.48		20.57		21.24		...		...		...		...
Jun		11.11		14.31		17.99		19.82		21.63		20.89		23.12		5.65		3.07		1.55		1.27
Jul		8.68		9.83		15.01		19.05		20.23		19.65		22.66		...		...		...		...
Aug		3.96		4.24		10.44		16.25		19.63		18.75		20.36		...		...		...		...
Sep		3.30		7.16		11.50		16.35		17.64		16.35		19.04		5.84		3.11		1.56		1.26
Oct		8.79		7.90		13.10		16.84		17.08		16.42		19.05		...		...		...		...
Nov		8.60		5.44		13.26		17.52		16.57		15.37		19.16		...		...		...		...
Dec		4.79		2.07		11.84		14.79		13.99		13.60		18.37		5.70		3.09		1.53		1.23
2009: Jan		4.62		-6.01		13.69		13.94		11.44		11.85		14.64		...		...		...		...
Feb		3.99		-5.12		13.76		13.17		10.24		11.05		13.93		...		...		...		...
Mar		3.64		-2.04		10.01		10.58		7.29		8.51		11.27		5.78		3.22		1.49		1.22
Apr		2.96		4.77		7.97		8.49		6.32		8.47		11.03		...		...		...		...
May		2.85		3.47		7.69		7.80		3.86		5.65		7.76		...		...		...		...
Jun		1.04		1.44		4.86		6.07		2.22		3.98		5.57		5.80		3.15		1.51		1.24
Jul		6.84		3.82		3.75		5.70		2.09		3.31		4.85		...		...		...		...
Aug		6.63		4.86		4.82		5.49		0.80		2.34		4.34		...		...		...		...
Sep		3.57		1.15		2.48		4.00		-0.18		1.49		3.44		5.80		3.14		1.57		1.25

KB800

1.	Measured over a twelve-month period.
2.	Based on the consolidated liabilities of the monetary sector (as defined on pages S–18 and S–19).
3.	Domestic credit extended by all monetary institutions.
4.	Total of instalment sale credit, leasing finance, mortgage advances and other loans and advances.
5.	Total of investments, bills discounted, instalment sale credit, leasing finance, mortgage advances and other loans and advances.
6.	The ratio of the gross domestic product at current prices, seasonally adjusted, to the average value of the relevant seasonally adjusted monetary aggregate.

S–142 Quarterly Bulletin December 2009

South African Reserve Bank Key information

Capital market
Selected data

	Percentage change1,2
	Real
	estate		Total		Total		Total value		Share prices
			value		nominal		of												Total value
			of		value of		derivatives												of share
	Transfer		shares		bonds		contracts												capital
	duty4		traded3		traded3		traded3,5		Gold mining		Resources		Financial		Industrial		All classes		raised3
Period	(2072A)		(2039A)		(2042A)		(2047A)		(2073A)		(2074A)		(2075A)		(2076A)		(2077A)		(2048A)
2001		16.9		31.7		70.7		150.8		100.7		82.0		-9.1		1.3		24.3		277.8
2002		21.6		-4.4		-42.9		-42.4		75.4		-4.9		-7.5		-7.3		-6.3		-19.1
2003		62.3		11.3		15.3		32.1		-12.7		-3.3		3.4		18.0		4.9		-75.2
2004		39.3		42.3		-29.5		17.2		-28.5		-4.4		43.8		42.6		23.1		-35.8
2005		19.0		28.6		10.1		77.9		39.0		64.3		26.2		28.9		39.9		1136.7
2006		-25.9		21.2		40.8		62.5		20.9		44.9		27.5		34.5		35.6		-67.9
2007		5.1		47.9		18.4		69.4		-16.8		31.3		6.1		18.6		21.5		199.4
2008		-28.6		-13.5		29.5		-51.0		-14.7		-38.4		-30.5		-27.9		-33.4		11.9
2006: Sep		-21.4		33.7		51.8		72.5		35.8		53.4		21.3		24.4		33.5		-0.8
Oct		-23.5		41.1		81.6		39.9		27.8		57.1		29.8		30.9		39.8		-92.5
Nov		-24.2		50.6		44.3		54.0		27.8		45.4		30.1		30.5		35.4		520.3
Dec		-25.9		21.2		40.8		62.5		20.9		44.9		27.5		34.5		35.6		-67.9
2007: Jan		-27.7		31.4		70.3		60.9		-0.3		33.6		25.6		31.8		30.7		133.4
Feb		-11.8		24.6		38.3		22.3		-4.0		39.2		23.8		31.9		32.8		-45.3
Mar		-12.2		22.6		30.0		59.4		6.1		44.1		18.4		28.2		31.9		283.1
Apr		9.7		17.5		11.6		49.9		4.4		41.9		24.5		31.9		34.2		70.8
May		6.7		16.2		15.7		28.7		-3.1		39.1		29.0		37.3		36.2		90.8
Jun		24.2		10.5		5.5		34.7		-1.6		50.4		33.3		47.1		45.6		-50.5
Jul		28.3		86.6		41.6		93.0		-15.0		37.9		32.0		45.3		39.2		-82.8
Aug		23.5		67.3		24.1		123.2		-21.1		23.4		24.5		35.2		27.6		1086.9
Sep		11.5		32.3		4.0		50.0		-3.3		39.0		18.7		34.5		33.2		255.5
Oct		27.1		87.8		9.8		77.0		-6.6		40.7		21.1		38.5		36.0		-9.5
Nov		8.6		63.0		8.6		114.5		-10.7		35.2		14.9		25.6		27.6		14.9
Dec		5.1		47.9		18.4		69.4		-16.8		31.3		6.1		18.6		21.5		199.4
2008: Jan		13.1		46.1		19.1		110.5		-7.4		24.6		-12.6		0.3		7.6		46.1
Feb		-9.2		28.9		30.3		92.5		-13.9		34.9		-16.0		-4.8		9.8		-78.0
Mar		-22.2		16.6		14.4		30.6		-4.9		42.6		-17.1		-0.9		14.5		-22.8
Apr		-2.7		33.0		73.4		55.8		-18.2		33.3		-21.9		-3.8		8.8		-18.5
May		-22.7		15.4		41.3		8.3		-10.1		39.4		-26.9		-2.0		11.1		-48.8
Jun		-27.2		7.0		42.5		21.2		-15.3		30.2		-30.6		-6.7		5.2		354.9
Jul		-33.9		8.9		34.1		23.4		-14.4		9.4		-30.6		-14.5		-6.8		84.5
Aug		-45.6		-10.8		38.5		-30.6		-22.1		9.4		-22.0		-8.2		-3.1		-90.7
Sep		-39.9		32.4		87.2		-12.0		-35.9		-14.0		-21.9		-13.4		-15.4		1.1
Oct		-43.9		4.5		38.4		-4.9		-35.9		-40.6		-35.8		-28.6		-35.6		-28.9
Nov		-39.6		-27.2		28.8		-47.9		-36.6		-44.7		-36.9		-30.4		-38.4		-91.7
Dec		-28.6		-13.5		29.5		-51.0		-14.7		-38.4		-30.5		-27.9		-33.4		11.9
2009: Jan		-42.3		-35.3		-8.1		-54.9		-12.3		-33.3		-23.6		-19.3		-27.0		315.1
Feb		-39.8		-32.7		-11.2		-47.0		5.4		-44.9		-28.0		-21.6		-35.1		371.1
Mar		-30.2		-4.2		2.7		-50.1		-0.1		-47.7		-29.6		-27.8		-39.0		-78.6
Apr		-47.9		-17.2		-40.1		-42.9		-6.2		-48.3		-22.3		-25.1		-37.4		-53.1
May		-36.6		-19.2		-31.1		-21.7		-2.4		-48.3		-15.1		-24.2		-36.4		902.6
Jun		-35.7		-14.3		-40.5		-51.5		6.6		-44.7		-5.4		-19.2		-31.9		-64.2
Jul		-21.9		-18.4		-41.2		-48.4		-2.8		-37.3		2.9		-7.4		-22.2		-42.4
Aug		-14.8		-0.9		-44.5		-22.4		26.3		-22.7		0.7		-6.3		-13.6		16.3
Sep		-0.5		-20.7		-38.5		-17.9		41.8		-10.5		2.6		-2.9		-5.7		222.1
Oct		12.7		-17.6		-39.7		-21.2		47.5		22.8		22.3		14.3		19.2		205.2

KB801

1.	Measured over a twelve-month period.
2.	Annual figures reflect the values as at December.
3.	Source: The JSE Limited.
4.	As from 1 March 2006 the thresholds for transfer duty exemption changed.
5.	Including futures and options contracts on equity, commodity, warrants and Yield-X products.

