In response to the release of the GDP figure today, a SACCI spokesperson said: "SACCI welcomes the improvement in the GDP figures released by STATSSA today, which strongly adds to the momentum of the fragile improvement in the third quarter of 2009."

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The improvement of 3.,2 per cent quarter-on-quarter was led by the manufacturing industry, which contributed 1,5 percentage points based on growth of 10,1 per cent. It has long been SACCI’s opinion that the recovery will be led by this sector of the South African economy. This also reinforces the dti focus on manufacturing in its Industrial Policy Framework Action Plan that was recently released for comment.

Notwithstanding the increase in the fourth quarter of 2009 GDP figure, real annual GDP decreased by 1,8 per cent in 2009. The South African economy remains vulnerable. Government, business and labour need to continue to strengthen their partnership with each other in an effort to gather the momentum required for a sustained improvement in the economy.

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Contact: Neren Rau  011 446 3800
   Peggy Drodskie 011 446 3800

Released by the South African Chamber of Commerce and Industry