Home News South Africa’s jobless rate declines to 24.3 percent

South Africa’s jobless rate declines to 24.3 percent

Published on 10/02/2015

South Africa's unemployment rate dipped to 24.3 percent in the last quarter of 2014, thanks to an uptick in the agriculture and construction sectors, official data showed Tuesday.

Statistics South Africa figures showed that the unemployment dropped from 25.4 percent in the third quarter to a one year low.

“The number of employed people increased for three subsequent quarters with the largest gain recorded” in the final quarter of 2014, said the statistics agency.

For years, South Africa has struggled with high unemployment, sluggish growth and rising prices, with little end in sight.

Analysts suggest the labour market outlook will remain tight this year.

The “employment figures show some improvement, but unemployment remains exceptionally high and there is unlikely to be significant improvement in the year ahead,” said Nedbank in a note to clients.

While most African economies grow apace, the continent’s most developed economy is lagging at around two percent expansion.