Quarterly Bulletin December 2009 S–143

Key information South African Reserve Bank

Public finance¹
Selected data

	Percentage change2
	National Revenue account3																						National
													Taxes on										government
													interna-										finances,
	Taxes on				Taxes on goods and services								tional										cash-flow
	income,						Excise duties						trade										adjusted
	profits and		Taxes		Value-				Other				and								Total
	capital		on		added				excise				transac-		Other		Non-tax		Total		expen-				Expen-
	gains		property		tax4		Fuel levy		duties		Total		tions		taxes		revenue		revenue		diture		Revenue		diture
End of	(4573E)		(4577E)		(4578E)		(4579E)		(4580E)		(4582E)		(4592E)		(4593E)		(4596E)		(4597E)		(4601E)		(4045E)		(4049E)
Budget5
2008/2009		11.4		19.6		11.0		11.3		14.9		12.2		16.2		-9.0		3.8		11.7		12.9		—		—
2009/2010		1.4		9.9		9.4		20.9		15.5		12.6		10.9		-100.0		-7.5		5.6		16.2		—		—
31 March
2004		4.5		31.9		15.0		8.6		9.0		12.9		-12.5		-32.5		23.1		7.2		12.8		7.4		13.2
2005		13.5		34.4		21.7		12.2		14.6		19.3		57.9		-23.4		3.1		16.2		12.1		16.2		11.0
2006		18.2		23.6		16.5		6.6		11.3		14.7		37.0		-7.7		38.1		18.4		13.1		18.5		13.6
2007		21.3		-7.2		17.6		9.6		12.0		15.8		31.9		-0.2		44.0		17.4		12.8		16.8		13.1
2008		18.6		15.0		11.9		8.7		11.7		11.5		12.8		-19.4		-5.8		16.0		15.2		15.9		15.5
2009		15.5		-20.3		2.6		4.8		7.8		3.4		-15.6		-29.2		8.6		8.8		17.4		9.4		17.3
31 December
2003		4.6		18.2		11.8		4.5		10.6		10.9		-13.9		-116.0		57.5		4.9		12.8		4.3		13.7
2004		9.7		40.0		21.5		15.5		10.9		19.0		41.7		-61.5		-7.0		13.7		11.4		13.5		12.2
2005		19.2		25.4		17.3		7.2		12.1		15.2		49.8		-629.0		37.0		20.1		12.8		20.6		12.6
2006		19.6		-0.5		18.5		5.6		10.1		15.8		29.4		-49.5		38.5		17.6		14.1		17.2		13.2
2007		21.0		12.5		12.8		14.0		13.8		12.9		16.4		16.1		3.8		15.7		13.6		15.4		14.9
2008		16.8		-14.4		4.0		2.4		9.0		4.5		-5.7		74.2		5.4		11.7		17.6		12.2		18.0
2004: 04		17.8		45.4		19.7		15.6		3.4		17.0		54.4		-87.3		-16.0		16.9		13.2		18.1		12.8
2005: 01		22.3		28.3		21.4		6.7		14.0		17.9		85.9		-274.3		10.2		23.4		12.4		24.3		8.6
02		22.4		24.0		9.7		11.6		11.4		10.6		29.2		-591.3		5.8		19.6		14.3		19.6		12.8
03		18.3		29.6		19.5		8.1		11.2		16.8		57.1		100.5		85.7		21.4		11.2		21.8		14.7
04		14.9		20.6		18.0		3.1		11.7		15.3		39.5		106.9		32.6		16.7		13.4		17.1		14.9
2006: 01		18.0		20.9		17.8		4.3		10.9		15.5		23.1		-79.5		16.0		16.5		13.6		16.4		12.5
02		16.5		2.9		20.8		7.2		14.6		17.9		40.8		-43.3		17.1		15.7		10.2		14.7		9.7
03		22.9		-10.0		22.0		6.0		8.3		18.3		32.5		-9.3		19.6		20.2		13.3		21.2		10.9
04		20.5		-12.7		14.0		5.1		6.8		12.2		23.7		11.0		128.4		17.7		19.8		16.4		20.0
2007: 01		24.6		-8.2		14.9		20.0		17.6		15.5		34.1		73.1		39.5		16.0		9.0		14.8		12.3
02		19.6		7.3		14.2		9.8		11.3		13.1		17.7		121.3		24.5		15.8		16.8		19.0		18.9
03		16.0		25.1		5.2		7.8		10.0		6.0		7.1		223.0		2.5		12.0		13.7		9.4		11.7
04		23.6		30.5		17.0		18.8		15.6		16.8		12.6		-333.4		-27.3		18.7		15.4		18.7		17.3
2008: 01		15.5		-0.7		11.5		-0.2		10.0		10.4		15.4		-62.6		-7.3		17.1		14.9		16.8		14.7
02		16.8		-9.0		5.6		7.5		12.7		6.7		-0.5		-32.8		4.6		12.5		8.1		12.7		9.7
03		18.8		-21.7		6.4		3.5		8.1		6.3		-9.0		-17.7		1.1		11.1		21.2		12.6		21.3
04		16.2		-23.6		-6.5		-0.8		5.5		-4.7		-23.9		-217.7		29.5		6.9		25.7		7.1		25.7
2009: 01		10.9		-26.3		5.7		9.4		6.0		6.1		-25.4		-992.9		3.9		5.6		14.6		6.2		12.6
02		-1.6		-20.5		-31.0		6.5		-1.8		-22.8		-33.3		361.5		-34.6		-10.0		32.5		-11.6		28.0
03		-7.0		-12.8		-2.9		26.2		4.0		3.4		-28.6		-250.3		-48.5		-7.0		13.6		-6.2		12.7

KB802

1.	Before April 2000, the basis of reporting revenue and expenditure was bank statement transactions, whereas the current reporting relies on cash book transactions as reported in the Statement of the National Revenue, Expenditure and Borrowing and is therefore not strictly comparable with data prior to April 2000. Total revenue includes amounts in transit before April 2000.
2.	Compared with the corresponding period of the preceding fiscal year.
3.	The information on this page is an analysis of the National Revenue Fund.
4.	Sales duty is included before 1983 and general sales tax before October 1991.
5.	Compared with the actual outcome of previous fiscal years.

