The financial services sector's has overtaken the manufacturing sector as the largest contributor to South Africa’s GDP.

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%. Agriculture contributed only 3.3%.

These statistics were released in a new report by the Institute for Race Relations (SAIRR).

According to the SAIRR, the manufacturing sector has is the past been the largest contributor, providing 20% or more. The financial services sector has however overtaken manufacturing in a sign, says the SAIRR, that indicates that the country has become a mature economy.

Reported by Fin24