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Cape Town - The V&A Waterfront is an economic hub which has contributed about R198bn to SA's economy over the past 10 years alone, according to a study conducted by Economics Information Services (EiS), led by Barry Standish.
The results of the study were released on Monday.
In nominal terms the V&A's contribution to gross domestic product (GDP) increased from R10.4bn in 2002 to R28.9bn in 2012, according to the study.
This translates to an average of 11% increased contribution to nominal GDP every year for the last 10 years, which is 1.5 times greater than the rate of inflation.
The real growth in the contribution of the V&A, at an average of 5.1% between 2003 and 2012, outstripped that of the country as a whole, the Western Cape province and the national tourism sector.
Projected new developments could, furthermore, contribute a cumulative R188bn to nominal GDP by 2023. The projections indicate a growth of 35% per annum.
The result will be an expected contribution 20 times that of the current contribution.
Provincially, the total contribution of the V&A to the Western Cape's Gross Geographical Product (GGP) increased from R8.99bn in 2002 to R25.5bn in 2012.
The V&A’s cumulative contribution to the provincial GGP since 2002 was over R173bn.
Total taxes for the period amount to R18.9bn. In 2012 direct taxes amounted to R299m, consisting of R53.9m in municipal rates and taxes and R245m in company tax.
The study found the V&A has created and sustained direct employment as a result of on-going operations and capital expenditure as well as so-called indirect jobs resulting from multiplier effects and the turnover generated by tenants.
The total number of direct and indirect jobs in the province as a result of the V&A’s existence increased from 22 766 in 2002 to 33 136 in 2012.
The total direct as well as indirect jobs throughout South Africa created by the V&A increased from 33 522 in 2002 to 47 909 in 2012. This is an increase of 43%.
“In commissioning the study we hoped to understand and quantify the economic contribution we make to our city and province, and also the country as a whole," said V&A CEO David Green.
"We wanted to assess the potential impact of future developments, and to benchmark the current economic contribution with the obvious intention of growing that contribution in the future."
- Fin24
The results of the study were released on Monday.
In nominal terms the V&A's contribution to gross domestic product (GDP) increased from R10.4bn in 2002 to R28.9bn in 2012, according to the study.
This translates to an average of 11% increased contribution to nominal GDP every year for the last 10 years, which is 1.5 times greater than the rate of inflation.
The real growth in the contribution of the V&A, at an average of 5.1% between 2003 and 2012, outstripped that of the country as a whole, the Western Cape province and the national tourism sector.
Projected new developments could, furthermore, contribute a cumulative R188bn to nominal GDP by 2023. The projections indicate a growth of 35% per annum.
The result will be an expected contribution 20 times that of the current contribution.
Provincially, the total contribution of the V&A to the Western Cape's Gross Geographical Product (GGP) increased from R8.99bn in 2002 to R25.5bn in 2012.
The V&A’s cumulative contribution to the provincial GGP since 2002 was over R173bn.
Total taxes for the period amount to R18.9bn. In 2012 direct taxes amounted to R299m, consisting of R53.9m in municipal rates and taxes and R245m in company tax.
The study found the V&A has created and sustained direct employment as a result of on-going operations and capital expenditure as well as so-called indirect jobs resulting from multiplier effects and the turnover generated by tenants.
The total number of direct and indirect jobs in the province as a result of the V&A’s existence increased from 22 766 in 2002 to 33 136 in 2012.
The total direct as well as indirect jobs throughout South Africa created by the V&A increased from 33 522 in 2002 to 47 909 in 2012. This is an increase of 43%.
“In commissioning the study we hoped to understand and quantify the economic contribution we make to our city and province, and also the country as a whole," said V&A CEO David Green.
"We wanted to assess the potential impact of future developments, and to benchmark the current economic contribution with the obvious intention of growing that contribution in the future."
- Fin24
