Cape Town’s economy is definitely continuously getting stronger even though the national economy remains uncertain.
According to a press release by The City of Cape Town, the Economic Performance Indicators for Cape Town (EPIC) report for the fourth quarter of 2015 states that there are many reasons to be positive about the local economy.
The city has made progress in reducing unemployment which now stands at 20.5% – four percentage points lower than the national rate. The wholesale and retail trade sector were named the largest contributors to economic growth in the Western Cape. The growth rate was recorded as 3%. The festive season continued to impress the economy with the increase in tourism due to an easing of visa regulations as well as a large sum of events which attracted an influx of tourists to the Mother City.
Cape Town International Airport recorded an increase of 11.2% of total passengers arriving in Cape Town with international arrivals increasing by 9.2%. All major tourist attractions in the city also experienced an increase of 10.2% and hotel occupancy rates have also seen an upward trend.
The EPIC report also mentions the electronic and electrical sectors and their input towards the local economy. ‘The EPIC report takes a more in-depth look at the importance of the electronic sector to the city’s economy and identifies some of the opportunities that exist to grow it. The ever-shifting technologies, together with rapidly evolving consumer tastes, have resulted in an industry which rewards companies that are flexible, responsive and innovative,’ said the City’s Mayoral Committee Member for Tourism, Events and Economic Development, Councillor Garreth Bloor.
The electronics industry was the fastest growing manufacturing sector in Cape Town from 2004-2014. Sixteen foreign direct investment projects were made within the electronics industry between 2003-2015, which directly influenced 1246 new jobs. ‘Cape Town has recorded South Africa’s largest foreign direct investment in the consumer electronics sub-sector, with Hisense opening a factory in Atlantis and regional head offices in Century City,’ added Councillor Bloor.
There is no place like Cape Town and this report just proves this! Our city is not only gorgeous but also a key factor in the national economy, keep up the good work Cape Town!
Goes to show
Love that place
wonderful dt wys vi jou wie swaai di septer hier.
Cpt should brake away from SA and become a country of its own
Ha ha, look at the vacancies in Cavendish and now CC. There is more going on in Sandton than the whole of Cape Town.
Mmmhhh yes how lovely that only a minorty remains financially comfortable yet places such as Gugulethu, Khayelitsha and the Cape flats(just to name a few) are still in a horrific state +-20 years into the democracy. As a Durban girl I can say that KZN’s major townships have visually undergone a great transformation yes we still have a loooong way to go in KZN but we cannot discredit the great work the ANC has done there. I would also like to add that the ANC is by far means the perfect party because corruption etc but come on, is the “Mother City” all that its hyped out to be when its still in the face of these social and political adversities? The gap between the rich and poor is so big here, and the fact that the rest of the country is misled to believe that Cape Town is always so “Beautiful and Stunning” makes it even worse because more and more poor people get overlooked…
Proof that it should be The Republic of Cape Town U0001f600U0001f601
Cape Town has a far higher domestic inward migration than Durban (actually I think it might be higher than Jhb too if I recall). Regardless of what you think about Durban’s supposedly amazingly transformed suburbs, or any of the ‘great’ work that the ANC has done, the data suggests that when you give a person (poor or otherwise) a choice of where to move to for a better life, they choose WC over KZN. A pity because Durbs is a cool city, it’s just not run as well as Cpt by almost any measure you can think of. Oh, and the ruling party their are kleptocrats. Cape Town isn’t perfect, none of our cities are, it’s just managed so much better than anywhere else that at least it stands some chance of helping to rectify the gap you worry about.
You know who is managing it!
Yip! Cape Town’s informal settlements are full of those who can’t get work and services on South Africa’s plateau and in the eastern coastal regions. They love it here because they’re looked after here. Not so in the failed ANC states.
“they love it here””… Marie Samson
Wow actually