South Africa’s Unemployment Rate Falls to 32.1% Under Coalition Government

South Africa

South Africa: South Africa's unemployment rate dropped to 32.1% in the third quarter of 2024, down from 33.5% in the second quarter, marking its first decline in a year, according to Statistics South Africa. This decrease follows the formation of a coalition government in June 2024, after the African National Congress (ANC) lost its parliamentary majority and joined with the Democratic Alliance and other smaller parties. The alliance has bolstered investor confidence, strengthening the South African rand and local currency debt. Employment rose across six of ten tracked industries—including community services, construction, trade, and mining—although transport, manufacturing, private households, and finance experienced job losses.

Source: Reuters