S–144 Quarterly Bulletin December 2009

South African Reserve Bank Key information

Public finance
Selected data

	Percentage of GDP												Percentage of total revenue
													Taxes on income, profits						Taxes on goods
	National government finance												and capital gains						and services						Taxes
											Non-														on
											financial										Excise duties				interna-
							Deficit (-)/		Total		public-		Payable												tional
							surplus (+)		national		sector		by persons		Payable										trade
							adjusted		govern-		borrowing		and		by				Value-				Other		and
			Expen-		Deficit (-)/		for cash		ment		require-		indivi-		compa-				added				excise		transac-
	Revenue		diture		surplus (+)		flows		debt1		ment		duals		nies2		Total3		tax4		Fuel levy		duties		tions
End of	(4433K)		(4434K)		(4420K)		(4423K)		(4424K)		(4432K)		(4429K)		(4430K)		(4425K)		(4431K)		(4437K)		4435K)		(4438K)
Budget5
2008/2009		27.3		26.7		0.6		—		—		1.2		30.7		28.5		59.1		26.7		4.2		3.5		5.0
2009/2010		26.0		29.9		-3.9		—		—		7.5		32.4		28.1		60.5		26.3		4.7		3.7		3.9
31 March
2004		23.2		25.5		-2.3		-2.2		36.7		2.1		33.2		24.3		57.5		27.0		5.6		4.0		3.4
2005		24.0		25.4		-1.5		-1.1		35.0		1.4		32.2		24.0		56.2		28.3		5.4		4.0		3.8
2006		25.5		25.8		-0.3		-0.1		32.6		-0.6		30.7		25.4		56.1		27.8		4.8		3.7		4.4
2007		26.3		25.6		0.7		0.8		28.6		-0.1		29.3		28.7		58.0		27.9		4.5		3.6		5.0
2008		26.9		26.0		0.9		0.9		24.0		0.0		30.3		29.0		59.3		26.9		4.2		3.4		4.8
2009		26.2		27.4		-1.2		-1.0		22.4		3.8		32.2		30.8		63.0		25.4		4.1		3.4		3.8
31 December
2003		22.7		25.2		-2.5		-2.2		39.3		1.7		34.2		24.3		58.5		26.5		5.5		4.2		2.8
2004		23.2		25.2		-2.0		-1.9		36.7		2.2		33.2		23.2		56.4		28.3		5.6		4.1		3.5
2005		25.1		25.6		-0.5		-0.3		34.7		-0.7		31.0		24.9		56.0		27.7		5.0		3.8		4.4
2006		26.3		26.0		0.3		0.6		32.5		-0.1		29.3		27.6		56.9		27.9		4.5		3.5		4.8
2007		26.6		25.9		0.7		0.7		26.9		0.6		30.1		29.5		59.5		27.2		4.4		3.5		4.9
2008		26.3		26.9		-0.6		-0.6		23.8		2.3		31.8		30.5		62.2		25.3		4.1		3.4		4.1
2004: 04		24.5		22.5		2.0		2.4		36.7		-1.6		30.5		26.4		56.9		27.8		5.3		3.9		4.2
2005: 01		26.7		28.3		-1.6		-0.5		35.0		3.0		31.9		22.9		54.8		28.9		4.9		4.1		3.7
02		23.5		25.5		-1.9		-2.1		35.7		-1.6		31.4		26.9		58.3		26.0		5.3		3.8		3.8
03		24.7		26.1		-1.5		-1.7		35.1		-0.8		31.3		23.7		54.9		27.5		5.1		3.5		4.9
04		25.7		22.9		2.8		3.0		34.7		-3.0		29.7		26.4		56.1		28.1		4.7		3.8		5.1
2006: 01		27.9		28.8		-0.9		0.4		32.6		2.8		30.7		24.8		55.5		29.2		4.4		3.9		4.0
02		24.6		25.4		-0.8		-1.1		33.8		-2.2		29.0		29.7		58.7		27.2		4.9		3.8		4.6
03		25.9		25.9		0.0		0.6		33.9		1.0		29.4		26.8		56.2		27.9		4.5		3.2		5.4
04		26.7		24.2		2.5		2.4		32.5		-1.7		28.2		29.2		57.4		27.2		4.2		3.4		5.3
2007: 01		27.9		27.1		0.8		1.0		28.6		2.1		30.4		29.2		59.6		29.0		4.6		3.9		4.6
02		24.6		25.6		-1.0		-1.1		27.9		-0.0		29.5		31.2		60.7		26.8		4.7		3.6		4.7
03		26.1		26.5		-0.4		0.0		27.5		1.2		32.9		25.3		58.2		26.2		4.3		3.1		5.1
04		27.8		24.5		3.3		2.8		26.9		-0.9		27.8		32.0		59.8		26.8		4.2		3.3		5.0
2008: 01		28.8		27.4		1.4		1.6		24.0		-0.1		31.1		27.8		58.8		27.6		3.9		3.7		4.5
02		24.0		24.0		-0.0		-0.4		23.6		0.8		30.9		32.0		63.0		25.1		4.5		3.6		4.1
03		25.3		28.0		-2.7		-1.9		23.3		5.2		34.8		27.5		62.2		25.1		4.0		3.0		4.2
04		27.1		28.1		-1.0		-1.5		23.8		3.2		30.3		34.7		65.0		23.4		3.9		3.3		3.6
2009: 01		28.5		29.4		-0.9		-0.1		22.4		5.8		32.8		29.0		61.8		27.6		4.0		3.7		3.2
02		20.5		30.3		-9.7		-9.6		23.9		8.9		37.4		31.4		68.8		19.3		5.3		4.0		3.1
03		22.5		30.4		-7.9		-6.6		25.5		8.8		36.6		25.6		62.2		26.2		5.4		3.4		3.2

KB803

1.	As at the end of the period. Including national government loan debt and the Gold and Foreign Exchange Contingency Reserve Account.
2.	Companies include corporations and other enterprises. Including secondary tax on companies and tax on retirement funds.
3.	Including other taxes on income and profits not divisible between individuals and companies.
4.	Sales duty is included before 1983 and general sales tax before October 1991.
5.	Compared with the actual outcome of previous fiscal years.

Quarterly Bulletin December 2009 S–145

Key information South African Reserve Bank

Balance of payments

Percentage changes in selected data¹

													Service		Income								Service		Income
	Merchandise exports, free on board						Net gold exports						receipts		receipts		Merchandise imports, free on board						payments		payments
	Value		Prices		Volume2		Value		Prices		Volume2		Value		Value		Value		Prices		Volume2		Value		Value
Period	(5000Q)		(5372Q)		(5373S)		(5001Q)		(5370Q)		(5371S)		(5002Q)		(5680Q)		(5003Q)		(5374Q)		(5375S)		(5004Q)		(5681Q)
2003		-10.5		-9.7		-0.3		-26.4		-15.6		-13.0		21.1		-5.9		-6.4		-11.0		4.6		4.6		7.9
2004		8.7		3.1		5.4		-10.6		-4.5		-6.3		0.1		-1.9		17.8		0.8		17.9		10.2		-13.2
2005		17.6		4.8		11.0		-5.8		7.5		-12.5		13.2		40.9		15.6		3.5		11.8		16.2		24.9
2006		24.4		15.3		8.3		31.3		44.5		-9.2		15.1		39.4		32.4		9.8		19.9		25.2		24.6
2007		19.8		14.1		5.9		12.5		19.0		-5.5		17.5		17.6		20.4		9.4		9.5		19.8		54.3
2008		32.8		27.6		4.5		21.6		46.3		-16.3		8.5		-0.4		28.8		24.7		2.8		19.8		4.1
2007: 04		9.4		1.9		7.4		10.1		8.7		1.2		7.0		-5.0		2.0		2.1		-0.9		4.5		18.9
2008: 01		6.6		16.0		-8.0		2.2		32.6		-22.9		-2.5		5.3		11.5		9.1		2.2		7.7		-7.1
02		19.7		7.0		12.1		3.1		-1.5		4.8		5.1		-0.9		13.8		11.5		2.5		10.6		-15.6
03		3.9		2.0		1.9		4.0		-4.2		8.5		-0.9		-2.7		4.3		3.5		1.0		1.2		7.6
04		-5.4		1.0		-6.3		3.6		20.2		-13.9		6.3		5.3		-6.7		-1.0		-5.8		-4.7		-8.5
2009: 01		-19.9		2.0		-21.5		-0.4		12.4		-11.4		-7.4		-1.3		-13.5		-5.0		-8.9		-6.6		-7.9
02		-11.2		-7.5		-4.0		-6.9		-12.7		6.7		-0.8		-36.0		-20.2		-7.0		-14.2		-6.7		-18.5
03		0.7		-2.6		3.3		12.5		-4.0		17.1		-1.7		0.7		0.1		1.0		-0.9		2.7		-2.2

