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Construction in South Africa 2009
Creamer Media, June 2009, Pages: 54
According to the World Bank, construction is a $1,7-trillion industry worldwide, amounting to between 5% and 7% of gross domestic product (GDP) in most countries. Further, the sector accounts for almost one-third of global gross fixed capital formation (GFCF). In addition, the construction industry is a driver of economic development, providing the private and public infrastructure necessary for economic growth.
The large number of tower cranes piercing South Africa’s urban landscape is seemingly evidence of a boom in the country’s construction sector. Certainly, the sector has reported strong growth for a number of years, with a compound growth rate of 10% since 2000, compared with a gross domestic product (GDP) growth rate of 4% over the same period.
However, in recent months, construction activity has started to moderate, reflecting the global economic slowdown and consequent changes in the local economy, as well as the cumulative effect of a series of local interest rate hikes between June 2006 and June 2008.
Nevertheless, prospects in the sector remain positive, with the South African government’s massive investment programme set to support ongoing construction activity.
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