{"id":332665,"date":"2019-08-01T13:11:13","date_gmt":"2019-08-01T11:11:13","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=332665"},"modified":"2019-08-01T13:19:43","modified_gmt":"2019-08-01T11:19:43","slug":"this-is-how-much-south-africas-biggest-tourist-destination-contributes-to-the-economy","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/332665\/this-is-how-much-south-africas-biggest-tourist-destination-contributes-to-the-economy\/","title":{"rendered":"This is how much South Africa’s biggest tourist destination contributes to the economy"},"content":{"rendered":"

The tourism industry remains a key contributor to the local economy, with key landmarks such as the V&A Waterfront contributing billions of rands to South Africa.<\/p>\n

According to the property’s latest economic impact data<\/a><\/strong>, the Waterfront is the most visited destination in South Africa, attracting locals, out-of-towners and tourists alike.<\/p>\n

In 2018 its contribution to direct GDP was R9.3 billion<\/strong> and R31.5 billion<\/strong> to total GDP, the group said.<\/p>\n

“To put this into perspective, on average, between 2003 and 2015, the V&A Waterfront\u2019s contribution to GDP grew by 4.5%, whereas the Western Cape provincial economy grew by 3.5% and the national economy grew by 3.1%,” the group said.<\/p>\n

“Since 2002, the accumulated nominal contribution by the V&A Waterfront to GDP has been estimated at R335 billion.<\/p>\n

“It is estimated that the new developments at the V&A Waterfront could make an additional cumulative nominal contribution to GDP of R183 billion by 2026.”<\/p>\n

\"\"<\/a><\/p>\n

New Developments<\/strong><\/p>\n

In 2018, the Waterfront completed work on its new R300 million\u00a0Battery Park<\/a> <\/strong>development. The 12,000 m2 (approx. 1.2 hectare) park forms part of the V&A Waterfront\u2019s Canal District.<\/p>\n

Each area of the park contains public walking paths and benches. Landscaping consists of waterwise fynbos and other indigenous plants and trees. A combination of rainwater harvesting and greywater is used to maintain the plants.<\/p>\n

The new park forms part of the R1.1 billion Canal District consists of commercial and retail space at Waterway House, a new parking facility, the City Lodge Hotel, and a film studio.<\/p>\n

A residential development is also planned for the area. In 2014, the V&A Waterfront acquired the old Queen\u2019s Hotel and Amway buildings and these will be redeveloped as part of the Canal District.<\/p>\n

\n

Read: New Checkers concept stores target wealthier South Africans \u2013 here\u2019s how they look<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The tourism industry remains a key contributor to the local economy, with key landmarks such as the V&A Waterfront contributing billions of rands to South Africa.<\/p>\n","protected":false},"author":10,"featured_media":332713,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[26],"class_list":["post-332665","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/332665","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=332665"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/332665\/revisions"}],"predecessor-version":[{"id":332707,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/332665\/revisions\/332707"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/332713"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=332665"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=332665"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=332665"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}