North West registers stable economic growth

This is evident in the sterling growth of the province's Gross Domestic Product (GDP) from R58 billion in 1996 to more than R72 billion in 2006.

During her State of the Province Address on Friday, North West Premier Edna Molewa said this substantial growth has been recorded since the launch of the Provincial Growth and Development Strategy in 2004.

Premier Molewa noted the consistent economic growth that outperformed the annual population growth rate.

“Over the three years of 2004, 2005, 2006, we have seen a massive economic growth of 3.6%, 4.9% and 4.3% respectively.

“And this has responded to the reduction of unemployment in the province in that number of jobs increased from 835,000 in September 2004 to 913,000 in March 2007,” said the Premier.

According to the Labour Department survey, the economic growth of 9.3% in 2 years has improved job creation by 78,000.

While the Premier reflected on the 24 Apex of priorities, the Chief Executive Officer of Invest North West, Gaba Tabane said the province was on course to achieve the 2014 goal of growing the economy by 6.6% and halving poverty and reducing unemployment.

“I agree with the Premier that we are on track as a province to achieve the 6.6% economic growth. We have started to see change as we implement our big bang projects like the mining supplier park through our platinum corridor.

“We have reduced our deficit toward the 6.6% economic growth through our beneficiation processes in the agro-processing section and the platinum section,” he said.

This has been through “our ability to turn our raw produce into by-products that remain within our province and not be exported like that.”

Tabane said key to the achievement of the 24 Apex of priorities is the establishment of an inter-governmental model that will see the implementation of the priorities.

He said the R300 million committed by both the provincial government and the private sector in the establishment of the growth fund will go a long way in enhancing the economic infrastructure growth and development of the province.

The Development Bank of Southern Africa and First National Bank have contributed R250 million of the R300 million.

In delivering his State of the Nation Address recently, President Thabo Mbeki pronounced that the 24 Apex priorities seek to achieve the acceleration of delivery to the poor, eradicate poverty, accelerate economic growth and the development and building of infrastructure that will support economic growth, improving the effectiveness of interventions directed at the second economy and build critical and scarce skills.

Article published courtesy of BuaNews