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V&A Waterfront contributes R198-billion to South Africa's GDP
According to the results of an economic impact study conducted
by economists Economics Information Services (EiS) led by
Barry Standish, the V&A Waterfront should be viewed
as an economic hub which has contributed some R198-billion
to the South African economy over the last ten years alone.
According to the EiS study, in nominal terms the property’s
contribution to GDP increased from R10.4bn in 2002 to
R28.9bn in 2012. 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 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.
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 Waterfront
to the Western Cape Gross Geographical Product (GGP) increased
from R8.99bn in 2002 to R25.5bn in 2012.
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