The Western Cape’s economy is improving, with certain sectors – including employment and international tourism numbers – close to, or even exceeding pre-pandemic levels.
This was highlighted by Western Cape Minister of Finance and Economic Opportunities, Mireille Wenger yesterday (Tuesday, March 14) as she tabled the 2023/24 Provincial Budget in the Western Cape Provincial Parliament.
“With the right data to inform an evidence-based approach to strategic decisions, by rolling up our sleeves, and working together, we can and will succeed. And there is reason to have hope,” she said, pointing out that in the third quarter of 2022, the Western Cape economy was estimated to be 1.3% larger than in the first quarter of 2020.
“According to the latest quarterly labour force survey, we have now surpassed pre-pandemic employment levels thanks to an exceptional fourth quarter 2022, in which the Western Cape created nearly 99% of the nett employment gains in South Africa,” Wenger said.
She added that over December last year, hotel occupancy in the province was better than before the pandemic and international tourism had almost recovered to pre-pandemic levels, at 97% when compared with 2019.
Energy resilience
“The single biggest threat we face right now, which compromises our collective future, is the ‘missing in action’ stable supply of electricity, upon which all else rests. To take action, ramp up the Western Cape’s energy security and decrease our reliance on Eskom, an additional R1.1 billion (€65.3m) has been set aside over the MTEF.”
This includes an amount of R55.5 million (€3.2m) for the Department of Economic Development and Tourism to support SMMEs to implement alternative energy supply systems.
