are kept in check and productivity enhancements are achieved. the role of chartered accountants from the above it is clear that we face many challenges in the years ahead of us. the global recovery may continue to take several years before output gaps are closed. domestically we have significant structural challenges to overcome, but i believe that all of us, including the accounting profession, have an important role to play in this regard. the profession can make a tangible contribution towards ensuring that our businesses and public sectors are appropriately capacitated to deal with their many challenges, using the bis central bankers ’ speeches skills and knowledge that members acquire during their academic and practical training, including analytical capability, professionalism, integrity, understanding complexity, etc. it is also important that members of the profession respond positively to the call of public service. members should not merely become service providers to the public sector, they should also join the ranks of the public service in order to address the shortage of skills within that sector. in this context, they have much to contribute to root out corruption, design monitoring and early warning systems so as to ensure improved service delivery, institute controls that would minimise instances of wasteful and fruitless expenditure, and design reports so that politicians, officials, and other stakeholders have access to accurate and timely information. this should contribute to improved decision - making and policy outcomes. in time, the baton will pass to you and you will assume leadership positions both within the professional service firms, but also in the private and the public sectors. i do hope that you will do your best to strive to uphold not only the professional and ethical standards that is expected of you, but that you would in fact improve it further and ensure that in the process you tirelessly work towards both transforming the profession but also ensuring that it grows in an inclusive way. conclusion in order for us as a nation to move forward it is important that we all own up to the responsibility that we have to ensure that south africa reaches its full potential and, that it thrives and succeeds at all levels. as newly qualified chartered accountants many of you have a particular contribution to make to improve our competitiveness and performance, both domestically and within the global context and in that way help to improve the lives of all our people. once again, allow me to congratulate you on your outstanding achievement and be assured that we will be closely watching your progress. i thank you. bis central bankers ’ speeches

to the 1. 2 per cent recorded in the third quarter. despite this improvement, the growth rate continues to remain significantly below the potential output growth rate of 3. 5 per cent. the manufacturing sector recorded a robust growth rate of 5 per cent in the final quarter of 2012. however, the primary sector contracted for a second successive quarter and this remains a matter of some concern. although the primary sector have shrunk significantly in the last three decades and now contribute less than 12 per cent to gdp, the agricultural and mining sectors remain important due to their significant contribution to exports, and hence the balance of payments situation. these sectors furthermore have relatively higher labour absorption rates. the picture is however not only doom and gloom. south africa ’ s growth rates are expected to increase to 2. 7 per cent in 2013 and to 3. 7 per cent in 2014. while seemingly not very robust growth rates, it is important that these are considered against the challenging global economic climate. the current account deficit widened in 2012, to an average of 6. 3 per cent of gdp compared to 3. 4 per cent of gdp in the prior year. south africa ’ s trade volumes in 2012 declined to below pre - crisis levels – resulting in the largest deficit since 2008. export volumes have unfortunately not responded fully to the significant rise in export prices which have more than doubled over the last decade. the deterioration in south africa ’ s international trade has in turn acted as a drag on domestic economic growth. recent analysis by the south african reserve bank shows that south africa ’ s export performance has been affected by, inter alia, the following factors : ( i ) the decline in the contribution of the gold mining sector ; ( ii ) binding constraints related to infrastructure bottlenecks ; ( iii ) skills shortages and mismatch ; ( iv ) competition from low - cost production bases which are export oriented in many emerging market economies ; and ( v ) sluggish growth in south africa ’ s key trading partners. if we therefore wish to remedy the current account deficit in the longer term we would need to address these factors comprehensively. it is therefore clear that we would need to undertake significant structural adjustments, improve skills and human development, and labour productivity to name but a few in our quest to grow exports and in the process contribute towards lowering unemployment levels. the recent depreciation in the exchange rate provides an opportunity for south african exporters to become more competitive. however, a sustainable improvement in competitiveness requires that cost pressures