South Africa’s unemployment rate dropped to the lowest level in more than five years in the fourth quarter, as the community and social services and construction sectors added workers.
The jobless rate declined to 31.4% in the three months through December, from 31.9% in the prior quarter, according to data released by Statistics South Africa in Pretoria on Tuesday. That was the lowest reading since the third quarter of 2020. The median estimate of three economists in a Bloomberg survey was 31.7%.
Listen: The economic cost of SA’s long growth drought
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The outcome offers a lift to an economy that is underperforming and saddled with one of the world’s highest jobless rates. South Africa’s unemployment rate has now been above 30% since the height of the pandemic in 2020.
Listen: Wage inflation versus productivity: A growing threat to employment
Last week, President Cyril Ramaphosa renewed his pledge to fast-track reforms aimed at boosting growth, drawing investment and streamlining the state — steps that could generate jobs if followed through. Finance Minister Enoch Godongwana is expected to announce more details when he delivers the annual budget on Feb. 25.
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