The distinction between ICT and non-ICT reflects that the ICT sector is presumably one of the major drivers in growth across the world. Comparing the contributions of labour productivity to growth between 1995 and 2007, a significant difference becomes apparent: 1.7 for the euro area vs. 2.9 for the US.
Throughout this turmoil, the principal challenge for the Monetary Policy Committee has been to address inflation concerns. Inflation developments in South Africa have been such that at a time when global monetary policy seems generally to have turned from a tightening bias to an easier or neutral stance, our MPC has had to tighten monetary policy.