South Africa’s jobless rate drops to lower-than-expected 24.3% in Q4

By bne IntelliNews February 10, 2015

South Africa's unemployment rate dropped to a lower-than-expected 24.3% in the fourth quarter of 2014 from 25.4% in the preceding quarter, Statistics South Africa’s Quarterly Labour Force Survey showed. In Q4 2013, the country’s jobless rate was 24.1%.

A Reuters poll of economists had forecast the jobless rate to tick up to 25.5%.

A total of 4.909mn South Africans were unemployed in Q4, compared to 5.151mn in Q3 and 4.83mn in Q3 2013.

At the same time, the number of employed people increased by 203,000 q/q and by 143,000 y/y to 15.32mn in Q4.

The labour force equalled 20.228mn in Q4, down by 39,000 q/q, but up by 221,000 y/y. At the same time, the number of not economically active people increased by 194,000 q/q and by 400,000 y/y to 15.415mn.

The expanded definition of unemployment, which includes people who have stopped looking for work, declined to 34.6% in Q4 from 35.8% in Q3, but was above the year ago level of 34%.

The high unemployment is one of the major problems for Africa’s best developed economy and presents a major risk to the stability of the financial system, as well as to the economy’s future growth.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Nigeria set to approve Seplat's acquisition of ExxonMobil assets within two weeks

The Nigerian government is poised to greenlight ExxonMobil's $1.28bn asset sale to Seplat Energy within the next two weeks, pending resolution on critical issues related to decommissioning and host ... more

Atlantic Lithium approved to list on Ghana Stock Exchange (GSE)

Atlantic Lithium Ltd., an African-focused lithium exploration and development company targeting to deliver Ghana's first lithium mine, has been approved to list on the Ghana Stock Exchange (GSE), ... more

Uncut diamond giant Alrosa must sell stake in Angola's Catoca, Russian deputy FM says

Russian uncut diamond major Alrosa will have to sell its stake in Angola's Catoca diamond mining company owing to the latter's concerns about the prospects for collaborating with the sanctioned ... more

Follow Us On

Most Read

  1. Shocking trial of ex-minister has shifted domestic violence attitudes in Kazakhstan, says brother
    3 days ago
  2. Cheap Russian drones overwhelm US-made Abrams tanks, taken out of action
    8 days ago
  3. The models are wrong, climate change is accelerating faster than predicted
    10 days ago
  4. COMMENT: Aliyev continues to block the chance of peace in the South Caucasus
    5 days ago
  5. Central European populism bites the hand that feeds it
    4 days ago
  1. Albanians campaign on social media to keep bus bridge created in freak accident
    2 years ago
  2. Saudi Arabia to scale back plans for Neom city
    25 days ago
  3. Iran vs Israel: Who is better equipped for war?
    21 days ago
  4. Leading emerging markets move rapidly up World Bank’s PPP GDP and FDI confidence rankings
    26 days ago
  5. Oil continues to flow to Israel via Turkey despite Erdogan’s vehement speeches on plight of Gaza
    6 months ago

Reports

Dismiss