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Cape Town is South Africa's second largest economy (in terms of population and GDP), with a total GDP of USD30.8 billion in 2016. The city is mostly service-driven (77% of gross value added (GVA) in 2016), as wholesale, retail, business and IT services boost the economic growth in Cape Town. With comprehensive promotion of tourism and trade, Cape Town seeks to become a hub for tourism and trade in Africa. However, Cape Town, like many South African cities, suffers from social inequality.
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High-value-added jobs in business services (including IT services, technological innovations, and software development) and an accumulated influx of FDI boost labour productivity in Cape Town. GVA produced per employee in the city was 15% above that in the rest of South Africa in 2016.
In 2016, average disposable household income in Cape Town was 55% higher than in the rest of the country, mainly thanks to better employment opportunities in the city, in addition to its labour productivity advantage. Compared to the rest of South Africa, Cape Town had a larger labour force participation rate, at 64% of all people aged 15-64 years old, in 2016 versus 59% in the rest of the country, and a higher employment rate (51% versus 43%).
A higher average household disposable income pulls up Cape Town's consumer expenditure. In 2016, average household spending (other than on transport and housing) in the city surpassed the figure in the rest of the country by 33%. The excess expenditure was mostly directed towards discretionary items such as education, recreation, and hotels and restaurants.
Average household expenditure on transport and housing in Cape Town was 52% above that in the rest of South Africa in 2016. Transport expenditure, in particular, is pushed up in the city due to a higher motorisation rate compared to the rest of the country. Property prices in Cape Town keep soaring, making the city less affordable to local inhabitants.
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