KB804

1.	Compared with the preceding period. Quarterly changes based on seasonally adjusted data.
2.	At constant 2005 prices.

Ratios of selected data

Percentage

			Imports of						Exports of				Yield on3
	Balance		goods and		Real		Real		goods		Imports of
	on current		services		merchandise		merchandise		(incl. gold) and		goods and
	account to		covered by		exports to		imports to		services to		services to		Foreign		Foreign
	GDP1		reserves5		GDP2		GDE4		GDP1		GDP1		liabilities		assets
Period	(5380K)		(5381K)		(5382K)		(5383K)		(5384K)		(5385K)		(5386K)		(5387K)
2003		-1.0		7.9		19.8		19.8		27.9		25.5		7.3		3.1
2004		-3.0		8.6		20.0		21.6		26.4		26.7		5.6		2.8
2005		-3.5		11.9		21.1		22.8		27.4		27.9		5.1		3.0
2006		-5.3		13.2		21.6		25.2		30.0		32.5		4.8		3.2
2007		-7.2		13.1		21.7		25.9		31.3		34.2		5.7		3.3
2008		-7.1		14.6		21.9		25.8		35.5		38.5		6.7		2.8
2007: 04		-7.2		13.0		22.4		25.8		32.0		33.8		—		—
2008: 01		-8.5		14.7		20.4		25.4		32.5		36.2		—		—
02		-7.0		13.5		22.6		26.2		36.7		39.8		—		—
03		-7.5		13.1		23.0		26.5		37.1		40.4		—		—
04		-5.4		17.2		21.6		25.1		35.4		37.4		—		—
2009: 01		-6.7		20.0		17.2		22.6		29.3		32.7		—		—
02		-3.4		20.5		16.7		20.0		26.2		26.5		—		—
03		-3.2		20.9		17.2		19.9		26.0		26.1		—		—

KB805

1.	Gross domestic product at market prices.
2.	Gross domestic product at constant 2005 prices.
3.	Interest, dividends and other income on investments as percentage of the average outstanding investments at the beginning and end of the period.
4.	Gross domestic expenditure at constant 2005 prices.
5.	Number of weeks, average for the period.

S–146 Quarterly Bulletin December 2009

South African Reserve Bank Key information

Terms of trade and exchange rates of the rand

Percentage changes¹

	Terms of trade1								Exchange rates3
					Nominal		Real effective
	Including		Excluding		effective		exchange		US		British				Japanese
	gold		gold		exchange rate2,3		rate2,3		dollar		pound		Euro		yen
Period	(5037Q)		(5036Q)		(5376Q)		(5378Q)		(5339Q)		(5338Q)		(5322Q)		(5319Q)
2003		3.3		4.5		25.1		25.1		39.2		27.9		16.2		28.8
2004		2.0		2.7		9.1		6.7		16.8		4.3		6.3		9.2
2005		1.4		1.3		0.2		2.2		1.3		2.0		1.1		3.1
2006		3.6		2.1		-5.9		-3.2		-5.5		-6.3		-6.1		-0.1
2007		1.6		1.4		-9.6		-3.5		-4.6		-12.5		-12.7		-3.4
2008		-0.1		-0.7		-17.1		-10.4		-13.4		-6.5		-19.5		-23.6
2000: 04		0.1		0.2		-5.4		-3.8		-7.9		-6.0		-4.0		-5.9
2001: 01		2.0		1.7		-4.5		-3.0		-2.9		-3.8		-8.7		4.3
02		-1.0		1.3		0.9		2.9		-2.6		0.1		3.0		1.1
03		-0.7		-2.5		-5.1		-2.8		-4.0		-5.1		-5.8		-4.7
04		0.8		-0.5		-17.2		-14.0		-17.0		-17.3		-17.6		-15.8
2002: 01		1.9		0.5		-10.7		-5.2		-12.5		-11.5		-10.5		-6.1
02		-0.6		0.0		5.7		9.0		10.5		7.7		5.3		5.7
03		1.8		1.3		-4.5		-2.4		0.1		-5.5		-6.5		-5.9
04		-3.9		-2.6		7.8		8.6		8.5		6.9		6.6		11.5
2003: 01		6.2		6.0		11.0		8.8		15.3		13.1		7.5		12.0
02		-1.8		-1.4		4.6		4.6		7.4		6.5		1.7		7.1
03		1.3		1.7		4.9		5.0		4.5		5.1		5.5		3.7
04		0.7		0.3		5.5		4.0		10.2		4.0		4.2		2.1
2004: 01		5.5		5.8		-4.0		-4.8		-0.6		-7.8		-5.5		-2.1
02		-4.5		-4.0		5.1		5.2		2.8		4.6		6.6		5.1
03		0.3		0.4		2.6		2.2		3.4		2.7		2.0		3.7
04		-3.0		-3.4		1.4		0.4		5.4		2.7		-0.7		1.4
2005: 01		3.0		3.2		-0.5		1.8		0.8		-0.6		-0.4		-0.4
02		2.7		2.7		-4.4		-3.8		-6.3		-4.6		-2.5		-3.6
03		-2.5		-2.6		0.4		0.8		-1.6		2.4		1.7		1.8
04		4.2		3.7		1.4		1.4		-0.3		1.7		2.2		5.1
2006: 01		1.8		1.4		5.2		4.9		6.1		5.9		4.9		5.7
02		0.7		-0.0		-6.6		-6.1		-4.3		-8.0		-8.3		-6.2
03		-1.8		-2.0		-10.6		-7.5		-10.0		-12.4		-11.4		-8.7
04		-1.1		-0.9		-3.1		-0.2		-2.2		-4.5		-3.5		-1.0
2007: 01		3.8		3.7		0.2		0.6		1.0		-0.9		-0.5		2.5
02		1.3		1.6		0.2		2.2		1.8		0.2		-1.0		3.0
03		-2.5		-2.8		-1.5		-1.0		-0.1		-1.7		-2.0		-2.5
04		-0.8		-1.1		1.7		2.0		5.1		3.7		-0.4		0.8
2008: 01		5.2		4.6		-11.9		-11.7		-9.9		-6.8		-12.8		-16.0
02		-4.7		-4.1		-5.5		-0.3		-3.4		-3.0		-7.5		-4.3
03		-1.1		-0.9		2.6		6.7		-0.0		4.2		4.0		3.0
04		1.9		1.0		-14.6		-11.8		-21.5		-5.5		-10.4		-29.8
2009: 01		8.8		7.7		1.3		1.8		-0.6		8.7		0.4		-3.4
02		0.7		0.9		14.6		13.5		17.8		9.0		12.6		22.5
03		-2.4		-2.6		4.8		4.2		8.5		2.5		3.4		4.3

KB806

1.	Change compared with preceding period.
2.	Weighted average exchange rate against most important currencies.
3.	Percentage changes of averages.

