Bloomberg News

South Africa Estimates That Illicit Economy Worth 10% of GDP

June 02, 2011

June 2 (Bloomberg) -- South Africa’s government estimates illicit activities account for about 10 percent of the country’s gross national product and cost the economy about 178 billion rand ($26 billion) a year, State Security Minister Siyabonga Cwele said.

Losses were biggest in the mining, textile and tobacco industries, he said in an address to lawmakers in Cape Town.

To contact the reporter on this story: Mike Cohen in Cape Town at mcohen21@bloomberg.net

To contact the editor responsible for this story: Alastair Reed at areed12@bloomberg.net


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