Unemployment Rises as Economy Struggles

SOUTH AFRICA - Report 27 Oct 2015 by Iraj Abedian

According to official statistics released by Stats SA (see Graph 1) South Africa’s unemployment rate rose to 25.5% in the third quarter of 2015 from 25% in the second quarter. This represents a 0.5 percentage point increase for the quarter. This is not good news for the country’s economy that has just had its 2015 economic growth outlook downgraded by the National Treasury from 2% (in Feb 2015) to 1.5% during October’s Medium-Term Budget Policy Statement by the Minister of Finance.

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