Financial services go large - December 2009

The financial services sector has become the biggest contributor to the South African economy.

The financial services sector has become the biggest contributor to the South African economy. This is according to a new report by the South African Institute for Race Relations (SAIRR). The sector has now overtaken manufacturing, which for many years was the top contributor to the economy, providing 20% or more.

 

According to the latest reports, the financial services sector's contribution to the country's GDP in 2008 was 22%, the manufacturing sector's 19%, while government added 15%. Last year mining provided 9.5% - its biggest contribution since 1989, when it delivered 9.9%. Agriculture contributed 3.3%, making it the sector with the third-smallest contribution.

 

The fact that the manufacturing sector has been overtaken by the financial services sector was a positive move, says the SAIRR, which indicates that the country has become a mature economy.

 

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