Quarterly Bulletin December 2009 S–147

Key information South African Reserve

National accounts

Percentage changes in selected data at constant 2005 prices¹

									Final		Final
			Gross				Gross		consump-		consumption		Gross		Exports		Imports		Disposable
	Gross		value added		Gross		domestic		tion expen-		expenditure		fixed		of goods		of goods		income
	domestic		excluding		national		expen-		diture by		by general		capital		and		and		of
	product		agriculture2		income		diture		households		government		formation		services		services		households3
Period	(6006Z)		(6626Z)		(6016Z)		(6012Z)		(6007Z)		(6008Z)		(6009Z)		(6013Z)		(6014Z)		(6246Z)
1991		-1.0		-1.4		-1.0		-0.4		-0.5		2.3		-7.4		-1.5		2.1		-0.4
1992		-2.1		-0.8		-2.2		-2.5		-1.4		1.9		-5.3		5.7		5.3		1.5
1993		1.2		0.5		1.4		0.2		1.9		1.2		-0.6		10.4		7.0		1.1
1994		3.2		2.7		4.5		5.9		4.0		0.8		8.2		2.4		16.1		2.0
1995		3.1		4.2		2.6		4.1		5.9		-6.0		10.7		11.0		16.8		5.2
1996		4.3		3.5		4.4		4.6		4.5		3.8		9.0		7.1		8.7		4.2
1997		2.6		2.7		2.3		2.6		3.3		2.1		5.7		5.4		5.4		3.6
1998		0.5		0.9		0.0		0.2		1.7		-2.2		4.8		3.2		2.0		1.5
1999		2.4		2.6		1.5		-0.1		1.7		0.4		-7.6		1.3		-8.4		1.5
2000		4.2		4.4		3.8		3.2		4.1		2.9		3.9		8.4		5.3		4.0
2001		2.7		3.1		1.9		2.2		3.5		3.1		2.8		2.4		0.2		2.7
2002		3.7		3.7		1.7		4.7		3.2		4.6		3.5		1.4		5.3		3.2
2003		2.9		3.1		3.2		4.8		2.8		6.0		10.2		0.2		7.5		2.6
2004		4.6		4.6		5.8		7.7		6.2		6.0		12.9		2.8		15.5		6.0
2005		5.3		5.4		5.6		5.9		6.1		4.6		11.0		8.6		10.9		5.8
2006		5.6		5.8		6.8		8.6		8.3		4.9		12.1		7.5		18.3		7.4
2007		5.5		5.6		4.6		6.4		5.5		4.7		14.2		5.9		9.0		5.5
2008		3.7		3.7		4.2		3.3		2.4		4.9		11.7		2.4		1.4		2.4
KB808 Seasonally adjusted annualised rates
	(6006S)		(6626S)		(6016S)		(6012S)		(6007S)		(6008S)		(6009S)		(6013S)		(6014S)		(6246S)
2004: 04		4.3		4.1		-0.5		2.8		6.4		10.7		14.3		24.8		18.5		5.9
2005: 01		4.1		4.7		9.3		7.8		4.7		0.2		4.6		-13.2		-1.4		4.8
02		7.4		7.5		9.4		4.4		5.1		5.1		11.2		30.4		17.5		4.7
03		5.6		5.7		5.3		8.4		6.3		5.0		12.6		6.5		17.0		6.6
04		2.7		2.8		2.6		5.0		8.7		13.3		13.8		-9.2		-1.4		7.7
2006: 01		6.2		6.8		8.2		14.8		12.2		-2.8		9.9		-7.2		23.7		8.3
02		6.7		6.8		12.3		8.0		5.8		14.0		12.1		30.9		33.2		8.2
03		5.8		6.4		4.2		2.2		7.1		-3.4		13.6		16.0		2.4		5.8
04		6.4		5.8		3.6		15.2		9.4		4.2		13.7		25.0		58.8		7.5
2007: 01		6.1		6.4		7.6		7.6		4.2		13.0		22.3		-13.3		-6.7		5.8
02		3.4		3.6		5.9		2.5		2.6		-3.5		11.4		2.8		0.2		3.7
03		5.1		5.2		-2.6		5.7		5.3		8.5		4.7		-3.7		-0.7		4.1
04		5.7		5.7		0.8		-2.3		5.8		1.1		16.0		30.8		-1.4		4.1
2008: 01		2.5		2.2		12.4		14.7		2.9		11.6		17.5		-30.2		6.5		2.3
02		5.5		5.8		5.1		-2.5		0.6		-2.3		7.9		45.9		7.4		2.4
03		1.3		1.3		-1.1		0.7		-1.5		10.1		12.4		5.1		2.5		-0.3
04		-0.7		-0.5		3.1		-2.7		-2.2		3.5		2.8		-17.2		-21.1		-1.5
2009: 01		-7.4		-7.6		0.1		4.7		-5.8		6.4		7.4		-56.8		-24.8		-6.3
02		-2.8		-2.0		-2.8		-12.1		-6.1		0.8		-0.9		-12.3		-39.6		-6.6
03		0.9		1.8		-0.8		-1.7		-2.0		7.5		-4.1		10.7		-1.9		-1.1

KB809

1.	Compared with preceding period. Quarterly changes reflect annual rates based on seasonally adjusted data.
2.	At basic prices.
3.	See footnote 1 of Table KB631.

