The key indicator of economic growth is gross domestic product (GDP) - the compilation of the country's national accounts, which are based on a range of socioeconomic statistics consolidated into a single coherent system.
Four factors not always present will influence GDP data due for release in November: revision, rebasing, benchmarking, and improvements in measurement of some economic sectors.
GDP estimates the value of goods produced and services rendered in a specific period, and is used to measure the performance of the economy as a whole, as well as different industries.
Frequent users of national accounts data have become used to revisions of the estimates in November each year.
These independent annual estimates result in the revision of the two latest annual estimates, as well as the relevant quarters. GDP estimates are always preliminary, and are routinely revised on the basis of additional evidence in the subsequent quarter.
November 2004 will, however, see a much more comprehensive revision of estimates of GDP, as it coincides with the periodic benchmarking and rebasing of national accounts.
International practice requires national accounts estimates to be benchmarked, and therefore revised, at least every five years.
Rebasing is the updating of the reference year of the constant price estimates; that is, the reference is advanced by five years.
Benchmarking, on the other hand, entails the incorporation of new areas of economic activity previously not covered or undercovered, as well as other new data. This process, which started in the third quarter of last year, is being undertaken with the co-operation of the Reserve Bank and department of agriculture.
There are three different ways of calculating GDP, based on production, income or expenditure approaches. Statistics SA, which produces the official GDP estimates, uses the production and income approaches. The Reserve Bank compiles GDP using the expenditure approach.
This round of benchmarking will not, in contrast to the previous round in 1999, include significant changes in methodology, because the international standard used - the UN system of national accounts - has not been revised since then.
There are, however, cases where it is now possible to implement aspects of the system that could not previously be undertaken. This may lead to some changes to previous GDP estimates.
The majority of revisions will emanate from new data sources, such as detailed industry censuses or large sample surveys, the 2001 population census and other relevant studies since 1999.
In tandem with revision, rebasing and benchmarking, Stats SA has also improved its economic series. The new business register has resulted in samples that can report more accurately on economic activity.
To date, results from these new samples have reflected higher levels of economic activity while maintaining, to a large extent, the same historic trends.
The congruence of benchmarking, rebasing, revision and improved economic coverage is likely to give a more accurate picture of the economy when GDP data is published in November.
Pali Lehohla is the statistician-general and head of Statistics SA. For information on Stats SA and its outputs, visit www.statssa.gov.