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V&A Waterfront contributes R198-billion to South Africa's GDP

Sep 18th 2013, 08:03

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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September 2013
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