South Africa's unemployment rate rose to 30.1 percent in the first quarter of 2020 from 29.1 percent in the previous period and above market expectations of 29.7 percent. It was the highest jobless rate on record since quarterly data became available in 2008, as the number of unemployed people increased by 344 thousand to an all-time high of 7.1 million. Employment fell by 91 thousand to 16.38 million from 16.42 million in the prior quarter. Total employment dropped in 7 out of the 10 industries, with the largest declines recorded in the finance industry (-50 thousand), followed by community and social services (-33 thousand), agriculture (-21 thousand), transport (-17 thousand), manufacturing (-15 thousand), construction (-7 thousand), and utilities (-4 thousand). The expanded definition of unemployment, including people who have stopped looking for a work, was at 39.7 percent, up from 38.7 percent in the prior period.
Unemployment Rate in South Africa averaged 25.85 percent from 2000 until 2020, reaching an all time high of 30.40 percent in the third quarter of 2002 and a record low of 21.50 percent in the fourth quarter of 2008. This page provides - South Africa Unemployment Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Africa Unemployment Rate - data, historical chart, forecasts and calendar of releases - was last updated on September of 2020. source: Statistics South Africa
Unemployment Rate in South Africa is expected to be 34.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Unemployment Rate in South Africa to stand at 36.20 in 12 months time. In the long-term, the South Africa Unemployment Rate is projected to trend around 36.00 percent in 2021 and 36.70 percent in 2022, according to our econometric models.