Cape Town is the capital and primate city of the Western Cape province. It forms part of the City of Cape Town metropolitan municipality. As of 2014, it is the 10th most populous city in Africa and home to 64% of the Western Cape’s population. It is one of the most multicultural cities in the world, reflecting its role as a major destination for immigrants and expatriates to South Africa.
Cape Town is the economic hub of the Western Cape Province, South Africa’s second main economic centre and Africa’s third main economic hub city. It serves as the regional manufacturing centre in the Western Cape. In the five years preceding 2014 Cape Town GDP grew at an average of 3.7% a year. As a proportion of GDP, the agriculture and manufacturing sectors have declined whilst finance, business services, transport and logistics have grown reflecting the growth in specialised services sectors of the local economy. Fishing, clothing and textiles, wood product manufacturing, electronics, furniture, hospitality, finance and business services are industries in which Cape Town’s economy has the largest comparative advantage.
Cape Town has four major commercial nodes, with Cape Town Central Business District containing the majority of job opportunities and office space. Century City, the Bellville/TygerValley strip and Claremont commercial nodes are well established and contain many offices and corporate headquarters as well. Most companies headquartered in the city are insurance companies, retail groups, publishers, design houses, fashion designers, shipping companies, petrochemical companies, architects and advertising agencies.
With the highest number of successful Information Technology companies in Africa, Cape Town is an important centre for the industry on the continent. Growing at an annual rate of 8.5% and an estimated worth of R77 billion in 2010 nationwide the IT industry in Cape Town is becoming increasingly important to the city’s economy.
The city was recently named as the most entrepreneurial city in South Africa, with the percentage of Capetonians pursuing business opportunities almost three times higher than the national average. Those aged between 18 and 64 were 190% more likely to pursue new business, whilst in Johannesburg, the same demographic group was only 60% more likely than the national average to pursue a new business.
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