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The finance and construction industries have been identified as the most significant contributors to growth in South Africa's services sector - this according to BuaNews, the Government news portal.Deputy Minister of Trade and Industry, Rob Davies, on Wednesday said in South Africa, service sectors contributed 74 percent of the Gross Domestic Product (GDP), and 72 percent of employment."
Service sectors such as finance and construction have been particularly significant contributors to growth during the upswing which we experienced between 2001 and 2007," said Mr Davies, speaking at the Service Exporter Network Annual Meeting and Conference. He highlighted the importance of sectors such as the services sector to the growth of South Africa's economy.
Services and trade within the services sector is becoming increasing important to both developed and developing countries, Mr Davies said, adding that the sector had become inclusive of telecommunications, transportation, finance, insurance, distribution, information services and entertainment services.
The services sectors currently account for two thirds of global output, one third of global employment and nearly 20 percent of global trade, the deputy minister said.Between 2000 and 2007, global services sectors grew at an annual rate of 10.1 percent which was 1 percent more than the growth in trading goods.
The Accelerated and Shared Growth Initiative of South Africa (AsgiSA) identified two important services sectors, namely Business Process Outsourcing and off-shoring (BPO&) and tourism.
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