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Key economic analysis of Cape Town

Cape Town - The City of Cape Town has introduced a new quarterly publication to provide regular key economic analysis.

"One of the biggest barriers to better economic decision-making is access to information," the City said in a statement released on Thursday.

"We hope to play an enabling role in disseminating information to aid decision-making and to increase investment certainty in Cape Town."

Cape Town has the second largest gross geographic product (GGP) contribution (11.3%) second only to Johannesburg (16.6%).  
 
The publication aims to synthesise various sources of economic data currently available within the City into a single printed publication.

The State of the Cape Town Economy report for the third quarter of 2013 the Western Cape’s economic growth rate (0.4%) was marginally higher than other provincial economies, such as Gauteng (0.2%) and KwaZulu-Natal (-0.2%).

Cape Town's expanded rate of unemployment of 26.8% remained significantly below the country’s expanded rate of unemployment of 35,6% in the third quarter.

Growth opportunities

"Achieving a suitably higher future growth trajectory for Cape Town will depend on the city’s ability to increasingly realise the opportunities associated with the industries such as tourism, finance and business services, agro-processing, creative industries, oil and gas and its ability to effectively attract new investment," states the report.

Despite lower air passenger arrivals than in the same period in the previous year, the third quarter of 2013 continued to reflect growth in the tourism industry in Cape Town.

Cape Town’s top tourist attractions reported an annual increase of 18.9% in the total number of visits in the third quarter.
 
The seeming revival of the construction sector in the city is reflected by a 47.8% year-on-year increase in the value of building plans completed in the third quarter.

The City instituted various plans to increase the turnaround time of the building application process.

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