Advertise with fastmoving.co.za
 
 

Agriculture in Western Cape ‘grew in 2004-15’
Agriculture in Western Cape ‘grew in 2004-15’

Agriculture in Western Cape ‘grew in 2004-15’

ECONOMIC NEWS

bdlive.co.za - Oct 5th 2016, 10:55

THE agricultural sector continues to feel the effects of the devastating drought but has shown signs of growth in some areas of the Western Cape in 2004-15. 

This is according to the latest provincial and municipal economic outlook report tabled in the provincial legislature by Western Cape Finance MEC Ivan Meyer at the weekend.

The report shows that the West Coast and Cape Winelands districts have caught up with the traditional fast growing regional economies such as the Eden and Overberg districts.

The West Coast and Overberg districts, for example, grew on average 3.9% between 2004 and 2015, while the Cape Town Metropolitan area grew on average 3.1% over the same period.

The agriculture sector recorded positive growth rates over this period in Cape Town, West Coast District and Central Karoo District, but contracted in the Cape Winelands District, Eden District and in the Overberg District.

"This remains a cause for concern as agriculture is a key sector and a major employer in the province," Meyer said.

He said the Western Cape could not detach itself from the risks facing the global and national economy. "Some of these risks will have a greater impact on the Western Cape than the rest of SA,"

The growth outlook for the South African economy remains pessimistic.

Economic growth in the Western Cape, SA’s second wealthiest province, had slowed to 1.4% in 2015 from 2.1% in 2014, and would remain constrained over the short term, Meyer said.

However, the report shows that the trade surplus in the agri-processing sector will be maintained and may even expand, which bodes well for job creation in the Western Cape.

Meyer said looking ahead over the next five years, the finance, insurance, real estate and business services were expected to grow 3% on average across the province.From DFM Publishers (Pty) Ltd.  

Read more about: economy | agriculture

Related News

Manufacturing growth remains tepid in February
12/04/2019 - 09:24
Manufacturing production grew 0.6% in February after the sector saw subdued growth of 0.3% in January. This was slightly above the Bloomberg consensus of 0.5%.

Retailers feel the heat as e-commerce siphons off sales
11/04/2019 - 09:47
The start of 2019 has been bleak for most SA retailers, raising questions about the future of the sector.

SA makes its mark in fisheries economy
10/04/2019 - 11:11
South Africa is no longer a spectator country in the business of the ocean and fisheries economy, says Minister of Agriculture Forestry and Fisheries Senzeni Zokwana.

Exports to Brazil take off over South American trade deal
10/04/2019 - 11:03
The ratification of trade agreements between the Southern African Customs Union (Sacu) and the Southern Common Market (Mercosur), a South American trade bloc, has been a key driver of the increase in exports to Brazil.

SA is experiencing net equity outflows
09/04/2019 - 10:05
The Institute of International Finance (IIF) said that its daily tracker showed South Africa experienced net outflows of non-resident portfolio equity in the first quarter while debt flows recovered only modestly.