Finance

South Africa: Unemployment attains highest level since 2003, at 27.1%

Thursday, 24 November 2016 15:37

In Q3 2016, unemployment is South Africa soared 1.6% compared to the same period in 2015, standing at 27.1% of active population, the country’s highest level since 2003, data released on Nov 22 by the national statistics office (StatsSA) shows.

At the end of September 2016, out of the 8.1 million jobless South Africans, 5.9 million were actively seeking jobs while 2.2 million of them were considered “discouraged assets”, which is a term that regroups unemployed people who stopped seeking for jobs, StatsSA said. People from 15 to 24 are the most unemployed in the country. They represent 54.2% of the unemployed active population.

An employment market study conducted every three months by StatsSA also showed that White locals had more chance of getting a job than Black people, due to their average level of education. Truly, 30.5% of Black people are jobless against 7% of White people only.

Unemployment’s rise in the third quarter of 2016 is mainly due to job cuts in the mining, manufacturing and services sectors.

After recording a 5% growth rate between 2004 and 2007, South Africa’s economy has been slugging for some years now, amid price drop of commodities and multiple social movements in strategic sectors such as mining and industry. Africa’s most industrialized nation also suffered a severe drought, the worst of the century, and the slowdown of China’s growth.

Government’s recent forecasts suggest that SA’s economy will not grow more than 0.5% this year. 

On the same topic
• The IMF has approved an immediate disbursement of $367 million to Ghana, bringing the total financial support provided to the country since May...
Zenith Bank is in advanced talks to acquire a tier-two bank in Kenya. The Central Bank of Kenya has raised capital requirements, triggering market...
• DPI acquires minority stake in Egypt’s largest private hospital group• Funds to support expansion across Egypt and key Gulf countries• Investment among...
WAEMU states collectively raised nearly 7,000 billion CFA francs in the first half of 2025, a record amount driven by increased financing needs, the...
Most Read
01

• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...

Coffee: Global Consumption Expected to Reach Record Level in 2025/2026
02

• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo...

Algeria Awards Commercial 5G Licenses
03

• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...

Afreximbank Bonds Retain Market Confidence Despite Moody’s Downgrade
04

• Kenyan President William Ruto signs strategic partnership with UK Prime Minister Keir Starmer to b...

William Ruto in London: New Agreement Aims to Double Kenya-UK Trade by 2030
05

• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector cou...

IFC Plans Investment Fund to Help Grow African Film Industry
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.