S–148 Quarterly Bulletin December 2009

South African Reserve Bank Key information

National accounts

Selected data

	Current						At constant 2005 prices
	Rand						Rand						Percentage change						Rand
	Gross		Gross		Disposable		Gross		Gross		Disposable		Gross		Gross		Disposable
	domestic		national		income		domestic		national		income		domestic		national		income		Average		Average		Average
	product		income		per capita		product		income		per capita		product		income		per capita		capital		output		capital
	per		per		of		per		per		of		per		per		of		output		labour		labour
	capita		capita		households1		capita		capita		households1		capita		capita		households1		ratio		ratio2		ratio2
Period	(6270J)		(6271J)		(6272J)		(6270Y)		(6271Y)		(6272Y)		(6270Z)		(6271Z)		(6272Z)		(6273Y)		(6274Y)		(6275Y)
1962		327		314		234		23 521		22 947		13 113		3.4		3.2		3.1		1.8		—		—
1963		352		340		240		24 586		23 860		13 222		4.5		4.0		0.8		1.8		—		—
1964		377		363		248		25 821		25 124		13 362		5.0		5.3		1.1		1.7		—		—
1965		401		386		261		26 654		25 728		13 512		3.2		2.4		1.1		1.7		—		—
1966		425		410		282		27 073		26 214		14 057		1.6		1.9		4.0		1.8		—		—
1967		461		446		299		28 233		27 416		14 312		4.3		4.6		1.8		1.8		—		—
1968		486		468		325		28 620		27 977		15 146		1.4		2.0		5.8		1.8		—		—
1969		533		513		342		29 164		28 547		15 195		1.9		2.0		0.3		1.8		—		—
1970		569		548		369		29 881		28 952		15 497		2.5		1.4		2.0		1.8		73 531		130 557
1971		614		593		427		30 400		29 586		16 764		1.7		2.2		8.2		1.8		75 985		137 875
1972		676		653		467		30 160		29 774		17 133		-0.8		0.6		2.2		1.9		76 610		145 941
1973		816		790		502		30 789		31 274		16 904		2.1		5.0		-1.3		2.0		79 025		154 653
1974		981		947		588		31 922		32 828		17 752		3.7		5.0		5.0		2.0		82 159		162 674
1975		1 079		1 034		665		31 736		32 120		17 975		-0.6		-2.2		1.3		2.1		82 701		171 073
1976		1 191		1 141		715		31 716		31 612		17 278		-0.1		-1.6		-3.9		2.1		84 308		180 795
1977		1 292		1 235		829		30 939		31 030		17 936		-2.4		-1.8		3.8		2.3		83 485		188 594
1978		1 450		1 388		868		31 107		31 291		17 073		0.5		0.8		-4.8		2.3		83 257		190 752
1979		1 693		1 623		1 021		31 549		31 917		17 712		1.4		2.0		3.7		2.3		83 623		191 245
1980		2 205		2 114		1 260		32 883		33 741		18 783		4.2		5.7		6.0		2.2		87 435		196 504
1981		2 494		2 386		1 404		33 841		33 951		18 010		2.9		0.6		-4.1		2.2		87 277		196 218
1982		2 766		2 652		1 594		32 942		32 678		17 744		-2.7		-3.7		-1.5		2.4		83 927		199 170
1983		3 094		2 971		1 810		31 604		31 387		17 813		-4.1		-4.0		0.4		2.5		79 252		199 425
1984		3 545		3 404		2 141		32 478		32 498		18 894		2.8		3.5		6.1		2.5		80 565		198 570
1985		4 002		3 822		2 373		31 384		31 471		18 280		-3.4		-3.2		-3.2		2.5		77 572		196 876
1986		4 584		4 377		2 682		30 709		30 943		17 348		-2.2		-1.7		-5.1		2.6		75 839		195 166
1987		5 245		5 054		3 193		30 689		31 107		17 886		-0.1		0.5		3.1		2.6		75 300		192 067
1988		6 164		5 952		3 804		31 314		31 692		18 421		2.0		1.9		3.0		2.5		76 384		189 024
1989		7 247		6 992		4 420		31 396		31 516		18 487		0.3		-0.6		0.4		2.4		76 495		187 013
1990		8 172		7 861		5 122		30 648		30 599		18 099		-2.4		-2.9		-2.1		2.5		74 201		185 707
1991		9 167		8 923		5 811		29 708		29 664		17 662		-3.1		-3.1		-2.4		2.6		71 753		183 740
1992		10 066		9 839		6 700		28 473		28 425		17 556		-4.2		-4.2		-0.6		2.6		68 645		180 888
1993		11 286		11 055		7 317		28 227		28 238		17 375		-0.9		-0.7		-1.0		2.6		68 101		177 585
1994		12 504		12 281		7 959		28 536		28 907		17 347		1.1		2.4		-0.2		2.5		68 621		174 596
1995		13 920		13 655		8 907		28 815		29 041		17 866		1.0		0.5		3.0		2.5		69 149		172 441
1996		15 368		15 035		9 780		29 431		29 702		18 228		2.1		2.3		2.0		2.4		70 530		170 900
1997		16 699		16 338		10 810		29 582		29 756		18 485		0.5		0.2		1.4		2.4		70 816		169 769
1998		17 703		17 286		11 431		29 116		29 143		18 375		-1.6		-2.1		-0.6		2.4		69 769		168 929
1999		19 001		18 544		12 208		29 187		28 974		18 256		0.2		-0.6		-0.6		2.4		70 084		167 692
2000		21 104		20 600		13 502		29 792		29 469		18 612		2.1		1.7		1.9		2.3		71 663		165 458
2001		22 899		22 177		14 487		30 024		29 465		18 758		0.8		-0.0		0.8		2.3		72 217		163 649
2002		25 831		25 182		16 093		30 581		29 453		19 011		1.9		-0.0		1.3		2.2		73 539		162 156
2003		27 631		26 874		17 270		30 992		29 924		19 208		1.3		1.6		1.0		2.2		74 430		161 034
2004		30 297		29 700		19 144		31 946		31 204		20 069		3.1		4.3		4.5		2.1		76 556		161 180
2005		33 176		32 513		20 946		33 176		32 513		20 946		3.9		4.2		4.4		2.0		79 471		162 677
2006		36 844		36 119		23 078		34 586		34 278		22 200		4.2		5.4		6.0		2.0		82 796		165 460
2007		41 544		40 126		25 834		36 045		35 436		23 146		4.2		3.4		4.3		2.0		86 335		169 831
2008		46 508		45 003		28 636		36 951		36 498		23 434		2.5		3.0		1.2		2.0		88 653		175 686

KB810

1.	See footnote 1 of Table KB631.
2.	Derived from mid-year estimates of the economically active population.

Quarterly Bulletin December 2009 S–149

Key information South African Reserve Bank

National accounts
Ratios of selected data
At current prices

				Final
		Final		consumption														Household
		consumption		expenditure		Gross		Public-		Industrial and		Compensation				Saving to		debt to
		expenditure		by general		fixed capital		sector		commercial		of		Gross		disposable		disposable
		by households		government		formation		expenditure3		inventories		employees to		saving to		income		income
		to GDP1		to GDP1		to GDP1		to GDP1		to GDP4		GDP2		GDP1		of households		of households5
Period		(6280J)		(6281J)		(6282J)		(6283J)		(6284J)		(6295J)		(6286J)		(6287J)		(6525J)
1992			62.9		20.2		15.7		25.5		16.0		57.5		16.3		5.5		52.8
1993			61.8		20.1		14.7		24.4		14.5		56.6		16.4		4.7		53.5
1994			61.8		20.0		15.2		23.8		14.9		55.9		16.9		2.8		55.8
1995			62.6		18.3		15.9		22.6		16.0		55.8		16.5		2.2		58.5
1996			62.5		19.1		16.3		23.6		16.4		55.4		16.1		1.9		61.6
1997			63.3		19.2		16.5		24.0		15.9		55.3		15.1		2.2		61.3
1998			63.3		18.8		17.1		24.8		14.7		56.3		15.2		1.9		60.6
1999			63.2		18.4		15.3		22.9		14.3		56.0		15.7		1.6		57.5
2000			63.0		18.1		14.9		22.1		15.0		53.9		15.6		1.6		54.1
2001			62.7		18.3		14.8		22.0		15.0		52.2		15.3		0.9		53.8
2002			61.8		18.8		14.7		22.6		15.4		50.7		16.7		0.7		52.1
2003			62.1		19.2		15.5		23.6		15.6		51.2		15.7		0.6		54.1
2004			63.0		19.4		16.0		23.7		15.8		51.2		15.0		0.4		57.5
2005			63.1		19.5		16.8		24.1		15.9		50.9		14.5		0.1		64.0
2006			63.2		19.7		18.3		24.6		16.1		50.2		14.4		-0.8		72.5
2007			62.7		19.0		20.2		25.0		17.4		49.9		14.1		-0.8		79.1
2008			62.1		19.1		22.5		26.8		17.3		49.4		14.9		-0.8		80.6
KB811 Seasonally adjusted annualised rates
		(6280L)		(6281L)		(6282L)		(6283L)		(6284L)		(6295L)		(6286L)		(6287L)		(6525L)
2004:	04		62.8		19.2		16.2		23.0		15.8		51.9		14.8		0.2		59.6
2005:	01		63.5		19.5		16.3		24.1		16.2		50.6		14.7		0.2		60.6
	02		63.2		19.3		16.5		24.1		15.9		51.1		14.7		0.1		62.9
	03		62.8		19.0		17.0		23.5		15.9		50.9		15.0		0.2		64.8
	04		62.8		20.0		17.3		24.7		15.5		51.1		13.6		-0.1		67.3
2006:	01		63.4		20.1		17.6		23.9		16.0		51.0		13.1		-1.0		69.8
	02		64.1		20.5		18.2		25.9		16.1		51.0		13.7		-0.4		71.4
	03		62.5		19.2		18.3		24.0		16.0		49.5		15.9		-0.7		73.8
	04		62.8		19.2		19.1		24.6		16.3		49.7		14.7		-1.2		74.7
2007:	01		61.9		19.2		19.7		24.8		17.0		48.9		15.1		-0.8		78.0
	02		63.0		19.2		20.3		25.0		17.7		50.2		15.0		-0.5		78.2
	03		63.4		19.1		20.3		25.1		17.9		50.3		12.9		-0.8		79.6
	04		62.4		18.7		20.4		24.9		16.8		50.2		13.4		-1.2		80.4
2008:	01		61.7		19.2		21.1		26.8		17.3		49.2		13.8		-1.4		83.4
	02		62.2		18.8		22.0		26.8		17.6		48.9		14.7		-0.9		80.2
	03		62.9		19.0		23.2		27.0		17.9		49.5		14.7		-0.6		78.7
	04		61.4		19.6		23.5		26.6		16.5		49.9		16.3		-0.4		80.3
2009:	01		61.8		20.4		23.7		29.7		16.1		49.8		15.1		-0.5		80.9
	02		61.9		20.3		23.2		29.9		14.5		50.1		15.4		-0.6		80.1
	03		61.0		20.8		22.5		30.0		13.6		51.3		15.7		-0.4		79.0

KB812

1.	Gross domestic product at market prices.
2.	Gross domestic product at factor cost.
3.	Final consumption expenditure by general government plus gross capital formation by public authorities and public corporations.
4.	Gross domestic product excluding agriculture at market prices.
5.	See footnote 1 of Table KB631.

