The private sector has typically defied odds despite a sluggish economy.
According to Statistics SA (Stats SA), total turnover in the private sector economy rose by over 8% in the 2013 financial year.
“Turnover was estimated at R7trn, the purchases were R4.1trn,” Stats SA private sector statistics manager Krisseelan Govinden told Transform SA in a telephone interview..
Between 2012 and 2013 total turnover increased 8.9%, from R6.4trn to R7trn.
Of the nine industries covered, eight had increases while, unsurprisingly, mining and quarrying reflected a decrease (1.3%).
The largest increase in turnover, more than 12%, was recorded in the electricity, gas, and water supply sector.
That sector was followed by activities auxiliary to financial intermediation, real estate, and other business services, with an 11.7% increase.
Other increases were recorded in the trade, manufacturing, construction, transport, forestry, and fishing sectors.
The AFS 2013 estimates were based on enterprises with financial years ending on any date between July 1, 2012 and June 20, 2013.
Govinden was releasing the findings of the 2013 annual financial statistics (AFS) survey. It collects a range of financial statistics for enterprises in South Africa’s formal business sector.
The purpose of the AFS is to derive a set of measures of industry performance based on information available from financial statements.