According to the most recent RMB/BER Business Confidence Index (BCI), business confidence in the Western Cape is higher than any other province and higher than South Africa’s business confidence level.
The BCI reported a 3-point uptick in confidence levels in Western Cape’s from 2023Q4 to 2024Q1, improving from 37 points to 40, out of a possible 100.
Provincial Minister of Finance and Economic Opportunities, Mireille Wenger announced that “When we combine the BCI with the fact that 4 out of 5 (78.9%) of all net jobs created over the 5 years were in this province, we get a good indication that our economic action plan, ‘Growth for Jobs’, which seeks to enable private-sector led growth to achieve a R1 trillion, jobs-rich, diverse, resilient and thriving economy, growing at between 4% and 6% by 2035 – is having an impact.”
“This is the third consecutive increase in business confidence in the province and the longest sustained increase in Western Cape business confidence since quarter two of 2018. It is also notable that the Western Cape business confidence far exceeds its provincial counterparts, Gauteng and Kwazulu-Natal, who are at 23 and 18 points, respectively, for the same period,” Minister Wenger added.
“Make no mistake, we have a lot more work to do. But this tells us that the policies, plans and actions taken by the Western Cape Government to enable the private sector to do what it does best – grow and create jobs – are having a positive impact on businesses in the province,” she continued.
The Western Cape is showing resilience to national challenges, as seen in the divergence from the national trend and may be due to the strong tourism sector recovery, and spending in related sectors.
“The Western Cape Government is more determined than ever to attract and welcome business and investment to our province. We know that it’s only with the right policies, the right plans and decisive action toward a clear goal of economic growth, that leads to prosperity. We will continue working to create more jobs that improve the lives of the people of the Western Cape as a priority,” she concluded.
Distributed by APO Group on behalf of Republic Of South Africa: Western Cape Provincial Government.