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Johannesburg - Notwithstanding its stature and reputation in the South African economy, mining’s contribution to the national gross domestic product (GDP) has been dwindling.
Mining has been the cornerstone of the South African economy for more than 150 years. However, recent trends have seen a decrease in its contribution to the national economy.
Statistics South Africa’s Annual Financial Statistics for 2014, released on Tuesday, show a continuation of this trend, with sectors such as trade - which encompasses wholesale, retail, motor, catering and accommodation - and manufacturing dwarfing mining’s contribution by far.
Mining’s turnover in 2014 was R513bn, accounting for 6.6% of the total turnover. In 2013, mining contributed 6.7% to the total turnover of the sectors surveyed. On the other hand, manufacturing’s turnover was R2.2trn, contributing 28.3% to total turnover. Trade, however, contributed the largest share to the total turnover at R2.8trn (36.4%). Even transport, storage and communication had a bigger contribution than mining, at R728bn.
The Annual Financial Statistics result from a survey of businesses in the formal business sectors. Among others, the statistics provide an input to the country’s GDP estimates.
Surveyed sectors are forestry and fishing, mining and quarrying, manufacturing, electricity, gas and water supply, construction, transport, storage and communication, activities auxiliary to financial intermediation, real estate and other business services and community, social and personal services.
