Economic experts say while there are other factors contributing to South Africa’sStatistics South Africa on Tuesday released the fourth quarter Labour Force Survey which indicates that the unemployment rate remains at 29.1%.
“Normally we create 120 000 to 140 000 jobs in the fourth quarter and this time around we only created an extra 45 000 jobs. So it seems to me that the numbers are going to start getting worse in the first quarter because that is when we start to see school leavers entering the job market,” Schussler explains.
“The longer term trend is negative. What we see is a combination of factors; the first is low economic growth, the unemployment numbers are very tied to the overall GDP figures. The South African Reserve Bank recently released an estimate that they expect 2019‘s growth to be 0.4% and they are looking on the upside 1.2% annual economic growth for 2020. Those low levels of economic growth are really not enough to increase job creation.
“If we go back to 1994, you will see that it was very much reliant on the primary industries, so if you look at mining, agriculture, mining was like 11% of the total of employment but if you look at manufacturing it was 27%, but fast forward to today and you have mining pretty much at half the proportion, 4.6%, manufacturing at about 12%.
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