Sleepy Town is waking up

Posted On Wednesday, 06 June 2001 03:01 Published by
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By James Eedes Many projects in the pipeline Cape Town represents different things to different people. Some deride it as a sleepy fishing village.

By James Eedes Many projects in the pipeline Cape Town represents different things to different people. Some deride it as a sleepy fishing village. To others it's SA's new "last outpost". The city itself would like to be known as an economic hot spot in SA. Between 1991 and last year, the city's economy grew at 2,6% in real terms, outpacing the overall figure for SA of 1,8%. It accounts for 11% of SA's gross domestic product and 75% of the Western Cape economy. It produced R86bn in goods and services last year. A strong future awaits. Capital investment is robust, with significant investment either planned or under way.


This includes the V&A Waterfront expansions (R2,2bn), the new international conference centre (R1,1bn) and the redevelopment of the Cape Town station (R1bn). New business registrations were up 33% last year and exports across all categories are up. The city is also establishing itself as the information, communication and technology centre of SA. Cape Town's formal economy provides jobs for 64% of its labour force; the informal economy provides jobs for 18%.


Unemployment hovers around 18%; the national average is about 27%. Unemployment in the city is expected to peak at 21% by 2005 before falling as HIV/Aids-related deaths take their toll. The city believes it can achieve real economic growth rates of 4%/year during the next year, comfortably ahead of the expected national growth rate of 3,6%.


Publisher: Financial Mail
Source: Financial Mail

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