PORTFOLIOPORTFOLIOCOMMITTEE ON COMMITTEE ON

FINANCEFINANCE

September 2003

INTERNATIONAINTERNATIONAL ECONOMYL ECONOMY

International oil price - monthly averageInternational oil price - monthly average

OECD leading indicators and industrial OECD leading indicators and industrial productionproduction

World Economic Outlook: World Economic Outlook: Real GDPReal GDPAnnual percentage change in real GDP

Actual Projections

2002 2003 2004World 3,0 3,2 4,1

Advanced economies 1,8 1,8 2,9USA 2,4 2,6 3,9Japan 0,2 2,0 1,4Euro area 0,9 0,5 1,9United Kingdom 1,9 1,7 2,4

Developing countries 4,6 5,0 5,6Africa 3,1 3,7 4,8Asia 6,4 6,4 6,5Western hemisphere -0,1 1,1 3,6

Countries in transition 4,2 4,9 4,7Source: IMF World Economic Outlook - September 2003

World Economic Outlook: World Economic Outlook: Consumer pricesConsumer prices

Annual percentage change in consumer pricesActual Projections

2002 2003 2004World 3,5 3,9 3,2

Advanced economies 1,5 1,8 1,3USA 1,6 2,1 1,3Japan -0,9 -0,3 -0,6Euro area 2,3 2,0 1,6United Kingdom 2,2 2,8 2,5

Developing countries 5,3 5,9 4,9Africa 9,3 10,6 7,7Asia 2,0 2,5 2,9Western hemisphere 8,7 10,9 7,0

Countries in transition 11,1 9,7 9,1Source: IMF World Economic Outlook - September 2003

USA: Real gross domestic productUSA: Real gross domestic product

USA: Unemployment rateUSA: Unemployment rate

USA: Consumer pricesUSA: Consumer prices

Japan: Real gross domestic productJapan: Real gross domestic product

Japan: Unemployment rateJapan: Unemployment rate

Japan: Consumer pricesJapan: Consumer prices

Euro area: Real gross domestic productEuro area: Real gross domestic product

Euro area: Unemployment rateEuro area: Unemployment rate

Euro area: Consumer pricesEuro area: Consumer prices

UK: Real gross domestic productUK: Real gross domestic product

UK: UnemploymentUK: Unemployment

UK: Consumer pricesUK: Consumer prices

SADC: InflationSADC: Inflation

Annual percentage change in consumer prices

2001 2002 Jun 2003 Jul 2003 Aug 2003

Africa 13,0 9,3 * * *Angola 152,6 108,9 110,7 * *Botswana 6,6 8,1 12,7 9,2 8,3Lesotho 6,9 12,0 6,4 6,9 *Malawi 27,5 16,1 8,5 8,7 *Mauritius 5,4 6,4 4,5 4,3 3,7Mozambique 9,1 17,1 14,4 13,2 *Namibia 9,3 11,3 8,5 7,1 *Seychelles 6,4 2,0 1,1 5,3 *South Africa 5,7 10,1 6,7 5,2 *Swaziland 7,5 11,7 7,3 6,9 *Tanzania 5,2 4,7 4,4 4,5 *Zambia 21,7 22,2 21,9 20,2 *Zimbabwe 76,7 140,0 365,4 399,5 *

* Not availableSource: National central banks, unpublished Standard Bank data and IMF World Economic Outlook, April 2003

NATIONAL NATIONAL ECONOMYECONOMY

Real gross domestic productReal gross domestic product

Real gross domestic product by theReal gross domestic product by thesecondary sectorsecondary sector

Real gross domestic expenditureReal gross domestic expenditure

Real final consumption expenditureReal final consumption expenditureby householdsby households

Real household disposable incomeReal household disposable income

Household debt as percentage of household Household debt as percentage of household disposable incomedisposable income

Real final consumption expenditure byReal final consumption expenditure bygeneral governmentgeneral government

Real gross fixed capital formationReal gross fixed capital formation

Real domestic final demandReal domestic final demand

Change in inventoriesChange in inventories

Gross saving as percentage of grossGross saving as percentage of grossdomestic productdomestic product

Non-agricultural employmentNon-agricultural employment

Feb SepFeb Sep2001 20012002 2002

(000’s) (000’s)(000’s)(000’s)

a Total employment 11 83710 83311 393 11 029

Among the employed:Employed in the formal sector SEE survey(excluding agriculture and certain activitiesnot covered in SEE) 4 6764 6504 634 4 679Employed in agriculture 1 3521 0511 538 1 331Employed in the formal sector in activitiesnot covered in SEE 2 002 2 2232 403 2 355Employed in the informal sector 2 6651 8731 767 1 703Employed in domestic service 914916 972875

b Total unemployed (official definition) 4 2404 5254 738 4 837c Total economically active = a + b 16 07715 35816 130 15 866d Total not economically active 11 04412 00611 543 12 118e Total aged 15‑65 years = c + d 27 12127 36527 673 27 984f Official unemployment rate = b * 100/c 26,4%29,5%29,4% 30,5%

Labour market statistics, based on the labour Labour market statistics, based on the labour force surveyforce survey

Non-agricultural nominal remunerationNon-agricultural nominal remunerationper workerper worker

Non-agricultural labour productivityNon-agricultural labour productivity

Non-agricultural nominal unit labour costNon-agricultural nominal unit labour cost

Nominal unit labour cost in manufacturingNominal unit labour cost in manufacturing

All-goods production pricesAll-goods production prices

Overall inflation and CPIXOverall inflation and CPIX

Balance of payments: Current accountBalance of payments: Current account

Balance on financial accountBalance on financial account

Financial accountFinancial account

Gross gold and other foreign exchange Gross gold and other foreign exchange reservesreserves

Gross gold and other foreign exchange Gross gold and other foreign exchange reservesreserves

Imports covered by reservesImports covered by reserves

Net open position in foreign currencyNet open position in foreign currency

Average net daily turnover in South African Average net daily turnover in South African foreign exchange marketforeign exchange market

Exchange rates of the randExchange rates of the rand

Real effective exchange rate of the randReal effective exchange rate of the rand

M3 money supplyM3 money supply

Total loans and advances extended toTotal loans and advances extended toprivate sectorprivate sector

Turnover in the secondary bond marketTurnover in the secondary bond market

Money-market interest ratesMoney-market interest rates

Yield on long-term government bondsYield on long-term government bonds

Yield curvesYield curves

Turnover in the secondary share marketTurnover in the secondary share market

Share prices - all classesShare prices - all classes

Real-estate marketReal-estate market

Revenue of national governmentRevenue of national government

Expenditure by national governmentExpenditure by national government

Deficit of national governmentDeficit of national government

Non-financial public-sector borrowing Non-financial public-sector borrowing requirementrequirement