raise their share of output flowing to the export market. in the process, upcoming markets such as china and india are also receiving due attention. tourism is also doing well in spite of, and perhaps even because of, the unease following the september 11 attacks. south africa is a pleasant destination. the number of non - residents visiting south africa rose from 4, 8 million in the first 10 months of 2001 to 5, 3 million in the same period of 2002. visitor numbers from virtually all countries have increased significantly, with the exception of argentina - the worsening of the exchange rate in that instance caused a decrease from 13 000 persons in the ten months to october last year to 4 000 this year. under these circumstances, south africa maintained a healthy growth rate in the first three quarters of 2002. it seems likely that growth in real gross domestic product this year will amount to around 3 per cent, compared to 2, 8 per cent in 2001. it is also heartening that the growth is spread across virtually all sectors of the economy. a further gratifying aspect of the economy's current performance is the acceleration in real fixed capital formation, so necessary to boost the future production potential of the economy. from a contraction in 1999, real fixed capital formation reversed to 0, 8 per cent growth in 2000, 3, 6 per cent growth in 2001 and 7, 6 per cent year - on - year growth in the third quarter of 2002. once again, the acceleration is fairly widely spread over the various sectors of the economy. the accusation is often heard that south africa grows, but without creating jobs for the huge number of unemployed people. however, in the second quarter of 2002 our quarterly surveyed non - agricultural employment series picked up, rising by about 0, 6 per cent. this may be early days, but it stands in welcome contrast to the declining trend in such employment recorded since 1989. sadly, the 2001 fall in the external value of the rand caused a strong surge in inflation in 2002. this was first and foremost visible in production prices, which accelerated from a twelve - month rate of increase of 7, 8 per cent in september 2001 to double - digit rates right from january 2002, peaking at 15, 4 per cent in both august and september. in october it abated somewhat to 14, 6 per cent. consumer price inflation took longer to pick up. twelve - month cpix inflation accelerated from 5, 8 per cent in september 2001 to double - digit levels from august 2002, reaching 12

. 2. savings and investment financing structure following a period of external financial imbalances and related adjustment programs during the nineties, algeria has entered, since 2000, a period of sustained increase in savings, leading to a situation of excess savings over investment. despite a situation of increasing investment rates, the ratio of total savings to gdp reached 57 % in 2008 against 48 % in 2004, leading to a context of excess saving rates of 13 % to 24, 7 % over the period. these developments have allowed sizeable reserve accumulation, particularly from 2004 ( us $ billion 43 ) to 2008 ( us $ billion 143 ) as a cushion against possible external shocks, including shocks of a “ sudden stop ” nature. anchored to regained macroeconomic stability, a large public investment program was launched in 2001 ( 2001 – 04 ) followed by a larger one in 2005 ( 2005 – 09 ). implementation of the two public investment programs significantly stimulated gross fixed capital formation, with public investments representing 56. 5 % of total investment in 2008 up from 40. 8 % in 2004. over the past five years, public investments ( economic and social infrastructure, housing, agriculture and water, others ) amounted to us $ billion 80 ( representing 51 % of a total of us $ billion 156 ). it should be noted that foreign companies, particularly from asia, hold a significant position in terms of implementation of the public investment programs. in parallel, the national oil company ( sonatrach ) implemented ambitious annual investment plans over the past 3 years, increasing the annual investment envelope from us $ billion 4. 8 in 2006 to us $ billion 8. 5 in 2008. for the past 5 years, the ratio of sonatrach ’ s investment to total investment reached 17. 6 % ( 17. 1 % in 2008 ). for 2009, sonatrach ’ s investment program amounts to us $ billion 16. 5. investment of the remaining sectors of the economy represented 31 % of total investment over the period 2004 – 08. in 2008, this ratio was 26. 4 %, although investment in these sectors increased sharply during this year ( + 37. 4 % ). in the context of structural excess savings over investments, the structure of investment financing in algeria over the past 5 years reflects the predominance of self - financing ( 82. 5 % ) on account of the budgetary financing of the public investment programs. indeed, with significantly increased financing capacity, domestic financing has been the sole source of public investments financing