Economy
The Western Cape's total GDP for 2008 was R268.26bn, making the province the joint second largest contributor to the country’s total GDP, at 14.3%. It also has one of the fastest growing economies in the country, growing at 4% in 2008 and is expected to grow by 3.2% in 2011. At 19.7% the province has a substantially lower unemployment rate than the national average standing at 23.2% in 2009. The province's Gini coefficient of 0.63 is lower than South Africa's Gini coefficient of 0.7 making it more equal then the rest of the country whilst still being extremely high and unequal by international standards. The Western Cape's Human Development Index is the highest in South Africa at 0.7708 compared to the South African average of 0.6675 in 2003.
The biggest sector in the Western Cape's economy is the financial, business services and realestate sectors contributing approximately R77 billion in 2008. Manufacturing was the second largest contributor valued at R43.7 billion in 2008 with the agricultural sector being th fastest growing at 10.6% in the same year. High-tech industries, international call centres, fashion design, advertising and TV production are niche industries rapidly gaining in importance. The city of Cape Town is ranked as the most entrepreneurial city in South Africa with Early-Stage Entrepreneurial Activity being 190% greater than South Africa’s national average.
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Famous quotes containing the word economy:
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)