Finance now SA's biggest sector

2009-12-04 08:34

Cape Town - The financial services sector's contribution to the country's GDP in 2008 was 22%, the manufacturing sector's 19%, while government itself added 15%. Last year mining provided 9.5% - its biggest contribution since 1989, when it delivered 9.9%.

This according to a new report by the Institute for Race Relations (SAIRR).

Agriculture kicked in 3.3%, making it the sector with the third-smallest contribution.

According to the SAIRR, the manufacturing sector has traditionally been the biggest contributor, providing 20% or more. It has now been supplanted by the financial services sector which, says the SAIRR, indicates that the country has become a mature economy.

The report also shows that Gauteng's contribution to the country's gross domestic product (GDP) measures no less than 34%, followed by KwaZulu-Natal with 17% and the Western Cape with 14.5%.

Not one of the six remaining provinces contributed more than 10% to South Africa's GDP in 2007. The Northern Cape was the province with the smallest contribution, 2.2%.


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