There are a number of reasons to be upbeat about the local economy, according to the Economic Performance Indicators for Cape Town (EPIC) report for the fourth quarter of 2015.
The latest Quarterly Labour Force Survey for the fourth quarter of 2015 reported on in this edition of the EPIC report highlights the progress made in reducing unemployment in the city, which now stands at 20,5% – 4% points lower than the national rate.
We are very pleased with the numbers. They are better than I was expecting. Despite the macro numbers, we manage to keep good numbers in the city and the province.— Alan Winde MEC for Finance, Economic Development and Tourism
It's about creating the right ecosystem. That is our job.— Alan Winde MEC for Finance, Economic Development and Tourism
The largest contributor to economic growth in the Western Cape for the fourth quarter in 2015 was the wholesale and retail trade sector, which recorded a growth rate of 3%. This was 0,2 percentage points higher than the sector’s growth rate nationally in the fourth quarter.
In march, there were 1 million trips coming through the airposst, even higher than December and January... It is also linked to the events hosted in the city...like the International Jazz Festival and the Two Oceans.— Alan Winde MEC for Finance, Economic Development and Tourism
Winde says in addition to all the reinvestment , seen in the new and revamped building all around the city, SME's are the backbone of the Western Cape economy.
They are working hard to try and remove the red tape that gets in the way of these, and help them develop.
It's a continuous debate. Always talking together. Business and government are often too far apart so it is important to have discussions together.— Alan Winde MEC for Finance, Economic Development and Tourism