TLDR
- South Africa's unemployment rate declined to 31.9% in the fourth quarter of 2024
- The number of employed persons increased by 132,000 to 17.1 million
- Despite the slight improvement, unemployment remains structurally high
South Africa's unemployment rate declined to 31.9% in the fourth quarter of 2024, down from 32.1% in the previous quarter, according to data from Statistics South Africa. The number of employed persons increased by 132,000 to 17.1 million, while the number of unemployed persons fell by 20,000 to 8 million.
The finance sector led job creation, adding 232,000 jobs, followed by manufacturing with 41,000. However, community and social services lost 63,000 jobs, and trade shed 48,000.
Despite the slight improvement, South Africa's unemployment remains structurally high. The government's new economic strategy aims to boost growth above 3% to drive job creation.
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Key Takeaways
President Cyril Ramaphosa has pledged 940 billion rand ($51 billion) for infrastructure spending over three years to stimulate employment. Finance Minister Enoch Godongwana's upcoming budget speech is expected to outline further fiscal measures. The Treasury estimates that 30.6% of the population will receive social grants over the next three years, underscoring the economic strain. While the job market shows signs of recovery, sustained growth and labor market reforms will be essential for long-term improvements.
