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!