According to the Quarterly Labour Force Survey (QLFS) conducted by Statistics South Africa, the Western Cape province has had a remarkable economic performance in recent times. The QLFS report reveals that the Western Cape created 368,000 jobs between Q2 2022 and Q2 2023, marking a 15.7% increase in employment year-on-year. This job creation rate outpaced every other province, with Gauteng coming in second place, creating 201,000 jobs during the same period.
Empowering the Private Sector
The Western Cape government’s unwavering commitment to stimulating economic growth and empowering the private sector is responsible for the spike in job creation. Premier Alan Winde expressed his enthusiasm for the positive trend in job statistics, noting that it reflects the province’s success in combating unemployment and poverty.
Decrease in Unemployment Rate
The Western Cape has seen a significant decrease in the unemployment rate, which dropped by 6.6 percentage points compared to the same period in 2022. The expanded unemployment rate also experienced a decrease of 6 percentage points in the same time frame. Provincial Minister of Finance and Economic Opportunities, Mireille Wenger, highlights that the Western Cape continues to exhibit the lowest expanded and official unemployment rates in South Africa while also generating more jobs than any other province.
Growth for Jobs Strategy
The Western Cape’s recent economic growth can be attributed to its ‘Growth for Jobs’ Strategy, which focuses on enabling and empowering the private sector, including formal, informal, and township-based businesses. This strategy has been instrumental in stimulating economic growth and job creation in the Western Cape.
A Promising Future
Premier Winde acknowledges that there is still a long way to go, but he remains steadfast in the province’s pursuit of further economic growth. He emphasizes that the latest job statistics provide hope and confidence in the Western Cape’s trajectory toward achieving breakout economic growth. The Western Cape’s remarkable job creation numbers serve as a shining example for other provinces in South Africa, demonstrating the importance of a strategic approach to economic growth and empowering the private sector.
In conclusion, the Western Cape’s remarkable job creation numbers, coupled with its decreasing unemployment rate, signal a promising future for the province. Through the effective implementation of the ‘Growth For Jobs’ Strategy and the continued support of the private sector, the Western Cape has positioned itself as an economic leader within South Africa. By maintaining this positive momentum, the province can look forward to long-lasting economic growth, benefiting both its residents and the nation as a whole.