S–150 Quarterly Bulletin December 2009

South African Reserve Bank Key information

Composite business cycle indicators

Percentage change¹

		South Africa						Trading-partner countries
								Leading indicator						Coincident indicator
		Leading		Coincident		Lagging
		indicator		indicator		indicator		US		Other countries		Total		US		Other countries		Total
Period		(7090B)		(7091B)		(7092B)		(7093B)		(7094B)		(7095B)		(7096B)		(7097B)		(7098B)
2001			-0.2		3.2		1.1		-1.8		-3.6		-2.8		-0.6		1.9		0.9
2002			7.8		4.7		2.4		5.0		-1.1		1.4		-0.6		-1.0		-0.8
2003			-3.4		1.4		5.2		5.0		2.7		3.7		0.4		0.1		0.2
2004			10.8		9.7		-2.8		7.1		7.1		7.1		2.0		3.1		2.7
2005			2.9		7.9		0.4		2.7		3.5		3.1		2.5		1.9		2.2
2006			5.8		9.3		4.4		1.5		5.8		4.0		2.4		5.2		4.1
2007			0.6		7.8		3.3		-0.3		2.1		1.1		1.6		5.7		4.1
2008			-6.5		0.9		9.3		-2.8		-2.9		-2.8		-0.9		0.4		-0.1
2006:	Nov		4.4		9.5		5.0		-0.2		4.6		2.5		1.9		6.1		4.4
	Dec		3.5		9.2		5.3		0.5		3.9		2.4		1.9		6.4		4.6
2007:	Jan		3.4		9.3		3.8		-0.4		3.1		1.6		1.5		6.5		4.5
	Feb		2.9		10.1		2.4		-0.5		2.8		1.4		1.6		6.7		4.7
	Mar		3.5		10.0		3.2		-0.6		2.6		1.2		1.7		6.5		4.6
	Apr		1.6		9.0		3.4		-0.5		2.4		1.2		1.6		6.0		4.3
	May		1.0		9.4		1.7		0.3		2.6		1.6		1.8		5.5		4.0
	Jun		0.5		7.9		1.3		-0.1		2.7		1.5		1.7		5.4		3.9
	Jul		-0.7		7.4		2.7		0.9		2.4		1.8		1.9		5.5		4.1
	Aug		-0.6		7.3		2.7		0.4		1.8		1.2		1.8		5.7		4.1
	Sep		-0.6		6.2		5.2		-0.1		1.6		0.9		1.8		5.7		4.2
	Oct		-0.7		6.5		3.8		-0.7		1.7		0.7		1.5		5.5		3.9
	Nov		-0.7		5.9		4.0		-1.0		1.1		0.3		1.5		4.9		3.6
	Dec		-2.3		4.9		5.2		-1.6		1.0		-0.1		1.0		4.3		3.0
2008:	Jan		-2.6		4.4		7.9		-1.8		0.2		-0.6		1.0		4.8		3.3
	Feb		-1.9		4.4		9.4		-1.8		-0.3		-0.9		0.7		4.7		3.1
	Mar		-2.5		3.3		8.0		-2.2		-0.8		-1.4		0.4		3.8		2.5
	Apr		-3.2		4.2		7.7		-1.9		-1.0		-1.4		0.3		3.3		2.1
	May		-3.6		2.7		9.3		-2.2		-0.4		-1.2		0.0		2.6		1.6
	Jun		-3.5		3.2		9.9		-1.9		-0.9		-1.3		-0.2		1.6		0.9
	Jul		-4.7		2.5		9.4		-3.2		-2.2		-2.7		-0.7		0.8		0.3
	Aug		-7.5		1.8		9.9		-3.2		-1.8		-2.4		-1.1		-0.1		-0.5
	Sep		-9.1		0.0		9.1		-3.2		-3.7		-3.5		-2.3		-1.4		-1.8
	Oct		-11.8		-2.6		10.6		-3.8		-6.7		-5.5		-2.2		-3.1		-2.8
	Nov		-13.9		-5.6		10.9		-4.0		-7.9		-6.3		-2.9		-4.8		-4.1
	Dec		-13.5		-7.3		9.0		-4.0		-9.4		-7.1		-3.5		-6.8		-5.5
2009:	Jan		-14.5		-9.5		7.8		-3.8		-10.0		-7.4		-4.2		-9.7		-7.6
	Feb		-15.0		-11.9		5.0		-3.9		-10.5		-7.8		-4.7		-12.1		-9.2
	Mar		-15.1		-12.6		4.8		-4.0		-9.9		-7.4		-5.3		-12.7		-9.9
	Apr		-13.0		-14.2		3.2		-3.1		-9.3		-6.7		-5.8		-12.9		-10.1
	May		-11.2		-14.1		1.7		-1.8		-8.7		-5.8		-6.0		-12.6		-10.1
	Jun		-9.6		-14.5		-1.2		-1.0		-8.5		-5.3		-6.3		-12.0		-9.8
	Jul		-8.4		-13.8		-1.8		0.7		-6.4		-3.4		-6.0		-11.3		-9.3
	Aug		-3.5		-14.5		-2.5		1.9		-4.8		-2.0		-5.6		-10.6		-8.7
	Sep		0.2		—		—		2.9		-2.4		-0.2		-4.6		—		—
	Oct		—		—		—		4.2		—		—		-4.8		—		—

KB813

1. Percentage change over twelve months.

Quarterly Bulletin December 2009 S-151

Key information South African Reserve Bank

Labour in the non-agricultural sectors⁴

Percentage change

		Employment1							Remuneration per worker2
									At current prices						At constant prices3								Nominal
																					Labour		unit
		Public		Private					Public		Private				Public		Private				produc-		labour
		sector		sector			Total		sector		sector		Total		sector		sector		Total		tivity2		costs2
Period		(7002Q)		(7008Q)			(7009Q)		(7011P)		(7012P)		(7013P)		(7011R)		(7012R)		(7013R)		(7014P)		(7015P)
2005			2.8		0.6			1.1		6.8		7.1		7.1		1.6		1.9		1.9		4.3		2.8
2006			2.8		3.0			2.9		5.7		8.2		7.5		-0.1		2.2		1.6		2.8		4.5
2007			3.7		2.4			2.7		6.8		6.6		6.7		-0.7		-0.8		-0.7		2.8		3.8
2008			4.5		1.0			1.8		12.9		12.4		12.8		1.8		1.4		1.7		1.9		10.7
2007:	03		4.8		1.0			1.8		6.7		7.1		7.1		0.8		1.1		1.1		2.6		4.4
	04		5.0		1.2			2.0		9.8		6.1		7.2		2.0		-1.4		-0.4		2.8		4.4
						��
2008:	01		3.2		2.6			2.8		11.8		12.4		12.3		2.3		2.9		2.8		2.0		10.2
	02		4.5		0.5			1.4		15.8		12.2		13.4		3.6		0.4		1.4		2.7		10.4
	03		7.3		-0.6			1.1		12.4		13.4		13.4		0.2		1.1		1.1		1.9		11.2
	04		7.0		-2.3			-0.3		11.9		11.7		12.1		1.3		1.1		1.5		1.0		11.1
2009:	01		-1.7		-8.0			-6.7		11.7		10.8		11.5		2.6		1.7		2.4		0.9		10.5
	02		4.7		-5.0			-2.9		6.9		8.7		8.7		-1.7		0.0		0.0		0.0		8.7

KB814

1.	Compared with the preceding period. Quarterly changes at seasonally adjusted annualised rates.
2.	Compared with the same period of the previous year.
3.	Deflated by the non-agricultural gross domestic product deflator.
4.	Based on labour statistics that were statistically linked to compensate for structural breaks in the third quarter of 2002, the fourth quarter of 2004 and the second quarter of 2006 following adjustment in the coverage of the Quarterly Employment Statistics survey by Statistics South Africa.

