I dont think it has much impact on the vitality of the economy, politics and culture are the true driving factors, but it probably has a slight effect on the type of trade ie; Ice Cream sales will probably be higher in Sydney than Moscow. Umbrellas will probably be more popular in London than Cairo etc etc.

Just off the top of my head I would guess that energy costs would surely affect the city’s economy. The climate could affect what kind of outside events the city could attract. For example the city could host a national event like a national car show, art festival, x games, etc… and the climate thoughtout the year could play a big part in how many if any at all the ability to obtain those kind of events. Better climates could bring better jobs and more people living in the area is better for the economy. Tourism would be greatly affected and that is a large income for many cities. I hope these ideas help