V&A Waterfront Economic Contribution Report 2018
The fourth instalment in our bi-annual economic impact report quantifies the economic contribution made by the V&A Waterfront to Cape Town and the country. It shows an incredible, accelerating upward trajectory.
- The Waterfront’s 2018 contribution to direct GDP was R9.3bn and R31.5bn to total GDP, while the cumulative contribution since 2003 was R76bn to direct GDP and R255bn to total GDP.
- In 2017, economic activity grew in real terms by an astonishing 13.5%, compared to (calendar year 2017) the Western Cape GDP growth of 0.5% and the country at 1.5%.
- There were 23 000 people working at the V&A Waterfront itself, while total employment (including indirect jobs) was 66 000.
- Highlighting the increasing focus on enterprise development and start-ups, there were 396 businesses operating in this sphere, with a total turnover of R329m. Average firm turnover was R1.5m, while more than 2 800 people owed their livelihoods to enterprise development and start-ups.