South Africa’s unemployment rate fell to 31.9% in the three months through September, compared with 33.2% in the previous quarter, according to data released on Tuesday (11) by the national statistics agency, Statistics South Africa, in Pretoria. This is the lowest level since the fourth quarter of 2024.
Official data show that the construction, community services, and trade sectors were the main drivers of new job creation.
The result provides a boost for an economy with one of the highest unemployment rates in the world, struggling under a 30% tax on some exports to the United States — the highest in Sub-Saharan Africa — combined with declining investment and limited options to raise revenue.
Modeling by the central bank indicates that up to 40,000 jobs could be at risk next year due to these tariffs, potentially reducing economic growth by 0.4 percentage points.
Finance Minister Enoch Godongwana is expected to unveil plans to stimulate economic growth and reduce unemployment when he delivers the Medium-Term Budget Policy Statement on Wednesday.
Source: MoneyWeb
