(Ecofin Agency) - In South Africa, the unemployment rate increased to 27.2% in Q2 this year, up from the 26.7% a quarter earlier, according to data from the National Statistics Agency (StatsSA).
The number of unemployed people rose to 6.1 million in Q2 from 6 million in the previous quarter. StatsSA said figures only include people actively seeking job. As for “discouraged workers” which include those who have not attempted to find employment, the rate rose to 37.2% from 36.7%.
For the record, the South African economic growth stood at about 5% in 2004-07, but slowed down in recent years over a decline in commodity prices, corruption and a downturn in strategic sectors such as mining and industry.
According to IMF’s latest projections, the GDP of Africa’s most industrialized country is expected to grow by 1.5% in 2018.