GDP

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President Cyril Ramaphosa said the triple challenge of unemployment, poverty and inequality needs to be addressed in South Africa. And while millions remain unemployed, marginal gains in tackling unemployment were made as the unemployment rate declined.

 


The economic and social consequences brought about by unemployment could negatively impact the growth of an entire country.


In the final months of 2021, South Africa’s unemployment rate rose to 35.3%, meaning that more than one in every three people living in the country are unemployed.

 


Earlier this week, Statistics South Africa released the Quarterly Labour Force Survey for the final quarter of 2021. Whilst unemployment rose countrywide, one province has celebrated the creation of jobs. 


The unemployment rate in South Africa increased during the final months of 2022 painting a grim picture of the job losses experienced by the country's population. 


Recent figures released by Statistics South Africa (StatsSA) have revealed that South Africa’s Growth Domestic Product (GDP) increased by 1,2% in the fourth quarter of 2021. 


Statistics South Africa (StatsSA) have revealed that South Africa’s economy is still smaller than it was before the onset of the Covid-19 pandemic which was more than 20 months ago.


South Africa’s Growth Domestic Product grew by 1.2% during the second quarter of the current financial year. Despite this, the economy is still 1.4% smaller than it was before the start of the Covid-19 pandemic.


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