Prices

Percentage change¹

	Consumer prices2,5																Producer prices
	Services				Goods								CPI				South African industry output								Commodities
													excluding		Memo-
					Food and								food and		randum		Agriculture,				Electricity,
					non-						Adminis-		non-alcoholic		item:		foresty,				water,
	Housing				alcoholic				Total		tered		beverages		Official		fishing and		Manufac-		steam		Total
	and utlilies		Total		beverages		Total		CPI		prices3		and petrol		target4		mining		turing		and gas		PPI		Imported		Exported
Period	(7160A )		(7169A )		( 7145A)		( 7155A)		( 7170A)		( 7171A)		(7172A )		(7173A )		(7129A )		( 7138A)		(7139A )		( 7140A)		( 7141A)		(7142A )
2006		4.4		3.3		6.1		3.1		3.2		4.6		1.9		4.6		13.6		6.4		5.3		7.7		7.8		8.2
2007		12.9		7.6		9.5		5.0		6.1		6.4		4.9		6.5		16.0		9.8		7.1		10.9		9.6		13.5
2008		11.6		7.7		15.3		11.5		9.9		13.6		7.1		11.3		12.2		15.2		15.9		14.3		16.4		8.1
2008: 04		1.5		5.5		11.1		4.5		4.7		-6.2		6.7		4.5		-20.1		-4.4		21.3		-11.0		-33.2		8.2
2009: 01		7.9		10.6		11.6		2.5		6.2		-15.4		9.3		4.6		0.9		-4.2		7.5		-2.2		-28.7		-14.2
02		8.3		8.7		6.3		8.5		8.6		7.8		8.8		6.9		-11.9		-9.3		-9.0		-8.9		-6.5		-19.7
03		5.3		7.1		-0.9		5.1		6.0		21.1		7.1		5.9		-10.5		-1.0		93.0		6.5		5.5		-11.3
2009: May		5.5		8.4		12.3		7.6		8.0		0.0		8.7		8.0		-9.8		-1.5		18.8		-3.0		-16.7		-6.0
Jun		4.9		7.6		10.2		6.2		6.9		-1.2		8.0		6.9		-11.7		-3.0		19.4		-4.1		-17.9		-9.7
Jul		5.7		8.0		8.3		5.5		6.7		-0.4		8.2		6.7		-11.5		-4.1		23.9		-3.8		-17.5		-9.3
Aug		5.8		8.1		6.9		5.0		6.4		0.2		8.2		6.4		-11.0		-4.8		24.9		-4.0		-17.8		-9.2
Sep		5.7		7.8		5.5		4.9		6.1		3.2		7.5		6.1		-8.6		-4.5		23.4		-3.7		-16.2		-11.2
Oct		5.7		7.4		5.4		4.5		5.9		2.7		7.2		5.9		-5.1		-4.8		18.3		-3.3		-10.2		-13.1

KB815

1.	Quarterly: compared with the preceding period. Seasonally adjusted annualised rates (seasonally adjusted by the South African Reserve Bank). Monthly: compared with the same month of the previous year.
2.	Source: Statistics South Africa (Stats SA). Published according to the COICOP Classification.
3.	An administered price is defined by Statistics South Africa as the price of a product, which is set consciously by an individual producer or group of producers and/or any price, which can be determined or influenced by government, either directly, or through one or other government agencies/institutions without reference to market forces.
4.	CPIX up to December 2008. Headline CPI from January 2009 onwards.
5.	Component series have been linked backwards with related components of the new consumer price index for all urban areas, before January 2008, where data allowed. Fixed factors were used based on January 2008. Data should be used with circumspection.

S-152 Quarterly Bulletin December 2009

South African Reserve Bank Key information

Inflation expectations^1,3

Per cent

			Quarter during which expectations were surveyed
			2008/01		2008/02		2008/03		2008/04		2009/01		2009/02		2009/03
Financial analysts
Current year2	(7114K	)		8.1		9.6		11.3		11.4		6.1		6.9		9.1
One year ahead2	(7115K	)		5.9		7.0		7.3		7.1		5.4		5.7		5.6
Two years ahead2	(7116K	)		5.4		5.8		5.9		5.9		5.5		5.6		5.5
Business representatives
Current year2	(7117K	)		7.6		8.8		9.7		9.7		9.2		9.4		9.1
One year ahead2	(7118K	)		7.5		8.7		8.8		8.8		8.6		8.6		8.7
Two years ahead2	(7119K	)		7.4		8.3		7.8		7.8		8.3		8.3		8.5
Trade union representatives
Current year2	(7120K	)		7.5		8.4		9.6		11.0		9.7		9.7		8.3
One year ahead2	(7121K	)		7.5		8.1		8.2		8.7		10.1		10.1		8.2
Two years ahead2	(7122K	)		7.4		7.4		8.5		7.7		9.6		9.9		8.3
All surveyed participants
Current year2	(7123K	)		7.8		8.9		10.2		10.7		8.3		8.7		8.2
One year ahead2	(7124K	)		7.0		7.9		8.1		8.2		8.0		8.1		7.5
Two years ahead2	(7125K	)		6.7		7.2		7.4		7.2		7.8		7.9		7.5

KB816

1.	Source: Bureau for Economic Research, University of Stellenbosch. In each instance the annual average inflation rate for the calender year which is expected by the participant is asked.
2.	In relation to the reference quarter when the expectations were surveyed.
3.	CPIX up to the fourth quarter of 2008. Headline CPI from the first quarter of 2009 onwards.

Business cycle phases of South Africa since 1945

			Duration in					Duration in
Upward phase			months		Downward phase			months
Post war	–	July 1946		7	August 1946	–	April 1947		9
May 1947	–	November 1948		19	December 1948	–	February 1950		15
March 1950	–	December 1951		22	January 1952	–	March 1953		15
April 1953	–	April 1955		25	May 1955	–	September 1956		17
October 1956	–	January 1958		16	February 1958	–	March 1959		14
April 1959	–	April 1960		13	May 1960	–	August 1961		16
September 1961	–	April 1965		44	May 1965	–	December 1965		8
January 1966	–	May 1967		17	June 1967	–	December 1967		7
January 1968	–	December 1970		36	January 1971	–	August 1972		20
September 1972	–	August 1974		24	September 1974	–	December 1977		40
January 1978	–	August 1981		44	September 1981	–	March 1983		19
April 1983	–	June 1984		15	July 1984	–	March 1986		21
April 1986	–	February 1989		35	March 1989	–	May 1993		51
June 1993	–	November 1996		42	December 1996	–	August 1999		33
September 1999	–	November 2007		99	December 2007	–

Quarterly Bulletin December 2009 S-153