What should we expect from the 2021 GDP revisions?
It seems reasonable to expect substantial upward adjustments to our GDP and growth estimates in the forthcoming national accounts revisions
SA’s national accounts were last rebased and benchmarked in 2014 (for years up to 2013). The next rebasing (from the current 2010 base year to 2015) should have been done in 2019, was rescheduled to 2020, but was deferred due to the unusual circumstances of the year.
Publication of the 2018 supply and use tables was also deferred, and the March 2020 and March 2021 GDP estimates did not include the usual adjustments for prior years based on independent annual estimates. Stats SA indicated in March that rebased and benchmarked GDP estimates would be published by the end of May 2021 and that the June GDP estimates (for the first quarter of 2021) and the June Reserve Bank Quarterly Bulletin would be compiled on the revised basis. ..
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