The financial sector is a key driver of growth in South Africa. The South African economy has over the years steadily moved towards being a service oriented economy. As a percentage of economic output, the tertiary sector accounts for almost 70 per cent in real terms, with the finance, insurance, real estate and business services making up 34 per cent of the tertiary sector.
South Africa stands out on the continent as having the most well-developed and liquid financial markets. Across emerging market countries, South Africa also compares favourably with its peers. Turnover in fixed-income securities trading on the JSE has been gradually increasing, from below R10 trillion in 2004 to a record of almost R23 trillion in 2012.